Description
Book SynopsisEmergent 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 ContentsIntroduction 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 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
