Our biggest stories of the past week are …
I often hear the lament from bankers that their business is designed around products, rather than customers. Why is this? According to an article I stumbled across recently, it’s all McKinsey’s fault.
I've blogged before about twitter fails, specifically JPMorgan's disaster last November, and it illustrates how companies are finding it challenging to adapt to the new connected world. Another great example of such behaviour was sent to me by a friend this week. A little known chappie with the twitter handle UKDazza made an innocent tweet:
We had another fine evening at the Financial Services Club the other night, debating customer focus in banking: where is it? with a debate between: Owen Woodley, Managing Director, Retail Banking, Lloyds Banking Group; Derek French, Head of the Campaign for Community Banking Services (CCBS); and Anthony Thomson, co-Founder Metro Bank and Atom Bank.
As the author of a book called Digital Bank, a headline that reads Brits embrace digital banking cannot be ignored. Sure enough, it’s the publication of the British Banker’s Association’s report The Way We Bank Now, the second report analysing the move to phone and online banking by the great British public. This year it shows some startling moves and stats:
Over the weekend, the Chief Executive of the British Banker’s Association, Anthony Browne, announced that the traditional bank branch is dead. Writing in The Sunday Telegraph, Browne states that the halcyon days of olden banking is a misnomer. It was far more difficult to deal with banks pre the digital era, as you were restricted to times and appointments, and were forced to physically go visit the branch and your manager.
The major general news stories of the past week include …
Portugal banking crisis sends tremors through Europe – The Telegraph
Portugal's regulator suspends trading of Banco Espirito Santo after its share price crashes 17pc, reviving worries about the health of Europe's banks
US banks will pay for failure to modernise – Financial Times
How strange that a country that often leads in consumer technology lags far behind in the nuts and bolts of retail banking
Short sellers circle Monitise amid profit warning – The Telegraph
Shares in mobile banking company fall as much as 22pc as it becomes one of UK's most shorted stocks
Dozens of banks spring to life after red tape cut – The Telegraph
Financial Conduct Authority and Prudential Regulation Authority say barriers to entry for new banks have been lifted
Brits embrace digital banking – The Telegraph
Number of transactions on smart phones and computers now at almost £1bn a day in UK, new BBA report shows
Santander boss Ana Botin warns over bank rules – The Telegraph
The chief executive of Santander UK warns that implementing the Vickers banking reforms could have potential 'unintended consequences' for small firms
Banks under the thumb of America, the global cop – The Telegraph
BNP Paribas is the latest major European bank forced to pay billions for breaking rules imposed by Washington
Cave coins found after 2,000 years – BBC
A precious hoard of Roman and Late Iron Age coins is discovered in a cave where it has lain undisturbed for more than 2,000 years.
RBS to challenge payday lenders – Financial Times
Les Matheson, head of personal and business banking, admits the fast growth of payday firms has been ‘a wake-up call’ for the government-backed lender
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.
If you like the Finanser, buy Chris Skinner's latest book: Digital Bank
The Financial Services Club is sponsored by:
For details of sponsorship email us.