Chris Skinner

Are you in banking or technology?

Chris Skinner

I’ve had a lot of conversations with bankers and technologists, and realised something recently.

When will Amazon launch its bank?

Chris Skinner

Name the company that strikes fear into everyone’s hearts in business? In the 1980s, it was IBM. You never get fired if you buy IBM, even though It’s a Bloody Mess. In the 1990s, it was Microsoft.

Is JPMCoin a cryptocurrency and what should SWIFT do about it?

Chris Skinner

It’s not often that the Twittersphere I watch lights up in deep conversation, but a long one started last week thanks to JP Morgan’s announcement of the JPM Coin. Falsely labelled a cryptocurrency, loads of headlines emerged about JPM killing XRP, the currency of Ripple.

39 FinTech Unicorns Valued at $147.37 billion

Chris Skinner

I spotted an article by Linus Beliunas on LinkedIn this week, and liked it so much that wanted to share. Enjoy! 39 FinTech Unicorns Valued at $147.37 billion 2018 was a phenomenal year for FinTech.

AI, machine learning, data and Nordic banks

Chris Skinner

Last week we had our first meetings of Nordic Finance Innovation, the largest networking group in the Nordic region for people involved in finance and technology which I happen to chair. The meeting focused upon data: data usage, data analytics, data leverage and data privacy.

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The difference between machine learning and artificial intelligence

Chris Skinner

I often point to a banks’ executive leadership team and ask the question: who can tell me the difference between blockchain and distributed ledger? If anyone even goes there, I then ask them to tell me the difference between artificial intelligence and machine learning.

AI wars

Chris Skinner

I’m just reading a new book recommended by a banking friend AI Superpowers: China, Silicon Valley, and the New World Order by Kai-Fu Lee, and the opening got me thinking.

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Is the branch dead?

Chris Skinner

A regular discussion of mine has resurfaced in recent days: is the branch dead?

Banks need to be technology giants

Chris Skinner

I got into one very interesting discussion with a digital banker. He was underscoring how important data is in banking, and referenced the fact that banking started with data.

FinTech Forecasts for 2019

Chris Skinner

There are many pundits predicting change in banking and FinTech this year. Here’s a review of a few of the ones that have some depth. American Banker published seven FinTech predictions for 2019 by Bob Legters, Chief Product Officer of Banking and Payments at FIS.

Why banks should stop closing branches

Chris Skinner

I wrote my blog about the bank branch being dead yesterday, just as a new report called for banks to stop trying to be cashless and branchless because it harms society.

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The new FinTech bank

Chris Skinner

For years, I’ve been wondering why people in business operations couldn’t align their needs with the people delivering technology in the organisation. The CIO would sit outside the business, watching and responding to requests.

Digital transformation needs a burning platform

Chris Skinner

Ever since I started working in business process re-engineering and transformation a while ago, before most millennials were born I should say, I learnt a lesson early on. Transformation will never work without a crisis point.

Financial literacy is the scourge of our times

Chris Skinner

One of the issues I have with financial services is that it’s frightening. You might not think so, but I grew up in a world of cushioned money. I didn’t know much about money at all. The most I knew about money is begging for more pocket money.

Will blockchain replace core banking?

Chris Skinner

I’ve got lots more to write about digital transformation and the things I’m learning from banks engaged in doing it but, to give you a break, I also have a couple of fantastic guest submissions which are worth sharing.

How to get rid of the legacy

Chris Skinner

I often talk about changing core systems, and most people tell me I’m mad. It doesn’t have to happen. You can have an overlay of middleware to deal with it. You don’t need to change those old systems. It’s too risky and too costly. Blah, blah, blah, blah, blah.

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100 years of AI Life

Chris Skinner

I just picked up the London Business School’s quarterly journal, with lots of articles talking about Artificial Intelligence (AI). There are two in particular that stand out, with some interesting views.

Digital banks are led by clear customer-obsessed principles

Chris Skinner

Another key factor of the digital banks I’m talking to is that the customer is their primary focus. Not the shareholder, the investor, the quarterly bonus, the dividend yield or the cost-income ratio. The customer.

The Finanser’s Week: 11th February – 17th February 2019

Chris Skinner

The main blog headlines are … 39 FinTech Unicorns Valued at $147.37 billion I spotted an article by Linus Beliunas on LinkedIn this week, and liked it so much that wanted to share. Enjoy! 39 FinTech Unicorns Valued at $147.37 billion 2018 was a phenomenal year for FinTech.

Ten Top Trends for 2019

Chris Skinner

Hello, hello and hello again. Welcome to 2019. A brand new, fresh, shiny year, and just out of the starting gate. Having said that, yes we are still talking Brexit and we still find a group of shady bankers knocking off billions. Same s**t, different day, as Stephen King would say.

