Chris Skinner

The real reason people don’t change banks

Chris Skinner

Interesting conversation about switching accounts. I’ve had a few people saying that banks don’t have loyal customers, but they have trapped customers.

Google, Facebook, Amazon and Co are NOT offering banking, so stop saying they are

Chris Skinner

In the last month, there’s been a wave of announcements from Facebook, Apple, Google and Amazon about banking.

Google 339

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Bye-bye FinTech

Chris Skinner

I just spent time with a bank talking about Doing Digital. The host had read a preview copy of my new book and was asking a few questions about it. What had surprised me the most in my talks with five banks?

Banking is inherently sexist

Chris Skinner

Actually, it’s not just banking. It’s money. Money is about control – something I blog about regularly – and men control societies, economies and the world.

How much tax is lost each year? #defi

Chris Skinner

Building on my discussion yesterday about offshore tax havens and decentralisation to avoid governance in both the physical and virtual world, there’s a more fundamental issue at large here. Tax avoidance.

Taxes 318

Big Banks AND Big Tech (not versus)

Chris Skinner

I’ve said for a while that the Big Tech giants will not become banks. Amazon and Alibaba will do a lot of bank-like activities, but they will never move into full-service banking, as in offering deposit accounts. Why won’t they?

Are banks adapting in the right way?

Chris Skinner

I picked up a few innovative changes taking place this week within banks. In fact, I should point out that banks are not static beasts, as many claim. They are changing all the time, doing things all the time, adapting all the time.

Welcome to 2020: What’s new?

Chris Skinner

Welcome to 2020. It’s a new day. It’s a new year. It’s a new decade. And yes, I’m feeling good. This is a year all of us futurists have looked forward to for over two decades as, back in 2000, it became popular to talk about a 2020 vision. … The post Welcome to 2020: What’s new?

US 248

Survey: Banks just aren’t ready for digital

Chris Skinner

I’ve just been reading Jim Marous’s Digital Banking Report which ties in nicely with my new book Doing Digital, as the themes are similar.

Survey 177

What is the purpose of a bank?

Chris Skinner

It’s a simple question: what is the purpose of a bank? However, the answers I get are often missing the mark, imho.

Relationships are hard, so how do Fin and Tech get on?

Chris Skinner

I just spent a few days in bars and restaurants in a place where everyone lives underground. It’s called Toronto. A place so cold that even Olaf from Frozen has migrated South. Anyways, sitting in a bar, I was privileged to hear this exchange between Fin and Tech.

Can you recognise a fraudster when you meet one?

Chris Skinner

I’ve pointed out many times that it’s easy to scam people online and defraud them. I even once got a phone call from an elderly gentleman asking me if he had really won £1 million on the Financial Services Club lotto. I had to let him down gently.

Facebook has forced the world’s banks to innovate

Chris Skinner

It’s been interesting to watch the development of Facebook’s Libra project. As I expected, regulators hate it and are asking lots of questions about it. Most seem to want to ban it. And now PayPal has dropped out of the original founding team, with Visa and MasterCard rumoured to follow.

Tomorrow’s bank? What do HSBC and Wells Fargo think?

Chris Skinner

I always like to hear what bankers think about the future of banking – it’s probably more accurate than what janitors or futurists think – and so was pleased to see two items in my in-tray this week, one from HSBC and the other from Wells Fargo.

Why dumb old banks can’t compete

Chris Skinner

Now that’s a contentious title for a blog, but purposefully so. Old banks can compete in the new world if they’re smart … it’s just that so many of them are dumb. Dumb with data, as I’ve blogged before. To illustrate this, I have three examples.

Ana Botin of Santander on FinTech and Blockchain

Chris Skinner

Really interesting interview here with Ana Botin, Executive Chair of Santander, on Bloomberg. It starts with talking about how Santander can make a difference on climate change with Ana claiming that the bank is voted the most sustainable bank in the world.

Things worth reading: 23rd January 2020

Chris Skinner

The future of money according to the Swiss (shhh, it’s not bitcoin)

Chris Skinner

I just saw an interesting report produced and released by SIX Group that talks about the future of money.

Things worth reading: 17th January 2020

Chris Skinner

The Finanser’s Week: 25th November – 1st December 2019

Chris Skinner

The main blog headlines are … Are banks adapting in the right way? I picked up a few innovative changes taking place this week within banks. In fact, I should point out that banks are not static beasts, as many claim.

Maine 273

A start-up’s month is a banker’s decade

Chris Skinner

I’ve heard many ex-bankers who joined a FinTech start-up, challenger bank or similar, say that they’ve achieved more in the past year than in the past decade. They claim to have achieved more with £1 million than they would have achieved before with £100 million in a bank.

What would you rather talk about: sex, religion, politics or money?

Chris Skinner

My blog often seems to return to the subject of sex, whether it be sexism or basic sex. It is for the reason that money and rumpy-pumpy are the twin engines powering everything we do, as Jeremy Clarkson so succinctly put it.

