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.
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About the Author
Table of ContentsIntroduction 12 Overview 16 The past provides lessons 16 Brief history of banking 16 Banking in the modern era 20 Select major international events in banking history 25 An imperfect system - Financial crises 28 The financial crisis of 2007-09 28 Financial innovation and complexity 32 Regulatory overhaul 34 A new potential role 37 Rapid transformation 40 The customer shift 40 FinTech - overview 42 FinTech - outlook 45 The financial disruptors 47 PayPal 48 Square 50 Amazon 52 Facebook 53 Google 55 Skrill 57 TransferWise 59 Alibaba 61 Bitcoin 63 The digital financial revolution 65 Specific changes which redefined a banking model 67 Loss of customer trust 67 Better service experience 68 The millennials have arrived 69 Mass adoption of smartphones 69 Regulation for the financial consumer 72 More efficient financial services 73 Economics 101 - supply and demand 75 An industry transformed 77 A new era of banking 80 The rise of digital banking firms 80 Banking on the go 83 Contactless cards 87 Check imaging technology 89 Could social media shape the industry? 90 The world of FinTech wearables 93 Notable financial innovators 96 Paym 96 Midata 97 Are bank branches disappearing? 98 Unlocking data for customers 100 From incremental change to total reinvention 104 Financial innovations from around the world 108 Global FinTech 108 Australia 109 Turkey 110 Iceland 111 New Zealand 113 Norway and Sweden 114 Asia region 116 Africa 118 The Republic of Ireland 120 Poland 123 United States 124 A digital blueprint for banks 127 Digital banking value? 129 Maximize use of existing technology 133 Apply minor technology interventions 133 Identified areas for sweeping transformation 135 Cross-Selling in the Digital Era 136 Human resources in the digital era 137 Optimizing structure and incentives 137 Emphasis on business outcomes 138 Devise a new strategic vision for staff 139 The future of banking 141 List of figures 147 List of sources 149 About the author 162 Thank you 164