Breaking Banks by Brett King Summary
Overview of Breaking Banks
In "Breaking Banks," Brett King exposes how fintech revolutionaries are dismantling traditional banking. Why are industry titans like Ryan Caldwell calling it essential reading? As branch transactions plummet and neo-banks rise, discover how this 2014 manifesto predicted our cashless future.
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Key takeaways
Your Bank Is Already Obsolete-You Just Don't Know It Yet
Walk into any bank branch today and you'll notice something peculiar: it looks almost identical to a bank from 1950. Sure, there are computers instead of ledgers, but the basic experience-waiting in line, talking to a teller, filling out forms-remains stubbornly unchanged. Paul Volcker, former Federal Reserve Chairman, once quipped that the ATM was banking's last great innovation. Think about that for a moment. While music streaming killed record stores, Amazon transformed retail, and smartphones revolutionized communication, banking has been remarkably resistant to change. But that resistance is crumbling. The global financial crisis shattered trust in traditional institutions, smartphones put financial power in everyone's pocket, and a generation that grew up with Instagram has zero patience for visiting branches. What's happening now isn't just another wave of innovation-it's a complete reimagining of what money and banking could be. Most banks still treat their branch networks as sacred assets, justifying massive real estate investments with claims that customers "need" face-to-face interactions. Yet branch transactions have been declining 3% annually for years, now accelerating to 5-7% as ATMs and mobile apps handle routine transactions. Two-thirds of consumers now shop exclusively online for financial products. Meanwhile, banks continue spending 7.3% of their budgets on IT-twice the industry average-while generating remarkably poor returns. The four largest U.S. banks generated $51 billion in profit with over one million employees-roughly $48,517 per employee. Google, Apple, Microsoft, and Oracle delivered $85.2 billion with just 341,777 employees-about $249,285 per employee, over five times more efficient. The difference? Tech companies built for digital revenue generation while banks digitized primarily for cost reduction. These success stories reveal an uncomfortable truth: branches exist primarily to justify their own existence.
When Your Credit Score Becomes Your Prison and Peer-to-Peer Lending Sets You Free
The Payment Revolution You Can't See
Digital-First Banks That Prove Branches Are Optional
When Your Customers Become Your Marketing Department Through Social Connection
Your Money Isn't Real and Never Was-Bitcoin Just Makes It Obvious
Rebooting Banking Before It's Too Late
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"It is great for me to learn something from the book without reading it."
"The themed book list podcasts help me connect ideas across authors—like a guided audio journey."
"Makes me feel smarter every time before going to work"
From Columbia University alumni built in San Francisco
"Instead of endless scrolling, I just hit play on BeFreed. It saves me so much time."
"I never knew where to start with nonfiction—BeFreed’s book lists turned into podcasts gave me a clear path."
"Perfect balance between learning and entertainment. Finished ‘Thinking, Fast and Slow’ on my commute this week."
"Crazy how much I learned while walking the dog. BeFreed = small habits → big gains."
"Reading used to feel like a chore. Now it’s just part of my lifestyle."
"Feels effortless compared to reading. I’ve finished 6 books this month already."
"BeFreed turned my guilty doomscrolling into something that feels productive and inspiring."
"BeFreed turned my commute into learning time. 20-min podcasts are perfect for finishing books I never had time for."
"BeFreed replaced my podcast queue. Imagine Spotify for books — that’s it. 🙌"
"It is great for me to learn something from the book without reading it."
"The themed book list podcasts help me connect ideas across authors—like a guided audio journey."
"Makes me feel smarter every time before going to work"
"Instead of endless scrolling, I just hit play on BeFreed. It saves me so much time."
"I never knew where to start with nonfiction—BeFreed’s book lists turned into podcasts gave me a clear path."
"Perfect balance between learning and entertainment. Finished ‘Thinking, Fast and Slow’ on my commute this week."
"Crazy how much I learned while walking the dog. BeFreed = small habits → big gains."
"Reading used to feel like a chore. Now it’s just part of my lifestyle."
"Feels effortless compared to reading. I’ve finished 6 books this month already."
"BeFreed turned my guilty doomscrolling into something that feels productive and inspiring."
"BeFreed turned my commute into learning time. 20-min podcasts are perfect for finishing books I never had time for."
"BeFreed replaced my podcast queue. Imagine Spotify for books — that’s it. 🙌"
"It is great for me to learn something from the book without reading it."
"The themed book list podcasts help me connect ideas across authors—like a guided audio journey."
"Makes me feel smarter every time before going to work"
"Instead of endless scrolling, I just hit play on BeFreed. It saves me so much time."
"I never knew where to start with nonfiction—BeFreed’s book lists turned into podcasts gave me a clear path."
"Perfect balance between learning and entertainment. Finished ‘Thinking, Fast and Slow’ on my commute this week."
"Crazy how much I learned while walking the dog. BeFreed = small habits → big gains."
"Reading used to feel like a chore. Now it’s just part of my lifestyle."
"Feels effortless compared to reading. I’ve finished 6 books this month already."
"BeFreed turned my guilty doomscrolling into something that feels productive and inspiring."
"BeFreed turned my commute into learning time. 20-min podcasts are perfect for finishing books I never had time for."
"BeFreed replaced my podcast queue. Imagine Spotify for books — that’s it. 🙌"
"It is great for me to learn something from the book without reading it."
"The themed book list podcasts help me connect ideas across authors—like a guided audio journey."
"Makes me feel smarter every time before going to work"
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