The main blog headlines this week are …
Why we need to define: ‘challenger’ bank
After my recent blog about challenger banks, I received an interesting email from David Parker challenging the idea that a start-up is actually a challenger. Chris I continually argue that Revolut is not a challenger bank – it does not today have a banking licence. If you …
Big banks are not feeling the FinTech heat (yet)
A few years ago Jamie Dimon was renowned for saying that bitcoin developers “are going to try and eat our lunch” and that silicon valley was coming to get the banks. Three years later, it’s not quite the case. The big banks are getting bigger, and …
Banks can now be born in the USA
The USA is a little bit confusing. On the one hand, they have some of the fittest people in the world; on the other, they have some of the fattest. On the one hand, they’ve championed the banning of cigarettes far more than any other …
The State of FinTech in Latin America
I’m off to Chile next week and thought, in preparation, I’d look at the state of FinTech in Latin America. So far, I’ve spent fair time in Colombia, Brazil and Argentina, and see these as the three major centres of activity along with Mexico. Equally, I …
Over $100 billion invested in FinTech in 2018?
KPMG’s Pulse of FinTech report came out this week. It makes for interesting reading, especially as investment in FinTech has raced ahead to levels unseen before. Globally, $57.9 billion was invested in FinTech firms in the first half of the year. These figures were slightly …
The major headlines this week include …
India’s Bank Crisis Is Really a Power Crisis - Bloomberg
India's government seems intent on abandoning good ideas for dealing with the country's banking crisis and encouraging bad ones. Perhaps that shouldn't be surprising, given that the bureaucrats don't yet seem to have grappled with the real nature of the problem.
Lloyds Bank profits leap despite another hefty PPI hit - The Telegraph
FCA proves to be a paper tiger in case of RBS mistreatment - The Guardian
Lack of power to act will feed belief that those who caused crash have escaped punishment The Financial Conduct Authority is usually described as the City’s watchdog. In the case of the disgraceful treatment of small businesses by the Royal Bank of Scotland’s global restructuring group the FCA has proved
Jack Ma’s Giant Financial Startup Is Shaking the Chinese Banking System - Wall Street Journal
Ant Financial is transforming how Chinese run their daily finances, drawing flak from big banks and warning shots from the government
Sainsbury's Bank customers facing long call centre waits following credit card statement delays - Money Saving Expert
Sainsbury's Bank customers are reporting wait times of several hours to get through to its call centre - as a delay to customers' credit card statements being sent out has led to its customer service team being inundated with callers.
TSB: three months on, the bank is still failing customers - The Telegraph
Three months on from TSB’s disastrous computer meltdown, many of its customers are still without access to full banking services, while complaints have been left unresolved for weeks.
South Africa’s Biggest Bank Heist Leaves Trail of Destruction - Bloomberg
South Africa’s biggest bank heist took place without a single shot being fired. Thieves armed with explosives and assault rifles attacked dozens of armored vehicles delivering cash to the country’s lenders last year, stealing hundreds of millions of rand.
British banks eye £500m rate hike profits boost - City AM
Britain's biggest banks are set to enjoy a profit boost of at least half a billion pounds as the Bank of England (BoE) this week prepares to raise interest rates for only the second time in a decade.
Barclays to defy Ed Bramson as investment bank stands firm - The Telegraph
Beyond the crash | Adam Tooze - The Guardian
Politics don’t matter; market forces shape our world. So ran the dominant ethos before 2008. Adam Tooze, the author of a landmark book, says it was always an illusion ‘I hear people say we have to stop and debate globalisation. You might as well debate whether autumn should follow summer.”
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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...
