Revolutionising The Financial Industry The Role Of Fintech Banks In The Digital Age

Author :
Publisher : GRIN Verlag
ISBN 13 : 3346506177
Total Pages : 44 pages
Book Rating : 4.77/5 ( download)

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Download or read book Revolutionising the financial industry. The role of FinTech banks in the digital age written by and published by GRIN Verlag. This book was released on 2021-10-05 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2020 in the subject Economics - Finance, grade: 1,3, accadis Hochschule Bad Homburg, language: English, abstract: “Banking is necessary, banks are not”, Bill gates already stated in 1994. Internal factors, such as low margins and cost pressures, in addition to external factors, such as the financial crisis and the prioritisation of regulatory requirements, have alienated the banking sector from its customers. The traditional banking industry is increasingly obsolete and has failed to innovate over a long period of time. According to recent researches, traditional banks will not only lose 30% of its turnover; 76% are even afraid of losing complete parts of its businesses to FinTechs. Since 2015, the use of FinTech banks have risen strongly. This has shaken the foundations of traditional institutions, as well as the earnings model, due to the technology-enabled concept of FinTechs, without physical branches. Nevertheless, some researchers evaluate the financial reshape as sceptical, on account of the inherent risk of applying technology to finance. With regards to having a point of contact, surveys have shown that individuals, including young people, continue to attach great importance to the ability to have personal contact in a branch setting. Whether Bill Gates’ statement will take place in the next few years remains to be seen. The hypothesis that is tested in the following investigates present consumer preferences for financial services, main intensions for using FinTechs, as well as potential trust issues.

Author : Luigi Wewege
Publisher : Scribl
ISBN 13 : 1365685888
Total Pages : 108 pages
Book Rating : 4.80/5 ( download)

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Download or read book The Digital Banking Revolution written by Luigi Wewege and published by Scribl. This book was released on 2017-02-14 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Author : MissEstelle X Liu
Publisher : International Monetary Fund
ISBN 13 : 1513570056
Total Pages : 42 pages
Book Rating : 4.51/5 ( download)

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Download or read book Stay Competitive in the Digital Age: The Future of Banks written by MissEstelle X Liu and published by International Monetary Fund. This book was released on 2021-02-19 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: The latest advancement in financial technology has posed unprecedented challenges for incumbent banks. This paper analyzes the implications of these challenges on bank competitveness, and explores the factors that could support digital advancement in banks. The analysis shows that the traditionally leading role of banks in advancing financial technology has diminished in recent years, and suggests that onoing efforts to catch up to the digital frontier could lead to a more concentrated banking industry, as smaller and less tech-savvy banks struggle to survive. Cross-country evidence has suggested that banks in high-income economies appear to have been the digital leaders, likely benefiting from a sound digital infrastructure, a strong legal and business environment, and healthy competition. Nonetheless, some digital leaders may fall behind in the coming years in adopting newer technologies due to entrenched consumer behavior favoring older technologies, less active fintech and bigtech companies, and weak bank balance sheets.

Author : Luigi Wewege
Publisher : Lulu.com
ISBN 13 : 136568587X
Total Pages : 166 pages
Book Rating : 4.73/5 ( download)

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Download or read book The Digital Banking Revolution written by Luigi Wewege and published by Lulu.com. This book was released on 2017-01-16 with total page 166 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Author : Michael R. King
Publisher : University of Toronto Press
ISBN 13 : 1487506023
Total Pages : 443 pages
Book Rating : 4.25/5 ( download)

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Download or read book The Technological Revolution in Financial Services written by Michael R. King and published by University of Toronto Press. This book was released on 2020 with total page 443 pages. Available in PDF, EPUB and Kindle. Book excerpt: Industry specialists and thought leaders explain how financial services will evolve in the coming decade in response to heightened regulation, technological disruption, and changing demographics.

Author : Timothy King
Publisher : Springer Nature
ISBN 13 : 3030818357
Total Pages : 338 pages
Book Rating : 4.57/5 ( download)

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Download or read book Disruptive Technology in Banking and Finance written by Timothy King and published by Springer Nature. This book was released on 2021-10-31 with total page 338 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book exemplifies the potential of FinTech to deliver important economic and societal gains, such as enhancing competition and financial inclusion to deliver tailored financial products and services at more affordable prices and at greater convenience. The emergence of FinTech directly challenges the business models of incumbent financial intermediaries like banks, which are adapting by developing their own FinTech offerings and partnering with FinTech and large technology firms. FinTech also constitutes both known and unknown risks to financial stability and challenges regulators to evaluate whether existing regulations are sufficient. The emergence of FinTech as a global phenomenon requires insightful cross-country analysis and different perspectives to evaluate its development and associated opportunities and challenges. This book will be of interest to practitioners, regulators and students of this essential enabling technology that is a major component of the Fourth Industrial Revolution.

