The main blog headlines are …
Bank reincarnation: the best way to become a digital bank
There was an interesting discussion at #Money2020 about Business Reincarnation. It’s a rather dramatic term, especially if you don’t believe in reincarnation, but it does help visualise the idea. Like a Phoenix from the ashes, a bank needs to die and reincarnate itself to survive …
(Some) Big Bank CEOs believe that banks must reincarnate or die
It’s interesting to hear bank CEOs talking about the threat of technology to their business, and the fact that more and more CEOs are talking about it. Jamie Dimon and Francisco Gonzalez of JPMorgan and BBVA were the first to start the call to action …
Why banks fear core systems change
I was listening to a group of CIOs talking about legacy systems change the other day. One said that it doesn’t matter how old the systems are; it’s all about whether they are maintainable and fit-for purpose. I kind of agreed with that, although I …
Who has the best digital offer in the UK: challenger or big banks?
I just found a really interesting analysis of the state of mobile banking in the UK which, if you bear in mind has lots of new challenger banks, makes for interesting reading about features and functionality of Monzo versus N26 versus Starling versus Atom and …
America versus Europe and the fight for truth in data
I met a Washington insider this week. During the banter, I mentioned how much better the European authorities are at beating up the US tech giants than the Americans. This is illustrated well by the recent New York Times feature on Margrethe Vestager, Europe’s competition …
This week’s main news headlines are …
Bank of England demands lenders prepare better for IT failures after TSB and Visa meltdowns - The Telegraph
TSB crisis continues eight weeks on - BBC
The problems caused by TSB's computer chaos are continuing more than eight weeks after the meltdown.
Blockchain Cannot Yet Support Financial Market Infrastructure - CCN
De Nederlandsche Bank (DNB), the central bank of the Netherlands, recently concluded after a three-year test that blockchain technology cannot currently meet the needs of a financial market infrastructure, the bank announced on its website. The report cites bitcoin technology’s inadequacies in the areas of capacity, its high energy consumption and insufficient certainty of transaction verification.
Fintech threatens to eclipse banks that do not adapt digitally - Financial Times
Big tech’s threat to banking is no longer a headline. It is close to consensus. China is the clearest example: Tencent and Ant Financial absorbing huge parts of the payments market, and a new league of competition is in the making.
HSBC's new boss vows to expand UK arm as bank switches to 'growth mode' - The Telegraph
Starling Bank founder: improve diversity in banking to avoid another financial crisis - The Guardian
Anne Boden is one of only a few women to hold several top banking jobs. Here, the fintech entrepreneur discusses the broken financial system and why she decided to go it alone When she was growing up in Wales, Anne Boden’s career ambitions amounted to “a job in an office
Citi issues stark warning on automation of bank jobs - Financial Times
Investment banking leaders eye future in which machines take over ‘lower-value tasks’
Swiss Reject Plan That Would Have Revolutionized Banking - Bloomberg
The sovereign money initiative would have ended the centuries-old system of fractional reserve banking by allowing only the SNB to create money and requiring checking accounts to be fully backed by assets that are a direct claim on the monetary authority.
NatWest tests cardless online paying - The Telegraph
TSB report raises further questions over parliament appearance - The Guardian
IBM indicates bank’s IT problems were more wide-ranging than Paul Pester said TSB has come under further pressure over the information it provided to parliament about its recent computer meltdown following the disclosure of a technical report into the IT crisis at the embattled bank. The leak comes after MPs
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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...
