The Digital Banking Revolution

The Digital Banking Revolution

by Luigi Wewege, Michael C. Thomsett
Released December 2019
Publisher(s): De Gruyter
ISBN: 9781547401611

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Book 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.

Table of contents

  1. Dedication
  2. Praise for the Book
  3. Foreword
  4. Chapter 1 Introduction
    1. Regulatory Compliance
    2. Competition from Other Banks
    3. Regulation from the CFPB
    4. Becoming More Efficient
    5. Weak Economic Growth in Our Market(s)
    6. Competition from Non-bank Entities
    7. Weak Loan Demand
    8. Ability to Invest in New Technology
    9. Lack of Staff in Key Growth Areas
  5. Chapter 2 Overview of Banking
    1. Brief History of Banking
    2. Banking in the Modern Era
      1. Select Major International Events in Banking History
  6. Chapter 3 An Imperfect System: Financial Crises
    1. The Financial Crisis of 2007–2009
    2. Financial Innovation and Complexity
    3. Regulatory Overhaul
    4. A New Potential Role for Banks
  7. Chapter 4 Rapid Transformation
    1. The Customer Shift
    2. Fintech Overview
    3. Fintech Outlook
  8. Chapter 5 The Financial Disruptors
    1. PayPal
    2. Square
    3. Amazon
    4. Facebook
    5. Google
    6. Skrill
    7. TransferWise
    8. Alibaba
    9. Cryptocurrencies
    10. Other Applications of the Blockchain
  9. Chapter 6 The Digital Financial Revolution
    1. Loss of Customer Trust
    2. Better Service Experience
    3. The Arrival of Millennials
    4. Mass Adoption of Smartphones
    5. Regulation for Financial Consumers
    6. More Efficient Financial Services
    7. Rules of Supply and Demand
    8. An Industry Transformed
  10. Chapter 7 A New Era of Banking
    1. Banking on the Go
    2. Contactless Cards
    3. Check Imaging Technology
    4. Could Social Media Shape the Industry?
    5. The World of Wearable Banking
    6. Notable Financial Innovators
      1. Paym
      2. Midata
    7. Are Bank Branches Disappearing?
    8. Unlocking Data for Customers
    9. Incremental Change to Total Reinvention
  11. Chapter 8 International Financial Innovations
    1. Australia
    2. Turkey
    3. Iceland
    4. New Zealand
    5. Norway and Sweden
    6. Asia
    7. United Arab Emirates
      1. The Digital Banking Zone
      2. The Future Banking Zone
      3. The Relationship Banking Zone
    8. Africa
    9. Ireland
    10. Poland
    11. United States
  12. Chapter 9 A Digital Blueprint for Banks
    1. Digital Banking Value?
    2. Maximize Use of Existing Technology
    3. Apply Minor Technology Interventions
    4. Identify Areas for Sweeping Transformation
    5. Cross-Selling in the Digital Era
  13. Chapter 10 Human Resources in the Digital Era
    1. Optimizing Structure and Incentives
    2. Emphasizing Business Outcomes
    3. Devising a New Strategic Vision for Staff
  14. Chapter 11 The Future of Banking
  15. List of Sources
  16. Thank you
  17. Index

Product information

  • Title: The Digital Banking Revolution
  • Author(s): Luigi Wewege, Michael C. Thomsett
  • Release date: December 2019
  • Publisher(s): De Gruyter
  • ISBN: 9781547401611