Our biggest stories of the past week are …
Sometimes social media kicks off great discussions about banking. For example, a discussion began with a simple question asked by Next Bank orchestrator Rob Findlay: Guys help me out. Give me the top 3-5 BIG challenges in banking right now that are deemed too hard to solve or confront. Can be tech, CX, culture, whatever. Go. Wow. A week later, over 50 people had given their view.
So yesterday, I identified the three biggest challenges to banking today based upon a major dialogue on social media with the Next Bank Facebook community. Those three barriers are regulations, legacy and culture. But these are not barriers. They are falsehoods. The real barrier is leadership.
I’ve used a joke for a long time about the City being run by just a man and a dog. The dog is there to stop the man from touching the computers. The man is there to feed the dog. It’s certainly true that computers have taken over much of City trade these days, and this is reinforced by comments from Leda Braga in the Financial Times today.
So the FinTech50 were announced last night. These are the 50 most innovative fintech start-ups, as voted for by a panel that included yours truly. Here are the 50 companies that are viewed as the best FinTech leaders 2015:
I received three links yesterday that were really useful. The first is from my friends at the Financial Brand who offer a free PowerPoint of useful stats and facts related to bank marketing. Second is a chart from an article in MIT Technology Review, talking about the war on cash. Finally, for those who subscribe to the Nilson Report, these are the 11 most requested payment statistics of2014:
The major general news stories of the past week include …
Greek banks lose €8bn in three days since Syriza victory as liquidity crisis feared – The Telegraph
Third consecutive double-digit share price slump on Wednesday as depositors pull billions out of accounts and support from ECB is questioned
'Bank mistook my sex change for fraud' – when poor service counts as discrimination – The Telegraph
The chief ombudsman criticises banks for being overly concerned with "compliance" and failing to properly handle sensitive situations
How much money do you need to be "super-rich"? – BBC
What does it take to join the wealthy elite?
Time is ripe for radical action by banks – Financial Times
Deutsche could become a pure-play investment bank and Barclays a retail bank
Where did it go wrong for Standard Chartered? – The Telegraph
Chief executive Peter Sands oversaw many years of record profits. But as its key markets in Asia come under pressure, so has Sands.
Post Office launches offensive on banking industry – The Telegraph
Post Office Money aims to exploit 11,500-strong branch network to attract customers who have seen their high-street banks closed
U.S. Federal Reserve Issues “Strategies for Improving the U.S. Payment System” – Glenbrook Payments News
The U.S. Federal Reserve has issued “Strategies for Improving the U.S. Payment System,” calling it "a multi-faceted plan for collaborating with payment system stakeholders including large and small businesses, emerging payments firms, card networks, payment processors, consumers and financial institutions to enhance the speed, safety and efficiency of the U.S.
Apple stopped a fingerprint scanner from appearing in Google’s Nexus 6 – The Independent
Google’s Nexus 6 would have had a fingerprint scanner had it not been for Apple.
Santander Sounds Alarm Over Bank Ring-Fencing – Sky News
The Spanish-owned bank has told regulators it may shift some activities to Frankfurt because of new rules, Sky News learns.
Fines, reforms force Deutsche Bank to face tough strategy choices – Reuters
(Reuters) – Deutsche Bank will remember Thursday, Jan. 8 as the start of “Duesselgate”, a nickname born not of wrongdoing, but from the shockwaves sent by a speech given in Germany's former industrial heart.
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