Breaking Banks: The Innovators, Rogues, and Strategists Rebooting Banking

Praises for Breaking Banks Only Brett King could bring together the most formidable disruptors, innovators and thought leaders in the financial services industry to provide their perspectives on emerging trends and strategies impacting banking today. More than just interviews, Brett digs deeper into these trends and provides his perspective on ways banks can use these insights to their advantage. This book is a must read for any banker or industry follower wanting to be prepared for the disruptive road ahead. Jim Marious, Bank Marketing Strategy I found this book highly insightful; it clarifies the different perspectives of a broad variety of players who already are and who will be in the future banking ecosystem. It is useful reading for any bank devising its future strategy to become a value–creating leader. Piercarlo Gera, Global Head of Financial Services Industry Practice, Accenture In Breaking Banks, Brett provides us with true front lines reporting from the battlefields of financial services disruption. We hear from the disrupters themselves, curated and revealed by Bretts thoughtful interviewing style, and framed by key data and industry observations. A must read for anyone in the industry. Matt Harris, Managing Director, Bain Capital Ventures In Breaking Banks, Brett continues to articulate the change continuum he began in Bank 2.0 incorporating the new world of technologies that enable augmented communications, virtual currencies and the internet of everything. This important dialogue clearly shows that banking is an industry being disrupted beyond belief. Its just a shame that only a few visionaries like Brett can see it. Chris Skinner, Chairman of the Financial Services Club As the world seeks more common sense solutions to financial problems, the old banking system with its friction, rules and policies are coming up against some serious challengers. In Breaking Banks Brett King gives us a great snapshot of the innovators that are trying to create that new future, and that future is liberating for the financial consumer. David Bach, nine times New York Times bestselling author

Acknowledgments xi About the Author xiii Introduction: An Industry Being Reborn and Reinvented xv Chapter 1: A New Take on Credit and Lending 1 Chapter 2: The Era of the Faster, Smarter Payment 23 Chapter 3: Banks that Build Their Brand without Branches 47 Chapter 4: How the Crowd Is Changing Brand Advocacy in Banking 71 Chapter 5: Not Your Father′s Banking Habits 91 Chapter 6: Is Bitcoin the End of Cash? 115 Chapter 7: Moving from Personal Financial Management to Personal Financial Performance 137 Chapter 8: When Technology Becomes Humanlike, Does a Real Human Provide a Differentiated Experience? 151 Chapter 9: Here Come the Neo–Banks! 165 Chapter 10: Building Experiences Customers Love 197 Chapter 11: Money Can Buy Happiness 223 Conclusion: We′re Not Breaking Banking, We′re Rebooting and Rebuilding It 239 Index 253

BRETT KING is widely considered the foremost global expert on retail banking innovation. He achieved international acclaim for his bestselling book BANK 2.0 , which topped category lists in the UK, USA, Germany, Japan, Canada, France, Russia, and Asia. King is the founder and CEO of Moven, a retail mobile service money service, and hosts the BREAKING BANKS Radio Show . He was voted American Bankers Top Innovator of the Year in 2012.