The main blog headlines are …
How the world has changed with technology
I was introduced to a lunch meeting by the Chairman of the Bank. As he made the introduction, he gave a personal account of how technology had changed the world during his lifetime. This is not his speech, but my version of his speech. I …
We need to launch a digital bank? OK, here’s $3 billion!
I recently blogged about JP Morgan Chase spending $10 billion a year on technology of which $3 billion goes into new projects. There were then several other announcements that caught my attention about Citibank and Bank of America investing similar amounts in digital. The question …
I sometimes find it hard to deal with our world of money these days. Everyone keeps asking should I buy bitcoin and my answer is always it’s your choice. I don’t believe in bitcoin, but I’m not one of those doom mongers who say it’s …
The culture of banking is skewed to be dishonest
I was reading The Guardian’s John Quiggin’s article yesterday, about banking being geared towards the 1% and a major crash being needed to fix it. John Quiggin is an economist at the University of Queensland and the thrust of his article is that “financialised capitalism …
Will QR codes wipe out cash and cards?
There’s been an interesting but hidden trend taking place. It started in China with Tencent and Alipay and has now gone global. The phenomenon is called QR codes. QR, or Quick Response if you prefer the longer form, is a code that originated in Japan …
This week’s top news headlines are …
UK fintech in buoyant mood as valuations soar - Financial Times
Sector given extra boost by the UK regulator’s adoption of EU open banking rules
Five surprising outcomes of the 2008 financial crisis - Financial Times
We learnt the dangers posed by ‘too big to fail’ banks but now they are even bigger
British Airways hacked as 380,000 sets of payment details stolen - The Telegraph
Danish bank scandal grows to 'gigantic' proportions - EU Observer
Denmark's top bank handled up to €28bn of dodgy Russian funds in just one year, in what has the makings of the biggest money-laundering scandal in European history.
ING to pay €775m in money laundering case - Financial Times
Penalties are the largest ever imposed on a company by Dutch public prosecution service
TSB chief Paul Pester steps down after IT meltdown - The Guardian
Thousands of customers face ongoing problems after being locked out of accounts in April The TSB chief executive, Paul Pester, has stepped down after an IT meltdown in April that locked thousands of customers out of their accounts and is still causing problems five months on. Richard Meddings will take
Britain's TSB hit by another IT glitch, angering some customers - Reuters
Britain's TSB was hit by another technology glitch on Monday, the latest since a botched IT upgrade in April resulted in one of the country's worst banking outages.
Monzo top and TSB crashes to the bottom of our customer service poll - Money Saving Expert
TSB has crashed to the bottom of our banking customer service poll, with almost half of those who rated it describing its service as 'poor' over the last six months.
HSBC plans digital bank to counter online rivals - The Telegraph
Our financial system only works for the 1%. It will take another crash to fix it | John Quiggin - The Guardian
Financialised capitalism has failed, and cannot be fixed by more and better regulation The royal commission into banks has uncovered fraud and misconduct on a massive scale, amounting to nearly $1bn and perhaps more. The usual defences of “bad apples” and “rogue advisers” have fallen apart as it becomes evident
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...
