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Emergent innovative financial technologies are profoundly changing the way in which we spend, move and manage our money, unlike ever before, and traditional retail banks are facing stiff competition. The global financial crisis in 2007–2009 led to large losses, and even the collapse of a significant number of established banks shaking the trust of financial customers worldwide. The Digital Banking Revolution is an insightful look at how financial technology and the rapid rise of financial technology companies have brought welcome changes offering flexibility to the banking industry. The book offers a unique perspective on the consumerization of retail banking services. It delves into the many changes that financial innovations have brought about in banking, the main financial disruptors, the new era of "banking on the go," and financial innovations from countries around the world before concluding with a discussion on the future of banking including optimizing structures, new strategies for business outcomes, and human resources in the digital era.
Over the past decade financial service innovations have contributed to a completely new way in which customers can bank, threatening the status quo of traditional retail banks, and redefining a banking model which has been in place for generations. These new technological advancements have facilitated the rapid emergence of digital banking firms and FinTech companies, leading to established banks being forced to swiftly increase their pace of digital adoption to stay relevant and stop mass client attrition to these agile financial start-ups. These threats come at an inopportune time for banks due to mature markets currently experiencing stagnant growth. This coupled with decreasing profit margins due to the competitive pricing of new entrants, and financial customer loyalty becoming ever increasingly more tenuous.
The paper finds that while there are important regional and national differences, countries are broadly embracing the opportunities of fintech to boost economic growth and inclusion, while balancing risks to stability and integrity.
Competitive advantage in banking comes from effective use of technology The Handbook of Banking Technology provides a blueprint for the future of banking, with deep insight into the technologies at the heart of the industry. The rapid evolution of IT brings continual change and demand for investment — yet keeping pace with these changes has become an essential part of doing business. This book describes how banks can harness the power of current and upcoming technology to add business value and gain a competitive advantage; you'll learn how banks are using technology to drive business today, and which emerging trends are likely to drive the evolution of banking over the next decade. Regulation is playing an ever increasing role in banking and the impact of regulatory change on technology and the management of it are discussed — while mandatory changes put pressure on many of our high street banking brands, their ability to adapt and utilise technology will have a fundamental impact on their success in the rapidly changing marketplace. Technology costs can amount to 15 per cent or more of operational costs and bank leaders need to be able to make informed decisions about technology investments in light of the potential benefits. This book explores the depth and breadth of banking technology to help decision makers stay up to date and drive better business. Assess your current technology against the new banking paradigms Procure the systems needed to protect the bottom line Implement newer technology more efficiently and effectively Ensure compliance and drive value with appropriate technology management Technological change is driven by mass adoption of new channels, innovation from new entrants, and by banks themselves as a means of increasing revenue and reducing costs. The Handbook of Banking Technology offers a comprehensive look at the role of technology in banking, and the impact it will have in the coming years.
This book arises from an event on the future of banking which included leading figures in the industry. It addresses current trends influencing competition including globalization, market structure, technology and demographics and how these will impact upon companies and their organization, business opportunities, revenue streams, branding and customer behaviour. It will also show banks how to develop strategic initiatives for future competition. This will represent essential thinking for the banking and financial services industry.
In this edited volume the editors highlight the relative importance of European actors in the globalization of technological change by documenting developments in France, Germany, Great Britain, The Netherlands, Spain and Sweden. Developments in Europe sit side by side with those in Mexico and the USA.
Discusses the technological change and financial innovation that commercial banking has experienced during the past 25 years. Describes the role of the financial system in economies and how technological change and financial innovation can improve social welfare. Surveys the literature relating to several specific financial innovations, which are new products or services, production processes, or organizational forms. The past quarter century has been a period of substantial change in terms of banking products, services, and production technologies. Moreover, while much effort has been devoted to understanding the characteristics of users and adopters of financial innovations, we still know little about how and why financial innovations are initially developed.
Reveals the tools, tactics and strategies that financial industry executives can use to realign and revitalize their retail banking organizations. The primary focus is on the needs and expectations of customers. Explores not only breakthrough technologies but innovative uses of conventional technology and refreshed or enhanced systems to add value to any retail banking operation. Contains practical advice, suggestions, and insights offered by scores of bankers. Topics include information and integration; teller system and service imperatives; platform automation; electronic banking; innovative products and packages; marketing information systems; sales and staff performance; branch bank merchandising and more.