The Digital Banking Revolution: How Fintech Companies are Transforming the Retai

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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 Digital Banking Revolution is an insightful l

FORMATPaperback LANGUAGEEnglish CONDITIONBrand New Publisher Description

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.

Author Biography

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.

Table of Contents

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

Review

"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.

Long Description

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.

Review Text

"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.

Details ISBN1547418338 Author Michael C. Thomsett Publisher De Gruyter Year 2019 ISBN-10 1547418338 ISBN-13 9781547418336 Pages 138 Publication Date 2019-12-02 Short Title The Digital Banking Revolution Language English Format Paperback Edition 3rd Imprint De Gruyter Place of Publication Boston Country of Publication United States Illustrations 10 Tables, black and white; 20 Illustrations, black and white AU Release Date 2019-12-02 NZ Release Date 2019-12-02 US Release Date 2019-12-02 UK Release Date 2019-12-02 Edited by PG Online Birth 1947 Death 1855 Affiliation Licensed Clinical Psychologist, Private Practice, San Diego Position Senior Research Scientist Qualifications BSc, MPharm,GradCertAcaPrac Edition Description 3rd Edition Subtitle How Fintech Companies are Transforming the Retail Banking Industry Through Disruptive Financial Innovation Alternative 9781547401611 DEWEY 332.10285 Audience Professional & Vocational We've got this

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