Our biggest stories of
the past week are ...
Innovation has
nothing to do with technology
Just been talking about innovation with a bunch of folks and
found myself getting more and more wound up about the way people bandy the word
around without knowing its meaning. It’s not that I’m some pedant or radical
who…
RETAIL (????) Banking
... you must be joking!
I was at a conference yesterday where a leading economist
talked about the global economic forecasts and specifically about the UK. When
he got to the UK, he started talking about which sectors were expanding and
succeeding the most, citing...
Try to destroy
yourself … and then do it
One of the panellists at this week’s conference said that he
employed twenty people whose sole duty was to find a way to destroy the
business. I liked the idea of that. It is a strong and emotive statement.
But...
Fifty Shades of Law:
America, Banking and World War III
No, it’s not about flagellation and sado-masochism, although
the current regulatory regime is not far off that. It’s also true that the
regulatory regime is pretty mind-boggling these days, with fifty shades of
interpretation of fifty shades of law. This...
Regulators are
cutting their nose off to spite their face
In another conversation, I gained a new dimension as to how
the regulatory and governmental influence is changing a bank’s outlook. I was
talking with a very senior manager in a bank. This person heads up risk, audit
and compliance....
The Wheatley review made ten recommendations for LIBOR reform. In response, the British Bankers’ Association
(BBA) has determined to remove five currencies from LIBOR publications. What’s
the alternative?
UK launches faster
payments mobile service in 2014
I don't normally place press releases on the blog, but this
one's an important one so here it is pretty much unedited: Paying a friend or business on your mobile as easily as sending a text
is set to become a mainstream option in spring 2014, when the Payments
Council’s new mobile payments service launches.
FinovateEurope 2013 is only 4 weeks away and readers of the
Finanser can get a 10% discount on the ticket price by entering 'FSClub2013' as
your discount code when registering.
The major general news
stories of the past week include ...
Barclays
bankers' Libor anonymity 'implausible' - The Telegraph
A move to block the naming of 42 Barclays staff named in documents linked to
the investigation into Libor-rigging has been branded "implausible"
and "over-stated".
A
Look at PayPal's 4Q2012 Financial Results - Payments News
PayPal's parent eBay announced financial results for 4Q2012. PayPal's active
account growth accelerated to 15% and ended the year with approximately 123
million registered accounts. PayPal added nearly 2 million accounts a month in
the fourth quarter, representing the company's fastest active account growth
rate in years. Net total payment
Banks
using Funding for Lending Scheme to 'rip off' customers - The Telegraph
Banks have been accused of using the Government's taxpayer-backed cheap credit
scheme to rip off customers by cutting rates on savings accounts more than on
new loans.
Lloyds
and RBS need billions more capital, BoE says - The Telegraph
Britain's bailed-out banks need billions of pounds more capital to shore up
their balance sheets and support the economy, senior Bank of England officials
have warned.
Paying
by text to launch Spring 2014 - BBC
A database pairing phone numbers to bank accounts will launch in the UK in
Spring 2014, allowing people to text money to each other.
Where
Social Networks, Payments and Banking Intersect - Payments News
Terri Bradford of the Federal Reserve Bank of Kansas City has recently
published an Payments System Research Brief entitled, "Where Social
Networks, Payments and Banking Intersect". This article reviews the extent
of social network adoption, describes ways in which commerce and banking
services are arising, discusses payment methods, and highlights
British
banks admit poor lending decisions, says Lord Green - The Telegraph
Britain's largest banks privately admit they are in a "downward
spiral" of poor lending decisions and have a "computer says no"
attitude to small businesses, according to the former chairman of HSBC.
Sweden’s
back-to-the-future banker - Financial Times
Pär Boman, chief of Handelsbanken, tells Richard Milne how the bank’s
idiosyncratic model has helped protect it during financial crises
Lloyds
chief in line for £4m bonus - The Telegraph
Lloyds Banking Group's chief executive, Antonio Horta-Osorio, is set to receive
a multi-million-pound bonus this year despite a forecast loss at the
taxpayer-backed bank.
City
sackings soar as FSA cracks down - The Independent
Sackings and suspensions hit a five-year high in the City last year, as the
financial crisis continued to take its toll on employment amid a clampdown on
wrongdoing by the regulator.
If you like the Finanser, check out the books of the blog: the Complete Banker Series
The Financial Services Club is sponsored by:
For details of sponsorship email us.
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...
