Today In Payments: Trump Blasts COVID Relief Package; Goldman Testing Wealth Management App For The Masses

In today’s top news, President Trump called for more money in stimulus checks, and Goldman Sachs is testing a wealth management app for the masses. Plus, consumer confidence in the U.S. dropped in December.

Trump Blasts COVID Relief Package; Wants Bigger Stimulus Payments

In a video posted on President Donald Trump’s Twitter account Tuesday (Dec. 22), Trump said the recently-passed stimulus act is a “disgrace,” and demands more money in direct payments for Americans.

Goldman Testing Wealth Management App For The Masses

Goldman Sachs bank has reportedly begun internal testing of a wealth management app for the masses, called Marcus Invest. The service, planned to roll out in early 2021, will broaden the bank’s reach to the general public, and will utilize some of the intellectual prowess that has been historically tapped by Goldman’s high-end clients.

US Consumer Confidence Drops In December

Consumer confidence fell in December, declining to 88.6 of a possible 100 points from 92.9 in November. One reason for the overall decline was that “the resurgence of COVID-19 remains a drag on confidence,” according to a Consumer Confidence Survey from The Conference Board.

Restaurant Owners Say New PPP Package Falls Short

The stimulus package contains a new round of Paycheck Protection Program (PPP) funds, but nothing specifically for the hard-hit restaurant industry. A group of independent restaurant owners says it’s not nearly enough to help them survive the pandemic.

AI, Automated Tools Root Out The Dental Industry’s Insurance Payout Pains

Sluggish, paper-based insurance claims and payouts can leave dentists waiting weeks or even months to get paid — delays that can impact their cash flows. In this month’s Digitizing B2B Payments Tracker, Arthur Schoen, vice president at Aspen Dental Management, explains how insurance providers use artificial intelligence (AI) and digital tools to process and pay claims faster.

Mastercard: Consumer Experience Is Loyalty’s New Currency

Points and rewards are still important and relevant, but mean nothing without a positive customer experience, Mastercard Loyalty and Engagement President Francis Hondal tells Karen Webster. She adds that the digital shift is making a reimagining of loyalty programs urgent.

Car Wars: Apple And Tesla Could Go Head-to-Head By 2024

Look out, Tesla: Apple is planning to build its own self-driving electric car. The timing of such a venture coincides with the gradual but broad industry effort to make driverless cars a reality — an advance that’s almost entirely linked to technology rather than traditional mechanical engineering. Something that’s right in Apple’s wheelhouse.