Rising fees. Rampant foreclosures. Americans are angry and fed up with banks. In this explosive book, Carol Realini reveals what afflicts today’s biggest banks and how they can transform using disruptive innovation to reconnect with their customers.
Today’s vast superbanks are organizations that seem to operate by their own rules and trample their Main Street customers. BANKRUPT reveals what afflicts today’s biggest banks, and shows how they nickel-and-dime the average customer even as they hold trillions of dollars in assets and government bailout funds. It’s not about creating nostalgia for a golden age that is long past. It’s about how today’s banks can transform themselves to redefine banking. It’s a call for leadership that lives by the motto “Do the right thing.”
To chart a path to the future, Realini draws upon her extensive personal experience in India, and reveals the amazing revolution in grassroots banking that is taking place right now. BankRupt is an optimistic book. It uses the crisis we are experiencing as a way to look forward to a very different kind of future for banking – one that will benefit both the banks and their millions of customers.
My favorite chapter is where Carol invokes the holiday classic, It’s a Wonderful Life, comparing George Bailey (James Stewart) to banker & slumlord Henry Potter. Bailey “makes an effort to see the inherent good in his fellow citizens,” wrote Realini. “He works very hard at his job, because he takes the time to understand his customers & their needs.” In contrast, Potter “conspires to reap only short-term profits … “In Potter’s world, only the fittest survive, & use the advantages of wealth to get more wealth.”
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Uniquely Carol grasps the conflict between today’s obsolete banking models and the public good. She exposes the dysfunctional environment the banker/politician/regulator trio has created and suggest how a union of accelerating technology and common sense unburdened by outdated banking methods can be used to build financial services for all.
The gap between the behavior of the financial services industry at large compared with behavior of consumers has never been growing more rapidly. When paired with an increasingly tough regulatory environment, and the fallout from the global financial crisis, the financial services sector writ large is ready for a massive disruption. Carol’s thoughts are an essential part of the discussion the industry needs to have as a matter of urgency.
Carol Realini is a tenacious visionary and brilliant writer. She has not only written a revolutionary book but launched an entire movement to reverse the appalling lack of integrity, innovative practices and heart in the banking industry. Her proven entrepreneurial success and cleverness will surely catalyze the deep and desperately needed transformation in the world today. This book is a must read!
Carol is not just a great entrepreneur. She is an entrepreneur that understands how to drive impactful, global innovation in the arcane banking industry. Carol’s book illustrates how a senior leader works with the most conservative and complex banks in the world to drive adoption of new technologies.
Carol’s thoughts on the banking industry are from her solid experience in developed, developing and emerging markets where the real and radical financial sector transformation is happening. Combining her acumen for innovation with her passion for reforms in the sector, Carol is able to establish that indeed the industry can still have meaningful impact on the new ‘drivers of the global economy’-the ‘financially excluded’
Carol’s curiosity about the world, both how it works and, more importantly, what we can do to improve it, is infectious. Her thoughtful approach to the lack of affordable banking services and harnessing mobile technology to provide a solution to millions of people has distinguish her as a leader and a visionary.
Carol Realini is an inspiration to women entrepreneurs around the world. Her pioneering work in mobile payments laid the rails for a host of other work, not just in the US but also around the world. I greatly value Carol’s ability to get straight to the heart of the problem, influence thinking and guide action.
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