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.
The book offers a unique perspective on the consumerization of retail banking services.
For many years, retail banks have been secure, highly profitable businesses. However, recent industry disruption has come knocking at the door of these financial giants. The turning point was the global financial crisis experienced between the years 2007 and 2009 which not only led to large losses, and even the collapse of a significant number of established banks, but has shaken the trust of financial customers worldwide to their core. These factors, combined with the fact that banking has been relatively undisturbed for centuries, meant it was time for change, and that change has been the rapid rise of financial technology companies. Emergent innovative financial technologies are profoundly changing the way in which we spend, move and manage our money, unlike ever before. The digital transformation and its pace of change have been truly astounding, dramatically shifting customer behaviors and expectations of their financial service provider. Retail banks must now become positioned to fulfill their customers' every financial need, especially as the millennial generation is poised to soon command the largest purchasing power of any age group, and banks will need to become cognizant of this generation for a multitude of reasons.
For many years, retail banks have been secure, highly profitable businesses.
Endorsed by the Chartered Banker Institute as required reading for its Chartered Banker programme, Retail and Digital Banking looks at the changes that have occurred, including developments in onshore and offshore operations, call centres and the impact of technology and other critical factors in retail and digital banking. This book considers the evolution of retail banking services and the major role that technology has played in providing quality, cost-effective services to consumers. This fascinating text then goes on to offer expert thought leadership on the future of retail banking and what this could mean for existing established banks and disruptive new entrants. Retail and Digital Banking offers readers the opportunity to take a step back and consider the evolution of the sector in which they work and the tremendous level of change that has occurred over time for all operational activity. Retail and Digital Banking provides support for the Personal and Private Banking module assessment and features practical case studies from the banking sector. This essential text brings the journey of modern banking to life and considers what the future holds. Online resources include a glossary, workplace activities, regulation updates and assessment preparation material.
This book considers the evolution of retail banking services and the major role that technology has played in providing quality, cost-effective services to consumers.
Developing a digital banking presence is a daunting task, especially when you consider the financial resources and education needed to achieve telephone, online, mobile, and other digital banking capabilities. Where to start? That's where this book comes in. It's a quick and easy read, the tips are simple to implement, and you may even find a little banking humor to help you through the process. There are other books written on this subject, but what is missing is an execution guide. We need a quick and dirty manual that tells us how to implement digital banking services. This is a short, to the point, and action-oriented (rather than theoretical) book. Innovation is certainly required, but it's not always about technology. Rather it is about using what you already have in different ways to create change. Not every bank or financial institution has huge resources, leadership that supports digital transformation, or fully engaged employees with a digital mindset. So the idea is to provide useful tips that you can execute easily in the current environment of your company - with or without significant investments. Even if your company has been offering digital banking services, this book can help you build out that part of your business further by assisting with areas such as: NEW USERS: How can you best encourage your existing customers to adopt online banking? INCREASED USAGE: How can you get your customers to take advantage of the full range of digital services you provide? IMPROVED SYSTEMS: Technology changes with remarkable speed, and users are always looking for ways to make their lives easier and their banking more secure. As the saying goes, "Life moves pretty fast ..." MULTI-CHANNEL BUSINESS NEEDS: How can you seamlessly incorporate your digital banking services with your business model? EMPLOYEE BUY-IN: How can you get your frontline staff to embrace systems they may view as replacing ... frontline staff? Understanding Your System: Most importantly, you need to feel comfortable with digital banking and have a strong sense of where the market is going, what's working, and what isn't. Digital banking is the future of financial institutions. This book will help you get there in simple, actionable steps. Whatever your position in your company, whether you're enthusiastic about sailing forward or still uncertain about stepping off the dock, let's take this journey together.
Where to start? That's where this book comes in. It's a quick and easy read, the tips are simple to implement, and you may even find a little banking humor to help you through the process.
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.
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 ...
