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Bank 3.0: Why Banking Is No Longer Somewhere You Go But Something You Do

Bank 3.0: Why Banking Is No Longer Somewhere You Go But Something You Do [Kindle Edition]

Brett King

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Product Description

Product Description

The first edition of BANK 2.0—#1 on Amazon's bestseller list for banking and finance in the US, UK, Germany, France, and Japan for over 18 months—took the financial world by storm and became synonymous with disruptive customer behaviour, technology shift, and new banking models.

In BANK 3.0, Brett King brings the story up to date with the latest trends redefining financial services and payments—from the global scramble for dominance of the mobile wallet and the expectations created by tablet computing to the operationalising of the cloud, the explosion of social media, and the rise of the de-banked consumer, who doesn't need a bank at all.

BANK 3.0 shows that the gap between customers and financial services players is rapidly widening, leaving massive opportunities for new, non-bank competitors to totally disrupt the industry.

"On the Web and on Mobile, the customer isn't king—he's dictator. Highly impatient, skeptical, cynical. Brett King understands deeply what drives this new hard-nosed customer. Banking professionals would do well to heed his advice."
Gerry McGovern, author of Killer Web Content

About the Author

Brett King is a strategic advisor to the financial services sector and the founder of the International Academy of Financial Management, a professional association focused on financial services. He is an International Judge for the Asian Banker Retail Excellence Awards and for the Middle-East Business Achievement Awards.A regular speaker at the top global conferences for financial services, King is an acknowledged expert on wealth management, customer experience, and retail channel distribution strategy. He publishes regularly in his role as industry advisor on "Huffington Post" (Business News), Internet Evolution, and his personal blog, is the founder of the world's first mobile direct bank, Movenbank. He also runs UserStrategy, a boutique consultancy focused on improving customer interaction for leading financial services, companies and businesses. He previously led the Asia division for Modem Media/Digitas (part of the Publicis Groupe) and the E-Business service line for Deloitte (Financial Institutions Industry focus). His clients include HSBC, Citigroup, UBS, Standard Chartered, Abu Dhabi Commercial Bank, Emirates NBD, BNP Paribas, and more.

Product details

  • Format: Kindle Edition
  • File Size: 3264 KB
  • Print Length: 396 pages
  • Publisher: Wiley; 1 edition (19 Nov 2012)
  • Sold by: Amazon Media EU S.à r.l.
  • Language: English
  • Text-to-Speech: Enabled
  • X-Ray:
  • Word Wise: Enabled
  • Amazon Bestsellers Rank: #521,995 Paid in Kindle Store (See Top 100 Paid in Kindle Store)
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More About the Author

Brett King is a four times bestselling author, a renowned futurist and keynote speaker, the host of the "BREAKING BANK$" Radio Show on Voice America (an Internet Talk Radio Network with over 9 million monthly listeners) and the founder of the fintech start-up known as "Moven". King was voted as American Banker's Innovator of the Year in 2012, and was nominated by Bank Innovation as one of the Top 10 "coolest brands in banking". His latest book Breaking Banks debuted at #2 on Amazon in the US, featuring interviews with 30 of the top innovators and disruptors in the financial services space today. BANK 3.0 his previous book was released in 8 languages and ranked as a finance bestseller in 19 countries.

King has been featured on FoxNews, ABC, CNBC, Bloomberg, BBC, Financial Times, The Economist, ABA Journal, Bank Technology News, The Asian Banker Journal, The Banker, Wired magazine and many more. He contributes regularly as a blogger on Huffington Post. He has spoken to more than a quarter of a million finance professionals in over 40 countries in the last 3 years alone.

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Most Helpful Customer Reviews on (beta) 4.6 out of 5 stars  27 reviews
17 of 18 people found the following review helpful
2.0 out of 5 stars Brett King should have stopped at 2.0 or at least wait a few more years before launching into 3.0 10 Feb 2013
By Nicolae Andreica - Published on
Format:Kindle Edition|Verified Purchase
I found 2.0 full of substance, interesting and mobilizing.
Bank 3.0 instead is hollow. It takes some of the main ideeas of the previous version, verbatim. Exactly, copy-paste, including pictures and graphs. This is the backbone of the book.
As for the skeleton, it is centered on the IT issues, rightfully perhaps.
But the flesh on the bones is meagre. The author glossess over some hurting issues as legislation and compliance by simply dismissing them: one shall not ask the client any paper, any signature. Real life is that banks paid hundreds of millions in fines for dealing with Iranians, for having branches in Cuba or for routing money for drug traffic gangs in Mexico.
Mr. King shallowly states that cash is not 'King' (as it happens). While fact based statistics in EU reveal that there are 4 times more banknotes and coins than they were 10 years ago when Euro money were launched. almost 80% of retail payments (small sums) in Europe are cash. Lots of talk about the likes of PayPal (all due respect) but not a word about the likes of Western Union and MoneyGram (are they doing bad, loosing ground or the opposite?).... Still a long way to go before cash will not be 'King'.
He hails the creation of virtual, state-less currencies, as a real alternative. Does not say a word of what would happen were they really about to take off. Would national banks and governments give up seignorage just like that? Would they consider the impact on the monetary base of the countries, would some feel that national soveregnity is affected. Would they tolerate or even support a currency that is not under their control? How would governments start currency wars to protect and promote their competitiveness if they are not the owners of the currency?
Though supperficial on some of those very important aspects, the author is wasting our time with lenghty paragraphs of coomon knowledge (even folklore one might say) as the Moore's law on computing power.
And so on....
For me the book was worthed about a tenth of the price I paid.
6 of 6 people found the following review helpful
5.0 out of 5 stars Banker's review of Bank 3.0 9 July 2013
By Tom St. Dennis - Published on
Format:Hardcover|Verified Purchase
By Tom St. Dennis

