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BANKRUPT: Why Banking is Broken. How it can be Transformed.


Rising fees.


Rampant foreclosures.


Americans (and much of the rest of the world) 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 shows 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, Carol 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.

BANKRUPT: Why Banking is Broken. How it can be Transformed.
Published April 2012
ISBN 978-1-907720-52-9
178 pages

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This excerpt is taken from the Introduction to BANKRUPT


The world has changed in many ways, but people still need their local bank to be there to help keep their money safe, save for education, build a future for their families, support their communities, and provide services to small businesses. Yet many people believe that banks have lost their way.


Banks have an excess of computers, branches, websites, mobile apps, and ATMs. They offer a dizzying array of services. But in the process they have lost something precious: their compassion and dedication to their customers.


With advertisements that saturate the airwaves, they compete for our business – but when we give them our business, the relationship suddenly becomes adversarial. As prospects we are wooed; as customers we are suspect. We become enemies who must be charged fees for every imagined transgression.


The bank hides behind pages of fine print. They sell credit cards that charge breathtaking interest rates. They advertise that they are friendly and community-spirited, yet the average person cannot get a mortgage and the small businessperson cannot get a loan.


The nation’s banks are sitting on trillions of dollars in assets and yet they nickel-and-dime the average customer who has a thousand dollars on deposit. It seems that during the recent Great Recession they figured out how to save themselves, and then how to adapt their business model to increase market share with the richest one percent.


Is it our imagination? Are we, the customers, to blame? Are we ungrateful? Are we demanding services without expecting to pay for them? Fifty years ago, there were no ATMs. If you wanted to withdraw some money out of your bank account for a weekend activity, you had to go to the bank before the doors closed at three o’clock on Friday afternoon. If you couldn’t get there in time, you couldn’t get your cash until Monday morning.The only fee you ever paid was a few bucks for a new box of checks. Banking didn’t cost much, but they didn’t offer many special services, either.


Over the past fifty years, banking and the banking industry have changed. Thanks in part to aggressive marketing by big banks, we take for granted many services that did not exist years ago.


This book is not about creating nostalgia for some imagined golden age that is long past. Change is a necessary part of life. But consumers have a right to expect and demand transparency, fairness, and real competition in the banking industry. They have a right to expect that advances in technology that benefit the banks will also benefit the consumer.


This book examines two key areas of concern. The first is the crisis the banks are facing, and how deep the hole is. This includes what makes it so difficult for the banks to evolve in a positive direction as conditions change, and how the business model that worked fifty years ago may have created many of the problems they must tackle to move forward.


The other is about the disruption that is on the horizon. Two forces are converging to change banking forever. First is the customer demand for good service at an affordable price. Second are technological changes that are reshaping our lives and businesses.  Banks will either step up to participate in this disruption – or will fade into the background.  For banks to participate they will need to change everything; their culture, their products, their business models, and their services will all need to change. This is not about incremental change; it is about disruption.

Bankers need to reconnect with their community. They need to change their focus from expensive business trips, protecting traditional revenue sources, maintaining legacy systems. The new focus must be on the customer.


Starting with the home equity crisis of late 2007, the Great Recession has been a long and painful period of high unemployment, loss of middle class wealth, and surging poverty. It may be a challenging market environment for the banking industry, but it is even harder on the people who most need their services. The big banks have especially lost their commitment to serving everyday people by providing affordable banking services that empower people’s life and work.  In the US the number of American who are opting out of traditional banking is on the increase to new heights; 106 million Americans are cash preferred.

The change that must come will not only benefit millions of households in the United States; it will also impact our competitiveness globally. Innovation in banking will help us be more competitive as we operate in a growing global economy.


As a society, we increasingly bank with a handful of large banks that don’t care about our individual needs. They care about their compensation packages, their careers, and themselves, but they don’t care about their customers. It is a crisis.


To the companies, we say change the boards and change the management teams. Bring on bank leadership that cares about regular people and cares enough to require that their organizations figure out how to give the customers more while charging them less. What is needed are organizations that are leveraging new technologies and redefining products to bring more value to their customers.


