Chris Skinner, Author of the bestselling book “Digital Bank” a Betseller in Europe, at eFintech Show 2018
Chris Skinner, Chair of the European networking forum The Financial Services Club and author of the bestselling book “Digital Bank” a betseller in Europe, will be one of the keynote speakers at eFintech Show 2018. Taking advantage of his participation he has granted the following interview:
What 3-4 new trends do you see in the FinTech sector in the next 12 months?
Most of this year is focused upon Artificial Intelligence, Blockchain, Distributed Ledger Technologies, the Internet of Things and Cybercrime/Cybersecurity.
What 3-5 new challenges do you see in digital banking in the next 12 months?
Banks’ biggest challenge is their leadership. Most banks are run by bankers and have zero technology leads in the Boardroom. They lack knowledge of technology change, and see digital as a delegated task with a budget and Chief Digital Officer (CDO). In other words, it is not the responsibility of most of the C-suite team as they’ve given it to the CDO. That has to change as digital is actually a cultural, structural and foundational change for the bank, not just a project with a budget and a designated project leader.
How are English challenger banks evolving compared to the rest of the world?
We have over 40 new banks emerging in the UK, which is a far more than I see in other countries. For example, America has none. Not one new challenger bank because it is far too difficult to launch in the USA, as all states have different federal and regional regulators to block it, as evidenced by their blockage of the OCC’s recent bank charter license for fintechs. Having said that, the UK doesn’t need 40 new banks and several of these start-ups will stumble. What is interesting is that the ones who are succeeding are focused on specific niches, such as small business banking, economic migrants, students and so on. That’s where they need to focus: being different and being better as an experience digitally than everyone else. That’s why I put my money on challengers like Monzo, who really get digital, compared to traditional banks who don’t.