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January 08, 2013


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Chris, as usual a very informative read - love your blog, by the way. I especially agree on your 4th prediction/bet - legacy must not be bad per se but it usually is very unwieldy and costly to change.

So, will we see glitches? Definitely! Will the industry come closer together to bring commoditised processes (like e.g. securities processing) under one roof? Let's see. Lst year I would have said: no way! But this has changed and banks are understanding more and more that shrinking margins and more demanding and flexible customers will not pay for unwieldy legacy systems.

I am vaguely optimistic that we will see a certain consolidating effect in certain countries (e.g. Germany) as well as Europe as a whole.

And I do smell disruption on the way - mobile is only the spearhead of this...

Happy new year

Matthias Benfey

I especially appreciated your affirmation "that 99.9% of bank staff are not gluttonous bonus guzzling hedonistic arseholes, but real honest-to-goodness hard-working people like any other industry." One might quibble about the percent (or not) but most of us are simply people helping people manage their money well. And if we don't do that, people will rightly take their money elsewhere, especially as their options multiply.

Chris Skinner

Thanks Tom and Matthias

Here's to a 2013 Banking Reformation!


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