Overview

In a world where information moves instantly, why is it still so slow-and so expensive-to send money across borders? Banking is Broken: Money Should Move Like an Email in the 21st Century takes you inside the global banking system, explaining how it works, why certain inefficiencies persist, and why cash is far from disappearing. It's not just a critique-it's a guided tour of the structures, habits, and business models that define how money moves today. You'll learn: Why cash remains a dominant payment method in many parts of the world, despite the rise of digital alternatives. How different banking models operate, from prefunded accounts that speed up settlement to kiosk banking that extends services into underserved areas. The hidden complexities and costs behind cross-border remittances-and why, even in 2025, they can take days and consume hefty fees. The interplay between traditional banks, payment processors, and new fintech entrants, and why progress is slower than technology allows. How regulation, legacy infrastructure, and risk controls shape the pace and cost of global transactions. Through real-world examples and clear explanations, the book uncovers the mechanics of SWIFT, correspondent banking, and other settlement systems that underpin international transfers. You'll see why ""instant"" often means ""hours or days"" once money crosses borders, and how these delays impact families, businesses, and entire economies. It also explores emerging solutions: blockchain-enabled settlement, digital identity integration, and more efficient remittance networks. But it doesn't shy away from the reality that widespread change will take time-and that cash, with all its tangible reliability, will remain an important part of the mix for years to come. Whether you're a policymaker, entrepreneur, or curious consumer, Banking is Broken will give you a deeper understanding of how money really moves, why it often doesn't move fast enough, and what needs to change to make 21st-century payments match the speed of the modern world. If you've ever wondered why sending a photo overseas is free and instant, but sending your own money is slow and costly, this book will make it clear-and make you see the financial system in a new light.

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9781834922010

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Reviews

Bee Lynx 5.0 out of 5 stars It's a finance book to rereadReviewed in the United States on August 3, 2025 Have you ever wondered why transferring money across borders still feels stuck in the last century? Try reading this book. Engelbrecht tells a story of how transferring cash remains painfully slow, unclear, and expensive, not due to a slow machine, but due to the banking system itself. The book tells big truths with small words. He tells about wire transfers, swap routing fees, and others with clarity, so even non-techs can follow. He explains about Swift, Wise, crypto, etc., and how each innovation could simplify payments. This book is written for beginners and practitioners; every chapter has practical tips. Engelbrecht nails the book's emotional truth: ""In a world that's digitally native, why do we still treat money transfers like cargo ships?"" It may be repetitive and verbose in some pages, which could be trimmed down, but it's still a good book for a reread. 5.0 out of 5 stars Easy and Informative ReadReviewed in the United States on August 4, 2025 What a great look into how the world of banking has become so complicated, and bogged down that it's beyond frustrating. The book narrows down the history, and technicalities of why the system is broken in a way that anyone can understand. You don't have to be a finance person to enjoy this book, highly recommend!

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