Our main stories this week include …
Did you know that the global financial crisis of2008 cost insurance companies almost $22 trillion USD? Or that the 9/11 attacks led to insurance pay-outs totalling $40 billion USD? This infographic explores some of the largest pay-outs the world has ever seen, including everything from motor insurance to even pet insurance.
I just got pinged some more research from Deloitte, who have produced a fascinating report about the size of the market for the Internet of Things (IoT). Here's the management summary.
Being #SIBOS week, there’s a rush of new reports to push out. McKinsey’s Global Payments Report and Cap Gemini’s World Payments Report being the two big one I noticed this week. A quick review of each.
I just attended the Global Banking Innovation Awards at the BAI Retail Delivery Show. Interestingly, Poland, Spain and Turkey regularly appear, which reflects my view that these are the most innovative European countries for finance, although France got a shout out thanks to Hello Bank! as did Germany thanks to Fidor.
Although I'm missing this year's SIBOS, I'm grateful to FSClub sponsor VocaLink for providing this summary of the session I would usually co-moderate: The Innotribe session next up at 11am on Day 1 of Sibos 2015 addressed the ‘Future of Money’. It examined if banks are sitting on a burning platform that will be disrupted by a wave of innovative new startups which will take away their payment and transaction business.
I can’t find it online but I was just in a session at BAI RD2015, where the BAI research guys put up some slides on access preferences. There was some discussion about old folks versus young folks, and so this slide presented that millennials are all mobile-centric whilst non-millennials are more online and branch focused.
This is a tough week. I’ve been involved with two banking tradeshows for a long time: SWIFT’s SIBOS and BAI’s Retail Delivery. They’re both great events, and I normally attend both, as they’re usually in different weeks. This year, for the first time in my memory, they’re in the same week!
This week’s major news headlines include …
Britain's biggest banks to be forced to separate retail banks from investment arms – The Telegraph
Bank of England fails to back down on ring-fence rules despite pressure from banking lobby
Sweden 'fast becoming world’s first cashless society’ – The Independent
There is less than 80 billion Swedish crowns currently in circulation (around £6 billion)
‘Wasted’ on Facebook may hit credit score – Financial Times
Credit-analytics groups explore new ways of assessing a consumer’s ability to handle loans
Barclays goes back to the future as it hires… another US banker educated in Maine – The Independent
Small Talk: Tesco’s payments promise provides a welcome lead in a damaging scandal – The Independent
See, it was easy. At a stroke last week, the supermarket group Tesco cut through the nonsense that big businesses spout about paying suppliers.
Forget about mega-merger of Europe's biggest banks – The Telegraph
Creating a European banking giant to compete with the US won't happen, and even if it did, it wouldn't solve the problems facing the region's lenders, argues Ben Wright
Get rich quick with UK challenger banks – Financial Times
There is no shortage of private equity and institutional investor interest in specialist lenders
Payments system to be smashed wide open for challenger banks – The Telegraph
Small banks have to pay their bigger rivals for access to the payments system, but a new scheme will see technology firms offer the service to challenger banks instead
Facebook paid only £4,327 in UK tax last year – less than the average worker – The Independent
The London-based staff received an average payout of £210,000
UK group claims blockchain breakthrough – Financial Times
Setl prototype performs large-scale payments processing for technology underpinning bitcoin
If you like the Finanser, check out our latest book: Digital Bank
The Financial Services Club is sponsored by:
For details of sponsorship email us.