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.
Table of Content
Introduction
1. Overview
The past provides lessons
Brief history of banking
Banking in the modern era
Select major international events in banking history
An imperfect system – Financial crises
The financial crisis of 2007–09
Financial innovation and complexity
Regulatory overhaul
A new potential role
2. Rapid transformation
The customer shift
Fintech ‑ overview
Fintech ‑ outlook
The financial disruptors
Pay Pal
Square
Amazon
Skrill
Transfer Wise
Alibaba
Bitcoin
3. The digital financial revolution
Specific changes which redefined a banking model
Loss of customer trust
Better service experience
The millennials have arrived
Mass adoption of smartphones
Regulation for the financial consumer
More efficient financial services
Economics 101 – supply and demand
An industry transformed
4. A new era of banking
The rise of digital banking firms
Banking on the go
Contactless cards
Check imaging technology
Could social media shape the industry?
The world of Fin Tech wearables
Notable financial innovators
Paym
Midata
Are bank branches disappearing?
Unlocking data for customers
From incremental change to total reinvention
5. Financial innovations from around the world
Global Fin Tech
Australia
Turkey
Iceland
New Zealand
Norway and Sweden
Asia region
Africa
The Republic of Ireland
Poland
United States
6. A digital blueprint for banks
Digital banking value?
Maximize use of existing technology
Apply minor technology interventions
Identified areas for sweeping transformation
Cross-Selling in the Digital Era
Human resources in the digital era
Optimizing structure and incentives
Emphasis on business outcomes
Devise a new strategy for staff
7. The future of banking
References
About the author
Luigi Wewege is the Senior Vice President of Caye International Bank headquartered in Central America, principal of Palmetto Global Ventures a financial consultancy firm focused on digital banking and fintech solutions and serves as an instructor at the Fin Tech School which provides online training courses on the latest technological and innovation developments within the financial services industry. Outside of his main roles Luigi additionally serves as a mentor at Fin Tech Go, a startup accelerator for financial technology companies; as a team member of the Fin Tech Portfolio, the world’s first member-owned fintech innovation ecosystem; and as a speaker for the Silicon Valley Innovation Center.More ebooks from the same author(s) / Editor
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