Credit Union Geek

If you’re API and you know it, block aggregators

Chris Skinner

I bumped into a real API marketplace the other day.

Things worth reading: 19th February 2020

Chris Skinner

Things we’re reading today include … HSBC to slash investment bank, 35,000 jobs in strategy overhaul What’s gone wrong at HSBC?

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Bank Wars, Episode XX: The Rise of FinTech

Chris Skinner

Over the years, a few people have likened me to the Yoda of banking. Yoda is one of the most likable characters in the Star Wars franchise, but I’m not sure if I like the comparison. Yoda is seriously old, speaks in riddles and is tiny and wrinkled.

Banking is what we do and technology is how we do it

Chris Skinner

A decade ago, we talked about the financial crisis, technology, regulations and compliance.

Things worth reading: 20th February 2020

Chris Skinner

Things we’re reading today include … Don’t use natwest.co.uk for online banking, Natwest bank tells baffled customer LendingClub stock down after buying a bank The Bank for International Settlements (BIS) appoints FinTech Heads in Singapore and Switzerland.

JUST HODL IT

Chris Skinner

Another day, another conference, another meeting. This time we’re chatting and talking with a group of people from banks, and I’m wearing one of my favourite new t-shirts, emblazed with the message: Just hodl it! Before taking stage, someone asked me what hodl meant. I was surprised.

Four digital banking trends to watch in 2020

Mobile Payments Today

In 2020 and beyond, it will critical for banks and credit unions to reevaluate their digital strategies

The Finanser’s Week: 10th February 2020 – 16th February 2020

Chris Skinner

The main blog headlines are … Banking is what we do and technology is how we do it A decade ago, we talked about the financial crisis, technology, regulations and compliance.

The Stories We Tell Ourselves About Open Banking

Chris Skinner

I recently spotted a great write-up on Open Banking by Alex Johnson, who has kindly agreed I can republish it. So, here we go … The Stories We Tell Ourselves About Open Banking Distinguishing between what’s true and what we want to be true.

The true meaning of BaaS

Chris Skinner

Just spent a day chairing a payments stream at a conference.

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.

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.

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Things worth reading: 17th February 2020

Chris Skinner

Things we’re reading today include … China disinfects banknotes and quarantines them for 14 days Brexit: Britain and EU ‘will rip each other apart’ in trade talks Former Morgan Stanley president slams Europe’s capital markets Climate change could make premiums unaffordable: QBE Insurance UK digital bank Monzo plans to hire … The post Things worth reading: 17th February 2020 appeared first on Chris Skinner's blog. Reading

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.

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The Global Consortium for Digital Currency Governance

Chris Skinner

I said you’re probably sick of Davos but one last update. On Friday a major announcement affecting all of banking and finance globally seeped out under the radar. I spotted it. Did you?

AI Resistance is Futile!

Chris Skinner

We had our first 2020 meetings of Nordic Finance Innovation last week. The theme was digital transformation and its implementation, and was co-hosted by our partner Swedbank. One of the slides struck me as particularly noteworthy.

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.

Things worth reading: 18th February 2020

Chris Skinner

Things we’re reading today include … What will bank branches look like in the future?

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Massive cyberattack on the US wholesale payments system (simulation but real?)

Chris Skinner

One report you may have missed was this one: CyberRisk and the U.S. Financial System: A Pre-Mortem Analysis from The New York Fed and released in January.

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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?

It’s a start-up world

Chris Skinner

Although most businesses fail in their first year, it is quite incredible just how many start-ups there are around the world doing something interesting with technology. According to Embroker: In 2016, 69% of U.S. entrepreneurs started their business at home.

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HSBC to shed 35,000 jobs globally in major restructuring

Mobile Payments Today

The London-based bank will slash 35,000 jobs worldwide, shift much of its focus to Asia and close a large number of U.S. branches, as part of a major restructuring of its global operations

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.

#Brexit is done, but the deal-making isn’t … and finance is at the heart of it

Chris Skinner

I was going to give up writing anything further on Brexit as it’s now done and dusted. Britain’s out of Europe. There was no major celebration however. I was in London last Friday night, and this is what I saw out of my hotel window as we exited.

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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.

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Things worth reading: 10th February 2020

Chris Skinner

Things we’re reading today include … Santander fintech guru trades punk rock for asset management Cryptocurrency specialist to push for UK banking licence Bank of England gold: Rare look inside the vaults How far will Alison Rose go to take RBS into the 21st century?

Things worth reading: 11th February 2020

Chris Skinner

Things we’re reading today include … Australia plans new bank stress tests to assess climate change impact 2 in 5 would consider digital banks but only once they are ‘popular and successful’ Starling Bank raises £60m from existing investors Deutsche Bank’s revamp plans win support Ex-Virgin Money chief joins cultural … The post Things worth reading: 11th February 2020 appeared first on Chris Skinner's blog. Reading

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.

Things worth reading: 13th February 2020

Chris Skinner

Things we’re reading today include … Banking in the new decade – profitability will remain a challenge: EY Barclays to be first big British bank to report since Brexit Barclays online banking down Metro Bank Chief Risk Officer exits following latest shakeup at the top Can the UK and EU … The post Things worth reading: 13th February 2020 appeared first on Chris Skinner's blog. Reading

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LendingClub breaks ground with Radius Bank acquisition 

Bank Innovation

LendingClub, the publicly traded digital-lending marketplace, announced Tuesday that it is acquiring Boston-based Radius Bank, which has $1.4 billion in assets and is partnered with several fintech companies.

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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.

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.

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.

And even if finance gets a #Brexit deal, equivalence is not the answer

Chris Skinner

Following yesterday’s discussion of Brexit and it’s implications on financial services, there’s a little more to be said on this.

London is still the major European FinTech centre

Chris Skinner

FinTech investment numbers are variable dependent upon how they are counted. The number I’ve been using for most of last year is that headline amount of $111.8 billion invested worldwide in over 12,000 start-ups.

RegTech versus TechReg

Chris Skinner

I often talk about how banks have five times more regulation than technology firms.

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?