Il problema cruciale delle odierne banche commerciali è che non catturano efficacemente i ricavi attraverso i dispositivi mobili, il web, i tablet e altri canali, come fanno invece quasi tutti gli altri settori. Se vogliono sopravvivere, le banche devono aggiornarsi radicalmente. A quelle che si sentono incerte sul futuro e a quelle impegnate a cambiare, questo libro fornisce una mappa per orientarsi, per riprogettare servizi e procedure, per costruire nuove dinamiche di relazione con il cliente sulla base delle tecnologie odierne. Come tenere il passo della domanda dei clienti nel momento in cui utilizzano tecnologia mobile e tablet? Quali servizi nuovi offrire? Come proteggere le banche dagli attacchi informatici? Sono necessarie nuove, diverse filiali? Che tipo di personale assumere in una banca digitale? Il volume include non solo una estesa panoramica sulla rivoluzione digitale nel sistema bancario, ma anche un'analisi approfondita delle attività di banche emergenti come Barclays nel Regno Unito e mBank in Polonia, di nuove start-up come Metro Bank, di modelli di rottura come FIDOR Bank in Germania e un'introduzione agli ultimi modelli di finanza, come Zopa e Bitcoin. «Skinner è noto nel settore per le sue acute osservazioni su come la tecnologia sta cambiando il modello di business nel settore bancario. È una lettura imperdibile per chiunque sia interessato al futuro dei servizi finanziari». Kenneth Cline direttore esecutivo di "BAI Banking Strategies" «Le banche sono impreparate, incapaci e lente. Se non sono in grado di gestire le informazioni – il nucleo del denaro – allora forse dovrebbero uscire dai giochi. Una lettura davvero illuminante per chiunque creda che le banche potrebbero tornare al vecchio sistema dopo la crisi finanziaria». Michael Mainelli professore emerito del Gresham College di Londra «Skinner è forse il primo autore a prendere il polso del settore dei servizi finanziari non solo dal punto di vista europeo o americano, ma da una prospettiva davvero globale. Emmanuel Daniel fondatore e direttore editoriale di "The Asian Banker" «Chris Skinner ha dato un contributo importantissimo al dibattito sul passaggio alle banche digitali. Raccomando caldamente questa lettura. Brett King, autore di Bank 2.0 e fondatore di Moven «Chris Skinner è un grande esperto, un commentatore e un blogger di tecnologia nella finanza. In questo libro riunisce le sue opinioni su come cambierà l'erogazione di servizi finanziari quando le banche realizzeranno il proprio 'futuro digitale'. Forte di tre decenni di esperienza nello sviluppo della tecnologia bancaria, ci fornisce una guida preziosa e illustrata con una serie di interessanti case study, grazie alla quale potremo orientarci fra i cambiamenti che ci aspettano in questo vitale settore in rapido movimento. Annie Shaw, commentatrice del "Daily Express" ed esperta di finanza per Radio London
L'intenzione era quella e Shaiming credeva di avere realizzato proprio una cosa del genere. Era stato semplice, perché non si trattava di attaccare la DTCC o la Borsa di New York, ma Goldman Sachs. Grazie alle autorità superiori, ...
Digital Bank tracks the innovations in banking and how the mobile internet is changing the dynamics of consumer and corporate relationships with their banks. The implication is that banks must become digitised, and that is a challenge as becoming a Digital Bank demands new services focused upon 21st-century technologies. Digital Bank not only includes extensive guidance and background on the digital revolution in banking, but also in-depth analysis of the activities of incumbent banks such as Barclays in the UK and mBank in Poland, as well as new start-ups such as Metro Bank and disruptive new models of banking such as FIDOR Bank in Germany. Add on to these a comprehensive sprinkling of completely new models of finance, such as Zopa and Bitcoin, and you can see that this book is a must-have for anyone involved in the future of business, commerce and banking. Chris Skinner is best known as an independent commentator on the financial markets through the Finanser (www.thefinanser.com) and Chair of the European networking forum The Financial Services Club, which he founded in 2004. He is the author of ten books covering everything from European regulations in banking through the credit crisis to the future of banking, and is a regular commentator on BBC News, Sky News and Bloomberg about banking issues. More can be discovered about Chris here: http://thefinanser.co.uk/fsclub/chris-skinner/
For a while, there was talk about PFM being the new era of banking, with alerts and budgeting apps giving us all we would need to know aboutour money. Well, it's not. PFM is interesting and importantbut it only givesyoua reverse view of ...
Traditional banks are facing unprecedented disruption from challenger banks today. So why aren’t more of them launching challenger banks of their own? Well, two high-profile examples – JP Morgan’s Finn and RBS’s Bo – were launched with much fanfare, but both shuttered after less than a year. In light of this, the success of TMRW digital bank by UOB, launched in Thailand in 2019 and Indonesia in 2020, is astonishing. Dr Dennis Khoo, who created TMRW, shares with us the thinking behind the design of this revolutionary undertaking. At every step of the way, he and his team went against established paradigms and bucked conventional wisdom to build ASEAN’s first digital bank. Filled with visionary analysis and on-the-ground guidance, Driving Digital Transformation demonstrates how this success can be replicated across all industries. For any leader or organisation starting on a major digital initiative, this book is a must-read. “What makes this playbook particularly valuable is that it is written by Dennis Khoo, one of the sharpest minds in the industry.” – Mary Huen, CEO, Standard Chartered Hong Kong
“Banking for TMRW: Head of UOB's digital bank explains engagement, advocates, Personetics. ... Newsy Today. https://www.newsy-today.com/uob-presents-tmrw-to-support-financial-inclusion-in-the-digitaleconomy-era/. Wei, Y., Yildirim, P., ...
