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 20072009 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.

Autorentext

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.

Inhalt

Introduction

1. Overview

The past provides lessons

Brief history of banking

Banking in the modern era

Select major international events in banking history

An imperfect system - Financial crises

The nancial crisis of 2007-09

Financial innovation and complexity

Regulatory overhaul

A new potential role

2. Rapid transformation

The customer shift

Fintech overview

Fintech outlook

The nancial disruptors

PayPal

Square

Amazon

Facebook

Google

Skrill

TransferWise

Alibaba

Bitcoin

3. The digital financial revolution

Specific changes which redefined a banking model

Loss of customer trust

Better service experience

The millennials have arrived

Mass adoption of smartphones

Regulation for the financial consumer

More efficient financial services

Economics 101 - supply and demand

An industry transformed

4. A new era of banking

The rise of digital banking firms

Banking on the go

Contactless cards

Check imaging technology

Could social media shape the industry?

The world of FinTech wearables

Notable financial innovators

Paym

Midatä

Are bank branches disappearing?

Unlocking data for customers

From incremental change to total reinvention

5. Financial innovations from around the world

Global FinTech

Australia

Turkey

Iceland

New Zealand

Norway and Sweden

Asia region

Africa

The Republic of Ireland

Poland

United States

6. A digital blueprint for banks

Digital banking value?

Maximize use of existing technology

Apply minor technology interventions

Identified areas for sweeping transformation

Cross-Selling in the Digital Era

Human resources in the digital era

Optimizing structure and incentives

Emphasis on business outcomes

Devise a new strategy for staff

7. The future of banking

References