Conventional banks and Fintechs: how digitization has transformed both models

摘要

The digital revolution has substantially changed the business environment. Researchers and practitioners are trying to understand its structural development in different sectors. In the financial services landscape, most banks have acknowledged the importance of new technologies to improve their performance and client satisfaction. Moreover, the development of these innovations has led to the entrance of the so-called Fintechs in the financial industry. These institutions have democratized access to financial services and caused profound transformations in banking strategy. Today the question is not the amount of services a bank offers. The issue is to identify which financial institutions (including banks and Fintechs) in the market can provide the same service better, with a higher quality, in a more client-centered way.