Our biggest stories of the past week are …
I was surprised the other day when Financial News named me as one of the top 40 most influential innovators in financial technology, alongside friends including Sean Park, Matteo Rizzi and Nektarios Liolios. It is gratifying to get recognition, and places me amongst 30 London-based influencers of note. It is this latter point that is worthy of further debate.
It's obvious that gamification is a game changer – apologies for the pun. Gamification is huge. This is why banks need to put games high on their priority list for retail consumer banking but, unfortunately, most banks do not have such things high on their agenda.
I was asked by a colleague the other day: “can you name two examples of successful strategies used in investment banking to differentiate and win”. My first reaction was to say that I could name several that were strategies to differentiate but lost, most of them with JPMorgan.
Every so often, you get a little frustrated watching boring bank adverts, so here are a few that will make you smile. First, bearing in mind the time of year and what recently happened, I'm not sure that Abitab (a payments service) will want to air this ad outside Uruguay …
I’m called by a number of people about the BNP Paribas fine today. The fine looks like a done deal of $8.9 billion, and includes the bank admitting criminal charges as well as being banned from US dollar clearing. Why so bad?
The major general news stories of the past week include …
Banks face new mis-selling scandal – BBC
Banks face a new mis-selling scandal
Santander UK sets up $100m fintech fund – Financial Times
Move comes as the UK aims to be global leader in financial technology start-ups and as online lending outstrips growth of traditional banks
BNP Paribas ignored red flags and has paid the price – The Telegraph
French bank to pay $8.97bn in fines to US regulators and dispose of senior staff over embargo breach
JPMorgan Chase chief executive Jamie Dimon tells colleagues he has throat cancer – The Independent
JPMorgan Chase chief executive Jamie Dimon told colleagues and shareholders late on Tuesday that he has been diagnosed with throat cancer.
BNP Paribas agrees record $8.8bn fine – The Telegraph
French bank also set for ban on dollar trading after investigation into breaching sanctions
Europe's banks – prosecuted or persecuted? – BBC
Is the US unfairly penalising European banks?
After BNP, U.S. targets range of firms in crackdown on illicit money flows – Reuters
WASHINGTON (Reuters) – BNP Paribas’ guilty plea and agreement to pay nearly $9 billion for violating U.S. sanctions is part of a larger U.S. Justice Department shift in strategy that is expected to snare more major banks and other firms across the financial food chain.
British banks dive in world rankings as China thrives – The Independent
UK banks have plummeted in world rankings since the financial crisis as they react to stricter regulation and demands for more cash on their balance sheets.
RBS and Lloyds 'squeeze customers hardest' – The Telegraph
Figures show the state owned banks are guilty of tipping the scales in favour of profits rather than customers
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.
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