The Digital Banking Revolution: How financial technology companies are rapidly transforming the traditional retail banking industry through disruptive innovation - Softcover

Wewege, Luigi

Softcover

ISBN 10: 3330038233 ISBN 13: 9783330038233

Publisher: LAP LAMBERT Academic Publishing, 2017

Synopsis

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.

About this title

From the Author:

Dedication - This book is dedicated to my amazing parents, Desmond and Loretta, without whom none of my success would have been possible!

From the Back Cover:

Thank you for reading this book, and I hope that you have found it both enjoyable to read as well as useful! We are currently living through a fascinating period for the banking industry, where for the first time the financial customer is being put first with innovations being developed around what consumers have long expected of their financial service provider. This current digital era has not only empowered today's customers to be more in control of their finances, but it has also dramatically increased the number of ways in which financial institutions can now interact with their clients.
  With big data analytics, retail banks can know more about their customers, as well as potential clients than at any other time in banking history. The application of these analytics to distill raw data into meaningful insight is now prevalent among all large financial institutions. With all of them regularly acting on insights gleaned from transactional and interactional behavior of their customers, thus enabling curated products and specific services to be offered digitally and instantly.
 I believe that the future holds many more exciting financial innovations, especially due to the battle lines having already been drawn for what will be an enthralling showdown between retail banks and FinTech companies, with each trying to outdo the other. Lastly, if you ever have a comment, suggestion, or feedback, please feel free to contact me via email at: info@digitalbankingrevolution.com or alternatively follow me on Twitter: @luigiwewege.

About this edition

• Publisher: LAP LAMBERT Academic Publishing
• Publication date: 2017
• ISBN 10: 3330038233
• ISBN 13: 9783330038233
• Binding: Paperback
• Number of pages: 172