Chris Skinner

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!

How the world has changed with technology

Chris Skinner

I was introduced to a lunch meeting by the Chairman of the Bank. As he made the introduction, he gave a personal account of how technology had changed the world during his lifetime. This is not his speech, but my version of his speech. I trust you like it.

Will QR codes wipe out cash and cards?

Chris Skinner

There’s been an interesting but hidden trend taking place. It started in China with Tencent and Alipay and has now gone global. The phenomenon is called QR codes.

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What happens to banks if there’s a no-deal #Brexit?

Chris Skinner

There was a big hoo-haa last week when UK Gov released their analysis of a no-deal Brexit. A no-deal Brexit is if we reach 29th March 2019, two years after triggering the exit process and an effective D-Day, without agreeing terms between UK Gov and the European Union.

A third of banks expect to hold cryptocurrencies on their balance sheets

Chris Skinner

I received a really interesting report from the law firm DLA Piper last week.

Zuckerberg, Gates, Bezos, Ma & Co are destroying the world

Chris Skinner

I was listening to Andrew Keen, digital sceptic, giving a keynote at a conference. He was lambasting the way in which the internet had developed, and the fact that it had gifted power to a small, select few companies, who own the world.

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This bridge collapse is a shocking image of legacy

Chris Skinner

I wasn’t going to post this blog but the more it sits in my head, the more I felt I had to write it. Like everyone I expect, I was really shocked by the Genoa Morandi bridge collapse that killed 43 people this month.

Things worth reading: 17th September 2018

Chris Skinner

Things worth reading: 18th September 2018

Chris Skinner

Things we’re reading today include … Fewer than 2pc of bank chiefs worldwide are women despite value of female executives, says IMF Why Is This Supersafe Bank Scaring the Fed?

We need to launch a digital bank? OK, here’s $3 billion!

Chris Skinner

I recently blogged about JP Morgan Chase spending $10 billion a year on technology of which $3 billion goes into new projects. There were then several other announcements that caught my attention about Citibank and Bank of America investing similar amounts in digital.

The culture of banking is skewed to be dishonest

Chris Skinner

I was reading The Guardian’s John Quiggin’s article yesterday, about banking being geared towards the 1% and a major crash being needed to fix it.

The Finanser’s Week: 3rd September – 9th September 2018

Chris Skinner

The main blog headlines are … Ten years since Lehmans collapsed and the GFC started It’s September 14. It’s exactly ten years since Lehman Brothers collapsed. It’s ten years since the touchpaper was lit that sparked the Global Financial Crisis (GFC).

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Today marks ten years since Lehmans collapsed and the GFC started

Chris Skinner

It’s September 14. It’s exactly ten years since Lehman Brothers collapsed. It’s ten years since the touchpaper was lit that sparked the Global Financial Crisis (GFC).

When national currencies fail (cryptocurrencies rise)

Chris Skinner

Venezuela is the latest country to spin into hyperinflation, showing the same signs as the meltdown in Zimbabwe that created the 100 trillion dollar note. Hyperinflation, as defined by economist Philip Cagan in the 1950s, is when a country sees inflation rates rise by more than 50% per month.

Do we need a blockchain?

Chris Skinner

I haven’t written about blockchain for a while. I guess it’s because I got bored of it. I’m not bored of the promise of blockchain and distributed ledger technologies. Just bored of how much hype there has been and of so many companies claiming to have the latest blockchain breakthrough.

The future financial world is here

Chris Skinner

I’ve been thinking for a while now about building a new financial system from the ground up using AI, blockchain, the Internet of Everything and other technologies. What would it look like? What would we build?

Things worth reading: 13th September 2018

Chris Skinner

Things we’re reading today include … U.S.

China’s blood on the carpet in P2P lending

Chris Skinner

One other thing struck me as the discussions fired away in Shanghai at Lang Di … is China going to haemorrhage and bring down the world’s financial systems … or is that just what the Western media would like us to think?

Forcing banks to tell customers their ranks

Chris Skinner

On Wednesday, the UK’s Competition and Markets Authority published the first survey of whether retail or small business customers would recommend their bank to family and friends.

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How will our children lead the world?

Chris Skinner

I was at LendIt China last week, or Lang Di as it should rightly be called. As readers know, I always get a buzz from visiting China, and this trip was no exception.

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According to one banker, banks are just like sewage

Chris Skinner

Now I didn’t make this statement, to be clear. A banker did. He was talking about the four quadrants of service, and said that banking needed to become like the sewage system: invisible, but incredibly important that it works especially when it’s urgent.