Author : Luigi Wewege
Publisher : Walter de Gruyter GmbH & Co KG
ISBN 13 : 1547401591
Total Pages : 138 pages
Book Rating : 4.98/5 ( download)

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Download or read book The Digital Banking Revolution written by Luigi Wewege and published by Walter de Gruyter GmbH & Co KG. This book was released on 2019-12-02 with total page 138 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Author : Erik Feyen
Publisher : World Bank Publications
ISBN 13 : 1464819157
Total Pages : 186 pages
Book Rating : 4.55/5 ( download)

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Download or read book Fintech and the Future of Finance written by Erik Feyen and published by World Bank Publications. This book was released on 2023-04-03 with total page 186 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fintech—the application of digital technology to financial services—is reshaping the future of finance. Digital technologies are revolutionizing payments, lending, investment, insurance, and other financial products and services—and the COVID-19 pandemic has accelerated this process. Digitalization of financial services and money is helping to bridge gaps in access to financial services for households and firms and is promoting economic development. Improved access to basic financial services translates into better firm productivity and growth for micro and small businesses, as well as higher incomes and resilience to improve the lives of the poor. Technology can lower transaction costs by overcoming geographical access barriers; increasing the speed, security, and transparency of transactions; and allowing for more tailored financial services that better serve consumers, including the poor. Women can especially benefit. Yet too many people and firms still lack access to essential financial services that could help them thrive. It is time for policy makers to embrace fintech opportunities and implement policies that enable and encourage safe financial innovation and adoption. Fintech and the Future of Finance: Market and Policy Implications explores the implications of fintech and the digital transformation of financial services for market outcomes, on the one hand, and regulation and supervision, on the other hand—and how these interact. The report, which provides a high-level perspective for senior policy makers, is accompanied by notes that focus on salient issues for a more technical audience. As the financial sector continues to transform itself, policy trade-offs will evolve, and regulators will need to ensure that market outcomes remain aligned with core policy objectives. Several policy implications emerge. 1. Manage risks, while fostering beneficial innovation and competition. 2. Broaden monitoring horizons and reassess regulatory perimeters. 3. Review regulatory, supervisory, and oversight frameworks. 4. Be mindful of evolving policy trade-offs as fintech adoption deepens. 5. Monitor market structure and conduct to maintain competition. 6. Modernize and open financial infrastructures. 7. Ensure public money remains fit for the digital world. 8. Pursue strong cross-border coordination and sharing of information and best practices.

Author : Maged Hassanien
Publisher : GRIN Verlag
ISBN 13 : 3346326454
Total Pages : 47 pages
Book Rating : 4.54/5 ( download)

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Download or read book Digitisation and its impact on business processes in the banking sector written by Maged Hassanien and published by GRIN Verlag. This book was released on 2021-01-12 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: Scientific Essay from the year 2018 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, , language: English, abstract: The information age is increasingly replacing the industrial age - this has greatly increased the importance of information for a successful and sustainable competitive advantage. This brings with it very far-reaching and complex challenges for companies. On the one hand, very large amounts of data will have to be processed and, on the other hand, the question arises as to how these data are to be processed - the focus here is on the issue of digitising work processes in operational banking business (corporate and retail banking) and their effects on the real banking workplace. International information - also known as global information channels - is causing the economic significance of material value creation to decline - the immaterial significance of value creation is thus steadily increasing. For only the right information, which must be made available at all times and geared to the company/bank, will pose a challenge that can result in the creation of value in the work process in the respective areas of the bank. This means that the intangible value added is transferred in the form of a transfer of data into so-called business information, thus leading to additional earnings. This business information must be exploited in and from electronic media in such a way that customer contacts can arise from it, information about it can be created and, for example, added value can be created for the bank customer as a service or for sale. The Internet and digitalisation are unconditional electronic supports that are revolutionising the banking sector. So-called FinTechs, companies which, with technical innovations in the financial services sector, will fundamentally change banking transactions with customers - this is also happening with the demands on the workplaces of bank employees. The FinTech sector (Financial Technology) is extremely innovative and has accordingly built up a dynamic and fast-moving environment. Digitalisation and the Internet with its social and business media have a significant role to play in the working environment of banks.

Author : Ewa Lechman
Publisher : Routledge
ISBN 13 : 1000174972
Total Pages : 192 pages
Book Rating : 4.77/5 ( download)

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Download or read book The Digital Disruption of Financial Services written by Ewa Lechman and published by Routledge. This book was released on 2021-11-29 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book contributes to the present state of knowledge, offering the reader broad evidence on how new digital technologies impact financial systems. It focuses on both macro- and micro-perspectives of ICT influence on financial markets. The book demonstrates how ICT can impact trading systems or information systems, which are crucial for financial systems to work effectively. It also shows how individuals can benefit from the adoption of digital technologies for everyday financial (e.g., banking) systems usage. The book provides empirical evidence of how digital technologies revolutionize the banking sector and stock exchange trading system and explores the associations between technology and various aspects of firms’ functioning. Furthermore, it raises elements of financial inclusion, ICT-based microfinance service and finance-related gender issues. The principal audience of the book will be scholars and academic professionals from a wide variety of disciplines, particularly in the fields of finance and economics. It will be especially useful for those who are addressing the issues of new technologies and the financial markets, FinTech, financial innovations, stock markets, and the role of technological progress in a broadly defined socio-economic system. It will be a valuable source of knowledge for graduate and postgraduate students in economic and social development, information and technology, worldwide studies, social policy or comparative economics.