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Compliance will kill the bank

Chris Skinner

I was talking with a banker at a recent conference, and was surprised by his attitude.

EQ Bank, Canada: a customer-obsessed bank

Chris Skinner

A few years ago, I was invited to talk with Equitable Bank in Canada about digital banking. Since then, they’ve launched their digital bank called EQ Bank.

Things worth reading: 20th February 2019

Chris Skinner

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Things worth reading: 22nd February 2019

Chris Skinner

Are you pulling my blockchain?

Chris Skinner

I just gave a presentation on blockchain. I haven’t been asked to make a specific presentation on blockchain for over a year, so it meant dusting off some rusty notes and slides and thinking about where we are today.

Digital banks look more like Big Tech and vice versa

Chris Skinner

I found it interesting to hear that many of the banks focused upon digital are studying, visiting, talking to and hiring people from the Big Tech firms. People with experience at Netflix, Alibaba, Amazon and Tencent are in strong demand, especially those who can code.

Teach children the things that machines cannot learn

Chris Skinner

I often talk about teaching children to learn what machines cannot learn. Our system of education was created in the Industrial Revolution, and is based upon kids being stuffed with facts, stats and dates. They learn to parrot-fashion repeat things, and are tested to see if they can remember.

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Gartner: you’re better than this

Chris Skinner

Things worth reading: 21st February 2019

Chris Skinner

Things we’re reading today include … Politicians must stand up for City after Brexit Barclays fraud trial: ex-chairman ‘not aware’ of £280m Qatar deal Standard Chartered sets aside $900 million to cover U.S.,

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Is the bank talking or walking digital?

Chris Skinner

I’ve been blogging about digital transformation and one commentator asked me to qualify what I actually meant by a bank ‘transforming’ versus the others.

Account opening? Oh, 1-2-3. Easy as A-B-C. Not!

Chris Skinner

There’s nothing like a true story to bring a point home, so here’s my latest one. I’m starting a new venture. It’s a philanthropic thing, thing to do with banking, but because we are seeking sponsorship, we need to open a bank account.

When does digitalisation stop?

Chris Skinner

Another day and another discussion about digital transformation with a group of bankers. As the conversation progressed, several of the attendees touched on a subject in different ways but the core of what they were asking was this: when will we know we’ve done digital?

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Five digital transformation lessons

Chris Skinner

In a final write-up on leadership, there was a fantastic presentation about the lessons DNB had learned in trying to make digital change happen.

Banks and Telcos? Two become one!

Chris Skinner

Twenty years ago, I worked on a strategy for the future of banking. My conclusion was that banks would merge with telecommunications firms and become hybrid institutions. Twenty years later, it hasn’t happened. But will it?

Digital banks have fast and regular communication

Chris Skinner

A further aspect of the digital banks I am talking with is that they have reviews all the time. Not formal reviews, but fast meetings with the business people, designers, developers and even audit and compliance all around the table.

Things worth reading: 12th February 2019

Chris Skinner

Clash of clans … or new bank versus old bank (Fidor, BPCE) 

Chris Skinner

I was talking with some friends at the most innovative bank in Europe that has stopped getting on my radar for the past few years. I first blogged about them back in 2012, when I met the founder at an event. That bank is called Fidor.

From sandbox to sandcastle

Chris Skinner

Another lively discussion followed my meeting with the FinTech communities in Asia. It was interesting as we had a chat about all aspects of what was happening in South-East Asia, and the overwhelming message that came back to me was that the regulatory sandboxes had become sandcastles.

Financial Institutions Aren’t Prepared for the Digital Revolution

Chris Skinner

I recently did an interview with my American friend Jim Marous over on The Financial Brand. It’s a good interview so I thought I would post my answers here. Feel free to comment!

Synchronised swimming or football teams?

Chris Skinner

In another guest post related to industry versus digital banking Marko Wenthin, co-founder of solarisBank, sent this insight into my discussion of FinTech banks last week.

What banks can learn from British Airways

Chris Skinner

Something happened to me this week that made me think of big bank friends. It’s a different industry and one that, last month, I said we could learn from:the airlines. So, here’s a sobering, learning lesson.

Oliver Wyman recommend banks don’t try to be digital? What rubbish!

Chris Skinner

There was quite a bit of coverage of an analyst report last week, putting forward the notion that big banks should forget converting the existing organisation, systems and structures, and start over.

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Don’t just bring one, bring all

Chris Skinner

One of the biggest issues all companies face with transformation – digital or otherwise – is bringing the people with you. Some would say that anyone who does not join the journey can leave, but that’s quite a tough stance.