277
277

Is Revolut leading a FinTech revolution … or destroying it?

Chris Skinner

We are regularly being bombarded with unicorn news. Some rise and some fail. We hear about toxic corporate cultures and ousted CEOs on some occasions, with WeWork being the latest to get caught in the pre-IPO crossfire.

The best FinTech startups in Europe

Chris Skinner

I received a long and lengthy article last week from Taylor Ryan, CMO at Valuer.ai (tryan@valuer.ai). The link provides a comprehensive article on European FinTech developments. It’s so good that I am happy to share it with y’all. Enjoy.

The global new banking brew

Chris Skinner

Another useful person in my online network is Steve McLaughlin of @FTPartners, who I spotted sent a tweet last week saying they had produced a challenger bank report.

Things worth reading: 22nd January 2020

Chris Skinner

167
167

We’re just a technology company that happens to have a banking licence

Chris Skinner

I hear this a lot, and don’t like it. Many banks say it these days, and they say it to be cool. To be like a start-up. To be like a Silicon Valley angel investment firm. To be like a young, FinTech unicorn.

The key to IoT is identity

Chris Skinner

The term The Internet of Things (IoT) was first used twenty years ago. Twenty years later, IoT is emerging rapidly. We have our cars and homes networked but, more than this, we have gadgets like Google Home, Siri and Alexa.

Google 334

The Purpose-Driven Bank

Chris Skinner

Building on my recent updates on sustainable finance and such like, it is interesting the word purpose consistently appears throughout the sub-text.

Are these FinTech unicorns worth it?

Chris Skinner

There’s a regular itch that I feel in the back of my neck. I scratch it, but it won’t go away. The itch is an alarm call really, and it’s asking whether all this FinTech investment is worth it. Last year, $111.8

Regulators: damned if they do and damned if they don’t

Chris Skinner

I was running a fun panel on regulation this week. That kind of sounds like a lie – whatever can be fun about regulation – but hey, it was. I often reflect on the fact that regulators run with their eyes in the rear-view mirror.

AI is not a technology change but a cultural one

Chris Skinner

I just picked up a Financial Times article talking about how Artificial Intelligence (AI) will change the way you deal with money. It’s actually more about the Chinese internet giant Ping An, and how they’re changing finance using AI.

What does inclusion mean?

Chris Skinner

I’ve been reflecting for a while on the shift of power from America to China, as those who read my musings will know. This is typified by the latest Netflix offering American Factory, backed by the Obamas.

The two big issues bank CEOs have with FinTech

Chris Skinner

For all the talk about how well FinTech start-ups are doing, I hear two regular laments from bank CEOs. First, why aren’t we valued like FinTechs? and second, why aren’t FinTechs regulated like us.

Big Banks versus Big Tech … it’s all about the money

Chris Skinner

I’ve blogged for a while now about the different approaches to Big Tech in China and America. In China, Big Tech is pretty much working hand-in-hand with government to solve society’s issues and police them.

How UK FinTech took over the world

Chris Skinner

In case you missed it 11FS, as well as doing podcasts, have made a movie. The movie is all about the 11 years since the financial crisis hit and how the conditions led to the rise of FinTech and, specifically, UK FinTech.

A bank that runs accounts for just 50 cents a year

Chris Skinner

I recently attended a FinTech conference where Henry Ma, Vice President & Chief Information Officer of WeBank, presented an update of how the bank is faring in China. For those unaware, WeBank is the offshoot of WeChat Pay, WeChat and Tencent, and focsuses upon financial inclusion in China.

Banks need a purpose other than making money

Chris Skinner

I wrote a couple of recent blogs about the issue with finding good developers and attracting them to banks. The first, about the war for talent, made the statement: the main motivation of developers joining a firm is to solve interesting problems.

Maine 342

China and India in 2020: Watch and Learn

Chris Skinner

I often written about how the developing world is leap-frogging the developed world. The reason is that the developing world had no infrastructure in place whilst the developed world implemented their infrastructure in the last century. The developed world has become a legacy world.

What does “innovation” mean in finance?

Chris Skinner

I recently was invited to be the keynote at some innovation awards in Ireland. It got me thinking about what innovation means in finance, so here are the notes from my speech.

Crypto and banking are one and the same

Chris Skinner

People were surprised to see a headline that garnered much market shock: Markets Crash after reports that Binances Shangai Office Closed in Crypto Crackdown Argh. Crypto meltdown!

China’s Singles Day is five times bigger than Black Friday … and it’s all down to Cloud and AI

Chris Skinner

Regular readers of the blog know that I’m a fanboy of Alibaba and their financial firm Ant Financial which operates Alipay, the major payments system of China. On November 11, they had their Singles Day jamboree.

System 258

Blockchain: a solution looking for a problem?

Chris Skinner

Being conference season, there were many announcements in the past week about headlines companies wanted to gain with their innovations. One of the main headline grabbers for me came from R3.