The main blog posts this week were …
Wouldn’t it be simpler just to launch a new bank?
One of the commonest questions I’m asked is whether the bank should just launch another bank, rather than trying to be digital and convert the existing bank. The idea is that the new bank will have no legacy, no constraints, can develop from a clean …
Core systems should have built-in obsolescence
Talking about moving from proprietary to open, from controlled to marketplace and from internal to external focus, another key change is the very nature of technology itself. It’s quite clear that a start-up today could launch with just a few thousand dollars, Amazon Web Services …
Forget legacy systems; what about legacy vendors?
I’m always blogging about replacing core systems, open source the bank, change the leadership to one that gets it and just do it. I’m saying it so much that I’m finding myself boring. So let’s change tack. Who’s the vendor? Not gonna name names, but …
Who are you? The issue of identity …
We had a really interesting meeting about digital identity, blockchain and the Calais Jungle at The Financial Services Club recently from Jaz and Nils O’Hara of the Worldwide Tribe. One member of the Club, Nick Swanson of ObjectTech, was so taken with it that he …
This weeks top 10 news stories are:
The Deutsche Bank crisis could take Angela Merkel down – and the Euro - The Telegraph
Which banks are getting most complaints from YOU? - The Express
Taxpayer-backed Lloyds Bank has topped the list of most complaints made in the first half of 2016 to the Financial Ombudsman Service (FOS).
Challenger bank Fidor adopts 'attack formation' - Computer Weekly
Referring to a description used in a German newspaper, Fidor CEO and co-founder Matthias Kröner said the bank’s acquisition by BCPE means it has adopted an “attack formation”.
Exclusive: SWIFT discloses more cyber thefts, pressures banks on security - Reuters
(Reuters) - SWIFT, the global financial messaging system, on Tuesday disclosed new hacking attacks on its member banks as it pressured them to comply with security procedures instituted after February's high-profile $81 million heist at Bangladesh Bank.
Angry CFO chucks analyst out of briefing - The Telegraph
Watchdog targets banking 'revolution' - BBC
Britain's High Street banks have been ordered to launch a technological "revolution", in an effort to promote better competition
Lloyds faces legal fight over pensions discrimination - The Telegraph
UK taxpayers still have much to fear from RBS struggles - Financial Times
Ten years ago the board members of RBS blithely approved a reckless management decision with catastrophic consequences that could yet sink the bank. At the time they were facing criticism from investors who thought Sir Fred Goodwin’s growth machine, over-reliant on making acquisitions, had run out of road.
British jobs market 'in freefall' after Brexit vote as Bank warns 250,000 jobs will be lost over next few years - Daily Mail
Hiring by UK companies has fallen to levels not seen since the recession, according to a survey that supports the Bank of England’s claim that unemployment is set to rise following the decision to leave the EU.
German banker axed for 'sleep error' - BBC
A German court has ruled a bank supervisor was unfairly fired for missing a multi-million-euro error by a clerk who fell asleep during a transaction.
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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...
