Our main stories of this week includes …
Digital is all about the people
I got caught up in a conversation about building a new digital bank the other day, and being asked how I would organise the project. I’m a simple guy and go back to basics, and the basics are people, process and product. People – customers …
The financial customer of 2025 (according to #firstdirect)
I get all sorts of crappy press releases from public relations managers who are eager to see me prostitute my blog for them. Rarely would I post their stuff here unless it was seriously interesting or I feel very lazy or both. You can decide …
America’s banking regulations strangle innovations
Whilst almost 500 banks failed in the USA between 2008 and 2012, only three new banks opened. Only three new banks have opened in the United States since 2010. Before the financial crisis, over 100 banks set up shop each year, on average, according to …
Who wants to bank with Goldman Sachs? I do/don’t
Not sure how many of you spotted the announcement last month that Goldman Sachs is launching a retail bank, but it’s been interesting to monitor such developments. First there was a raft of press reviews of the announcement: Goldman Sachs gets into retail banking Goldman Sachs Enters Retail Banking Market …
Friday’s blog was all about bank innovation labs and structures. A serious and committed undertaking this time around, with many experimentations and proofs of concept taking place, especially around blockchain. Great. The thing is that as I walk into these hallowed places of bank sponsored creation, …
This week’s major headlines include …
Deutsche Bank CEO John Cryan explained his 2 key strategies for turning the bank around - Business Insider
John Cryan is trying to transform Deutsche Bank into a simpler and better-run bank. When he came in as CEO last year he had two key strategies for doing that: 1. Stop people from fooling themselves that things were still great. 2. Give staff a long-term vision of where the bank was going.
Whole industries will be wiped out by new technology, warns Bank of England's Mark Carney - The Telegraph
US warns banks of Swift hacking threat - BBC
US regulators warn banks about potential cyber attacks linked to Swift, the interbank messaging system.
Will the UK leave the EU? Keeping track of the polls, bookmaker odds, and the financial markets - The Telegraph
Exclusive: NY Fed first rejected cyber-heist transfers, then moved $81 million - Reuters
DHAKA/NEW YORK (Reuters) - Hours before the Federal Reserve Bank of New York approved four fraudulent requests to send $81 million from a Bangladesh Bank account to cyber thieves, the Fed branch blocked those same requests because they lacked information required to transfer money, according to two people with direct
HSBC restructures investment bank - Financial Times
Move will save costs without additional job cuts
Welcome to a cashless future where retailers recognise our faces - Guardian
The world of payments is changing rapidly, with some businesses already cashless – but for many consumers, it’s all too much The coming years will see many changes in how we use money and make payments. Technology is making possible a world where payments will increasingly be digital, mobile and
McKinsey’s secret $5bn fund in spotlight - Financial Times
Questions raised over conflict of interest at consultancy’s internal investment arm
Elizabeth Holmes's fall from hero to zero highlights problems of rich lists - Guardian
Holmes went from Forbes’s richest self-made woman to a net worth of zero but while some super-rich feel undervalued by rich lists others are glad to be omitted From hero to zero – literally. That’s the journey 32-year-old Elizabeth Holmes has taken in only a year , courtesy of Forbes
British voters succumbing to 'impulse, irritation and anger' - and it may lead to Brexit - says world's most influential psychologist - The Telegraph
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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...
