FinTech companies are transforming traditional retail banking and the financial industry in a variety of ways and Caye International Banks Senior Vice President, Luigi Wewege, explains how in his book The Digital Banking Revolution.
Computer systems and technological advances within the financial industry thats covered under the umbrella of FinTech which have provided the impetus for major changes in how business is conducted and how consumers access banking plus payment services. Its forced traditional financial institutions to be more creative and innovative in the digital realm and alter how they engage, attract and retain customers.
Wewege presents well-reasoned and researched information on topics ranging from how financial technology has affected consumer behaviors and habits, and mobile payments to the role of big data and ways traditional financial institutions are working to become attractive to customers. The information the author presents is especially timely and insightful regarding Millennials that have an entirely different outlook on finances and banking than previous generations.
The author provides case studies on some of the largest companies in the world and how theyve utilized FinTech to their advantage, along with a history of banking that explains how the industry reached its current stage of evolution. Readers will also understand the impact that the financial crisis and regulatory changes have played.
Wewege explores the loss of consumer trust in financial institutions, the availability of mobile devices, and the rise of digital currencies such as Bitcoin and how theyve combined to spur innovation. He also discusses how the IoT and wearable tech is changing business models and the effect they will have on the future of the financial services industry.
The Digital Banking Revolution by Luigi Wewege offers an in-depth view of the finance industry, the dramatic effect new technologies have had on banking, and how disruptive technologies are working to change retail banking models around the world. A FinTech insider and an instructor at the first online FinTech School, Wewege reveals how technology is influencing the present and driving the future.
Luigi Wewege is the former CEO of the boutique financial services firm, Vivier & Co; the Principal of Palmetto Global Ventures a Digital Banking and FinTech solutions consultancy; an invited member of the Young Entrepreneur Council; and the Senior Vice President of Caye International Bank. He also works to create opportunities that empower young people through his Luigi Wewege Foundation that provides academic scholarships to American students. A large portion of the proceeds from the sale of The Digital Banking Revolution is going to fund the Foundation and its work.
Overall, the DotCom Magazine highly recommends Luigis book for its informative and well thought out analysis on the future of banking.