Breaking Banks Quotes

“The banking industry has always been about relationships. Social media is about relationships. The two go hand-in-hand. —Frank Eliason, Director of Global Social Media, Citi Group”
― Brett King, Breaking Banks: The Innovators, Rogues, and Strategists Rebooting Banking

“The future of the payment is not in the payment itself or the payment mechanism, but in what the payment does for the customer and the merchant contextually. First, we’ve been through a cycle in”
― Brett King, Breaking Banks: The Innovators, Rogues, and Strategists Rebooting Banking

“The way PayPal started was that it was a security and risk company that stumbled onto payments, which were really in need of development as the Internet was starting to grow. It was to find safe ways of facilitating payments between people who were buyers and sellers who couldn’t interact in person or were interacting online. What you had at the time, as the Internet boom started, was all these businesses that were forming and selling online, and they didn’t have any physical assets—they only had digital assets. If you had a small business that had just started a website, looking to sell something on eBay, for example, and you went to the bank and said, “Could you underwrite me, and allow me to accept electronic payments?,” there was simply no way that these financial institutions”
― Brett King, Breaking Banks: The Innovators, Rogues, and Strategists Rebooting Banking

“To put that in perspective, between 1838, when the oldest known photograph was taken, and the year 2000 some 85 billion photos were taken, but we generate the same number of photos every 90 days or less today.2”
― Brett King, Breaking Banks: The Innovators, Rogues, and Strategists Rebooting Banking

“That led through feasibility to successful pilot, to this gigantic system that you see now, which is utterly stunning. The way it works is this: When you get a phone that has M-Pesa, you basically have an extra menu in your phone, which says, “Send money.” If I wanted to send you some money, I would choose the menu on my phone which says, “Brett”; I put in the amount of money I want to send; I put in a PIN; I hit “okay”; and then you get a message on your phone. It looks like I’ve texted the money to you, but that’s not quite what’s happening under the hood. The text message is going to a central server, which moves the money from one pot to another pot within the M-Pesa central account, and then it sends you a text message. But, to the customer, it looks like the money’s gone from one phone to another by text.”
― Brett King, Breaking Banks: The Innovators, Rogues, and Strategists Rebooting Banking

“The key skill sets in this new world will belong to the data scientists who understand when, why, and how customers use bank products, and the storytellers who can place the product or service in the customer’s life when and where they need it. Not those who attempt to pull me into a branch so I can jump through the risk hoops to prove I am worthy of a product.”
― Brett King, Breaking Banks: The Innovators, Rogues, and Strategists Rebooting Banking

“The new bank account is being defined by a different set of rules. Low friction, engaged customer base, differentiated distribution (no branches), and strong digital (mobile and web) support are all the rage, but at the core is a new approach to the basic day-to-day bank account.”
― Brett King, Breaking Banks: The Innovators, Rogues, and Strategists Rebooting Banking

“where the user just exits the taxi without having”
― Brett King, Breaking Banks: The Innovators, Rogues, and Strategists Rebooting Banking