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Technology is improving the world, not destroying it

Chris Skinner

For all the negative views of technology, the positive is that it is enabling and inclusive. This is what Digital Human explores in depth. The main critique of my book is that it is too optimistic about the future of technology, and should be more balanced.

Every $1 in $50 in the banks is laundered money (and maybe more)

Chris Skinner

I’ve made the comment many times that it is astounding that around $2 trillion is laundered through the banks of the world each year, up from $1.6 trillion in 2009. It’s about 2.7%

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Changing the bank means changing the customer

Chris Skinner

I was having a debate about innovation with a friend. They said that most of what banks were calling innovation is actually business optimisation or, as I call it, incremental improvements.

Things worth reading: 14th September 2018

Chris Skinner

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Things worth reading: 12th September 2018

Chris Skinner

Things we’re reading today include … What became of the G20 leaders who met in 2008 to avert financial crisis? Why ‘stable coins’ are no answer to bitcoin’s instability JP Morgan in ‘full execution mode’ over Brexit as banks begin moving jobs Exclusive: U.S.

Things worth reading: 5th September 2018

Chris Skinner

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The secret to success with customer data

Chris Skinner

It shows the nature of money and finance in our lives, in the way that the media reports about it. Quite often you get a scary headline like the big banks are watching you or banks will sell your data and it makes us mad.

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A monkey could pick stocks better than me

Chris Skinner

I got into an argument after a presentation where I said that active fund management is dead. It wasn’t the best thing to say in front of a group of active fund managers, but I can’t help myself.

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Decentralisation demands data safes

Chris Skinner

I keep thinking about the future internet and the ideal of creating a network where no one controls anything. It may sound silly, but it is developing already.

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Things worth reading: 6th September 2018

Chris Skinner

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Things worth reading: 11th September 2018

Chris Skinner

The Amazonisation of Banking

Chris Skinner

Last week, our good friend Dave Birch posted a great blog about the Amazonisation of Banking, most of which I agreed with. So I asked Dave if I could repost it here and he said “yes, of course” Thanks Dave. Enjoy! The Amazonisation of Banking… …is very different from Amazon being … The post The Amazonisation of Banking appeared first on Chris Skinner's blog. Case Studies Digital Bank Grid Technology

The Finanser’s Week: 3rd September – 9th September 2018

Chris Skinner

The main blog headlines are … How the world has changed with technology I was introduced to a lunch meeting by the Chairman of the Bank. As he made the introduction, he gave a personal account of how technology had changed the world during his lifetime.

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Decentraland: making blockchain-based virtual reality, a reality?

Chris Skinner

I just caught a clip from the BBC about Decentraland, a virtual world where you can buy plots of land and next year become part of a virtual world. This world will be owned by its community, has no central authority, is completely decentralised and will flourish in the net.

The Top FinTech Trends of 2017 … were they?

Chris Skinner

The other forecasting I made at start of year concerned the big FinTech trends of 2017. Again, I thought it might be of interest to revisit them.

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Banks are losing the data war

Chris Skinner

For some time now, I’ve been reflecting on a conversation about Monzo. It relates to my write-up the other day on new bank thinking, and that Monzo are clever with data. Using Google Map APIs and other services, they enrich my transaction statement so I know when, where and what … The post Banks are losing the data war appeared first on Chris Skinner's blog. Digital Bank Future Grid Opinion

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Cryptocurrencies Fail The BIS Test (bitcoinistas aren’t going to like this)

Chris Skinner

The Bank for International Settlements (BIS), the guys who are responsible for Basel regulations and act as the global central bank to all the central banks, caught global headlines yesterday by saying that bitcoin will break the internet. Wowser. I couldn’t ignore this and neither should you so here’s a … The post Cryptocurrencies Fail The BIS Test (bitcoinistas aren’t going to like this) appeared first on Chris Skinner's blog. Blockchain Future Grid

The Finanser’s Week: 27th August 2018 – 2nd September 2018

Chris Skinner

The main blog headlines this week are … Every $1 in $50 in the banks is laundered money (and maybe more) I’ve made the comment many times that it is astounding that around $2 trillion is laundered through the banks of the world each year, up from $1.6 trillion in 2009.

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Things worth reading: 7th September 2018

Chris Skinner

Things we’re reading today include: UK fintech in buoyant mood as valuations soar How high street banks reward premier customers Nigerian bank’s former UK head was arrested U.S.