Chris Skinner's blog Shaping the future of finance

I’ve said for some years that digital challenger banks will not break the stranglehold of the big banks on the retail banking space. Am I wrong? According to a new report by the UK regulator the Financial Conduct Authority (FSA), things are changing fast. Around …

Things we’re reading today include … Bank Pulse: Banks are reducing their exposure to more polluting activities American banks boost EU workforces as post-Brexit scrutiny escalates Bank investors face a new ‘black box’ quandary The unstoppable rise of the challenger bank: Canary Wharf’s retail giants …

This week’s main blog discussions include … A great list of central bank thinking about digital currencies (#CBDC) Madhvi Mavadiya, Head of Content at Finextra, just posted a great list of developments in Central Bank Digital Currencies (CBDCs). She promises to keep it updated and …

We are all probably aware of the furore over Novax Djocavic and the Australian Open tennis championship. The issue is to vax or not to vax. Now, some people can’t get a vaccination due to their health conditions but, other than this, governments are telling …

Things we’re reading today include: High street banks ‘losing vice-like grip on UK’s current accounts’ Zopa Bank hits £1bn deposits in just 18 months Big U.S. banks say spending patterns show consumers are in good shape Central Banks Face a Moment of Truth on Crypto …

I was intrigued by the announcement by JPMorgan Chase that they’re spending $12 billion on technology this year. Admittedly, I’ve been tracking this and it seems to go up by around a billion year-on-year. Although this is up 25% on 2020, the bank had said …

Things we’re reading today include … Bank-Fintech Partnerships Are Under-Performing: What’s Going Wrong? Lords warn on Bank of England digital currency Price rises may last until 2023, warns Bank of England governor Top Wall Street banks paid out $142bn in pay and benefits last year …

Lots of folks are talking Web3, but what is Web3 and why isn’t it Web 3.0? I guess, like with all things, we abbreviate and so Web3 is the next wave network that will revolutionize everything. So what is it? Web3, as envisioned by the Web3 …

Things we’re reading today include … Brexit Gives €200 Billion Boost to Balance Sheets of Irish Banks Bank of America Says UK CBDC Would Be More Than a Digital Form of Cash SoFi Can Launch Bank Provided It Doesn’t Touch Crypto SoFi stock soars after …

Madhvi Mavadiya, Head of Content at Finextra, just posted a great list of developments in Central Bank Digital Currencies (CBDCs). She promises to keep it updated and the link is here. It covers every country from Antigua to Curaçao to Iran. 80 countries in all. …

Things we’re reading today include … £4 million-a-year bank chief quits after breaking Covid rules with trips to Wimbledon Santander, Lloyds and TSB ‘have the most unreliable online banking’ Bank of England questioned on the nation’s financial stability Bank of England set for more powers …

Ron Shevlin, now Chief Research Officer at Cornerstone Advisors, a US research and consulting firm, posted a fascinating article based on his research the other day. Supposedly, banks and credit unions in America think they’re are doing digital transformation. Interestingly, less think they’re doing it …

Things we’re reading today include: CBDCs: Here’s what every central bank in the world is working on Dorsey fintech firm Block wants bitcoin mining for all Wise stock makes comeback after Citi urged clients to dump fintech Dow closes lower after disappointing bank results Credit …

This week’s main blog discussions include: How a bank’s IT systems allowed £100m a day of fraud NatWest, formerly Royal Bank of Scotland (RBS), is a good example of a bank with rubbish IT. This was illustrated when I spotted the headline: NatWest fined $300 …

The worlds’ rich get richer, and the poor get poorer. Does it always have to be that way? In 2020, the world's super-rich enjoyed a record rise in their wealth. Here's how the world's wealthiest can put their money to use: https://t.co/3sVoeYqqDF pic.twitter.com/JYvppQCsUI — World …

Things we’re reading today include … Britcoin is a ‘risk to stability of the banks’, say Lords Banks Are an Odd Place to Keep Your Crypto Technology Is Only One Piece of True Digital Transformation in Banking Starling Bank tops customer experience ranking as demand …

I took a contrarian view and said that FinTech investments worldwide would plateau in 2022. Interestingly, 2021 was a record year. Just looking at the figures from Innovate Finance, you can see things were still on fire: Sector bounces back from pandemic – 217% overall …

Things we’re reading today include … Cloud giants may resist Bank of England’s resilience tests Fifth of people not visited bank branch since before pandemic – survey Tandem Bank acquires lender Oplo to hit £1.2bn assets China new bank loans hit record $3.13 trln in …

There has been a continual debate about the euro and the future of Europe. When the UK voted to leave the EU in 2016, I was absolutely mortified. I didn’t think it would happen, but it has happened. It’s a messy divorce, but the divorce …

Things we’re reading today include … Revolut launches as a bank in 10 Western European countries What’s Behind the Push to Review Australia’s Central Bank? Six banks allow customers to do this one thing which could put them at risk of fraud Inside the world …

Many financial processes were created centuries ago. When technology arrived, we automated those historical processes to make them more efficient. We didn’t necessarily focus upon how to make them more effective, as the focus was on how to reduce costs. Years later, we are paying …

Things we’re reading today include … ‘Worrying security flaws’ may expose online banking customers to fraud – Which? The fraudsters breaking hearts – and emptying bank accounts UK fintech sees record investment in 2021 following pandemic slump in 2020 Get the data, from Monzo to …

NatWest, formerly Royal Bank of Scotland (RBS), is a good example of a bank with rubbish IT. This was illustrated when I spotted the headline: NatWest fined $300 million for money laundering. They didn’t do the money laundering, but a number of accounts – specifically …

Things we’re reading today include … What are the lessons from history for digital currency? It’s Expensive to Be Poor. This CEO Wants to Reduce ‘Antiquated’ Bank Fees and Wait Times Wall Street banks set to report record profits for 2021 China central bank needs …

The last fortnight’s main discussions include: Welcome to 2022 I used to make predictions to start the year. I’m not doing that anymore, as everyone else is doing them. I will add a few thoughts at the end of this week’s series of blog entries …

In the final part of my welcome to 2022 series, here are the big trends in technology in general (not just FinTech). According to the World Economic Forum, there are ten key technologies to watch including 3D printing houses, tracking humans through the network and …

Things we’re reading today include: Bank of England answers, “Why can’t we just print more money?” Bahrain central bank trials JPM Coin Starling Bank boss denounces investors over gender funding gap China central bank launches digital yuan wallet apps for Android, iOS Could China’s north-east …

Building up to Christmas, I got a lot of FinTech predictions sent by PR firms and friends. Here are my top picks: One of the biggest US FinTech firms Lending Club sent me four big things they predict: Prediction #1: The fintech and bank consolidation arms …