A Review of Book

“Bank 4.0 – Banking Everywhere, Never at a Bank”

A Book Review for

Pre-Ph.D. Coursework Assignment
Paper 2: Contemporary Issues of Commerce and Business Studies

Submitted to:

Department of Commerce
University of Lucknow, Lucknow – 226007

Submitted by: Aaqib Husain

Serial No.: 01
Introduction
Suppose, it’s the year 2030. What do you think about how will we pay our bills? How
will we receive or give money to others? How will we apply for credit/loan? How will
we make our day-to-day personal and business financial transactions? Or in short,
what will banking look like in the future? If you want to know the answers to these
questions, you must read the book “Bank 4.0 – Banking Everywhere, Never at a
Bank” written by Brett King.

About the Author

The author of Bank 4.0, Brett King, is a renowned futurist speaker, international
bestselling author, radio host, and TV commentator on the future of business. He has
spoken in more than 50 countries on how new technology is disrupting the current
business scenario and shaping the future society. He has advised the Obama
administration on policy related to FinTech and advises banks and regulators around
the world on technology transformation. He is the Co-Founder and Executive
Chairman of “Moven,” a successful mobile start-up that provides mobile banking
services in the United States, UK, Canada, Russia, Brazil, New Zealand, Saudi Arabia,
and many other countries.
Brett King has received the following awards and recognitions:

• Named “King of the Disruptors” by the Banking Exchange Magazine.

• Voted American banker’s “Innovator of the Year.”
• Voted “The World’s #1 Financial Services Influencer” by The Financial
Brand.
• Shortlisted for 2015 “Advance Global Australian of the Year Award”  Has
achieved bestseller status in 20 countries.

Bank 4.0 focuses on the future of banking. It takes the readers to a visualization of the
future world in which banking will be embedded in our daily life. It shows the bankers
a roadmap by following which they can adapt themselves to survive in the future
banking market.

Summary of the Book

In Bank 4.0, the author has tried to present the future of banking, the redefined
banking which will be embedded into the lives of people and they would be able to
use it when and where they want. It will be achieved through emerging technologies
like Artificial Intelligence (AI), blockchain, data science, cloud computing,
Augmented Reality (AR) etc., and more importantly, by following the concept of first
principles.
The book is organised into fourth parts, comprising a total of 10 chapters. Part One,
titled Bank 2050, contains chapters 1 and 2. It presents a visualization of future
banking – the banking of 2050. In Chapter 1, the author has presented the concept of
first principles by giving an example of Elon Musk’s SpaceX and showed how the
first principles approach can be applied to transform the future of banking. Chapter 2
is based on the problems that will be faced by the regulators in future and how they
can transform themselves to regulate the future banking system.
Part Two, titled Banking reimagined for a real-time world, contains chapters 3, 4,
and 5. In Chapter 3, the author has presented the concept of embedded banking, the
banking will be with us everywhere and can be used as, when, and wherever needed.
In Chapter 4, the author has suggested that future banking will focus on delivering
experiences to the customers instead of products and channels. The author also
suggested an organizational chart of future banks in this chapter. Chapter 5 is about
emerging technologies like blockchain, distributed ledger technology, alt-currencies,
etc. and how they can change the entire banking scenario.

Part Three, titled Why FinTech companies are proving banks aren’t necessary,
contains chapters 6, 7, and 8. In Chapter 6, the author has talked about the emerging
FinTech companies and their role in the future of banking. In Chapter 7, the author
has discussed the role that will be played by artificial intelligence in delivering
banking experiences in the future and how it will redefine the role of humans in
banking. In Chapter 8, the author talks about the universal experience that will be
provided by future banks as per the expectations of the post-millennial generation and
the ubiquitous banking that will be available everywhere.

