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

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  • Omarini, Anna

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

Suggested Citation

  • Omarini, Anna, 2017. "The Digital Transformation in Banking and The Role of FinTechs in the New Financial Intermediation Scenario," MPRA Paper 85228, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:85228
    as

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    File URL: https://mpra.ub.uni-muenchen.de/85228/1/MPRA_paper_85228.pdf
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    References listed on IDEAS

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    Cited by:

    1. Ahmet Faruk Aysan & Abdelilah Belatik & Ibrahim Musa Unal & Rachid Ettaai, 2022. "Fintech Strategies of Islamic Banks: A Global Empirical Analysis," FinTech, MDPI, vol. 1(2), pages 1-10, June.
    2. Ander, Veronika & Cihelka, Petr & Tyrychtr, Jan & Novák, David, 2022. "Towards Compromise User Experience Design in Ambient Intelligent Environment," AGRIS on-line Papers in Economics and Informatics, Czech University of Life Sciences Prague, Faculty of Economics and Management, vol. 14(2), June.
    3. Palkovič, Jozef & Matejková, Eva & Richterová, Eva, 2022. "Agricultural Cooperatives and Their Impact on Economic Performance of Farms in Slovakia," AGRIS on-line Papers in Economics and Informatics, Czech University of Life Sciences Prague, Faculty of Economics and Management, vol. 14(2), June.
    4. Tran, Lam Quynh Trang & Phan, Dai Thich & Herdon, Miklos & Kovacs, Levente, 2022. "Assessing the Digital Transformation in Two Banks: Case Study in Hungary," AGRIS on-line Papers in Economics and Informatics, Czech University of Life Sciences Prague, Faculty of Economics and Management, vol. 14(2), June.
    5. Viktoriya Valeryevna Manuylenko & Aminat Islamovna Borlakova & Alexander Vladimirovich Milenkov & Olga Borisovna Bigday & Elena Andreevna Drannikova & Tatiana Sergeevna Lisitskaya, 2021. "Development and Validation of a Model for Assessing Potential Strategic Innovation Risk in Banks Based on Data Mining-Monte-Carlo in the “Open Innovation” System," Risks, MDPI, vol. 9(6), pages 1-19, June.
    6. Błażejczyk-Majka, Lucyna, 2022. "CAP After 2004: Policy to Promote Development or to Elimination Differences Between Regions? Non-parametric Approach Based on Farm Efficiency in the Old and New EU Regions," AGRIS on-line Papers in Economics and Informatics, Czech University of Life Sciences Prague, Faculty of Economics and Management, vol. 14(2), June.
    7. Bareith, Tibor & Csonka, Arnold, 2022. "Dynamics of Competition in the Hungarian Poultry Industry," AGRIS on-line Papers in Economics and Informatics, Czech University of Life Sciences Prague, Faculty of Economics and Management, vol. 14(2), June.
    8. Alina Elena IONAȘCU & Corina Aurora BARBU, 2023. "Digital Transformation In The Banking Sector: A Pre- And Post- Covid-19 Analysis," Management Research and Practice, Research Centre in Public Administration and Public Services, Bucharest, Romania, vol. 15(3), pages 55-69, September.
    9. Liu, Chenyue & Rumánková, Lenka, 2022. "Are There the Impacts of Environmental Regulations on Manufacturing Export? Empirical Evidence from Chinese Manufacturing," AGRIS on-line Papers in Economics and Informatics, Czech University of Life Sciences Prague, Faculty of Economics and Management, vol. 14(2), June.
    10. Omarini, Anna, 2020. "FinTech: A New Hedge for a Financial Re-intermediation. Strategy and Risk Perspective," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 3, pages 1-11.
    11. Shaibu, Abdul-Fatawu & Shaibu, Mohammed Hardi, 2022. "Agricultural Aid and Growth in Sub Saharan Africa: a Review of Empirical Evidence," AGRIS on-line Papers in Economics and Informatics, Czech University of Life Sciences Prague, Faculty of Economics and Management, vol. 14(2), June.
    12. Fertő, Imre & Bojnec, Štefan & Podruzsik, Szilárd, 2022. "Do Subsidies Decrease the Farm Income Inequality in Hungary?," AGRIS on-line Papers in Economics and Informatics, Czech University of Life Sciences Prague, Faculty of Economics and Management, vol. 14(2), June.
    13. Sodamin, Dino & Vaněk, Jiří & Ulman, Miloš & Šimek, Pavel, 2022. "Fair Label versus Blockchain Technology from the Consumer Perspective: Towards a Comprehensive Research Agenda," AGRIS on-line Papers in Economics and Informatics, Czech University of Life Sciences Prague, Faculty of Economics and Management, vol. 14(2), June.
    14. Maniriho, Aristide & Musabanganji, Edouard & Mulumeoderhwa, Fidèle & Manirakiza, Dismas & Lebailly, Philippe, 2022. "Preferences of Small-Scale Farmers for Innovative Farming Techniques in Volcanic Highlands in Rwanda," AGRIS on-line Papers in Economics and Informatics, Czech University of Life Sciences Prague, Faculty of Economics and Management, vol. 14(2), June.
    15. Emerson Wagner Mainardes & Priscilla Maria Ferreira Costa & Silvania Neris Nossa, 2023. "Customers’ satisfaction with fintech services: evidence from Brazil," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 28(2), pages 378-395, June.

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    More about this item

    Keywords

    Digitalization; Digital Transformation; FinTech; Retail Banking; Business Model; Incumbents; Innovation.;
    All these keywords.

    JEL classification:

    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G29 - Financial Economics - - Financial Institutions and Services - - - Other
    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General

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