Bank 4.0: Banking Everywhere, Never at a Bank (Hardcover)

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