Business impacts, new frameworks, and managerial implications
The rise of the ever-growing relationship between technology and financial services is bringing significant changes to the banking industry, which is becoming a battleground where competition is developing to be increasingly multifaceted. Shifting market conditions, customer needs, the entrance of new players & digital technologies, and new regulations are reshaping the whole industry and financial intermediation. Digital transformation is about technology and about change, which is beneficial and desirable. In this scenario, FinTechs are becoming one of the main game-changers in the financial services market by leveraging the inherently interconnected nature of finance.
Even though the technology is widely spreading in the industry, the human element will likely remain key in the future of banking as it is a ‘people business’ (Omarini, 2015). Visions, strategies, business models, and actions can be effective by consciously stepping away from the noise. Both banks and FinTechs will have to face ever-changing conditions and develop the ability to balance short-term targets and long-term goals, as well as short-term moves and a longer-term vision.
All of this increases the need to have a resilient financial system, which helps keep up the customer’s trust in developed countries and creates an environment conducive to financial inclusion in the developing ones.
The book Banks and Banking: Digital Transformation and the Hype of FinTech intends to pursue four main goals:
This book came about from the idea that enriching the perspectives through which we look at things makes each of us more aware of our decision-making processes – it helps us try to develop a more in-depth critical thinking approach to view why, when, and how to take the next step in our choices.
This book’s subject matter can be summarized in the following 10 points:
In conclusion, the message is to step away from the noise in the market and move straight towards true changes useful to the industry while balancing competition, innovation, and financial soundness. Under this scenario, regulators and supervisors ought to play a key role in being wise and fair agents of change.
To learn about Prove’s identity solutions and how to accelerate revenue while mitigating fraud, schedule a demo today.
Join over 1,000 businesses that rely on Prove across multiple industries, including banking, FinTech, healthcare, insurance, and e-commerce. Contact us today.
Contact us to learn how leading companies are using Prove Pre-Fill to modernize the account creation process by shaving off clicks and keystrokes that kill conversion.
Get in touch to find out how we can help you identify your customers at every stage of their journey and offer them seamless and secure experiences.
Let our expert team guide you through our identity verification and authentication solutions. Select a date and time that works for you.
Find out how we can help you deliver seamless and secure customer experiences that comply with PSD2/SCA. Select a date and time that works for you.
Download Aite-Novarica Group’s full report about Prove Pre-Fill, including a product overview, customer results, and how the product works.