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The Finanser’s Week: 1st June 2020 – 7th June 2020

The main blog headlines are …

No one changes behaviour … unless forced to

I see lots of surveys and research about the use of technology in finance. Things like 47 percent of consumers are interested in biometric payments or 80 percent of consumers would use mobile payments. Then you look at the adoption rates and the actual usage …

I’m not a futurist

The other day, I said that I was confused about the future. Some folks said that seems strange for ‘a futurist’, but I’m not a futurist. I’m just a guy who looks to the future and tries to understand and predict what I can. We …

2030 arrives in 2020

I got a chart this week that made me smile. This is it … In one month, retail sales jumped massively from 16% to 27% of all sales. The end of main street is nigh. Other facts and figures that made me smile were Amazon’s …

The end of main street

Wondering about the future. Always wondering about the future. Thinking about where things are going. It’s the only thing we don’t know. We know the past; we live in the present; we wonder about the future. What’s my future? What’s your future? What’s the future …

Goldman Sachs compare bitcoins to tulips, and cryptofolks aren’t happy

Goldman Sachs just became the bad boy on the block in the bitcoin brethren by saying bitcoin has nothing behind it. Remember last week when we were all bullish for the Goldman Sachs Bitcoin call?


And the main news headlines are ….

Goldman Sachs executive’s email making plea for racial equality goes viral at firm – Reuters
An email by a Goldman Sachs Group Inc employee about his experiences of racial injustice and criticizing managers at the Wall Street bank for not supporting junior bankers from diverse backgrounds went viral at the firm this week.

HSBC and StanChart back China security laws for HK – BBC
The UK-based banks have both come out in support of China’s controversial national security laws.

Lending platforms face battle for independence – Financial Times
The crisis will squeeze earnings for online lenders, and big banks could be waiting to snap up some bargains

UK consumers repay record £7.4bn of debt in Covid-19 lockdown – The Guardian
Analysts warn of gap between those hit by job losses and those whose finances benefit from enforced spending halt Coronavirus – latest updates See all our coronavirus coverage British households repaid record amounts of debt racked up on credit cards and personal loans in April as consumers stayed away from

For all his woes, at least Sunak does not need to worry about stagflation | Larry Elliott – Guardian
The chancellor now has the option to raise the minimum wage above inflation, but probably won’t take it News that Rishi Sunak is planning a summer mini-budget conjures up memories of the 1970s when chancellors were constantly forced to respond to the latest economic crisis. Sunak is finding out what

UK banks warn 40%-50% of ‘bounce back’ borrowers will default – Financial Times
Three senior bankers estimated between 40 per cent and 50 per cent of the 608,000 borrowers who have accessed the Bounce Back Loan Scheme, or BBLS, could eventually default on the debt

Could you have to pay your bank to save money? – BBC
Countries are being forced to use extreme measures to keep the economy afloat amid the coronavirus crisis. Now, the Bank of England has signalled that it may take the cost of borrowing below zero.

Citi warns markets are out of step with grim reality – Financial Times
Tougher times ahead as a result of pandemic, says co-head of investment banking

Coronavirus is our chance to completely rethink what the economy is for | Malcolm Bull – Guardian
The pandemic has revealed the danger of prizing ‘efficiency’ above all else. The recent slowdown in our lives points to another way of doing things See all our coronavirus coverage Coronavirus – latest updates There’s been a lot of argument about how best to handle the coronavirus pandemic, but if

UK’s richest 20% reduce spending by £23bn during lockdown – Guardian
Analysis suggests wealthiest Britons have used period to increase savings and pay debts The richest 20% of Britons will have reduced their spending by around £23bn by the middle of June, according to analysis by the New Policy Institute that shows the coronavirus pandemic has allowed the better off an


About 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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