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

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

Copyright

Contents

Acknowledgments

About the Author

Introduction: An Industry Being Reborn and Reinvented

Chapter 1:A New Take on Credit and Lending

When Your Credit Score Becomes More Important than Actual Risk

Taking a Fresh Look at Lending

A Different Type of Credit Assessment Based on Community

Through the Looking Glass: Lending 3.0?

The Key Lessons

Participant Profiles

Chapter 2:The Era of the Faster, Smarter Payment

What Does History Teach Us About Payments?

Disrupting Payments, and Making Payments Disappear

The Internet Changes the Rules

Do We Need Common Standards or Banks in the Payments System?

When Innovation and the Free Market Are Not Enough

Through the Looking Glass: The Invisible, Instant Payment

The Key Lessons

Participant Profiles

Chapter 3: Banks That Build Their Brand without Branches

The Historical Use of the Web

Solving the Revenue Problem

What Happens When Alternative Channels Are Your Only Revenue Source?

A New Approach to Banking, or Hedging the Branch Bet?

The Key Lessons

Participant Profiles

Chapter 4: How the Crowd Is Changing Brand Advocacy in Banking

Social Media Is Just Getting Started

Building Brand through Community

Social Banking from Down Under

Organizational Approaches to Social Media: Ban or Boost?

The Key Lessons

You Can’t Treat Social Media as Simply an Add-On Department

Community Builds Advocacy

It’s Everyone’s Job

Participant Profiles

Chapter 5:Not Your Father’s Banking Habits

The “See-and-Hear” Generation

Advocacy Is Built Through Seeing and Hearing a Brand

The De-Banked Generation

How Branch Economics Are Changing with Behavior

Why Banks Are Comparatively Poor Profit Engines

Would Google, Facebook, or Apple Be Better at Banking?

What Will the Future Bring?

The Key Lessons

Participant Profiles

Chapter 6:Is Bitcoin the End of Cash?

Bitcoin Is “Real”—Deal with It

The Death of Cash by “A Thousand Cuts”

The Digital Money Everyone’s Talking About

The Case for a Legitimate Digital Currency—Canada’s Mint Chip

Will Digital Cash Kill the Dollar?

The Key Lessons

Participant Profiles

Chapter 7:Moving from Personal Financial Management toPersonal Financial Performance

Information and Content Is Not Advice

Geezeo: The Core Goals of PFM

Money Desktop: Where Visualization Is Key

The Role of Interface and Real-Time Messaging

The Key Lessons

The Participants

Chapter 8:When Technology Becomes Humanlike, Does a Real Human Provide aDifferentiated Experience?

How Design and Computing Power Has Changed the Role of Technology

Can Voice Recognition Solve Our Identity and Service Challenges?

The Key Lessons

Participant Profiles

Chapter 9:Here Come the Neo-Banks!

Are Innovators Disrupting Traditional Retail Banks?

Making Banking “Simple”

Time to @getMoven!

Bluebird Takes Flight

Will the “Bank” Ever Disappear?

The Key Lessons

Onboarding

Digital First

It’s Not About the Card, Checks, or Statements

Fees

Participant Profiles

Chapter 10:Building Experiences Customers Love

The Failings of Broadcast Brand Recall

Building Advocacy, Not Recall

Engaging the Customer 3.0

The Future of Engagement: Beyond Marketing

The Key Lessons

Participant Profiles

Chapter 11:Money Can Buy Happiness

The Real Cost of Loyalty and Frequency

Enter Smartphone Loyalty

The Key Lessons

Participant Profile

Conclusion: We’re Not Breaking Banking,We’re Rebooting and Rebuilding It

The Broken Bits

Rethinking the Basic Bank Account

Know Your Customers

The Best Advice Is Not in a Branch Anymore

Lessons from the Innovators

Friction Kills

Step Back from the Problem and Imagine Something Different

Customers’ Behavior Is Shifting; Organizations Need to Shift Also

Technology Isn’t Necessarily Inferior to a Human Experience Anymore

Breakout Innovation Isn’t Generally Funded from Banks

The Future Is Here

Index