The Digital Banking Revolution

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 20072009 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.

Autorentext

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 FinTech 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 FinTech Go, a startup accelerator for financial technology companies; as a team member of the FinTech Portfolio, the world's first member-owned fintech innovation ecosystem; and as a speaker for the Silicon Valley Innovation Center.

Zusammenfassung

"The Digital Banking Revolution captures the effects of disruption brought to the banking industry by emergent financial technology businesses. The author provides a fascinating examination of several companies who have recently developed new financial innovations and how they are demonstrably significant to the consumer."-Victor von Gierszewski, Managing Director, TNS Global

"The Digital Banking Revolution is an informative read focused on the transformational changes facing traditional retail banks worldwide. It covers insightful well-researched analysis on: big data, customer engagement, disruptive technologies, mobile payments, and the changing financial behaviours of consumers, in particular millennials."-Michael A. C. Hart, Chairman and CEO, TPS Capital

"The Digital Banking Revolution provides a unique take on the consumerization of retail banking services. It elucidates on how banks are facing increasing pressure from digital competitors, and how by recognizing these threats they can now go on the offensive by developing innovative technologies of their own."-Reginald D. Jele, Chief of Staff to the Minister of Finance, Republic of South Africa

"The Digital Banking Revolution should be considered a survival guide for bank leaders, providing those in the industry with a strategic blueprint on how to adapt, evolve and succeed in this digital age."-G. Paul Warner, Former Private Bank Director, National Australia Bank

"The Digital Banking Revolution is an insightful look at how financial technology has brought welcome changes to the banking industry. This is essential reading not only for the next generation of retail bank customers, but also for those who want to fully understand how financial services will be conducted going forward."-Thomas J. O'Rourke, Assistant Director, Banking, The Bermuda Monetary Authority

"The Digital Banking Revolution is an absolute must read for those who wish to gain a deeper understanding of how innovative technologies are shaping the future of financial services."-Boris Simic, Senior Manager-Business & Financial Strategy, Klarna Inc.

Inhalt

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 nancial crisis of 200709

Financial innovation and complexity

Regulatory overhaul

A new potential role

2. Rapid transformation

   The customer shift

   Fintech overview

   Fintech outlook

   The nancial disruptors

   PayPal

   Square

   Amazon

   Facebook

   Google

   Skrill

   TransferWise

   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 FinTech 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 FinTech

   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