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 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.

Auteur

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.

Contenu

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 2007-09

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