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The Finanser’s Week: 5th November – 11th November

The main blog headlines are …

Teach children the things that machines cannot learn

I often talk about teaching children to learn what machines cannot learn. Our system of education was created in the Industrial Revolution, and is based upon kids being stuffed with facts, stats and dates. They learn to parrot-fashion repeat things, and are tested to see …

Run the bank or change the bank

I was surprised to see that JPMorgan Chase is now hiring people as bankers and, as a mandatory part of their induction programme, they are taught to code. “Coding is not for just tech people, it is for anyone who wants to run a competitive company in the …

How online gaming created a challenger bank

I was chairing a panel with a number of different players, one of which was Monzo. Simon Vans-Colina, Monzo’s lead engineer for Open APIs, was talking about their approach to partnering with others in an API ecosystem, including TransferWise and Investec Bank. What was not …

In China, buy the wrong things and go to jail

As I travel around, I find different cultures fascinating Some are open, some are closed; some are welcoming, some are distrusting; some feel comfortable, some feel weird; some feel nice, some feel strict; and so on. A lot of the feeling you have about a …

Becoming a Digital Bank: the how and why

I recently had a chat with Monica Murthy of Empire Startups. Here’s the low-down. Starting From Scratch – The Path for Western FinTech It would be incorrect to call Chris Skinner an industry old hat, since despite his 10+ years in the FinTech industry, he’s …

 

This week’s top news headlines are …

The problem with this bank inquiry – Newsroom

The bank conduct inquiry was conducted by the wrong people and doesn’t address the core problems of conflicted interests and massively unjustified bank profits, Bernard Hickey argues.

Lloyds Banking Group to add 2,000 jobs in digital shake-up – The Guardian

Bank to cut 6,000 existing positions but create 8,000 new roles Lloyds Banking Group is planning a major restructuring of its workforce, adding 2,000 jobs as it refocuses its operations on digital technology. Britain’s biggest high street lender will cut 6,000 jobs but create another 8,000 as part of a

City of London concerns grow about bad Brexit deal – Financial Times

Financiers fear UK and EU negotiators are closing in on an inadequate agreement

Malta’s Pilatus Bank has European licence withdrawn – The Guardian

Bank had been accused by murdered journalist Daphne Caruana Galizia of processing corrupt payments A Maltese bank at the heart of a money-laundering investigation has had its licence withdrawn by the European Central Bank. Pilatus Bank, which opened four years ago, was officially closed down several months after its Iranian

Barclays and Lloyds among the worst performers in EU bank stress test – City AM

The two British lenders were among the worst performers in the EU banking watchdog’s new report, which tested European banks and their ability to withstand a hypothetical market shock.

Bank sales culture needs to change says review – Newsroom

The RBNZ and FMA have released their report into our banking system, saying they found banks have a poor sales culture, which incentivises branch staff to sell customers products that may not be suited to their long-term needs.

Bank of England bans Doctor Who from £50 note – Radio Times

The Bank of England is asking the public to nominate a scientist as the face of the new plastic £50 note – but forget Doctor Who because “Time Lords of whatever gender are ineligible”.

Goldman Sachs signs 100,000 customers to its new retail bank, Marcus, in just over a month – This is money

The firm known as the ‘Vampire Squid’ for its powerful grip on the banking industry, launched Marcus, an online-only retail bank, in September with a savings account paying 1.5 per cent interest.

12 Global Banks, Hong Kong C-Bank Set Up Blockchain Trade Finance Platform – Cryptovest

The project, called eTradeConnect, targets Asia and will cooperate with we.trade, a DLT-based financial settlement platform with a focus on Europe.

Credit Karma buys UK credit report group Noddle – Financial Times

Deal is first move overseas by US financial technology firm

 

About Chris M Skinner

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...

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