Our biggest stories during the holidays are …
Welcome to 2015! Hello to a whole New Year and we trust you had a fantastic holiday break. Back with a bang, we will have lots of news, predictions, forecasts and ideas to share over the next few weeks but, to start the New Year, here are a few special pieces of news.
I always like to start the New Year by making a bunch of predictions, but have been beaten to it this year by the Financial Times. Therefore, I will make some specific banking and technology predictions this week but, as I like to look at the economic and social changes in the year, the easier way to begin this is to use the FT’s columnists’ views and share my own opinions of agreement or disagreement.
I was surprised in 2014 by how many banks started to get the digitisation message, and this will snowball in 2015. Obviously I agree with this, and see it as more fundamentally a shift to embrace the digital bank business model of component-based financial services integration. This is the theme I explored and developed throughout the last year and this will continue at a pace. It’s just a matter of the numbers.
I’m wrapping up predictions for 2015 with a touch on technology in banking, as that’s my space. Although most people are talking about the internet of things and wearables as hot, hot, hot, they’re not. In fact, I was reflecting upon the fact that the biggest game of 2014 was Candy Crush. Before that was Angry Birds. Before that was the Crazy Frog. These are transient things that come and go like fashion. It is just fashion.
We see the media regularly slagging off bank customer service as terrible. Bank complaints are soaring, and branch closures are regularly reported as a disgrace. But this is where the media gets it wrong. I discovered this in dealing with an issue with my mobile carrier, Vodafone.
The major general news stories during the holidays include …
Charter Savings Bank to join challenger banks with spring launch – The Guardian
An online and phone-based savings bank promising “attractive and competitive” interest rates across a range of products is set to launch in the coming weeks after being granted a banking licence by UK regulators.
Bid to extradite former Anglo Irish Bank CEO – BBC
The Republic of Ireland is reportedly seeking the extradition of a former Anglo Irish Bank boss in order to prosecute him in a Irish court.
Millions could have to change bank sort code under ring-fence rules – The Telegraph
Banking lobby group calls for plans to be sped up to enable lenders to minimise disruption to consumers
Sainsbury's Bank systems failure leaves shoppers unable to use credit cards – The Telegraph
Shoppers have voiced their anger on Twitter after a systems failure at Sainsbury's Bank left them unable to pay for items with credit cards
Goldman Sachs bets on Conservative victory in 'most uncertain election in a century' – The Telegraph
The US investment bank dismisses the rise of Ukip, predicting that supporters will revert to one of the major parties for the general election
Clydesdale Bank boss steps down as Australian owners seeks UK exit – The Telegraph
David Thorburn leaves Clydesdale and Yorkshire after 22 years as National Australia Bank prepares float
Hedge Fund Owner Allegedly Killed by Son, 30, After Cutting His Allowance – Liberty Voice
A wealthy Manhattan hedge fund founder allegedly shot dead by his son was killed because he threatened to reduce his adult son’s allowance by $100 per week and discontinue paying his high rent, according to police.
Regulatory predictions for 2015 – Financial Times
Davis Polk lawyers believe Volcker rule will dominate first half
Lenders to respond to investment bank ring-fence plans – The Telegraph
At least seven banks are submitting plans to the Bank of England over proposals to protect consumers
Fears of brain drain at Bank of England's PRA as staff leave – The Telegraph
Freedom of Information figures show almost one in six staff leaving Prudential Regulation Authority in last year.
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