Part Four, titled Which banks survive, which don’t, contains chapters 9 and 10. In
Chapter 9, the author has presented the key techniques by which the current banks
can transform themselves and survive the disruptions brought in by emerging FinTech
companies. In the last chapter, Chapter 10, the author has provided a roadmap that
will lead current banks to Bank 4.0 – the future of banking.
Overall, the book is well-organised and well-structured and lets the readers understand
each component of future banking one-by-one and in the end presents a roadmap for
the current banks to transform themselves into Bank 4.0.
Evaluation or Analysis of the Book
Evaluation of Technical Features
The evaluation of the book “Bank 4.0” on different technical aspects is as follows:

• Table of Contents: In the book, the table of contents is well-structured, classified

in parts that are sub-divided into chapters, and which are further sub-divided into
sections. The titles and page numbers of each chapter are mentioned besides them
making it easier for the readers to restart reading from where they had left.
• Chapter Layout: All the chapters are well-structured and have sufficient content
required to understand the concerned subject. Each chapter begins with an
introductory paragraph that provokes readers’ interest and develops an urge to read
the full chapter. The chapters are divided into sections with headings making it
easier for the readers to know about the subject matter of that section. The ending
of chapters is good but could have been better to generate the interest of the
readers to read the next chapter.
• Illustrations: Throughout the book, the author has used real-life and industry
references to illustrate and prove his point, wherever required. The illustrations
used are such that everyone can relate to them. For example, to illustrate the first
principles approach, the author has used the example of Elon Musk’s SpaceX
which became successful in reducing the cost of space launches by 90% using the
first principles approach.
• Typography: The text in the book is efficiently arranged. The font style and size,
use of bold, italics, colour scheme, etc. and overall layout of the pages makes the
book visually attractive to readers. The book is in a grayscale colour scheme, but it
could have been more visually attractive if some colours would have been used.
However, the grayscale colour scheme gives it a contemporary look which is also
good.
• Tables, Figures and References: The author has effectively used tables, figures,
charts, graphs, etc. to illustrate the concepts graphically. It is making the book
more visually appealing easier for the readers to understand and remember the
concept. The references are also given at the end of each chapter. For example, the
organization structure and roadmap to Bank 4.0 are graphically presented using
figures.

Overall, the book Bank 4.0 is good on all technical aspects. However, some
improvements can be made on chapter endings and the colour scheme of the book to
make it visually more appealing and attract readers towards the book.
Evaluation of Other Aspects
The evaluation of the book “Bank 4.0” on other important aspects are as follows:
• Readability: The book has been written by the author in a very lucid language
which is easy to understand and keeps the readers caught up till the end of the
book. The explanations of the technical terms and acronyms used in the book are
given in the ‘Glossary’ section at the end of the book making it easier for readers
having less or no knowledge of such terms to understand the book.
• Uniqueness: In the book, the author has presented the future of banking in a very
unique manner without being over predictive and vague. He has provided very
futuristics but real-life examples with which everyone can relate and get convinced
they might be adopted in future. This makes the book unique and different from
competitors.
• Usefulness to the Intended Users: The book is mostly directed towards bankers
and regulators. This book will surely be eye-opening for them and helpful in
making structural changes in the current banking system and transforming their
banks into Bank 4.0 – the banks of the future.
• Achievement of Goals: The main goal of the book is to alert the bankers about the
disruptions brought by the FinTech companies in the banking market and the
changes required by them to survive the disruptions without being obsolete. The
book, by its content, is able to convey this message, hence it can be said that the
book has achieved its goals.
• Comparison to Previous Editions: Bank 4.0 is the latest edition of the Bank
series books of the author Brett King. While the previous books, Bank 2.0 and
Bank 3.0, were focused on the technological innovations in the current banking
system and solutions for banking problems faced by people in everyday life, Bank
4.0 focuses on the future of banking that will be the outcome of emerging
technologies like AI, blockchain, data science, machine learning, etc.
• Value for Price and Recommendation: Based on its overall good technical
aspects, uniqueness, and futuristic approach, it would not be wrong to say that this
book is truly a ‘value for money’ book for its readers and a price point of ₹1,495
only.

Weaknesses/Shortcomings of the Book

Bank 4.0 is an amazing book to read, especially for those people who are working in
the financial sector and those who are tech enthusiasts and love to read futurist
content. However, this book also has some weaknesses or shortcomings discussed in
the following points:

• The content in this book is very much repetitive. Same examples and statements
are used many times throughout the book. For example, the same examples of Ant
Financial and WeChat are used in many chapters of the books.
• In this book, the author talks about future banking that will be based upon
emerging technologies like behavioural data, smart voice assistants, cloud
ecosystem, blockchain, etc. But he has failed to recognise the threats to privacy
and personal data that will be brought up by these technologies and how they
would be tackled in future.
• The author has failed to give a solution for the loss of employment of many
people due to the use of emerging technologies like AI-based assistants, advisors,
blockchain, etc.
• The whole book is mostly a prediction of what banking will be like in future
which may prove to be wrong in future.

