Bank 4.0 and the Future of Financial Services

It is not enough to just import technologies like AI, blockchain or smartphones into existing financial services, says futurist and fintech entrepreneur Brett King.
To stay in business, banks need to rethink the role their business plays in their customers’ lives. King paints a vivid picture of how Jack Ma, robo advice and quantum computing will shape the Bank 4.0.
Find out more about DWS Digital Convention 2018 at go.dws.com/FLvBCg5b.
About the Speaker
The futurist and best-selling author of books like “The Augmented” and “Bank 4.0” founded the fintech Moven, the world’s first mobile, downloadable bank account. He also advised the Obama administration on fintech policy. His radio show “Breaking Banks” reaches 3.6 million people in 140 countries.
About DWS
DWS Group GmbH & Co. KGaA (DWS) is one of the world's leading asset managers. Building on more than 60 years of experience and a reputation for excellence in Germany and across Europe, DWS has come to be recognized by clients globally as a trusted source for integrated investment solutions, stability and innovation across a full spectrum of investment disciplines.

[@johnnyjohn5440]

The knowledge is out there for those who seek it. This video has been out here for over a year with only 300k plus viewer and 88 comments. Why is most of the world asleep, when you think some videos have 300 million plus viewer and they are talking about nothing. The world is strange.

[@ExistNNature]

They keep others who are not ready for worldly upgrades, down graded with useless information.

[@upplabs3480]

The technology develops rapidly, so does fintech. We know, that when you work in this sphere, you should always stay tuned. Thanks for insights. Great video!

[@adekemiadebambo8796]

Very insightful and excellently delivered

[@sanyam.dhingra]

Amazing, lots of startups already started which was said years back then. Thrilled.

[@tinamarie9809]

and logically as time passes, one day I will not have full control over my own money. It's subtle.... but people are slowly but surely being robbed of their freedom and sovereignty. Few will understand this.

[@mehboobrehman01]

101% agreed. Unfortunately it's happening in front of our eyes and we are helpless to do anything.

[@DrEboi477]

34:11 my man is slumpedd

[@kapilcybridge]

Brilliant!

[@CarlosCorea]

Fantastic talk! This is the future of banking and digitized life...

[@pedrotagliari]

Very nice presentation!

[@gamed01]

Great first half

[@KhandokarRobi]

LOVE THIS VERY INFORMATIVE VIDEO - LOVE

[@lanieong4967]

Jimmy Ramos is right to push worldwide his unique principle of transformation or change.

[@Ultrameowmeow]

Another excellent keynote by Brett King! Just got my copy of his new book Bank 4.0 today - can't wait to read it. Augmented is one of my top 3 favorite tech books out there.

[@kingfillins4117]

Excellent? This man is literally inhuman and insane. A goodwill behavioral point system, disgusting. Have you seen the fake reality that China is creating with this type of inhuman trashy ideology. The only place for it is the trash.

[@ajeebchannel3353]

Perfect💯👍

[@Nooneofc0nsequence]

"We created a behavioral saving process, not a savings account." "Let's change your behavior over time by educating you." This is absolutely terrifying.

[@nastjavo]

Absolutely terrifying.. Those people must be psychopats..

[@littledarkcollege]

Not really, how else are you going to learn? We learn off our own behaviour all the time, this is just saying "We can change your behaviour, and we admit to doing so, and now you can learn off that behaviour."

[@Nooneofc0nsequence]

@@littledarkcollege What if someone disagrees with the values being incentivised by the programmers of the algorithm? They are proposing that this system replace money as we know it, depriving of money all dissenters from their program.

[@littledarkcollege]

@@Nooneofc0nsequence If you don't like how it's making you behave, have some self-awareness and use another platform. FinTech will adhere to what the majority wants, not the other way around. That's old banking system thinking. New Open Banking system is customer first.

