Latest opinions that Paul Penrose has shared on Finextra

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Paul Penrose

Head of Research

Finextra

Member since

06 Oct 2006

Location

London

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Paul's opinions

NAB's social media meltdown

National Australia Bank's brave experiment with social media appears to have blown up in its face. NAB initially set up myfuturebank.org (now sadly deceased) to engage with customers online and listen to their experiences of using the bank. But faced with the inevitable critical comments that tend to surface in such a public forum, the bank seems t...

21 October 2008 /retail Finance 2.0

HSBC's amazing new bank account

HSBC recently wrote to inform me of important changes to my bank account. Apparently, customers had expressed dissatisfaction with the paltry 0.1% AER rate of credit interest offered on HSBC's curent account. HSBC's solution? To stop paying any interest on its new range of current accounts. "After all," says the bank. "You could get ...

21 October 2008 /retail

An important message from the Central Bank of Jamaica

Flashing across trader's newscreens everywhere on Friday

14 October 2008 /wholesale Whatever...

FSA cracks down on City bonuses

The Financial Services Authority, in its latest missive to bank CEOs, says it has no wish to become involved in setting bank remuneration levels. Yet, despite these assurances, the regulator has made it patently clear that the bonus-driven excesses of the past will no longer be tolerated. "There is widespread concern that inappropriate remune...

13 October 2008 /regulation /wholesale

I went to buy a toaster and it came with a free bank

The credit crunch is no laughing matter, but as any psychologist will tell you, laughter is a way of dealing with extraordinary events that challenge our system of beliefs. So, in the interests of good mental health, here's a selection of some of the best gags currently doing the rounds. Q: What is the definition of optimism? A: An investment banke...

10 October 2008 /retail /wholesale Whatever...

Sign of the times

A digital clock erected in Times Square to show the US national debt has run out of digits. When the national debt level passed the $10 trillion mark a couple of weeks ago, the digital display failed to keep pace. The board was first erected to highlight the $2.7 trillion level of debt in 1989. A new board with extra digits is under construction. I...

09 October 2008 /retail /wholesale

Message to Barclays: Don't call us, we'll call you

As a Liverpudlian, I'm pleased to see Barclays creating new jobs in my home town. But as a Barclays' customer my heart sinks at the creation of this new 'proactive' call centre. Explaining the investment in a second outbound telesales operation, Alan Longmuir, head, premium segments, Barclays, says: "Our proactive contact centre division has g...

09 October 2008 /retail

The silent but deadly bank run

"We are not currently processing any deposits or any withdrawal requests through our Icesave internet accounts. We apologise for any inconvenience this may cause our customers. We hope to provide you with more information shortly." The notice posted on the Icesave Web site today is the electronic equivalent of a Great Depression bank shut...

07 October 2008 /retail Trends in Financial Services

Barclaycard logo saves world

Barclaycard has unveiled a new logo and visual identity. It is a break from the logos used by the bank during the last four decades, which had been designed to be seen on the traditional plastic card. Says Anthony Jenkins, Barclaycard CEO: "Our new identity expresses where we see the future, freeing the chip on the credit card from the constra...

02 October 2008 /payments /retail

Crisis-hit banking sector picked over by retailers

Tesco's decision to expand its banking business looks like a smart move, as consumers seek a safe haven for their cash away from the carnage in the traditional banking sector. UK supermarket chain Tesco - which serves 20 million customers a week - says it has seen the number of applications for savings accounts double in recent days. The group rece...

01 October 2008 /retail Trends in Financial Services