Book description
Technology is permanently transforming the banking industry, and digital payments are the key
Electronic Payments, Mobile Commerce, and Virtual Banking: A Guide to Innovation, Partnering, and Regulation takes a hands-on approach to competing in the modern banking environment. Former PayPal Head of Financial Innovation Dan Schatt explores the reasons behind the massive consumer migration away from traditional banks, and provides clear, actionable guidance on beating new banking models at their own game. Digital payment is the hottest topic in banking today, and is set to define the future of the industry.
Consumers are rapidly abandoning traditional banks in favor of institutions that are lower-cost and more consumer-centric. Between the pace of financial regulatory reform and the cloud computing revolution, the old banking model is on the fast track to extinction. Electronic Payments, Mobile Commerce, and Virtual Banking provides the information banks need to compete in this new environment, and details the integral implementation actions that will allow them to thrive. The book discusses real-world innovations from banks, non-banks, and up and comers, and the heavy competition from the new outsource bank model. Topics include:
The changing POS landscape and the need for digital wallet partnerships
Shifting gears to greenfield market opportunities versus non-profitable markets
Digital channel best practices for superior customer experience
When to outsource, and what capabilities to truly own
Case studies including PayPal, Google, Square, Facebook, Twitter, and more illustrate acceleration of innovation through banking partnerships, as well as the mechanics behind banking's biggest, scariest threats. The trick to surviving the paradigm shift is to embody innovation while providing a superior customer proposition. Electronic Payments, Mobile Commerce, and Virtual Banking: A Guide to Innovation, Partnering, and Regulation provides the inside track on managing the shift and dominating the new marketplace.
Table of contents
- Foreword
- Preface
- Acknowledgments
-
Introduction
- The Influence of Cloud on Innovation
- The Influence of Smartphones
- Big Data = Big Driver of Innovation
- Taking a Cue from Retailing
- The Enemy of My Enemy Is My Friend
- Reconciling Innovation and Regulation
- In Search of New Payment Revenue Streams
- New Skill Sets for a New Era
- A Road Map for This Book
- Notes
-
Chapter 1: Consumer Empowerment Knocking at the Door
- How Mobile Is Changing Consumer Behavior
- Mobile Is Blurring the Lines between Digital and Physical
- The Uber-ization of Mobile
- “Top of Wallet” to “Top of Mobile”
- The QR Code
- What Banks Can Learn from Starbucks
- Leveling the Playing Field with LevelUp
- From Mobile Banking to Tablet Banking
- Mobile Models for the Emerging Markets
- What’s Next? More of the Same
- Notes
-
Chapter 2: Social and Financial Services
- Digital, Data, and the Future of Banking
- Social Media Experiences in Banking
- Gamification
- Personal Financial Relationship Mapping
- Capitalizing on Social Banking
- Moven: Delivering Banking through Social Context
- Social Banking in Europe and Asia
- Social Login, Sharing, and Top of Wallet
- Peer-to-Peer Lending: Blending Social and Banking
- Beyond the Hype: Partnering for the Future with Peer-to-Peer Lenders
- Lending Club: A Win-Win for Banks and Their Customers
- An Investor’s Perspective on Social Banking and the Emergence of Bitcoin
- Message To Banks: Be a Smaller Part of a Bigger Pie
- Notes
-
Chapter 3: Connected Financial Commerce
- The “Local” Digital Wallet
- The New Retail Experience
- Retail 2.0 and Its Effect on Payments
- Entrepreneurs, Developers, and Financial Services
- Context Banking: The Next Step
- Low-Energy Bluetooth, Hardware, and the Future of Commerce
- iBeacon and EasyPay: The Future of In-Store Payments?
- PayPal’s iBeacon: Proximity and Context
- Google Glass for Finances
- In Search of the Digital Wallet
- The Who’s Who of Digital Wallets
- What’s Next?
- Notes
- Chapter 4: Innovating with Big Data and Open Platforms
-
Chapter 5: Math-Based Currencies
- Entering the Age of Context
- Intro to Math-Based Currencies
- Why “Math-Based Currencies”?
- History of Digital Currencies
- Math-Based Currency Characteristics
- Bitcoin: The First MBC
- Is it Bitcoin, bitcoin, or Just BTC
- How Bitcoin Works
- Counterfeiting No More
- Completing the Bitcoin Ecosystem
- Bitcoin Use Cases in Payments
- Ripple: The Second MBC
- Moving Ahead with MBCs
- Conclusion
-
Chapter 6: The Smart Pipe
- The Prepaid Model
- Prepaid Nation: Redefining What a Bank Can Be2
- The “Underbanked” and Opportunities for Innovation
- MoneyGram: An Example of Expanding A Bank’s Footprint through Partnering
- Innovative Ways to Expand Access—PayNearMe
- How Banks Are Partnering for Innovation
- The CEO-CIO Relationship Driving the Innovation of ING DIRECT Canada6
- A Whole New Era7
- A Venture Capitalist’s Look at the Future of Banking
- Technology as an Enabler and Partner
- What the Next 50 Years Might Hold
- The Future Bank Bundle: Platform- Relationship-Utility
- Notes
- About the Author
- Index
- End User License Agreement
Product information
- Title: Virtual Banking: A Guide to Innovation and Partnering
- Author(s):
- Release date: July 2014
- Publisher(s): Wiley
- ISBN: 9781118742471
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