Digital Bank
If I cannot call you, I won’t deal with you
I’ve recently been dealing with a company that has historically been a good provider of service. I’ve used them for years. Suddenly, things broke down. The main issue is that they only provide a digital service now. There is no call centre – there used to be one; there’s now just an online service –…
Digital is a mindset, not a project
FedNow is a new faster payments service for America. It’s been developing for years, and will go live in 2023 and yet, in conversation with an American friend, only 1 in 10 banks are ready for this. Why? Well, the issue lies in change. Fast change or slow change? In fact, a friend recently resigned…
Want to learn how to do digital transformation right?
I just started a Digital Transformation Course in partnership with CFTE. It’s a course all about Digital Transformation of financial firms. You can sign up here: https://courses.cfte.education/digital-transformation-with-chris-skinner/, and here’s what you get: Week 1: What is a bank? This week discusses the history of banking and finance, how it is formed, why it is regulated…
If you’re APPy and don’t know it, take my money
I recently had a chat with Kjeld Herreman, Head of Strategy Advisory at RedCompass Labs, about the increasing impact of Authorised Push Payments (APP) on the financial industry and its customers. In case you’re not aware of APP, it’s where a customer authorises a payment to a criminal, typically due to being fooled into thinking…
Do we need CBDCs?
I was called out by Nick Kerigan, Head of Innovation at SWIFT, when I accused SWIFT of becoming a sloth a year ago. So, I was interested in the latest announcement that shows the aim of SWIFT to be the arbitrator of CBDCs (Central Bank Digital Currencies): SWIFT has successfully shown that Central Bank Digital Currencies…
The top technologies for banks now and next year
Two big consulting firms just released interesting reports about technology trends: McKinsey and Bain. McKinsey’s report focuses upon the technologies that matter most, and found 14! As usual, being consultants, they had to put them into a complex chart. And then they assess the impact of these 14 technologies by industry. For financial services, the…
Congress to JPMC: how would a CBDC impact your ability to deploy capital?
Part of my network, Jim Richards posted an update on LinkedIn the other day which was measured and interesting. Jim is former Executive Vice-President of Financial Crimes at Wells Fargo, and knows a thing or two about the way banks work. I asked if I could share his post here, and Jim said yes, so,…
Has Goldman Sachs lost its marbles?
I stumbled over a detailed analysis of Goldman Sachs’ efforts to be a fintech the other day. Written by Mario Gabriele, Founder and Editor of The Generalist, the lengthy text is a great breakdown of how Goldman pivoted from an investment bank to launch a consumer bank over the past few years. I’ve picked a…
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