Hey hey Flux fam 👋

Here's everything you need to know today - in under 3 minutes.

Today's big stories:

💰 CommBank is kicking Dollarmites to the curb

👙 Kimmy K's Skims is collabing with Fendi

📸 Adobe is coming for photoshoppers

Oh and get this...

Fully vaccinated Aussies will finally be able to leave the country without an exemption from Monday November 1. This is big news for Aussie airlines who are gearing up to get back to normal.

CommBank is kicking Dollarmites to the curb so throw out the yellow envelopes

Background: Commonwealth Bank is Australia's biggest bank. But it didn't get to be so big just through sheer luck. In fact, it had a pretty savvy strategy called Dollarmites (yep, we all know it).

What happened: CBA went around to schools handing out little yellow envelopes. Kids were encouraged to drop a couple gold coins in there...and nek minnit they were a CBA customer. Voila!

What else: Currently there are around 175,000 school kids with CBA accounts via the Dollarmites program. All up its worth around $10 billion to the bank. But after calls from consumer advocates to get rid of the program, CBA's finally revealed it's getting cut.

So what's the key learning?

💡CBA said it was teaching young Aussies and their families how to save, and how to keep those behaviours through adulthood. But ASIC, the corporate watchdog, actually found no evidence of any positive impact on financial literacy.

💡Instead, ASIC found a financial education program that was bringing in billions of dollars for a bank...🚩🚩🚩

💡ASIC reckons school banking programs were actually just customer acquisition tools in disguise. And now, pretty much all Aussie states have banned it.

Kim Kardashian West's shapewear line Skims is collabing with Fendi so prep ya bank accounts

Background: Kim Kardashian West is a woman that needs no introduction...but let's run ya through the basics anyway. She's a reality TV mogul and an established businesswoman.

What happened: She's the owner of MANY brands, including her shapewear line Skims. Skims launched in 2019 and is now valued at a whopping US$1.6 billion. And thankfully, it ain't just for high-rollers. You can grab some basics for anywhere between $50 and $100.

What else: Skims is now collabing with Fendi to create a luxury womenswear range...where items can cost as much as $4,200. Whaaaat?!

So what's the key learning?

💡Brand collaborations help luxury brands stay culturally relevant with their customers.

💡Fendi is known for its luxury items...and high prices - but their clothes are out of reach for a lot of millennials earning an average salary. So, to remain relevant with their market, luxe brands like Fendi collab with less-luxe brands like Skims to come back down to earth.

💡And they can scoop up new fans, too. Skims has 3.3 million followers on Instagram, which is 3.3 million more people who could potentially become Fendi customers. We can't deny Kimmy K's got the goods.

RIP Facetune 'cos Adobe's creating a new tool to identify if an image has been manipulated

Background: Adobe is the computer software company that launched back in 1982. It's behind some of the most well-known creative programs like InDesign, Premiere Pro...the list goes on.

What happened: Adobe's been on a bit of a mission over the last two years to help combat misinformation online. Now, it's about to launch a new tool called 'content credentials' to solve the problem.

What else: The tool will track edits on photos so that users can see whether a pic has been filtered, and which editing tools have been used on the image (aka are those abs really yours?). The end goal is to increase users' faith in digital media.

So what's the key learning?

💡The spread of misinformation is becoming a big problem in society, and it ain’t just about COVID myths.

💡A recent study from the BBC shows that around 72% of respondents were now more concerned about misinformation than they were before the pandemic..and 70% believing misinformation could be harmful to society.

💡Image editing tools like Facetune and Airbrush (ya know, the ones that smooth your skin, hide your pimples and make your teeth whiter?) aren't helping things either. So, by introducing these 'content credentials', Adobe could be paving the way for a more digitally literate world.