The Finanser Logo

Chris Skinner's blog

Shaping the future of finance

The Finanser’s Week: 27th August 2018 – 2nd September 2018

Chris Skinner Author Avatar
by

The main blog headlines this week are …

Every $1 in $50 in the banks is laundered money (and maybe more)

I’ve made the comment many times that it is astounding that around $2 trillion is laundered through the banks of the world each year, up from $1.6 trillion in 2009. It’s about 2.7% of global GDP and $1 in every $50 traded through our banks is …

This bridge collapse is a shocking image of legacy

I wasn’t going to post this blog but the more it sits in my head, the more I felt I had to write it. Like everyone I expect, I was really shocked by the Genoa Morandi bridge collapse that killed 43 people this month. The …

A monkey could pick stocks better than me

I got into an argument after a presentation where I said that active fund management is dead. It wasn’t the best thing to say in front of a group of active fund managers, but I can’t help myself. It’s my background in dealing with program …

Decentraland: making blockchain-based virtual reality, a reality?

I just caught a clip from the BBC about Decentraland, a virtual world where you can buy plots of land and next year become part of a virtual world. This world will be owned by its community, has no central authority, is completely decentralised and …

Changing the bank means changing the customer

I was having a debate about innovation with a friend. They said that most of what banks were calling innovation is actually business optimisation or, as I call it, incremental improvements. Incremental improvements are doing existing processes cheaper and faster, more effectively and more efficiently, …

 

The major headlines this week include  …

Flaw in Fiserv banking platform exposed personal data - IT Pro
US-based financial services firm Fiserv has just fixed a flaw in its web platform that exposed the personal and financial details of a vast number of banking customers.

Deutsche Bank CEO says Europe needs 'strong banks' amid merger speculation with Commerzbank - CNBC
A tie-up between Germany's two biggest banks could be on the cards sooner rather than later, according to a report from the Financial Times.

Hackers faked Cosmos backend to hoodwink bank out of $13.5m - The Register
Security researchers have taken a deep dive into the cyber attack on the SWIFT/ATM infrastructure of Cosmos Bank, the recent victim of a $13.5m cyber-heist.

Fresh woe for Turkey as banks are downgraded - The Telegraph
Turkey's economy faces fresh challenges after 20 of its leading banks were downgraded and faith in the authorities' ability to support the lira plummeted.

Argentina burns reserves and asks for early IMF help as peso crashes - The Telegraph

U.S. CFTC orders BNP Paribas to pay $90 million penalty for rate-rigging - Reuters
U.S. federal regulators on Wednesday ordered BNP Paribas to pay a $90 million civil penalty after settling charges against BNP Paribas Securities Corp [BNPPSS.UL] for attempted manipulation of the ISDAfix benchmark.

Ten years after the financial crash, the timid left should be full of regrets | Larry Elliott - Guardian
Capitalism’s near-death experience with the banking crisis was a golden opportunity for progressives. But they blew it Placards are being prepared. Photo-opportunities are being organised. A list of demands is being drawn up by a coalition of pressure groups, unions and NGOs. Yes, preparations are well under way for protests

Lump sum payouts putting pension schemes at risk, regulator fears - Financial Times
Trustees of 14 funds asked to review ‘overly generous’ transfers in light of dangers

Banks consider ‘early warning system’ to fight misconduct - The Telegraph

Bank of mum and dad sees average parents spending £18,000 on supporting their grown up children - The Telegraph

If you like the Finanser, check out our latest book: Digital Human

Chris Skinner Author Avatar

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...

Chris’s latest book

Chris Skinner’s ‘Digital For Good’ Book Launch Event – CFTE

Global Awards

Best CEO of the Year UK 2022

Best Digital Finance Provider of the Year UK 2022

Best Financial Markets Adviser of the Year UK 2022

Portal to the Knowledge Base of the Financial Services Club UK 2022

Financial Markets Advisor of the Year UK 2022

Corporate America Today Annual Awards

Best Financial Markets Adviser of the Year UK 2022

Portal to the Knowledge Base of the Financial Services Club UK 2022

Financial Markets Advisor of the Year UK 2022

Best Financial Services Blogger

Nominee of MAD33 2021

Kids creating the future bank | TEDxAthens

Join me on Linkedin

Follow Me on Twitter!

UK’s most influential person in technology

Captain Cake and the Candy Crew

Captain Cake Winner of a Golden Mom’s Choice Award

TWO-TIME WINNER OF A MOM’S CHOICE GOLD AWARD!

TheNextWeb – #tnw

Learn more about Chris

About Chris Skinner

Digital Bank Presentation

Digital Bank, May 2014 from Chris Skinner

Alex at the Financial Services

Gaping Void's Hugh MacLeod worked with the Finanser