One of my readers picked me up on my articles about the use of customer data, AI and open banking last week, saying that I had missed a critical point. What had I missed? Well, the discussions were mainly about the use of customer data for marketing, advice, safety, security, risk and compliance … but... The post Data frameworks need to go beyond risk and reward … they need to be ethical too appeared first on Chris Skinner's blog ..read more

Things we’re reading today include … Fintech boards lack AI skills needed to drive future growth, survey finds (cityam.com) Fintech funding slows to the lowest level since 2017 | TechCrunch UK digital bank Zopa turns a profit as it eyes an IPO (ft.com) Bank of England forecasts undermined by out-of-date methods, report finds | Bank... The post Things worth reading: 15th April 2024 appeared first on Chris Skinner's blog ..read more

This week’s main blog discussions include … Selling customer data – good or bad idea? Be careful with data Many years ago a few banks debated the idea of selling customer data to get a payback. It was the wrong decision – if you sell customer data, it should the customer who gets the payback,... The post The Finanser’s Week: 8th April – 14th April 2024 appeared first on Chris Skinner's blog ..read more

Talking of sharing data, Salt Edge just sent me some interesting stats about Open Banking and Open Finance (there is a difference). They start by quoting that inconsistently reliable source Statista, who claim that the number of open banking users worldwide was expected to grow by an average of 50% per year between 2020 and... The post Stop talking about  “Open Banking” appeared first on Chris Skinner's blog ..read more

Things we’re reading today include … Managing the transition to central bank digital currency | CEPR Investors Circle ‘Most Hated’ Fintech and E-Commerce Sectors — The Information $45bn fintech hires a generative AI executive in Chicago (efinancialcareers.com) Mastercard to realign organisational structure with three new divisions – FinTech Futures: Fintech news Uber stops fintech plans... The post Things worth reading: 12th April 2024 appeared first on Chris Skinner's blog ..read more

Continuing my debate about data usage and data abuse, I listened to a fascinating discussion from the BBC about whether Mark Zuckerberg is a good or bad billionaire. You can listen to the podcast if interested, but a few items came up such as the release of customer data to Cambridge Analytica a few years... The post Why Facebook [Meta] is the enemy appeared first on Chris Skinner's blog ..read more

Things we’re reading today include: Fintech has a gender problem – here’s why you should care (theconversation.com) Mapping the contextual fintech evolution | Ctech (calcalistech.com) Bank branch closures: Labour vows to ‘guarantee face-to-face banking’ as 385 towns see last site close (gbnews.com) Truong My Lan: Vietnamese billionaire accused in multi-billion dollar bank fraud – BBC... The post Things worth reading: 11th April 2024 appeared first on Chris Skinner's blog ..read more

After yesterday’s discussion of being careful with customer data, AI may be the solution. In previous examples of data sharing, such as those mentioned with Barclays and ING ten years ago, it was too much of a blunt instrument. The intelligence was lacking. But I can see banks moving stealthily into customer data sharing, targeting,... The post AI will be as transformational as the printing press, according to Jamie Dimon appeared first on Chris Skinner's blog ..read more

Things we’re reading today include … Jamie Dimon: Bank boss warns US interest rates could rise to 8% – BBC News Lloyds Bank axes risk staff after executives complain they are a ‘blocker’ These Are the 32 Most Exciting Fintech Startups in Europe in 2024 (businessinsider.com) Commonwealth Bank reveals the surprising trend among Millennial investors... The post Things worth reading: 10th April 2024 appeared first on Chris Skinner's blog ..read more

Be careful with data Many years ago a few banks debated the idea of selling customer data to get a payback. It was the wrong decision – if you sell customer data, it should the customer who gets the payback, not the bank – and they failed. The two specific examples I remember are Barclays... The post Selling customer data – good or bad idea? appeared first on Chris Skinner's blog ..read more