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FinTech innovation: Revolutionary or evolutionary business model disruption?
Journal of Digital Banking,
4
(2),
102-110
(2019)
Abstract
The next wave of FinTech activity has the potential to provide revolutionary business models. Collaboration between banks and FinTechs has influenced the evolution of banking business models. But the greatest challenge to FinTechs is to maximise and sustain customer adoption. This paper takes an applied approach to analyse the impact FinTech innovation has had on the banking sector and discusses its future. It will provide details of the new operating environment, discuss the evolution of customer experience and the digital banking landscape, and will examine how these areas have disrupted business and operating models. It will also discuss the threat posed by tech giants.
Keywords: FinTech; PSD2 & open banking; business models; customer experience; digital transformation; challenger banks; partnerships; collaboration; tech giants
The full article is available to subscribers to the journal.
Author's Biography
Ravi Bhalla is a high-impact enterprise-level senior leader with over 14 years management experience across telecoms, insurance and financial services in both industry (BT, AIG, Barclays, HSBC & Lloyds Banking Group) and consulting (KPMG). A highly respected programme lead with a strong customer, digital and lean background in roles ranging from strategy to operations, digital, multichannel and product/proposition development, Ravi has attained many awards, including the Barclays Gold Experience Award and the Lloyds Banking Group Leadership: Inspire Delivery Award, and has recently been nominated for the Lloyds Banking Group authentic leadership programme for Black, Asian and Minority Ethnics (BAME) colleagues who demonstrate the attributes and potential to attain an executive-level position. Ravi has previously been a KPMG course lecturer, utilising lean and six sigma experience gained to teach and coach others. He is also a BAME sponsor, providing mentoring and coaching to BAME colleagues who aspire and have the potential to become future senior leaders in Lloyds Banking Group. Ravi holds a BSc (Hons) in Business Management from the University of East Anglia and an MA in Management, Economics and International Relations from the University of St Andrews. His previous publications include ‘The 12 point Customer Engagement Model’ (2013), Journal of Brand Strategy, and ‘Omni-channel: Driving engagement through Digitisation’ (2014) for the Journal of Digital & Social Media Marketing. Ravi’s specialisms include customer experience, digital banking, programme and project management (PRINCE 2), Lean and six sigma (accredited black belt), Agile software delivery (Agile for Executives), design thinking, enterprise architecture, enterprise regulatory design and cybersecurity and operational resilience.
