The Technological Revolution in Financial Services: Introduction
Michael R. King and Richard Nesbitt, eds. The Technological Revolution in Financial Services. Toronto: University of Toronto Press, Forthcoming
19 Pages Posted: 2 Oct 2019
Date Written: September 21, 2019
The financial industry is being transformed by a combination of structural forces: heightened regulation, technological disruption, and changing demographics. These forces are lowering barriers to entry and increasing competition from within and outside the industry. A diversity of new entrants are challenging the incumbent banks, assets managers, insurance provides and other industry stakeholders (collectively “incumbents”). The new entrants range from entrepreneurial financial technology (FinTech) start-ups to large, non-financial technology-based companies (TechFins and BigTech). The goal of this edited volume is to provide insights on the evolution and future landscape of banking and financial services over the coming decades. This book exposes financial practitioners, policymakers, and students to the views and insights of industry leaders, regulators and academic researchers who provide a roadmap on how this industry will evolve. This book is divided into three main sections. The first section examines the structural forces and technologies transforming financial services and how these catalysts are changing customer expectations and the competitive landscape. The second section examines the business models and value proposition of new entrants and how incumbents are adapting their strategies and business models to respond to these challenges. The third section focuses on what actions senior financial leaders need to take to be successful in this new digital era.
Keywords: Financial Services; Banking; FinTech; Competition; Strategy; Regulation
JEL Classification: G2; L1; O3
Suggested Citation: Suggested Citation