Banks in the Transformation of Digitization: An Empirical Study

Abstract

The purpose of this study is to evaluate the results on the challenges facing universal banks in a digital world. The study is based on a survey of more than 100 leading German and Swiss banks and management consultancies. The current business model of universal banks is obsolete. New technologies, increasing internet use and changing customer behavior, are leading to the emergence of new business fields. FinTechs are the drivers of financial innovation. The universal banks cooperate with FinTechs in various forms. The banks are facing hurdles to digitization.

Note: Downloadable document is in German.

Keywords: banking, digitalization, digital transformation, FinTech, retail banking, digital transformation, business model, information technology

JEL Classification: G21