The Digital Transformation in Banking and The Role of FinTechs in the New Financial Intermediation Scenario

Omarini, Anna (2017): The Digital Transformation in Banking and The Role of FinTechs in the New Financial Intermediation Scenario. Published in: International Journal of Finance, Economics and Trade (IJFET) , Vol. 1, No. 1 (22 October 2017): pp. 1-6.

Abstract

One of the main changes in the industry is becoming digitalization which is witnessing a profound transformation to the banking system. Digitalization offers new opportunities for banks to place the customer at the center of the development process. New technologies seem to be and stay in the market to disrupt the retail financial service value chain, as well as introducing new players into the competitive arena. Incumbents and new comers have innovative levers to adopt. The forces shaping these changes have led the industry to reconsider the role of banking and finance, more as an “enabler” than a provider of products and services. The article aims at defining digital transformation in the banking industry, outlining what banks and FinTech companies are both developing in the market, and also pointing out that it is not going to be the technology itself that will be the disruptor of the banking industry, but rather how firm deploys the technology that will cause the disruptio

• Item Type: MPRA Paper
• Language: English
• Keywords: Digitalization; Digital Transformation; FinTech; Retail Banking; Business Model; Incumbents; Innovation.
• Subjects: G - Financial Economics > G2 - Financial Institutions and Services > G20 - General; G - Financial Economics > G2 - Financial Institutions and Services > G21 - Banks ; Depository Institutions ; Micro Finance Institutions ; Mortgages; G - Financial Economics > G2 - Financial Institutions and Services > G23 - Non-bank Financial Institutions ; Financial Instruments ; Institutional Investors; G - Financial Economics > G2 - Financial Institutions and Services > G29 - Other; O - Economic Development, Innovation, Technological Change, and Growth > O3 - Innovation ; Research and Development ; Technological Change ; Intellectual Property Rights > O30 - General

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