Bank 4.0

Bank 4.0

by Brett King
Released December 2018
Publisher(s): Wiley
ISBN: 9781119506508

Read it now on the O’Reilly learning platform with a 10-day free trial.

O’Reilly members get unlimited access to books, live events, courses curated by job role, and more from O’Reilly and nearly 200 top publishers.

Start your free trial

Book 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 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. 

Table of contents

  1. Preface
  2. Acknowledgements
  3. Part 01 Bank 2050
    1. Chapter 1 Getting Back to First Principles
      1. First principles design thinking
      2. Applying first principles to banking
      3. A bank that is always with you
      4. Is it too late for the banks?
      5. Endnotes
    2. Feature: Ant Financial–The First Financial Firm for the Digital Age by Chris Skinner
      1. The Alibaba stories
      2. Ant Financial: Building a better China
      3. Endnotes
    3. Chapter 2 The Regulator’s Dilemma
      1. The risk of regulation that inhibits innovation
      2. A flawed approach to financial crime and KYC
      3. The future form and function of regulation
      4. Elements of reform
      5. Endnotes
    4. Feature: How Technology Reframes Identity by David Birch
      1. Endnotes
  4. Part 02 Banking reimagined for a real-time world
    1. Chapter 3 Embedded Banking
      1. Friction isn’t valuable in the new world
      2. New experiences don’t start in the branch
      3. Advice, when and where you need it
      4. Mixed reality and its impact on banking
      5. Endnotes
    2. Feature: Contextual Engagement and Money Moments by Duena Blomstrom
      1. Are banking chatbots the future?
      2. Endnotes
    3. Chapter 4 From Products and Channels to Experiences
      1. The new “network” and “distribution” paradigms
      2. Bye-bye products, hello experiences
      3. The Bank 4.0 organisation chart looks very different
      4. Onboarding and relationship selling in the new world
      5. Endnotes
    4. Feature: Future Vision: Your Personal Voice-Based AI Banker by Brian Roemmele
    5. Chapter 5 DLT, Blockchain, Alt-Currencies and Distributed Ecosystems
      1. Emerging digital currencies
      2. Bitcoin and cryptocurrencies on a surge
      3. The structural implications of DLT
      4. Endnotes
  5. Part 03 Why FinTech companies are proving banks aren’t necessary
    1. Chapter 6 FinTech and TechFin: Friend or Foe?
      1. “For me? Two servers”
      2. Where the new players are dominating
      3. Partner, acquire or mimic?
      4. If you can’t beat them, join them
      5. Endnotes
    2. Feature: Why Banks Should Care About FinTech by Spiros Margaris
      1. Endnotes
    3. Chapter 7 The Role of AI in Banking
      1. Deep learning: How computers mimic the human brain
      2. Robo-advisors, robo-everything
      3. A bank account that is smarter than your bank
      4. Where automation will strike first
      5. Redefining the role of humans in banking
      6. Endnotes
    4. Chapter 8 The Universal Experience
      1. The expectations of the post-millennial consumer
      2. The new brokers and intermediaries
      3. Ubiquitous banking
      4. Endnotes
    5. Feature: Digitise to Lead: Transforming Emirates NBD by Suvo Sarkar
      1. Going beyond digital banking basics
      2. Amazon model provides a guide for banking
      3. Endnotes
  6. Part 04 Which banks survive, which don’t
    1. Chapter 9 Adapt or Die
      1. Key survival techniques
      2. Survival starts at the top
      3. Endnotes
    2. Chapter 10 Conclusion: The Roadmap to Bank 4.0
      1. Technology first, banking second
      2. Experience not products
      3. The Bank 4.0 roadmap
      4. Conclusion
      5. Endnotes
  7. Glossary
  8. About Brett King
  9. End User License Agreement

Product information

  • Title: Bank 4.0
  • Author(s): Brett King
  • Release date: December 2018
  • Publisher(s): Wiley
  • ISBN: 9781119506508