Chris Skinner's blog

Shaping the future of finance

Digital Bank

Are we going through a Kodak/Nokia moment in banking?

A brainstorming session with a group of banks raised this question: are we going through a Kodak moment in banking?  Are we seeing a Nokia change?  Will banks miss the tipping point and die from the reformation of the internet, or will we respond and change in time? As it's Friday the Thirteenth, it's a…

Friday 13th

How will banks differentiate in the future?

I was asked this question today and, after thinking about it a while, I think banks are moving towards being lifestyle choices rather than payments processors.  Historically, we chose a bank because it was physically local to our home.  It didn’t matter what they charged or how they priced, as all banks are the same. …

Is the Fintech bubble about to burst?

I recently recorded a video for Meniga to show at their conference in London for Next Bank Europe.  We had to do this as I was in New York on the day of the conference, and the organisers wanted me to present so badly they agreed to come to my house to do record my…

Is there a digital divide in banking?

So I’m just going to close off the branch debate (this time around, it comes up often) by talking a moment about demographics.  In my gut, I hate the use of demographics as, when it comes to digital, I prefer psychographics.  As a baby boomer, I feel more like a digital native, having grown up in…

Preferred channel

The role of the bank branch in the digital age

I tweeted yesterday that bank branches are still important as, for many, digital only is too nerve wracking when it comes to money.  I knew it would get some pushback, and it did, but here’s the logic and how this started. We’ve just seen JPMorgan hold their investor day, where they announced three things that…

JPMorgan Slide 72

Data is the bank’s battleground – are you fit to fight?

I’ve developed a whole new presentation on the ValueWeb, which I’ll share at some point soon, and tried it out today for the first time.  It was interesting to gauge the audience reaction, which was overwhelmingly positive.  We then had a panel discussion at the end of the session, and one of the panellists summarised…

The biggest banking challenge is leadership

So yesterday, I identified the three biggest challenges to banking today based upon a major dialogue on social media with the Next Bank Facebook community.  Those three barriers are regulations, legacy and culture. The three barriers are intertwined in a vicious circle.  Regulations stop banks from innovating; legacy systems stop banks from innovating; a risk…

Convincing management to renew core systems

I’m often asked what I mean by a digital core and how to convince management to buy into it. What I mean by a digital core is that the bank has made itself cleansed and ready to join the new generation of fintech.  It has renewed and refreshed its core systems by replacing them.  They…

How one bank changed core systems

After blogging yesterday with my regular beat to get rid of old legacy systems, I then had another thought.  Don’t get rid of them.  That is a possibility.  Maybe you don’t need to replace the core.  Maybe you just need to create a new platform that is digital and gradually migrate customers across. In other…

How one bank changed core systems

After blogging yesterday with my regular beat to get rid of old legacy systems, I then had another thought.  Don’t get rid of them.  That is a possibility.  Maybe you don’t need to replace the core.  Maybe you just need to create a new platform that is digital and gradually migrate customers across. In other…

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