• Latest
  • Trending
BANK STRATEGIES TO COMPETE NEW DIGITAL PLAYERS

BANK STRATEGIES TO COMPETE NEW DIGITAL PLAYERS

Wells Fargo advisors fines $7 MLN by US SEC for anti-money laundering

Wells Fargo advisors fines $7 MLN by US SEC for anti-money laundering

Ford sells shares in EV maker Rivian for $214 MLN

Court puts sales ban on Ford’s internet linked cars in Germany

There is nothing left before Blockchain Fest in Singapore

There is nothing left before Blockchain Fest in Singapore

Exclusive Hyundai to slash combustion engine line-up, invest in EVS

Hyundai motor group plans to invest $16.5 BLN in S.Korea EV business

SONY expects profit to slip after pandemic boom

Sony readies for metaverse revolution with cross-platform push

JP Morgan shareholders vote disapproval of CEO Dimon’s special payout

JP Morgan shareholders vote disapproval of CEO Dimon’s special payout

Tesla loses $ 126 BLN in value amid Musk Twitter deal funding concern

Elon Musk says Twitter legal team told him he violated an NDA

Tech firms asks US supreme court to block Texas social media law

Tech firms asks US supreme court to block Texas social media law

US FAA shifts gears on certifying future flying taxi pilots

US FAA shifts gears on certifying future flying taxi pilots

Ford sells shares in EV maker Rivian for $214 MLN

Ford sells shares in EV maker Rivian for $214 MLN

Fed’s Waller says now is the time to hit it on raising rates

Fed’s Waller says now is the time to hit it on raising rates

All the best is yet to come in Singapore: Blockchain Fest 2022

All the best is yet to come in Singapore: Blockchain Fest 2022

Global Business Review Magazine
Thursday, May 26, 2022
Nominate Here
  • Home
  • Banking
  • Finance
  • Technology
  • FinTech
  • Business
  • Videos
  • Events
  • Awards
  • Magazine
No Result
View All Result
Global Business Review Magazine
No Result
View All Result

BANK STRATEGIES TO COMPETE NEW DIGITAL PLAYERS

BANK STRATEGIES TO COMPETE NEW DIGITAL PLAYERS

Professor Catherine Karyotis from NEOMA Business School states that, banks need to develop new strategies in order to compete the developing market with new challenges from the new players born from digital transformation, who are causing a gradual loss in banks monopoly. There have been many upheavals within the banking community that needs drastic transformations such as introduction of open banking systems, payment automation, instant payments and other developments in the technology.

Neobanks are firms with financial technology that offers internet only services. They have no physical branches. Consumers who don’t mind using mobile app for money management mostly rely upon these. These Neobanks are now becoming one of the biggest competitors for traditional banks. Professor Karyotis says that traditional banks must adapt in order to stand out and capitalise on the trusted relationships that have been established between them and their customers, in order to compete with these exclusively operating direct banks.

YOU MAY ALSO LIKE

Sony readies for metaverse revolution with cross-platform push

JP Morgan shareholders vote disapproval of CEO Dimon’s special payout

She also adds that, a new type of customer relationship needs to be established and in order to improve customer experience, the sources of value creation need to be revised. The she states that, to be customer centric is to put the customer and not the product offer, at the centre of the company’s concerns. In order to have the edge on these digital players, the banks must focus more on their customers by offering an added value to them. The traditional bank employees must capitalize their social skills to accomplish a good place for their banks as their appeal is disappearing nowadays. These banks need to reinvent themselves and make innovations to their economic models, or partnership with the new entrants to emphasize their skills and knowledge that are built on trust.

Tags: Digital BankingDigital PaymentDigital TransformationNeobanks
ShareTweetShare
Global Business Review Magazine

Global Business Review is a online print magazine focusing on the updates and information about on emerging markets, Finance, Banking, Technology. Global Business Review provides news, features, analysis, commentary, and interviews from industry across the globe.

Recent News

  • Wells Fargo advisors fines $7 MLN by US SEC for anti-money laundering
  • Court puts sales ban on Ford’s internet linked cars in Germany
  • There is nothing left before Blockchain Fest in Singapore
  • Hyundai motor group plans to invest $16.5 BLN in S.Korea EV business
  • Sony readies for metaverse revolution with cross-platform push

Categories

  • Banking
  • Business
  • Events
  • Finance
  • FinTech
  • Tech
  • Videos
  • About
  • Nominate
  • Privacy & Policy

© 2022 Global Business Review Magazine - All Rights Reserved.

No Result
View All Result
  • Home
  • Banking
  • Finance
  • Technology
  • FinTech
  • Business
  • Videos
  • Events
  • Awards
  • Magazine

© 2022 Global Business Review Magazine - All Rights Reserved.

Go to mobile version