Technology is permanently transforming the banking industry, and digital payments are the key. Virtual Banking: A Guide to Innovation and Partnering takes a hands-on approach to competing in the modern banking environment. Former PayPal head of financial innovation Dan Schatt explores the reasons behind the massive consumer migration away from traditional banks and provides clear, actionable guidance on beating new banking models at their own game. Digital payment is the hottest topic in banking today and is set to define the future of the industry.
Consumers are rapidly abandoning traditional banks in favor of institutions that are lower-cost and more consumer-centric. Between the pace of financial regulatory reform and the cloud-computing revolution, the old banking model is on the fast track to extinction. Virtual Banking provides the information banks need to compete in this new environment,and details the integral implementation actions that will allow them to thrive. The audiobook discusses real-world innovations from banks, nonbanks, and up-and-comers and the heavy competition from the new outsource bank model. Topics include:
The changing POS landscape and the need for digital-wallet partnerships
Shifting gears to greenfield market opportunities versus nonprofitable markets
Digital channel best practices for superior customer experience
When to outsource and what capabilities to truly own
Case studies including PayPal, Google, Square, Facebook, Twitter, and more illustrate acceleration of innovation through banking partnerships as well as the mechanics behind banking's biggest, scariest threats.
The trick to surviving the paradigm shift is to embody innovation while providing a superior customer proposition.
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