This is an optimistic book. It sees the crisis we are experiencing as a way to look forward to a very different kind of future for banking. The middle class needs to recapture banking. We are everyday customers. We can empathize with our neighbors who watch their daily expenses while dreaming of a better future for their children. We are the small business owners or new business creators who start with sweat equity and hard work. And some of us are even the employees of banks.


We don’t have to accept the status quo.


Chapter 1: Potter’s World6
Chapter 2: The Four Pillars of Decay
Chapter 3: The Emperor Has No Clothes
Chapter 4: The Power of Technology
Chapter 5: The Human Cos
Chapter 6: Reframing Banking
Chapter 7: Redefining Banking in India
Chapter 8: Silver Bullets – Data, Cloud, Mobile
Chapter 9: Disruption
Chapter 10: Redefining Banking

The Buzz about BANKRUPT

“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.” H. David Johnson, Startup Advisor and former PayPal CFO

“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.” Brett King, Founder & Chairman, Movenbank


"BANKRUPT is a wake-up call not only to America's bankers but to the nation at large. How could America have so many consumers 'underserved' today by our traditional financial institutions? What will it take to ensure all Americans have access to low-cost products to help them manage their money? BANKRUPT provides fresh insights and ideas for a path toward needed product and service innovation, new business models, and leaders who welcome the transformation required to serve our nation as it deserves to be served." Jane Thompson, former President, Walmart Financial Services, and American Banker's Innovator of the Year 2011

“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!” Jacqueline Miller, CEO, Partnerships For Change

“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’.”Jojo Malolos, President and CEO, Smart Hub, Inc.

“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.” Howard B. Gefen, Director, WW Mobile Business Dev,

“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.” Charmaine Oak, Practice Lead, Digital Money at Shift Thought

About Carol Realini

Carol_Full_AvatarsmallCarol Realini is a successful CEO, entrepreneur and board member with technology and financial services industry experience.  She is a globally recognized technology innovator and has successfully led companies through initial public offerings, as well as into acquisitions.  She is driven by a passion to improve people’s lives through technology.


Carol has extensive experience in financial services (mobile, payments) and technology (mobile, smart phone applications, payments and banking, enterprise software, distributed computing) and has worked extensively in India and Africa on mobile money.  Her latest venture, Obopay, which she founded and served as CEO for 5 years and Executive Chair for one year, is a leading global mobile banking and payment provider.  


Carol’s long history of entrepreneurship includes Obopay, Chordiant (IPO), J. Frank Consulting (Acquired), and Legato (IPO). In addition, she has served on several boards of directors, including the NGOs Search for Common Ground and GlobalGiving, and corporate boards Obopay, Chordiant and Invio.  Carol also mentors young entrepreneurs in Silicon Valley, providing wisdom and lessons learned from her four successful startup experiences.


A recognized international expert in mobile money, Carol has presented to world business and political leaders at events including those hosted by the U.S. State Department, the World Economic Forum, and the Gates Foundation. In 2008, Carol was named one of the 50 Top Women in Technology by Corporate Board Member magazine, and in 2010, was recognized as one of the most influential women in Silicon Valley by the Silicon Valley Business Journal.

Follow Carol on Twitter @carolrealini and find out more about her work and her passion on her blog


Contact details: 

TEL: +1.650.622.6800

FAX: +1.650.352.2476

Published in Current Titles
Thursday, 08 March 2012 12:21

Mobile Messaging Futures 2012-2016

New report - Analysis and growth forecasts for mobile messaging markets worldwide: 6th edition
  • Includes groundbreaking five-year OTT user and traffic forecasts; plus all the data you need for SMS, MMS, mobile e-mail and mobile IM markets, as well as new sections on SMS hubbing, and mobile marketing and advertising
  • Essential insight and extensive worldwide, regional and country-level numbers
  • Report includes 367 Figures and Tables
  • Report prices held at the same level since 2009.
Report overview
Within the mobile space, messaging is the biggest revenue generator after voice. Within messaging, SMS is king and yielded the highest revenue for mobile network operators in 2011. And so fevered industry interest about changing market dynamics and SMS’ future is understandable and relevant.

