Here are our key posts for the past week …
How the system crushes the poor
Building on yesterday’s discussion of the digital divide turning into a human divide*, I find it intriguing how we talk incessantly about financial inclusion and how technology will bank the unbanked. It is our dream. But is it just a dream? The reason for thinking …
I love the predictions of scientists, but they’re often wrong. The internet has a litany of stupid predictions from IBM’s President saying that there’s a worldwide market for about five computers to The Atlantic predicting that, by the year 2000, we would no longer be engaged …
Could central bank digital currencies kill monetary policy?
I didn’t realise until the other day that the Bank of England has a blog Bank Underground. Finally, a boring old British bank with a blog. Not a consumer bank of course – none of those blog – but a good old central bank. The …
The three sexiest words in FinTech
I recently opened an investment fund for blockchain start-ups in partnership with Life.SREDA, who produce a report on the state of FinTech twice a year. The latest report, almost 300 pages of analysis, provide more insights of the first half of the year in FinTech …
Creating PayPal’s Perfect Storm
Apparently, I am a miscreant. I am the one guy who managed to break PayPal. What? OK, here’s the story. The next 2,000 words tell the story but, if you’d rather miss that and cut to the chase, jump to the end. Most of my …
This weeks top 10 news stories are:
60 SECONDS WITH: Vernon Hill, 71, Founder Metro Bank - Daily Mail
Vernon Hill, 71, launched Metro Bank in the UK after becoming a billionaire by launching Commerce Bank in the US. Metro has 41 branches and holds £5.9bn of customers’ savings. He lives in a mansion in New Jersey with his wife Shirley. They have four children – and a dog.
Challenger bank Fidor adopts 'attack formation' - Computer Weekly
Referring to a description used in a German newspaper, Fidor CEO and co-founder Matthias Kröner said the bank’s acquisition by BCPE means it has adopted an “attack formation”.
London will remain the top financial centre post-Brexit, says Deutsche Bank chief - The Telegraph
Brexit so far - BBC
The BBC looks at what has actually happened in the UK's economy since the country voted in June for Brexit - and to leave the European Union.
Exclusive: SWIFT discloses more cyber thefts, pressures banks on security - Reuters
(Reuters) - SWIFT, the global financial messaging system, on Tuesday disclosed new hacking attacks on its member banks as it pressured them to comply with security procedures instituted after February's high-profile $81 million heist at Bangladesh Bank.
Fintech Startup Transferwise Moves Away From Banks - Wall Street Journal
Transferwise Inc., the global money transfer startup, is getting ready to free itself from relying on banks. Working with banks created problems, especially in the U.S., where money transfers are overseen by each state
Monzo boss warns major banks face ruin as they are swept away by new technology - AOL Money
The boss of challenger bank Monzo has warned that major British banks face ruin as they are swept away by new technology. Tom Blomfield, Britain's youngest bank chief executive at 31, believes the British banking system is broken, warning that customers will also lose out as the Brexit vote forces major lenders to scale back their innovation investment and focus on staying afloat.
These big banks are working on a digital currency together - City AM
Several of the world's biggest banks are working together to create a digital currency to speed up settlements with the ambitious goal of putting the blockchain-based system into practice by 2018.
Lloyds Bank chief's lover faces calls to quit from university - Daily Mail
Academics are calling on the university chief at the centre of the cheating scandal surrounding the boss of Lloyd's Banking Group to step down from the role, it has been reported.
90pc of bank customers unaware their income details are tracked and shared - and it's legal - The Telegraph
In a poll of more than 4,000 readers, nine out of ten said they "had no idea" their monthly incomes were being recorded by their bank and then shared with other companies, analysed and traded.
If you like the Finanser, check out our latest book: ValueWeb
The Financial Services Club is sponsored by:
Chris M Skinner
Chris Skinner is best known as an independent commentator on the financial markets through his blog, TheFinanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal's Financial News. To learn more click here...