[@brettking7065]

Thanks @John Y for your feedback - remember our ultimate aim is to make our customers financially health and self-aware. What you see as a negative, we see as a far more effective way of giving our customers financial freedom. The problem is that savings today is passive - it relies on peoples discipline. Spending is not passive - it's an activity we're encourage to do every day. So there's a massive imbalance in that equation, which is why so many people end up in debt. So the number one thing we do to help people save is first give them an instant receipt for their transaction while in the store, taxi or restaurant (for example). Just knowing how much you've spend on dining out this month already, has an immediate behavioral impact (people stop dining out as much). So you tell me? Would you rather be aware and in control and have something to actively help you save, or do you prefer the status quo - getting reamed by banks who are renumerated through your spending transactions and credit primarily? Who's the bad guy here? :)

[@safat13]

What about privacy?? China may not worry about it. China has one party system, who can control every aspect of Chinese life. Do we want that? China can be used as an example but not a model to follow.

[@mynamemylastname7179]

there is no privacy, you will be a slave by 2030 or some Genetically Modified Humanoid Freak with all the pfizer shots you will be required to take. If you dont you account just goes offline.

[@DaveTan65]

34:10 i feel the same way....

[@cherrycherian1]

Use of Quantum Computers to process transactions will be the game changer

[@benvel2302]

I don't see the need for quicker transactions unless you are a high frequency algo trader squeezing every last penny out of microscopic arbitrage in price. They should ban people like you from the financial markets and algorithmic trading all together, creates so much distortion and inflates "liquidity" to the point it's not even real

[@andrii5054]

5:40 utility becomes the trust criterion

[@adamsibnkuzagbey8611]

Awesome 🎉🎉🎉🎉❤❤❤❤❤

[@MrJayspeaks]

Yes, those that don't understand the past are doomed to repeat it.

[@MegandCo]

18.40 "Let's monitor your behaviour and learn how risky you are. And if that risk is a problem for you, let's change your behaviour over time by educating you, by giving you the right behavioral triggers. This is really at the heart of this change around financial services..." WTF is this man really advocating here?! Next thing you know, we'll be implementing the Chinese Social Credit System...Talk about George Orwell's 1984....Utter madness....

[@brettking7065]

It's actually nothing of the sort. We're talking simply about the balance between spending behavior and savings behavior. Right now every organization, website or app you use is ALREADY trying to modify your behavior to SPEND, SPEND, SPEND. To combat that you need awareness of your spending so you can reign it in, you need responsible credit offerings and you need prompts to help you save more productively. Our company has at our core a Hypocratic Oath for financial services that starts with DO NO HARM. We're constantly working on helping customers get financial freedom from a broken financial services system. If that sounds like Big Brother to you, I really do need to do a lot more education on this

[@TheMathew99]

@@brettking7065 Mr. King, what will the displaced professionals in the financial services industry transition into as they are completely wiped out by Data Scientists, Programmers, and AI? At a surface level look into Bank 4.0 it seems as if it would do more harm than good and is masquerading as a way to help the customer. What are your opinions on how this new model of Financial Services, and AI as a whole, will have on the economy and labor market? My take on your talk was that their is a lot more to be fearful for than optimistic about.

[@theexplorer8036]

This aged well

[@militantsaungweme2056]

Insightful

[@JosephWarren-xf4xg]

It's all very interesting and informative. Now what do you do with it?? All of what he said is coming to pass. This was 4 years ago!!!!

[@subashbalendran650]

Super talk !!!

[@rohitmukherjee8843]

Love from India❤️

[@CounterCultureWISE]

Could we BE more dystopian???

[@CounterCultureWISE]

@@babicattapreta2994 Don't know what that means

[@mynamemylastname7179]

Yes

[@BensonMakale]

I see data as the game changer. He who has data will thrive.

[@mynamemylastname7179]

he who makes up the data will thrive even more.

[@cridestraight1753]

"These People are sick." Q

[@IsratJahan-gi6jc]

Good

[@cinnamongirl5410]

30:45. Disgusting. And you call this progress? Psychopaths.

[@windycitybeats6724]

Let's go future! I cant wait to shag androids

[@calvinwayne8699]

Impressive i love it.

[@anakmelayutv6149]

Powerful!

