I spent last week in China with Huawei. It was fantastic and, finally, it gave me the chance to announce and release my new book Intelligent Bank. Regular blog readers will know that I’ve been talking about this as the third fintech revolution but I could not officially tell everyone that it was released until today! Here is…
What is a Sputnik moment? A Sputnik moment is the moment the world suddenly wakes up and realises someone else may have leapt ahead technologically. The phrase comes from 1957, when the Soviet Union launched Sputnik, the world’s first satellite, into space. Technically, it was just a metal sphere orbiting the Earth. Politically and psychologically,…
I spent the morning thinking about the bank of the future. It’s something I do every day. You could be simple and say that it’s embedded, invisible, everywhere, all the time. And that is true. But that is today’s bank, not tomorrows. I then have this debate about currencies. What currency do we believe in?…
I gave a keynote this week about my new book called The Intelligent Bank, which is offically launching next week in China! Walking off stage afterwards I realised something quite important: we are no longer debating the future of banking. We are living through it. The problem is that many banks still think the conversation…
Over the past decade, the industry has aggressively optimised for cost and digital efficiency and, in doing so, it has quietly dismantled the human infrastructure that made banking work for millions of people. Start with the facts. In the UK alone, more than 6,000 bank branches have closed since 2015, according to consumer groups and…
I’ve just been reading McKinsey’s latest piece about the AI-powered bank. It reads like a polite consulting report, but underneath it is a fairly brutal critique of the entire banking industry because what they’re really saying – without saying it – is that most banks are structurally incapable of benefiting from AI. It not because…
I remember making a prediction twenty-five years ago that all of the biggest banks in the world would be Chinese. Unfortunately, I made this prediction at an American banking conference, when all of the biggest banks in the world were American. Twenty-five years earlier, or fifty years ago, all of the biggest banks were Japanese….
The Bloomsbury Intelligence and Security Institute (BISI) produced a document yesterday about the risk of cryptocurrency to democracy . Seriously? Cryptocurrency is a libertarian dream that gives all of us a democratic vote. What risk is there? Well, let’s dig into the detail as this is not about “innovation in payments” or “the future of…
It interests me that there are so many reports about pensioners or, if you’re American, seniors are the highest group of people suffering fraud, scams and hacks. What’s going on? Financial fraud and scams targeting adults over 60 have reached “epidemic proportions”, with billions lost and often many occurrences of repeat victimisation. According to recent data, roughly…
I’ve been inundated with reports about stablecoins lately, and they all say the same thing … but in very different ways. So let me try and cut through the noise. Stablecoins are for wholesale commercial banking and trading today. They are not for the likes of you and me. But that will change. Let’s narrow…
