The Digital Banking Revolution

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 ...

The Digital Banking Revolution

Author: Luigi Wewege

Publisher: Scribl

ISBN: 1365685888

Page: 108

View: 753

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.

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Books about The Digital Banking Revolution
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Language: en
Pages: 138
Authors: Luigi Wewege, Michael C. Thomsett
Categories: Business & Economics
Type: BOOK - Published: 2019-12-02 - Publisher: Walter de Gruyter GmbH & Co KG

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
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How FinTech companies are rapidly transforming the traditional retail banking industry through disruptive financial innovation.