Conclusion

Bank 4.0 does exceptionally well in giving the readers a visualization of what banking
will look like in 20-30 years from now. It shows a roadmap to the traditional banks for
transforming and re-engineering banking to cater to the needs of post-millennials in
real-time in the future. It takes the readers to a world where banking will not be just
about branches, products and channels, but it will be in the form of experiences that
people will be able to avail themselves whenever and wherever they want.
Bank 4.0 has failed to consider the threats to privacy and cyber security that will be
there in future banking. Hence, it is suggested that the author can focus on that aspect
of future banking in his coming publications.
Overall, Bank 4.0 is a good book for readers based on its technical and other important
aspects. It is a must-read for people in the banking and financial sector, tech
enthusiasts, futurists, and common people who want to have a visual experience of
future banking: “Bank 4.0 – Banking Everywhere, Never at a Bank.”

Book Appraisal Worksheet

Book Specifications:
Title Bank 4.0 – Banking Everywhere, Never at a Bank
 Author Brett King
ISBN 978-1-119-50650-8 (paperback)
Publisher John Wiley & Sons Ltd., United Kingdom
Number of Pages 344
Price ₹1,495 (Amazon)

Book Review Author Information:

Name Aaqib Husain
Degrees B.Com., M.Com.
Affiliations Department of Commerce, University of Lucknow

Book Setting & Perspective:

Type of Book Reference Book
To give an overview of future banking and suggest
Aim/Purpose
a roadmap of transformation of traditional banks
Bankers, Regulators, Tech Enthusiast, Futurists,
Intended Audience
General Public

Appraisal:
Appraisal
Constructive
Comments Examples to Support
Topic Suggestions for
(Strengths/ Appraisal Comments
Improvement
Weaknesses)
The author has The author is a banking
Author’s
sufficient expertise expert, futurist,
Background & for writing such a cofounder of a FinTech -
Expertise book. company.
Overall format Content is properly
Book Format & and organization classified into parts and
chapters. Chapter at not -
Organization of the book are
good. too long.
 The author may
Some important try to include
Contents: topics are not both positive
Threats to privacy and
Completeness, discussed in detail. and negative
cyber security are not
Accuracy, The content is aspects of
discussed in the book.
Relevance sufficiently accurate technology in
and relevant. the book.
The language is lucid
and easy, and
Readability Easy to read. explanations of technical -
terms are given in the
glossary section.
Technical Features:
Classified into parts and
Table of Contents Well-structured chapters with page -
numbers.
Divided into brief
Chapter Layout Well-organized
sections with headings.
Examples of Ant
Real-life and Financial and
Examples of Elon
industry
Musk’s SpaceX for first WeChat are
references are
Illustrations principles, Ant Financial, used repetitively
used which are
M-Pesa, Paytm, Aadhar, in the book. It
very much can be
Bitcoin, etc.
relatable. improved.
Text is effectively The publisher
arranged, visually A grayscale colour can use a
attractive, but the scheme has been used different colour
Typography scheme to make
colour scheme which is not much
could have been attractive. the book more
better. attractive.
The data regarding the
use of different means of
Well-structured banking, organization
tables and figures structure of future banks,
Tables and Figures -
are used wherever etc. is presented in
required. wellstructured tables and
figures.
 At the end of each
Sufficient references chapter, references are
References and given. A glossary of
and a glossary are -
Appendices technical terms is given at
given.
the end of the book.
It is based on a futuristic
theme which is not
Was it unique? The book is unique. usually used in banking -
and financial books.
The book will be It discusses the
useful for bankers technologies and skills
Usefulness to and regulators in that can be used for -
intended readers transforming the transforming the banking
banking sector. sector.
The book intended to
provide a roadmap for the
The book is transformation of the
Were the goals of
successful in banking sector and is -
the books achieved?
achieving its goals. successful in proving
that.
The previous editions of
The book is far this book were about the
Comparison to current banking system,
ahead of the -
Previous Editions but this book is about
previous editions.
future banking.
This book has good
technical aspects,
This book is truly a uniqueness, and a
Value for Price futuristic approach -
value for money.
making it a good value
for money.
People having an interest
The book is in knowing the future of
Overall
recommended for banking may go for this -
Recommendation
reading. book.