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Luigi Wewege

The Digital Banking Revolution

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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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158 printed pages
Original publication
2017
Publication year
2017
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Quotes

  • Hannahas quoted4 years ago
    With more interaction comes more opportunity for selling.
  • Hannahas quoted4 years ago
    For retail banks, this requires a dramatic shift in strategic focus from being a provider of financial products and services to rather being a provider of solutions. Banks cannot respond to these threats by simply being more technologically advanced or by reducing the number of branches they operate, but by rolling out better mobile and online banking services.
  • Hannahas quoted4 years ago
    The digital transformation and its pace of change have been truly astounding, dramatically shifting customer behaviors and expectations of their financial service provider.

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