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The Finanser’s Week: 31st August 2020 – 6th September 2020

The main blog discussions this week include ….

Why big banks get bigger (it’s all about Pac-Man)

I’ve spent a long time writing about how bad banks are with technology and digital transformation … but I’ve never said banks will be eaten by technology. So many other companies and industries are destroyed by technology, but banking is not one of them. I …

The 11 P’s of Banking and 4 P’s of the Banking Mix

When I was growing up with learning management skills, one of those I focused upon was marketing and Kotler’s 4 P’s. If you’re not familiar it’s all about product, price, promotion and place. It’s something easy to remember, but then most folks are hard pushed …

Neobanks battle on the path to profitability

Regular commentator and contributor Ajit Tripathi wrote a brilliant piece the other day, discussing the path to profitability for neobanks. He’s kindly allowed to share his insights here, so enjoy! Neobanks have Jobs to Be Done Abstract: Covid19 has changed the capital and market environment for neobanks …

Regulating digital bank and fintech financing (BIS Paper)

The Bank of International Settlements (BIS) came out with another white paper last week (read the previous one on the rise of central bank digital currencies here). This one focused upon: Regulating fintech financing: digital banks and fintech platforms Interesting stuff. Here’s the executive summary: …

New Research Finds Banking Industry Positive on Effects of Covid-Crisis

During the summer I teamed up with a colleague, George Ravich, to research views on the crisis amongst the financial community. We published the results in August, and here’s an update guest blog from George on the process.   New Research Finds Banking Industry Positive …

The Karaoke Challenge: Despacito

During my karaoke lockdown challenge, I’ve been surprised how engaged my audience is, from those who encouraged me to do JaJa Ding Dong to a trans-Atlantic duet with Barb MacLean of Islands in the Stream. However, I’ve never been as challenged as I was this …

 

And the main news headlines are ….

Bank of England’s Bailey slams EU barrier to investment banking services after Brexit – Reuters
An EU refusal to grant cross-border access to investment banking services from the CIty of London shows how the bloc wants to force Britain to keep adopting its rules in future, Bank of England Governor Andrew Bailey said on Wednesday.

Why can’t I shop online without mobile banking? – INews
Strong Customer Authentication: the new rules are supposed to give consumers better protection

Bank of England warns mass return to UK offices ‘not possible’ – Guardian
Senior official says government campaign will fall foul of Covid safety guidelines Coronavirus – latest updates See all our coronavirus coverage The Bank of England has cast doubt on the government drive to get workers back to offices, after a senior official warned it was impossible for large numbers of

Warning over six apps that can access your bank account – My London
“Users are advised to immediately delete them from their device to avoid fraudulent activities.”

Monzo to introduce new fees for UK cash withdrawals and card replacements – Money Savings Expert
App-based bank Monzo is introducing new fees for customers who take out cash or order replacement cards from October – though you won’t need to pay if you have Monzo Plus or rely on Monzo as your main bank account.

Re-Examining The Role Of Correspondent Banking – PYMNTS
More money crossing borders digitally. Fewer correspondent banks to move that money. And the hallmark of that money movement — a lack of transparency and speed. What might replace a clunky system in a world where payments are becoming ever more global?

Credit Suisse to set up bank hub in Madrid post-Brexit – Sharecast
Credit Suisse will set up investment bank hub in Madrid moving it from its current location in London after the UK has left the European Union for good in 2021.

UK banks convert branches to avoid restaffing big offices – Financial Times
Several of the UK’s biggest banks are converting underused parts of their high street branches into office space as an alternative to bringing staff back to larger buildings and high-rise headquarters during the pandemic.

‘Stupid’ Lloyds Bank customer adviser sold over 80 account details for £50 each – Daily Mail
Jaspreet Marwaha gave the information of more than 80 accounts to Mohammed Saif Maqsood, who paid £50 for each set of card details and swiped between £82,000 and £92,000 from them.

What I learnt about racism over two decades in banking – Financial Times
My own story, and those of others, taught me that lofty proclamations about ‘doing better’ are often hollow

 

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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