The Digital Banking Revolution

Luigi Wewege; Michael C. Thomsett

Published by De Gruyter 2020

The Digital Banking Revolution

How Fintech Companies are Transforming the Retail Banking Industry Through Disruptive Financial Innovation

Luigi Wewege and Michael C. Thomsett

https://doi.org/10.1515/9781547401598

Overview
Contents

About this book

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 information

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.

Reviews

"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.

Topics

Frontmatter Publicly Available Download PDF	I
Praise for the Book Publicly Available Download PDF	VII
Foreword Publicly Available Download PDF	IX
Contents Publicly Available Download PDF	XI
About the Authors Publicly Available Download PDF	XV
Chapter 1. Introduction Requires Authentication Unlicensed Licensed Download PDF	1
Chapter 2. Overview of Banking Requires Authentication Unlicensed Licensed Download PDF	9
Chapter 3. An Imperfect System: Financial Crises Requires Authentication Unlicensed Licensed Download PDF	19
Chapter 4. Rapid Transformation Requires Authentication Unlicensed Licensed Download PDF	27
Chapter 5. The Financial Disruptors Requires Authentication Unlicensed Licensed Download PDF	33
Chapter 6. The Digital Financial Revolution Requires Authentication Unlicensed Licensed Download PDF	47
Chapter 7. A New Era of Banking Requires Authentication Unlicensed Licensed Download PDF	57
Chapter 8. International Financial Innovations Requires Authentication Unlicensed Licensed Download PDF	73
Chapter 9. A Digital Blueprint for Banks Requires Authentication Unlicensed Licensed Download PDF	87
Chapter 10. Human Resources in the Digital Era Requires Authentication Unlicensed Licensed Download PDF	93
Chapter 11. The Future of Banking Requires Authentication Unlicensed Licensed Download PDF	95
List of Sources Requires Authentication Unlicensed Licensed Download PDF	99
Thank you Requires Authentication Unlicensed Licensed Download PDF	117
Index Requires Authentication Unlicensed Licensed Download PDF	119

(Deutsch)

Language: English
Publisher: De Gruyter
Edition: 3rd Edition
Audience: Managers and executives in finance and banking
Pages
- Front matter: 16
- Main content: 122
Illustrations
- Illustrations: 20
- Tables: 10
Keywords: Governance; Digital transformation; Fintech; Distruption; Millenials; Retail banking; Online banking; Digital banking

eBook

Published: December 2, 2019
ISBN: 9781547401598

Paperback

Published: December 2, 2019
ISBN: 9781547418336