The main challenges facing the retail banking industry in the era of digitalisation

Magdalena Swacha-Lech

Abstract

Both the internal (micro) and external (macro) environment of banking institutions have changed significantly, redefining the competitiveness of the banking sector. The main changes observed lately, which will undoubtedly modify the view offuture banks and banking, constitute: the new generation of bank customers and new client expectations, increasing competition from the FinTech, the digitalisation of the economy and the society, as well as new legal regulations - e.g. Payment Services Directive or Payment Accounts Directive. In this context, the aim of the article is to show the crucial changes in the internal and external environment of banking institutions and to identify the main challenges for banks in the near future. This paper examines the following research questions: (1) What factors and trends are the most disruptive for the modern banking industry? (2) What measures do banks have to take in order to meet both their new clients’ expectations and increasing FinTech competition? The basic research method used in the study is a review and a critical analysis of the subject literature as well as the survey method
Author Magdalena Swacha-Lech (ES / DF)
Magdalena Swacha-Lech,,
- Department of Finance
Journal seriesRozprawy Ubezpieczeniowe, ISSN 1896-3641, (B 7 pkt)
Issue year2017
No4 (26)
Pages94-116
Publication size in sheets1.1
Keywords in Englishmain banking challenges, disruption of the banking industry, digitalisation, Millennials, FinTech, customer centricity
URL http://rf.gov.pl/join/wp-content/uploads/2018/01/RU26-7.pdf
Languageen angielski
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Swacha-Lech_The_ main_ challenges_ facing2017.pdf 640,23 KB
Score (nominal)7
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