The Digital Banking Revolution (eBook)

lt;p> 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.

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 financial 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 financial 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　

Midata　　　　　　

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

lt;P>"The Digital Banking Revolution captures the effects of disruption brought to the banking industry by emergent financial technology businesses. The author provides a fascinating examination of several companies who have recently developed new financial innovations and how they are demonstrably significant to the consumer."—Victor von Gierszewski, Managing Director, TNS Global

"The Digital Banking Revolution is an informative read focused on the transformational changes facing traditional retail banks worldwide. It covers insightful well-researched analysis on: big data, customer engagement, disruptive technologies, mobile payments, and the changing financial behaviours of consumers, in particular millennials."—Michael A. C. Hart, Chairman and CEO, TPS Capital

"The Digital Banking Revolution provides a unique take on the consumerization of retail banking services. It elucidates on how banks are facing increasing pressure from digital competitors, and how by recognizing these threats they can now go on the offensive by developing innovative technologies of their own."—Reginald D. Jele, Chief of Staff to the Minister of Finance, Republic of South Africa

"The Digital Banking Revolution should be considered a survival guide for bank leaders, providing those in the industry with a strategic blueprint on how to adapt, evolve and succeed in this digital age."—G. Paul Warner, Former Private Bank Director, National Australia Bank

"The Digital Banking Revolution is an insightful look at how financial technology has brought welcome changes to the banking industry. This is essential reading not only for the next generation of retail bank customers, but also for those who want to fully understand how financial services will be conducted going forward."—Thomas J. O'Rourke, Assistant Director, Banking, The Bermuda Monetary Authority

"The Digital Banking Revolution is an absolute must read for those who wish to gain a deeper understanding of how innovative technologies are shaping the future of financial services."—Boris Simic, Senior Manager-Business & Financial Strategy, Klarna Inc.