One of the biggest themes under current discussion in the mobile messaging industry is this issue of ‘the end of SMS’ and the booming rise of Over-the-Top (OTT) messaging services (or ‘next generation’ messaging services, to offer just one of a great many aliases). But is the ‘SMS doom’ scenario accurate?
In addition to informed analysis of SMS, MMS, mobile e-mail, and mobile IM – and new sections on SMS hubbing; and mobile marketing and advertising –  groundbreaking five-year OTT user and traffic forecasts are included in this new report to comprehensively examine this pressing industry concern.

And, yes – our OTT traffic numbers are huge. And very possibly still conservative. But such statistics mean little without detailed context and explanations, which are offered in the report. Context that will help dispel the media hype, and explanations that will cut through the industry’s misunderstanding about how
OTT services are being used, and how popular they are.

The expansive sixth edition in our hugely popular messaging series thoroughly analyses the worldwide mobile messaging market in 12 data-packed chapters:

1.  Introduction
2.  Worldwide Mobile Market
3.  Mobile Messaging Market
4.  SMS
5.  SMS Hubbing
6.  Mobile Marketing and Advertising
7.  OTT Messaging Services
8.  MMS
9.  Mobile E-mail
10. Mobile IM
11. Summary and Conclusions
12. Appendices

Further reasons to buy this research:
  • Study the growth still to come over the next 5 years; explore and identify opportunities
  • See if OTT services really are ‘instant SMS killers’; learn how OTT can encourage brand loyalty
  • Familiarise yourself with the growing USD 231 billion messaging market in 2012
  • Gain insight into P2P/A2P SMS traffic breakouts
  • Discover why OTT traffic appears to be growing so big so fast
  • Reflect on the upside and downside of our SMS outlook
  • Establish how long MNOs have to protect their SMS revenues from OTT; plus why they should should fight and how
  • Read commentary on the mixed blessing of smartphones for MMS; and how
  • OTT will impact SMS and MMS differently; and speed-read the bonus executive summary presentation

Download sample pages here

Order here

1–5 user team licence: UK £1,995 + VAT/EU €2,495 + VAT/ RoW $3,395
Mobile Messaging Futures 2012-2016 1-5 users £2, 394.00 Add to Cart

Small or medium size PDF company licence: UK £3,995+ VAT/EU €4,995+ VAT/ RoW $6,495
Mobile Messaging Futures 2012-2016 SME licence £4, 794.00 Add to Cart

Large corporate PDF unlimited licence: UK £5,995 + VAT/ EU €7.295 + VAT/ RoW $9,495

Mobile Messaging Futures 2012-2016 corporate licence £7, 194.00 Add to Cart

Sterling and Euro prices include VAT. If VAT is not applicable, the amount will be deducted at checkout. Euro and dollar prices are illustrative and will be calculated using current exchange rates at checkout.

Key features

Key features of this essential new market study:
  • Get informed answers to the key ‘SMS vs. OTT’ questions
  • Review detailed growth forecasts to 2016 for SMS,OTT, MMS, mobile e-mail and mobile IM
  • Assess country level data and market sizing for 76 key messaging markets
  • Appraise the resilience of SMS against competing messaging services to 2016
  • Uncover whether OTT services, IM apps and social networking sites are only ‘clipping the wings’ of
  • SMS, or if it’s more serious
  • Digest profiles of BlackBerry Messenger (BBM), WhatsApp, Facebook Chat, and Apple iMessage
  • Features an assessment of whether SMS and OTT can co-exist
  • All this and more in this must-have 376 page report


Report includes 367 Figures and Tables. Download the full contents listing  here .

Summary contents
1.  Introduction
2.  Worldwide Mobile Market
3.  Mobile Messaging Market
4.  SMS