[@karenpan7575]

well explained, goood speech

[@berajpatel8081]

Wow , so UBER Technologies had a market of drivers that only had a history of being paid in cash, drivers that need had a bank account, and so they had to develop a platform to meet theirs drivers requirements.

[@benvel2302]

No, it's probably drug dealers trying to launder their money through uber like they did with taxis. Use your brain you drone

[@jesseludenyo6436]

should I do CFA exam?

[@createchannel8815]

With deep fakes today, I wouldn't recommend using a voice as a unique identifier.

[@JonathanMichaelJM]

YES. That would be mayhem.

[@tohkengleng9034]

We need mechatronics technicians. How about their salaries? Min $1800 to max $2700. Is it high???

[@ianmuriithi9370]

What is the place of consumer privacy and democracy in the advent of these futuristic robo-advisors and behavioral algorithms, are we setting up a mass surveillance and police state?

[@mynamemylastname7179]

you know too kuch you need to be censored or canceled.

[@tohkengleng9034]

这样我们需要很多技术师。可是他们的薪水呢？少过$2000，$2000-$2700之间。多吗？

[@user-or7ji5hv8y]

Just like fake images, can’t fake voices also be simulated to mirror account holders?

[@mynamemylastname7179]

11:05 SpaceX 14 years later after it started with the best technology in the world still hasn't gonne to the moon. von brown went there with calculator of computer tech in less than 10 years. 🤣😂🤣😂🤣😂🤣

[@mnbro4lax]

Tried to contact my bank about fraud via phone and I got an account balance... complete bullshit

[@rk-7298]

finance or Fintech as a specialisation?

[@ianmuriithi9370]

Fintech anyday

[@namanchaturvedi8897]

Do finance , with basics put in, you can always add fintech later

[@starsoffyre]

Depends on what is covered. I studied finance and (non-IT) engineering. Picked up my tech skills later on, but now I'm working as a cloud engineer in a bank.

[@lynwoo6146]

‘First Principle Thinking’? Mine would be ‘Choice’. This appears to be factored out by the ‘WE’ he refers to. All of this relies on a Mobile Phone as an absolute necessity. What happens when your phone fails, lose it, or god forbid a power cut or platforms fail - what then? Or you simply cannot afford one because feeding your children is more important. China as a reference? A country that controls their population with surveillance through data collection and banking through one app - WeChat. And no mention of the blanket radiation needed to roll out 5G with thousands peer reviewed scientific papers showing biological harm. I also believe most folk know if they can afford a ‘night out’ or what they need for their lives without Siri or Alexa. Elon Musk warns of the dangers of AI - Do Your Research and please do not buy into anything until you have absolutely researched everything as there is more than this guy is telling you. This is his personal sales pitch. This concept is being driven by Silicon Valley, not you or But we can absolutely say - NO!

[@mynamemylastname7179]

you are not allowed to think in this new world. You think you live in a free country or something. There is no "I" or "you" only "we". We are Borg you will be assimulated. besides you will be mostly a synthetic Humanoid by 2030 and property of pfizer or moderna or j&j, you will like eating bugz and synthetic/plastic meat. dr. klaus schuab says bugs are good and dr. bill gates says plastic meat is delicious. You will own nothing and be happy.

[@itscheat5520]

I want to know it is a good choice to study finance and banking for bachelor's degree. Please answer me,I don't want to make mistake for my whole life.

[@joachimpetersen2301]

Do computer science or some IT based degree. Maybe minor in finance and banking so you have an understanding of it. The knowledge you learn about banking is all going to be implemented in the AI. And unfortunately for us mere humans the AI will be able to do a much better job. Overseeing the AI will be where the jobs are at.

[@itscheat5520]

@@joachimpetersen2301 oh no! I am studying finance and banking right now. Should I change my major?

[@itscheat5520]

Please answer my question🙏

[@buditriwibowoyuliwidianto023]

​@@itscheat5520 there are many courses and books on computer science, you can learn from them in your free time. Good Luck and Have Fun

[@samueladebisi2018]

@@itscheat5520 do Economics

[@boringmanager9559]

So few trillionaires will own all the resources and we all are gonna be their slaves. Educated to behave the way they want. Just perfect slaves

[@charleskentucky6323]

well as long the resources etc put to a good use for all of us it's okay, they become trillionaires because they solves many problem, it's your choice to become the slave or not

[@boringmanager9559]

@@charleskentucky6323 I wonder how anyone can be so stupid but still manage to use so many words in one sentence

[@mynamemylastname7179]

there is one who can see and understands.

