Our biggest stories of the past week are …
I’ve not been surprised by disruptions in industries like music, movies, books and travel. All of these things can be digitised and have been. Music has been disrupted three times: first illegal downloads with Napster; then with legal downloads through iTunes; and now who needs downloads when you can stream with Spotify (which is why Apple’s just paid $3 billion for Beats)? Movies are going through the same process and this is happening to banking too.
The soon to launch TSB flotation was announced the other day to general silence. Who wants to buy into a bank or, rather, who wants to buy into a rebranded Lloyds bank?
We had our annual debate This House Believes That SEPA Does Matter the other day, and a wonderful debate it was. In previous years, we’ve moved from being on-the-fence about the proposition to moving firmly in its favour and, although many think it may matter, they firmly do not believe it’s delivering (yet), so what would happen this year?
As mentioned last week, one of my clients has asked me to present a vision of banking in 2035. That’s a long way out. To put it in context, I would have to jump back in time to 1993 to think about banking in 2014.
The major general news stories of the past week include …
US 'seeks to fine BNP Paribas more than $10bn' – The Telegraph
French bank accused of violating US sanctions on Iran, Sudan and Cuba
U.S. probing 15 banks, payment processors for fraud – Reuters
WASHINGTON (Reuters) – U.S. prosecutors have opened criminal and civil probes into at least 15 banks and payment processors as part of a wide-ranging consumer fraud investigation, according to documents released on Thursday by a congressional committee.
Barclays: Independent Scotland likely to get new currency – The Telegraph
The banking giant advises investors that a separate Scotland would be twice as likely to get its own currency as keep the pound.
Beware of online banking – Daily Mail
Security expert reveals that ANYONE can hack a bank's app using free internet tools
RBS And NatWest Hit By Mobile Banking Glitch – Sky News
RBS and NatWest users discover they cannot access mobile banking services, while some Lloyds Banking Group services are also hit.
George Osborne to force banks to promote alternative lenders – The Telegraph
Treasury plans to force banks to send failed loan applicants to other providers
Iranian billionaire 'secretly executed' over biggest bank fraud in country's history – The Independent
A billionaire businessman that was responsible for the biggest bank fraud Iran has ever seen has been executed, Iranian state media has said.
Young people open to alternative banking – Financial Times
Almost four in 10 aged between 18-34 would switch to a bank without a physical branch network, surveys involving US and Canadian customers reveal
Standard Chartered to close Swiss private bank: media – Reuters
ZURICH (Reuters) – Standard Chartered is set to close its Swiss private bank in Geneva, broadcaster Radio Television Suisse (RTS) reported on Monday.
Man 'who had been refused overdraft extension' is Tasered by armed police after bursting into bank with a homemade FLAMETHROWER – Daily Mail
A man was Tasered and arrested by police today after he allegedly burst into a bank with a makeshift flamethrower and threatened to burn it to the ground because he was refused an overdraft.