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The Finanser’s Week: 10th August 2020 – 16th August 2020

The main blog headlines are …

What’s next, after digital?

I was invited to do a keynote for a Canadian conference the other day, but on a subject different to my normal digital stuff. The theme was sustainable finance. I decided to take a different tack and talk about my other big passion: purpose-driven banking. …

What happens when digital fails?

So, the worst thing imaginable happened today. We had a power outage. I didn’t realise what that meant until it happened. I then realised that I was only maintaining my semblance of sanity during this lockdown thanks to having an oven, a laptop, the internet, …

The end of globalisation

I’ve spent so long dealing with the world opening up, and travelling it, that I find the developments of recent times saddening. First, the globalising world started to creak and break in the 2010s thanks to the impact of the Global Financial Crisis (GFC) that …

Exclusive research finds a silver lining for banking and FinTech in coronavirus crisis

During the summer we performed some extensive research, released today. Details below: Download the Survey Report and View the Video News Release The survey is available at no charge and can be downloaded by providing a few basic details about yourself. View the video news …

The FinTech Karaoke Challenge: Summertime

I keep thinking I should give this up, but people keep encouraging me to continue so I will … for the moment. This week’s challenge was given to me by Brian Caplen, Editor-in-Chief of The Banker magazine, a sister publication of The Financial Times and hugely serious and …


And the main news headlines are ….

Britain’s once-popular digital banks face a bruising reality – The Telegraph
The UK’s three largest digital banking start-ups have all warned of the impact of the pandemic on their plans for 2020

UK economy: a full recovery from the Covid slump will be slow – Guardian
Job losses and possibility of second closures likely to hinder emergence from recession UK economy plunges into deepest recession since records began Why is Britain’s GDP down more than other major countries? How does UK’s Covid recession compare with previous ones? Twice as bad as the US. Ten times worse

Is this our last chance to buy shares in Lloyds Banking Group below 30p? – Motley Fool
US analyst Thomas Lee predicts a big rally in beaten-down shares on the stock market – soon! But he’s not the only investor expecting stocks to stage a recovery. Most of us reckon businesses will turn up at some point – why else would we buy cheap shares?

Disappointment for $130k a month trader – eFinancial Careers
If you want a nice relaxing summer in finance, you probably don’t want to read the Financial Times’ ‘Big Read’ article from yesterday pondering how the pandemic will play out. Finance industry veterans – some of them unfettered from big roles and therefore free to speak frankly – sound the alarm about what might be coming next.

Why Trump’s Hong Kong sanctions are bad news for banks – Financial Times
Washington’s decision could have far-reaching implications beyond the targeted individuals

Missing Cryptoqueen: Why did the FCA drop its warning about the OneCoin scam? – BBC
A decision to delete an online alert was exploited by those promoting the multi-billion-pound crime.

Fines for anti-money laundering failures rise as companies repeat mistakes – Financial Times
Review shows penalties were imposed for the same shortcomings regulators have been highlighting since 2015

Monzo? I’d rather invest my tuppence in the bank – City AM
Monzo’s ill-fortune is that the bank has lent so little and found no other way to make money

A tale of two banks: Monzo vs Starling – Finextra
While other digital challengers struggle to keep afloat during the pandemic, Starling Bank says it remains on course to reach profitability by the end of 2020, overseeing significant growth in staff, customers numbers and its loan book over the past year.

Bank of England paid £3m in ‘golden goodbyes’ over 15 months – Guardian
Rise in settlements in 2019 included those paid to departing tech security staff shortly before major breach The Bank of England paid departing staff almost £3m in “golden goodbyes” over 15 months, at the same time as an exodus of workers from its information security team. Settlement payments to former

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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