History and Future Outlook of SMS
Comparison between new and previous forecasts
Asia Pacific
North America
Latin America
Africa and Middle East
5.  SMS Hubbing
SMS Interconnection Models
SMS Hubbing
– Overview
– Benefits of SMS Hubbing
– Revenue Flow Model
– SMS Hubbing Providers
6.  Mobile Marketing and Advertising
Impact of SMS and MMS on Mobile Advertising
– How SMS and MMS Advertising Work?
Role of Smartphones in Mobile Advertising
Brief Profiles of Key Players
Impact of Mobile Advertising on SMS and MMS
7.  OTT Messaging Services
Drivers and Inhibitors for the Adoption of OTT Messaging Services
– Drivers
– Inhibitors
Business Model
OTT Messaging Service Providers
Profiles of Key OTT Messaging Services
– BlackBerry Messenger
– WhatsApp
– Facebook Chat
– iMessage
Market Size
– Forecast Methodology
– OTT Messaging Users
– OTT Messaging Traffic
Conservative traffic forecasting
– Rationale for excluding Revenue analysis
Mobile Network Operators: Taking a stand on OTT messaging services
8.  MMS
History and Future Outlook of MMS
Comparison between new and previous forecasts
Asia Pacific
North America
Latin America
Africa and Middle East
9.  Mobile E-mail
Asia Pacific
North America
Latin America
Africa and Middle East
10. Mobile IM
Asia Pacific
North America
Latin America
Africa and Middle East
11. Summary and Conclusions
Mobile Messaging
– SMS price erosion
– The downside of our SMS outlook
– The brightside of SMS outlook
– A2P messaging – room for growth
OTT Messaging Services
– Core conclusion: SMS and OTT existing side-by-side
– Peak traffic
– The sad decline of MMS
– Social media is killing MMS, big time
– MMS price erosion
Mobile E-mail
Mobile IM
– The Big Picture
– The Changing Dynamics of the Mobile Messaging Market
– M2M
– RCS-e
Smartphone Penetration
– Disruptive Services
– SMS is still the king
12. Appendices

About Portio Research

Portio Research Ltd is an independent UK-based research company, focussed on providing high quality market studies.

For our large studies, we specialise in a tightly focussed niche within the mobile sector. We look at customers, I.E. mobile subscribers, and we look at network operators, and we focus mostly on the products and services that connect these two groups. We look at the relationships between operators, the products they sell and the people they sell them to, looking in particular at go-to-market strategies and how the products and services markets vary around the world. We cover all areas of the mobile space including network technologies, handsets and devices, but mobile content and non-voice mobile products, particularly messaging, are our core areas of expertise.

In addition to our highly-regarded off-the-shelf market research, we are also always looking to help clients with bespoke research requests, and we can turn around tailored research projects quickly and cost-effectively.

Published in Current Titles


After the nadir of the banking crisis of 2008, the business of banking is undergoing massive change as governments and regulators strive to return stability to the banking system and avoid the future provision of taxpayer support to failing banks.  

The multiple issues raised by the crisis are converging into one core and very fundamental question: what will be the future shape of the banking business in the developed world?  Faced with a raft of untested new initiatives, uncertainty over the direction and effectiveness of bank regulation, a potentially very uneven global playing field, the possibility of drastic restructuring, and the prospect of much reduced profit levels, banking is facing a very challenging future. Add to the mix the impact of this 'new normal' of profitability on investor sentiment with its increasing appetite for risk, and the need to nevertheless operate in a political climate of public anger and retribution, and you have a unique set of conflicts that mean that banking is facing a perfect storm of uncertainty and threat.

But one thing is certain: bankers, investors and others need to plan now for the future, and key strategic decisions to ensure a sustainable future have to be made. The Future of Banking after Global Reregulation defines and analyses the core issues, balances and weighs  conflicting views, and assesses likely impacts and outcomes to provide unique and insightful strategic input in troubled times.

Published September 2012
ISBN 978-1-907720-29-1
100 pages
For full contents in PDF format, click here
For the FREE Executive Summary,  click here

PDF UK £29.99 + VAT/ €35.90 + VAT/ RoW $47.00

The Future of Banking - PDF £35.99 Add to Cart

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Key issues

Key strategic issues addressed by The Future of Banking after Global Reregulation include:

