The main blog headlines this week are …
Last week, our good friend Dave Birch posted a great blog about the Amazonisation of Banking, most of which I agreed with. So I asked Dave if I could repost it here and he said “yes, of course”. Thanks Dave. Enjoy! The Amazonisation of Banking… …is …
How new banks differ to traditional banks
We know that there are lots of new bank start-ups out there, particularly in Europe where names like N26, Bunq, Fidor and Monzo stand out. In particular, the UK’s Monzo bank is notable. It is notable for a variety of reasons – the fastest crowdfunding …
The difference between FinTech and TechFin
There’s lots of friction around these days. Banks that get digital and banks that don’t; fintechs that want to change everything and fintechs that don’t; digital currencies to replace fiat currencies and fiat currencies that are going digital; destruction, disruption and disappointment; and more. It …
Thawing the frozen middle (how to change the bank)
I sometimes think I’m too harsh on the financial community, with my continual banter about core systems change, lack of digital leadership, inability to see how critical digital is to their future and the impact FinTech is making on global financial structures. I sound like …
Cryptocurrencies Fail The BIS Test (bitcoinistas aren’t going to like this)
The Bank for International Settlements (BIS), the guys who are responsible for Basel regulations and act as the global central bank to all the central banks, caught global headlines yesterday by saying that bitcoin will break the internet. Wowser. I couldn’t ignore this and neither …
The major headlines this week include …
TSB failed to test IT system properly, suggests IBM - BBC
Experts from IBM, brought in to help during the bank's IT meltdown, query if TSB understood the risks.
Alexa, Siri can now do personal banking - but, may also reveal your a/c balance at a party! - Economic Times
Hey Alexa, what's my bank account balance? Big banks and financial companies have started to offer banking through virtual assistants -- Amazon's Alexa, Apple's Siri, and Google's Assistant -- in a way that will allow customers to check their balances, pay bills and, in the near future, send money just with their voice.
Here's Why Bank of America Has Filed Nearly 50 Blockchain-Related Patents - Fortune
Bank of America, one of the world’s largest banks, also holds the most live patents in the blockchain space. Even though banks such as Western Union say they have yet to see the cost and time-saving benefits blockchain technology is said to bring, Bank of Americais forging ahead in the space. Kind of.
Lloyds makes 'difficult decision' to cut 450 more jobs - The Telegraph
Clydesdale and Yorkshire bank brands to go in takeover of Virgin Money - The Guardian
More than 1,500 job losses in £1.7bn deal by CYBG that will create UK’s sixth-largest bank The Clydesdale and Yorkshire bank brands are set to disappear from high streets after Virgin Money agreed to a £1.7bn takeover by the owner of the two institutions that will lead to the loss
No surprise who is the clear winner of £1.7bn Virgin Money takeover | Nils Pratley - The Guardian
Deal to create sixth largest UK bank is no game-changer but makes sense to parties involved, especially Richard Branson Don’t get too excited by the talk from CYBG about creating the UK’s sixth largest bank via the £1.7bn takeover of Virgin Money . The new status needs qualification. First, in
Don't bank on it: Why we fail to switch our accounts - BBC
The buyer of Virgin Money is likely to find winning customers from the "big four" banks a challenge.
Bitcoin Could Break the Internet, Central Bank Overseer Says - Bloomberg
“Put in the simplest terms, the quest for decentralized trust has quickly become an environmental disaster,” they said.
The bigger Cryptocurrencies get, the worse they perform: BIS - Reuters
LONDON (Reuters) - Cryptocurrencies are not scalable and are more likely to suffer a breakdown in trust and efficiency the greater the number of people using them, the Bank of International Settlements (BIS)said on Sunday in its latest warning about the rise of virtual currencies.
End of the great card payment rip-off? No, it’s just a new one - The Guardian
Rules designed to protect the consumer from extra credit and debit card charges seem to have backfired It was meant to be the end of the rip-off that cost consumers hundreds of millions of pounds a year. In January, all extra charges for using a credit or debit card to ...
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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...
