Banks & Banking: Digital Transformation and the Hype of FinTech

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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, along with new regulations, are reshaping the whole industry and financial intermediation as well. Digital transformation is not only about technology but also 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 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…

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