As mentioned yesterday, I had the pleasure of moderating a fireside chat with Joanne (Jo) Dewar during IFGS last week. If you don’t know Jo, she’s a bit of a legend. You can find out all details here and, although she has achieved a lot in her career, her latest move is an interesting one:... The post How UK fintech can seize a £274 billion opportunity appeared first on Chris Skinner's blog ..read more

I was at the Innovate Finance Global Summit last week and it was fantastic, as can be seen by the pic above of the CEO and Chair having a whale of a time on stage. The job I had to do was interview Jo Dewar on stage who just launched Project Nemo (more on that... The post What happened at the Innovate Finance Global Summit? appeared first on Chris Skinner's blog ..read more

At a conference the other day, a banker came up to me and said “oh, you’re that fintech guy who throws rocks at us all the time”. A short while later, a fintech founder came up to me and said “oh, you’re the banking guy who thinks we will all fail”. Interestingly, a short time... The post Am I financial marmite? appeared first on Chris Skinner's blog ..read more

The bank that wants to verify my identity but cannot accept the information … OMG, what’s going on? Under new UK government rules, there’s been a crackdown on money laundering and customer identity in the banking system. The response of the banks has been archaic to say the least. By way of example I blogged... The post WTF … who the finanser are you? appeared first on Chris Skinner's blog ..read more

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

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

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

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

In discussion with a client the other day, we got into a debate about how to structure the next workshop with management. The result is that there were five critical questions proposed: How far can we automate everything? How can we use technology differently? Can regulators keep up with these changes? Could the network run... The post Some big questions about the future answered appeared first on Chris Skinner's blog ..read more

It’s interesting how people interpret things. Many think it’s old banks versus new banks; branch versus app; physical versus digital; government currencies versus cryptocurrencies; and more. For me, it’s not versus though. It’s and. We live in a world of transition where new and old banks work together well. My old bank does my boring... The post It’s us and them appeared first on Chris Skinner's blog ..read more