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BACKCHAT/DIARY Backchat B
anks are finally realising that they’re not losing their breakfast/ lunch/dinner/elevenses to the fintechs and it’s the challengers that offer the biggest, well, challenge. Yet, they still don’t seem to be keen on helping customers to become more agile users of their services.
After being locked out of his phone banking and mobile banking (due to forgotten passphrases), our senior reporter visited a branch of his local Tier 1 bank to unlock them. He thought that his passport, debit card and details would be enough to do it there and then. He thought wrong.
An appointment would be needed. When, in exasperation, he asked if he could at least get a contactless card to replace his defunct debit card, he was told he’d have to wait up to 14 days to get a replacement.
Figures from the Current Account Switching Service have revealed that only four million Brits have taken up the firm’s offer to switch bank accounts in under seven days. That’s since the programme launched in 2013. Not a lot of takers. Well, our senior reporter decided he’d finally had enough of the above-mentioned major bank.
After much deliberation, he decided on a well-known and customer-popular mobile and online bank. Account opened, switch ready to go, he was told it would take… 30 days. Apparently you can’t create an account and switch on the same day, you must have an account ready to go. So much for speed service.
We couldn’t wrap up this month without an honourable mention to Bitcoin and all the crazy shenanigans it is up to. On the one hand we have got Bill Gates becoming an accidental Bitcoin evangelist: “Bitcoin is better than currency, in that you don’t have to be physically in the same place, and of course, for large transactions, currency can get pretty inconvenient. Of course, Bitcoin enthusiasts barely made it past the first five words – the clarification is unnecessary for them.
On the other hand, the Bitcoin value drop that we saw in January created a wave of panic attacks in the community. From 16,000 per coin, it reached under half of it, and the r/bitcoin subreddit, an online forum dedicated to discuss Bitcoin-related matters, pinned a suicide hotline contact details for those who were affected the most. Yikes.
Bitcoin is also making room for some shady practices. Ukrainian politicians have disclosed more than 21,000 Bitcoin as part of the anti-corruption probe. There is no legal framework to tax cryptocurrencies, so it would seem like a good way to make some money.
IN THE NEXT ISSUE
Digital Banking Solutions, Digital transformation initiatives, Digital-only challenger banks and the mobile banking revolution
Diary FEBRUARY
6th – 7th: Digital Integration in Wealth Management, London
www.arena-international.com/wealthmanagement
26th-27th: Finovate Middle East, Dubai http://fi
novatemiddleeast.knect365.com
MARCH
6th - 9th: Finovate Europe, London https://fi
nance.knect365.com/fi novateeurope
8th - 9th: Blockchain Africa Conference, Johannesburg
http://blockchainafrica.co
12th – 14th: MoneyLive Cards & Payments, Amsterdam
https://new.marketforce.eu.com/money-live/event/ summit
13th – 15th: Money 20/20 Asia, Singapore
https://asia.money2020.com
19th – 20th: Innovate Finance Global Summit, London
https://ifgs.innovatefi
nance.com
21st – 22nd: Self-Service Banking Asia, Jakarta
www.rbrlondon.com/events/ssba
27th – 28th: MoneyLive Digital Banking APAC, Hong Kong
https://new.marketforce.eu.com/money-live/event/ digital-banking-apac
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2018 banking tech/FinTech events
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www.ibsintelligence.com | © IBS Intelligence 2018
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