•   Corporate governance: To what extent can the traditional elements of corporate governance, in particular boards of directors, play a role in mitigating future threats to banking stability? What has been the actual record of such governance in the recent crisis? Has banking become too complex and fast moving for these individuals?
•   New supervisory and regulatory measures: How likely are such measures such as the new Basel III, coupled with national legislation such as Dodd-Frank in the US and the creation of new regional entities in the EU, to significantly improve the identification and resolution of individual bank and systemic problems?
•    Strategic measures being taken or considered by bank management to reduce risk:  For example, what might be the future profile of investment banking and other high-risk businesses in the light of the possible application of the Volcker rule and similar measures to separate them from those supported by taxpayers?
•    The outlook for reconciling loss mitigation and achieving satisfactory investor returns:  How confident is the industry regarding the future of risk mitigation, and what are the key variables in this effort? What are the major gaps or issues to be addressed in the loss mitigation effort? How likely is a satisfactory resolution of the investor/regulatory dialogue at a return on investment acceptable to both sides?
•    Case studies of success in bank risk management:  While considerable attention has been paid to failures in bank risk management, a number of banks have demonstrated sustained success in reconciling the regulatory and public interest in banking safety with investors’ need for earnings growth and satisfactory return on capital. The report examines in detail such success stories across a number of business models and geographies as well as the lessons to be drawn from them.

The study provides a balanced, composite view of the considerations involved in this strategic planning. In a rapidly evolving process of global re-regulation, it assesses the impact of what has been agreed, what is still to be agreed, and provides an indication of the likely future outcomes.



Corporate governance
New supervisory and regulatory measures
Strategic measures to reduce risk
Case studies of success in bank risk management
Views on the outlook for re-regulation
Research participants

1.1  More – and ‘better’ – capital
1.2  The central importance of government support to failing banks
1.3  Creating an appropriate resolution regime to avoid taxpayer funding
1.4  Too Big To Fail
1.5  The issue of bank funding
1.6  A level bank playing field: super-equivalence and other global regulatory issues

2.1  The purpose of corporate governance
2.2  The effectiveness of governance in practice
2.3  Possible means of improving corporate governance
2.4  Summary of corporate governance

3.1  Global measures: capital adequacy and liquidity
3.1.1  Capital adequacy
3.1.2  Liquidity
3.2  National measures: resolution regimes
3.2.1  Resolution regimes: the ring-fencing solution
3.3  Summary of global re-regulatory measures

4.1  Macro developments across the banking sector
4.2  The transformation of the investment banking business
4.3  Changes in retail banking
4.4  The role of banks versus non-banks  
4.5  Summary of strategic responses by the banks

5.1  Introduction
5.2  BNP Paribas
5.2.1  Business model
5.2.2  Risk management
5.2.3  Strategy evaluation  
5.3  JPMorgan Chase
5.3.1  Business model
5.3.2  Risk management
5.3.3  Strategy evaluation  
5.4  Banco Santander
5.4.1  Business model
5.4.2  Risk management
5.4.3  Strategy evaluation  
5.5  Standard Chartered Bank
5.5.1  Business model
5.5.2  Risk management
5.5.3  Strategy evaluation  
5.6  Svenska Handelsbanken (SHB)
5.6.1  Business model
5.6.2  Risk management
5.6.3  Strategy evaluation  
5.7  Toronto Dominion Bank
5.7.1  Business model
5.7.2  Risk management
5.7.3  Strategy evaluation  
5.8  Wells Fargo
5.8.1  Business model
5.8.2  Risk management
5.8.3  Strategy evaluation  

6.1  The value of more capital and new liquidity rules
6.2  The issue of regulatory uncertainty
6.3  Does re-regulation go too far?
6.4  Focus on adverse consequences
6.5  The new regulations don’t solve the basic problems
6.6  Summary of effectiveness of the new regulations

7.1  It is too early in the re-regulation process to make many sound observations
7.2  The trend toward basic retail and commercial banking
7.3  Banking will lose its share of the overall financial sector to non-banks active in risk-taking
7.4  The ideal of a level regulatory playing field in banking is unrealistic
7.5  Differentiation of strategy and returns will be a feature of the new banking environment
7.6  Views for the future of banking

8.1  Increasing the effectiveness of corporate governance
8.2  The ‘new normal’ profitability of banking and its consequences for bank investors and bank strategies
8.3  Lessons from the case studies
8.4  The outcome of efforts to restructure banking
8.5  Effective supervision: the missing link



