I often think we need a reality check when it comes to digital finance. Many of the pundit analysts and influencers out there believe no one needs a branch visit and that everything can be done remotely on devices. I don’t. I’ve mentioned this many times and, psychologically, customers need the reassurance that they can…
I had an interview with .BANK domain the other day. Here’s how it went … .BANK: In your book, The Future of Banking in a Globalised World, you explore the impact of regulatory change on the banking industry. With the move to less regulation in the U.S. almost guaranteed in the coming years, how should…
I was chairing a conference with various speakers, when Gartner Group stood up and talked about their annual bank survey. They found that of the senior bankers surveyed, 76% don’t believe that digitalisation will affect their business model. Gartner found 76% of banks don’t believe their business model has to change because of digitalisation #MEFTECH…
I recently met a start-up bank. They were depressed. Having submitted their third proposal for the bank, the regulator was still pushing back. This felt familiar. Having seen so many new start-up banks in Britain, I was familiar with the start-up process. It involves hellishly detailed documentation showing effective plans, governance and funding. The first…
Further to my recent trip to Pakistan Business Recorder (their version of The Financial Times) interviewed me in depth about what is happening in FinTech. Here’s what they published: ‘The clock is ticking for Pakistan’s legacy banks,’ Chris Skinner, global fintech expert An independent commentator on financial markets and fintech through his blog, the Finanser.com, Chris Skinner is one…
I’ve regularly got into confrontations with digital currency people, especially those who are believers in bitcoin, by saying things they don’t like to hear. First it was my comment that you can’t have money without government. They believe the currency is beyond control because it exists on a global network. My contention is that money…
I’m very sceptical about competition in banking because I’ve been waiting for it to happen for too long. Back in the 1990s, I visited Australia that had just had sweeping reforms in banking to promote more competition. Zero affect. America’s biggest banks haven’t seen much change to their market share in the last decade, and UK…
Larry Summers, former director of the National Economic Council for President Barack Obama, writes a regular column in The Financial Times. His latest piece is his take on FinTech, which has the main headline that FinTech is taking away frictions in finance. Yep. The frictions are illustrated by things like interchange fees, the length of time…
