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Bank 4.0: Banking Everywhere, Never at a Bank

Description The future of banking is already here — are you ready? Bank 4.0 explores the radical transformation already taking place in banking, and follows it to its logical conclusion. What will banking look like in 30 years? 50 years? The world’s best banks have been forced to adapt to changing consumer behaviors; regulators are […]

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The future of banking is already here — are you ready?

Bank 4.0 explores the radical transformation already taking place in banking, and follows it to its logical conclusion. What will banking look like in 30 years? 50 years? The world’s best banks have been forced to adapt to changing consumer behaviors; regulators are rethinking friction, licensing and regulation; Fintech start-ups and tech giants are redefining how banking fits in the daily life of consumers. To survive, banks are having to develop new capabilities, new jobs and new skills. The future of banking is not just about new thinking around value stores, payment and credit utility — it’s embedded in voice-based smart assistants like Alexa and Siri and soon smart glasses which will guide you on daily spending and money decisions. The coming Bank 4.0 era is one where either your bank is embedded in your world via tech, or it no longer exists.

In this final volume in Brett King’s BANK series, we explore the future of banks amidst the evolution of technology and discover a revolution already at work. From re-engineered banking systems, to selfie-pay and self-driving cars, Bank 4.0 proves that we’re not on Wall Street anymore. Bank 4.0 will help you:

  • Understand the historical precedents that flag a fundamental rethinking in banking
  • Discover low-friction, technology experiences that undermine the products we sell today
  • Think through the evolution of identity, value and assets as cash and cards become obsolete
  • Learn how Fintech and tech “disruptors” are using behaviour, psychology and technology to reshape the economics of banking
  • Examine the ways in which blockchain, A.I., augmented reality and other leading-edge tech are the real building blocks of the future of banking systems

If you look at individual technologies or startups disrupting the space, you might miss the biggest signposts to the future and you might also miss that most of we’ve learned about banking the last 700 years just isn’t useful.

When the biggest bank in the world isn’t any of the names you’d expect, when branch networks are a burden not an asset, and when advice is the domain of Artificial Intelligence, we may very well have to start from scratch. Bank 4.0 takes you to a world where banking will be instant, smart and ubiquitous, and where you’ll have to adapt faster than ever before just to survive. Welcome to the future.

About the Author

Brett King is an international bestselling author, a renowned commentator and globally respected speaker on the future of business. He has spoken in over 50 countries, to more than a million people, on how technology is disrupting business, changing behavior and influencing society. He advised the Obama White House, the FED and the National Economic Council on the future of banking in the United States, and advises governments and regulators around the world. He appears regularly on US TV networks like CNBC, where he contributes on Future Tech and FinTech.

King hosts Breaking Banks, the world’s leading dedicated radio show and podcast on technology impact in banking and financial services (150-plus countries, 6.5 million listeners). He is also the founder of the neo-bank Moven, a globally recognized mobile start-up, which has raised over US$42 million to date, with the world’s first mobile, downloadable bank account.

Named “King of the Disruptors” by Banking Exchange magazine, King was voted American Banker’s “Innovator of the Year,” “The world’s #1 Financial Services Influencer” by The Financial Brand, and was nominated by Bank Innovation as one of the top 10 “coolest brands in banking.” He was shortlisted for the 2015 Advance Global Australian of the Year Award for being one of the most influential Australians living offshore.

Table of contents

Preface 13

Acknowledgements 16

PART ONE: Bank 2050

Chapter 1: Getting Back to First Principles 20

First principles design thinking 23

Applying first principles to banking 27

A bank that is always with you 32

Is it too late for the banks? 39

Feature: Ant Financial—The First Financial Firm for the Digital Age by Chris Skinner 44

The Alibaba stories 46

Ant Financial: Building a better China 58

Chapter 2: The Regulator’s Dilemma by Brett King and Jo Ann Barefoot 64

The risk of regulation that inhibits innovation 66

A flawed approach to fi nancial crime and KYC 72

The future form and function of regulation 82

Elements of reform 86

Feature: How Technology Reframes Identity by David Birch 93

PART TWO: Banking reimagined for a real-time world

Chapter 3: Embedded Banking 102

Friction isn’t valuable in the new world 104

New experiences don’t start in the branch 106

Advice, when and where you need it 109

Mixed reality and its impact on banking 114

Feature: Contextual Engagement and Money Moments by Duena Blomstrom 118

Are banking chatbots the future? 118

Chapter 4: From Products and Channels to Experiences 124

The new “network” and “distribution” paradigms 124

Bye-bye products, hello experiences 131

The Bank 4.0 organisation chart looks very different 140

Onboarding and relationship selling in the new world 151

Feature: Future Vision: Your Personal Voice-Based AI Banker by Brian Roemmele 156

Chapter 5: DLT, Blockchain, Alt-Currencies and Distributed Ecosystems 160

Emerging digital currencies 161

Bitcoin and cryptocurrencies on a surge 166

The structural implications of DLT 176

PART THREE: Why FinTech companies are proving banks aren’t necessary

Chapter 6: FinTech and TechFin: Friend or Foe? 185

“For me? Two servers” 189

Where the new players are dominating 191

Partner, acquire or mimic? 199

Killing FinTech partnerships—the barriers to cooperation 204

If you can’t beat them, join them 209

Feature: Why Banks Should Care About FinTech by Spiros Margaris 212

Feature: The Speed Advantage by Michael Jordan 214

Chapter 7: The Role of AI in Banking 219

Deep learning: How computers mimic the human brain 225

Robo-advisors, robo-everything 230

A bank account that is smarter than your bank 233

Where automation will strike first 242

Redefining the role of humans in banking 245

Chapter 8: The Universal Experience 252

The expectations of the post-millennial consumer 253

The new brokers and intermediaries 261

Ubiquitous banking 267

Feature: Going Beyond Digital Banking by Jim Marous 269

Going beyond digital banking basics 270

Amazon model provides a guide for banking 271

Feature: Digitise to Lead: Transforming Emirates NBD by Suvo Sarkar 278

PART FOUR: Which banks survive, which don’t

Chapter 9: Adapt or Die 286

Key survival techniques 295

Survival starts at the top 306

Chapter 10: Conclusion: The Roadmap to Bank 4.0 311

Technology first, banking second 315

Experience not products 323

The Bank 4.0 roadmap 333

Conclusion 333

Glossary 337

About Brett King 344

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