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BACKCHAT/DIARY Backchat G
DPR looms on the horizon, like the colossus of Rhodes, ready to welcome data-weary consumers into its protective grasp. We’ve seen technology companies and social media giants move quickly to
inform their users about the requirements of GDPR. Inboxes are slowly filling up with years of services you didn’t know you had asking your permission to fiddle with data – something they’ve been doing without your knowledge for ages.
Amidst all this, the banks remain uniquely silent. At the best of times, financial institutions are rarely known for their agility. A survey from law firm McDermott Will & Emery revealed that only 52% of firms will be prepared to meet the 25 May deadline for GDPR, despite 60% saying that the regulation will “significantly change” their workflows.
With MiFID II and PSD2 only just in the rear view mirror, hopefully someone has brought their regulatory department a cup of tea and let them had a sit down.
The necessity of being digitally switched on at all times was demonstrated on a recent Virgin train journey to Scotland. As the queue formed while the train trundled out of Euston, the staff in the onboard cardboard food shop were clearly struggling to get their payment terminal working. After a good 20 minutes they announced that they could only take cash. This resulted in at least 70% of the queue loudly declaiming that they had no cash and how ridiculous it was that they should be rudely thrust back into the 20th century like unwilling extras in a Branston version of Dr Who. Almost the entire queue then disappeared to vent their anger on the train manager who appeared and spent a good deal of time picking the dead terminal up and shaking it violently in time to the Pendelino’s swaying rhythm. But to no avail. Backchat, fortunately, had some old-fashioned coinage stashed away and was able to buy a coffee – and was offered a free sandwich to compensate for the terminal failure. I could almost savour the irony as I took a free cheese and pickle sandwich at Richard Branston’s expense. Mild food poisoning was the final Virgin riposte.
Recently a cryptocurrency forum highlighted a post by a dad who had bought one (whole) bitcoin for his two-year-old son. It was an investment of more than $7,000, according to the post, which the son is only meant to receive when he turned 18. In the post, the buyer mentioned university tuition and buying a house as potential destinations for that money.
The question that remains is… 16 years from now, in the eventuality that cryptocurrencies are not overtaken or thwarted by some other type of means of trade, will Bitcoin still remain at the top? It is a pretty idea, one that is undoubtedly compelling enough for this excited crypto trader to make such a long-term investment on his newborn. What will he do with his second and third child? What if the second child turns 18 and cashes in at a low point?
IN THE NEXT ISSUE
Wealth management, robo-advisory, private banking technologies and wealthtech
Diary MAY
2nd - 3rd: Future Blockchain Summit, Dubai
www.futureblockchainsummit.com
3rd - 4th: Seamless Asia 2018, Singapore
www.terrapinn.com/exhibition/seamless/index.stm
8th - 9th: IFINTEC 2018, Istanbul www.ifi
ntec.com/English.aspx
14th - 15th: Self-Service Banking Europe 2018, London
www.rbrlondon.com/conferences/ssbe
JUNE
4th - 6th: Europe Money20/20, Amsterdam
https://europe.money2020.com
11th - 13th: Money Conf 2018, Dublin
https://moneyconf.com
12th - 13th: Liquidity Risk Management Europe, London
www.cefpro.com/forthcoming-events/liquidity-risk- management-europe-2018
11th – 15th: CeBIT 2018, Hannover
www.cebit.de/en
JULY
6th - 13th: London FinTech Week, London
www.fi ntechweek.com
24th – 25th: BankTech Asia, Kuala Lumpur
www.banktechasia.com/banktech-asia-events-2018
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