He wrote in his excellent Financial Services Club Blog:

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“I just chaired a panel discussion between three global transaction bankers at Eurofinance 214 in Budapest.  The outline of the session was:

Threats and opportunities: Banking on the edge?

(He then included the normal Eurofinance gushing introduction which ended with ‘What are the banks doing to innovate? How do banks see the future of banking?’)

Chris continued:

“There were six statements made during the panel which I wanted to discuss on stage but, being the moderator, I couldn’t really say: “what you just said is complete balderdash my friend” (I could, but it wouldn't have been appropriate).  So luckily I blog and therefore I can say it here.  There are six statements made by this panel that I completely disagree with (almost):

1. The global universal banking model is alive and well

No it is not.  The global universal banking model is the one that created too big to fail and is being broken apart by …..

2. Technology is only changing things for consumers

Whoa, that’s an interesting view.  Yes, it’s changing things for consumers radically but, …..

3. Technology isn’t changing anything for corporate to bank operations

Now here this is really contentious as I would say that cloud, big data, APIs and apps are changing things for corporates.  You only need to look at how Deutsche Bank’s Autobahn or Citi and PayPal’s APIs are creating new …..means that you’re an ostrich if you don’t wake up and shake up.

4. You’re naïve if you think the banking system will be destroyed

I agree, but that doesn’t mean people aren’t trying to destroy it.  ….  But you’re naïve if you don’t watch the things that are trying to destroy the banking system.

5. Cryptocurrencies may be interesting sometime, but not today

Oh no.  When something becomes a destructive force of change, by the time you see it, it’s often too late.  …… if you don’t think it’s interesting today, then you really are an ostrich with your head in the sand.

6. Banks are ostriches with their heads in the sand

Finally, something I can agree with … well no.  Some banks and bankers have their heads in the sand – specifically the one who made the five statements above.”

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CTMfile take: This blog is Chris at his best, and is essential reading for many bankers and corporates, particularly for the three bankers on the panel. Read the full blog here.