Writing Resources
Bill Gates said in 1994 banking is necessary but banks are not Johnson 2017a This is because banking is now possible entirely online without any physical branches This is possible because of financial technology fintech Financial technology is broadly defined as any technological innovation in financial services Browne 2017 The rise of internet banks and the increase of internet banking can be attributed to changing consumer behavior Consumer behavior has been changing due to increased digitized living which can be described as a life style in which Internet connected mobile devices allow people to work shop play create share inform communicate and transact in an integrated manner on their own terms 24 7 across the globe Cortet et al 2016 pg 14 15 It is now expected of banks to deliver greater speed and convenience in payments and other financial services Digital payments give banks the ability to collect much more data including location and behavioral data e g search data preferences Customers may find this intrusive but it also has many benefits The benefits include receiving more relevant offers better budgeting discounts etc The risk of sharing personal data can be outweighed by these benefits The personalized and seamless customer journey will continue to increase into the future because of data collection Banks who do not understand the importance of this will not keep up Cortet et al 2016 Fintech can be a helpful and useful tool in banking because it has the potential to reach millions of customers and offers customers a better value proposition Johnson 2017a