[@hayleybutler4134]

Really love this video and everything it teaches, but please. Stop saying “ATM machine”….

[@xinyuwang4269]

People do not understand this just like they didn't understand Jack Ma back to 15 years ago.

[@Anime_Warrior24]

why is this a ade

[@alitasmarajayaigustingurah1103]

Agree in some parts

[@dianakomskiene9211]

It seems, thank banking sector will be one of the first totally going to AI and services will be without humans.

[@crypto_peng]

BTC

[@Benstyping]

Hopefully crypto will break down unnecessary boarders amongst humanity.

[@Digitalscoutingde]

A true must see for all professionals in finance (and insurance)

[@kingfillins4117]

to see what not to do... the guy is a deranged Psychopath

[@garycampbell3043]

...and professionals in world domination, authoritarianism and the creation of technological autocracy. You're all insane.

[@BrettKingAuthor]

@@kingfillins4117 I take exception at that, but you are welcome to your opinion. If me building tech that helps people save money better is being a deranged psychopath, I shudder to think what you make of those offering credit card reward programs that increase people's spending and debt load. Statistically speaking, the technology we've already built helps you put 5% more in your savings every month when compared with a typical bank account. That strikes me as solid progress. I wish you could see the positive changes we've generated

[@kingfillins4117]

@Brett King Good evening or day. Thank you for your reply. Don't get me wrong, you offer a very interesting presentation and these things should be discussed. I appreciate your passion for, and success with innovation.Though your aspiration to help people save money is not the issue. The issue is the concept that a persons identity is based on an image and data. If you look at whats happening in China with their facial recognition and social credit system, it is absolutely atrocious. People needing to lie that they are happy with the system or face further loss of points. The fostering of a fake morality based on coercion. Having money removed instantly for an infringement before a notice of or chance to question the infringement given. Worse than Religion. The most insidious and sick forms of dehumanisation and control with ultimately the ability to de-person and cut someone from society a the flick of a switch? And to think this was conciously ushered in by human beings. This concept of a person being defined as data. To put the reality of it in perspective picture the number tattooed on the wrists of a person entering Auschwitz - and you have it. Just as the use of the negative use of the V2 rocket was turned to more "good" science based pursuits in space transport. The good can be used for bad. The perceived benifits of something are not the only ball that we should be watching. It is the potential flip-side of that too. Any system that is too good to be true, probably is. One of the key issues with all this is the idea that someone or something has a better idea of what is best for an individual human being in their life. That is not a light concept to behold. A persons self determination is part of their humanity as a being on this Earth. Where does this ideation of 4.0 of 5.0 all lead, the banks become the government. Or are they already? And how does this all tie in to Globalisation 4.0?

[@timif]

Nice advertisement for China!

[@chrisjamel8461]

Think about that 1000x to only be twice as good!?!?

[@wishvakrish3583]

beginning of the doom of the world somethings has to stay old fashioned a bit we have enough technlogy no more advancements just get along with what we have everything has a limit

[@BrettKingAuthor]

WIshva - history teaches us exactly the opposite. In 250 years of technical innovation from the steam machine until today, no one has ever successfully slowed or halted technological advancements. I would encourage you to think more about how you will adapt to these changes, rather than hoping someone will come along and put a stop to it. That's the major lesson I've learned in studying these trends over the last 30 years

[@iBeChrisT]

ATM machine 😬

[@wangyiran3804]

i know some of you don't admit it, but digitizing is the trend. China is being the lead country.

[@mynamemylastname7179]

you will love comunism comrade espesially when Uncle klaus schuab swiches off your digitized bank account and you cant buy meat anymore you will love de bugz.

[@kittens3029]

Nothing new really. If you understand design-thinking you'll know.

[@007us]

he is a fake expert