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Your blog about banks not being disrupted – one reader says it’s bullsh*t

After yesterday’s blog, one of my readers took exception to the posting and sent me an email.

I apologise for the tone of this email in advance, but its feisty retort and content left me with the feeling that it would be unfair to just add this as a comment to my post and therefore I’m posting it here in full to see what you think.


From: ************* [mailto:*************@***.com]
Sent: 26 September 2014 07:28
To: Chris Skinner
Subject: Your blog about banks not being disrupted


Dear Mr. Skinner

I read with interest your blog yesterday about banks not being challenged or disrupted by technology, and have to tell you that you’re talking a load of BS.  In fact, you must be so far up yourself with those banking boys that when you break wind it comes out of your mouth.

How the hell can you claim that banks are not being challenged?

I work with VCs and PE firms across the world, and all of them are investing in new forms of finance, funding, payments and digital exchange.  It’s a whole new world and if banks don’t feel disrupted by it, then it’s just like a dying man in the desert being ripped apart by crows, ants and maggots.  He doesn’t feel he’s dying until it hurts.

A small bite here, a little nip there.  You can live with that.  It’s irritating but it doesn’t hurt much.  That’s probably how banks feel today.  These see these small start-ups and they’re just like little bugs.  Annoying, possibly troublesome, but no major issue.

This will change, I promise you.

When guys like Marc Andressen say they want to disrupt banking – and can put their money where their mouth is  – expect banking to be disrupted.

When guys like Richard Branson say they want to disrupt banking – and puts his money where his mouth is – expect banking to be disrupted.

In fact there are many guys out there with deep pockets putting their money into banking disruption, so how come you cannot see it????  Are you blind and deaf?  Are your sense muted?

Just look at all the buzz around cryptocurrencies and bitcoin.  Look at the frustrations of the 99% and Occupy with the system.   Look at the Wikileaks and Anonymous, trying to change the exchange of value and money.  Look at all the new start-up tech firms that are doing things different.  Look at crowds and social finance, digital disruption and mobile change.  Look at new continents like Africa with new forms of exchange via new forms of technologies.  Look at any part of the world and you will find a new way of thinking about money and value.

Look at Alibaba, PayPal, bitcoin, Apple Pay … you name it, there are massive things happening to rock the banking boat.

So when you say: “let’s stop banging on about disruption, as there isn’t any”, I say: “shove it up your arse and smoke”.

Yours sincerely,

Hmmm … as I say it’s rather strongly worded but … does it give pause for thought or is this guy just smoking dope? 

About Chris M Skinner

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...

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