Figure 1.1:    The evolution of core capital
Figure 1.2:    Comparative default/failure rates, 1990–2009
Figure 1.3:    The three pillars of banking wisdom
Figure 1.4:    Growth in banking system assets relative to GDP, 1990 to date
Figure 1.5:    Funding: European bank senior bonds vs. non-financial corporates, 2005 to date
Figure 3.1:    Net stable funding ratio
Figure 3.2:    Net stable funding ratio by region (%)
Figure 3.3:    Ring-fencing – in the regulators dreams, and in reality
Figure 5.1:    BNP Paribas geographic and business profile
Figure 5.2:    JPMorgan 2010 net income against performance targets
Figure 5.3:    Breakdown of Santander profits by geographic market
Figure 5.4:    Standard Chartered’s earnings growth, 2001–10
Figure 5.5:    SHB’s annual growth in equity and dividends
Figure 5.6:    TD Bank’s superior return on risk-weighted assets
Figure 5.7:    Wells Fargo Tier 1 common equity ratio
Figure 8.1:    Projected ROEs in European banking

Research participants

Autonomous Research
Arrow Financial Corporation
Barclays Bank Espana
Barclays Capital
Graham Bishop
BlackRock Investment Management
BNY Mellon
Boston Consulting Group
Collins Stewart
Credit Suisse
European Banking Authority
Financial Services Authority
Fitch Ratings
Freeman & Co.
KBC Bank
Keefe, Bruyette and Woods
Lloyds TSB
Loughborough University (Professor David Llewellyn)
Herschel Post
Promontory Financial Group
Risk and Regulation Consulting Ltd
State Street Bank
Stern School
University of North Wales (Professor Philip Molyneux)


“Much has been written about the causes of the financial and banking crises.  In his new book ‘The Future of Banking’ Steve Davis analyses some of the less frequently cited causes such as:deficient bank governance, regulatory shortcomings and the drive for unrealistic profitability. He uses these same factors to offer a view – as only he can and not always very comforting! – about the future and how bank managements, regulators and investors will need to respond”. Sir Win Bischoff, Chairman, Lloyds Banking Group

"An excellent, comprehensive, and highly readable work.  Steven Davis is an accomplished and internationally renowned analyst of bank trends bringing to the task a wealth of experience both as a banker and banking consultant. Davis considers the key dimensions of bank strategy, corporate governance, the evolving regulatory and supervisory regime, and risk management strategies, and offers a wealth of valuable insights.  The analysis is powerfully informed by a series of powerful case studies of banks which have been successful in risk management and strategy rather than, as with most previous studies, on what went wrong. This timely book gives an in-depth analysis of banks that have achieved success in their models over an extended period. In the process, the author considers the key issue of how to reconcile loss mitigating strategies whilst at the same time achieving satisfactory investor returns.  The penetrating discussion is also greatly informed by a series of structured interviews with bankers, analysts and supervisors.

This report is a tour de force and the analysis that Davis presents will be of real value to bankers, supervisors, bank analysts and academic scholars. It is a must-read."  Professor David T Llewellyn,oughborough University, and Vienna University of Economics and Business

.“Drawing on insight from senior industry managers, this work offers a compelling and comprehensive view of the post-crisis retail environment”  Roberto Nicastro, global retail head, UniCredit

"A fascinating analysis  - offers valuable insights and a thorough overview of current issues."
Yves Robert-Charrue, Member of the Executive Board, Head Investment Solutions Group, Bank Julius Baer & Co Ltd.


Steven I Davis has spent his career in the banking and financial services sector as a senior executive, strategy consultant, author, analyst and teacher.  He is a graduate (magna cum laude) of Amherst College and of the Harvard Business School.

His 20-year career in international banking commenced at JPMorgan, where he managed a Paris-based research and M & A unit.  For Bankers Trust Company, he ran a venture capital subsidiary in New York and later the bank’s European businesses from a London headquarters.  Subsequently he set up and managed for six years the London-based merchant banking subsidiary of First International Bancshares of Dallas, Texas.

Since establishing Davis International Banking Consultants (DIBC) in 1980, he has managed several hundred strategy assignments for commercial and investment banks, global fund managers, insurers and other financial institutions.  In 1993, he headed a DIBC team which advised the Norwegian Ministry of Finance on the restructuring of the country’s banking sector during the Nordic banking crisis.  In addition, he and his colleagues have prepared over 60 research reports on the financial sector for publication by investment banks and other clients.

Mr. Davis is also the author of 14 books and reports published on best practice in the financial services sector.

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