Bank 3.0-Why Banking is no longer somewhere you go but something you do, by Brett King.
Whether they are admitting it or not, you can be sure that this is a book that every one of your financial institution competitors is reading if they are any competition at all. Of course, margin compression, increased regulation and demand for higher profits are just some of the challenges facing all banking professionals today. In Bank 3.0, King concisely addresses another challenge that makes all the others pale in comparison-the dreaded technological challenge of mobile banking and loss of customers to non-bank competitors if bankers don't address the consumer's call for greater access through this channel.
King begins this exhaustively researched tome by reflecting on the crisis of credibility that the banking industry has had to cope with as a result of the recent global financial crisis. He then painstakingly documents the more urgent issue that is building on top of this loss of credibility which he calls the loss of modality-the breakdown of a bank's traditional consumer interface, commonly known as the branch and/or customer service centers. For anyone who has had to use their lunch hour to drive to a branch only to stand in line to be serviced by a less than confidence-inspiring CSR, or waited on hold to talk to "Susan" from India, you know what he's getting at. He ends in his typically brusque style by reminding bankers:
As bankers you've been more inclined in the recent decade to become the problem, thinking that banking is unique, special and requires hurdles or qualifications before a customer is allowed to avail themselves of your products and network. This friction will kill your collective industry unless you get back to the core of what banking should be about-helping and serving those customers that are your lifeblood. The shift in consumer behavior is speeding up like never before. It's time to get on board, or get out of the way. (p. 387)
Those of you who have served in executive management, as a board member and/or in a regulatory capacity have definitely heard this type of bold assertion-that everything will change with the advent of the internet, leaving your franchise gutted, unless you get on board quickly. You've certainly been told by many reputable and perhaps not so reputable sources that you and your vaunted franchise will soon be left behind with nothing but expensive and empty branch facilities. However, King presents some impressive facts that undeniably support the shift toward new banking channels, especially mobile, that make those haunting claims now seem like a more possible reality. He also does an excellent job of demonstrating an international perspective on how consumers and bank customers are migrating toward mobile and how this trend not only suits customer behaviors better than traditional brick and mortar channels but can also function to better address their real needs. Perhaps his most impressive set of research relates to non-banking firms that are opening up inroads to what have been traditionally seen as branch banking customers. This section of his book should even rattle the most staid of Credit Union and/or Community Bankers who have always relied on the "loyalty" of their hometown customers.
Thus King has offered the banking industry an excellent service by carefully documenting how the loss of credibility and trust in the banking industry due to the global financial crisis and the rapid increase in the functionality of technology, combined with aggressive non-bank competitors entering the traditional space of bankers, is a real threat to their hallowed turf. His insights regarding the evolution of what constitutes relevant marketing strategies as well as the commoditization of the banker's traditional control over "money" which is rapidly evolving from something physical to a more ethereal element should make every CEO, board and of course regulator, wonder what and how they are going to adapt to this new world of banking and evolving customer expectations.
If you are serious about positioning your institution for the future and just can't figure out how to cost-justify your institution's physical branch platform anymore, you need to take a hard look at this book. If nothing else, you will get a glimpse at what is behind that light at the end of the tunnel that in reality is the train of progress coming to derail your time-worn beliefs.
Tom St. Dennis
3 of 3 people found the following review helpful
5.0 out of 5 stars Great book, great author 10 July 2013
By Matt West - Published on
Format:Hardcover|Verified Purchase
I've read this book as well as Bank 2.0 from Brett King. Both of them are awesome and are a good read. If you love FinTech, then this is the book for you. Brett really does a good job helping Financial Institutions wrap their head around the new technology age of Banking. I highly recommend this book and anything else by Brett King.
2 of 2 people found the following review helpful
4.0 out of 5 stars The future of financial services will be mobile 16 Mar 2013
By Gary D Coates - Published on
Mr. King makes some bold predictions (branches closing or changing significantly, checks will be gone in a few years, etc.), that I'm not sure will all happen. For example, what will checks be replaced with? I do agree with him that the future is in mobile technologies. The next big thing to impact the financial services industry will be mobile payments.

You should read Bank 3.0 if you work for a bank or credit union to understand the coming technology trends and be prepared for the changes. Mr. King provides a road map for preparing your institution within the book.

Thank you Mr. King for writing such a thought provoking book!
2 of 2 people found the following review helpful
4.0 out of 5 stars bank vision 3 Jun 2013
By Roman Janota - Published on
Format:Kindle Edition|Verified Purchase
Very good book with many ideas worthwhile to consider. Good for thinking about short term strategy in electronic channels. And some interest facts about past and present, too
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