In His New Book, Wewege Looks at the Future of Traditional Retail Banking and Discusses Whether it will be One of Revolution or Evolution
LOS ANGELES, CA / ACCESSWIRE / March 24, 2017 / Luigi Wewege, CEO of Vivier & Co, a boutique financial services firm based in Auckland, New Zealand, is pleased to announce the release of The Digital Banking Revolution book. In his new book, Wewege discusses his belief that emergent FinTech companies have rapidly transformed the traditional retail banking industry through disruptive innovation.
To learn more about Vivier & Co, and how the company is planning for continued transformation of banking by FinTech companies, as well as to read more about the financial services they offer, please visit their website: www.vivier.finance.
Wewege notes in his recently published book, that mobile banking, check imaging, and smartwatches are just a few of the latest financial service innovations that assist people with a variety of ways in which to spend, transfer, and manage their money nowadays.
"Advancements in technology have contributed to a completely new way in which consumers can conduct their financial affairs online, threatening the status quo of traditional retail banks, and redefining a banking model which has been in place for generations," Luigi said, adding that if people want to receive updates about the latest in banking and finance news they should follow Vivier's LinkedIn company page.
FinTechs have rapidly emerged as the new low-cost competitors to established international retail banks, which will ultimately force them to swiftly increase their pace of digital adoption. If banks implement these changes they may have a chance at staying relevant within the industry, and stopping mass client attrition to these agile financial startups.
"It's been predicted that there will be more financial service innovations developed over the next five years by FinTech players than in the last twenty years combined," Wewege said.
He continues to explain that the underlying reason for this continued innovation push by FinTechs, is due to them desperately trying to win the hearts and minds of bank customers, and convince them to switch to their product and service offerings. However, as for how much further current technologies can be advanced is not known precisely, and is currently the subject of much debate.
This means that for FinTech companies to continue their rapid growth, it will ultimately come down to the reliability of the technology being developed at present.
"This will either directly affect the performance of FinTechs positively or negatively, and will be a major determining factor on their long-term viability in a highly competitive industry," Wewege said.
As traditional retail banks come to terms with the vital importance of digitizing their services quickly, they will likely find that when migrating to this digital world it could prove rather difficult for them.
"This being primarily due to most of them having decades-old back office legacy technology systems, and if these banks want to still be a relevant player today and beyond in the financial industry, they will need to ensure that they equip themselves with a completely new set of innovative digital solutions," Luigi said.
He then clarifies this further by saying, that once this has been accomplished, banks shouldn't stop but continue a program of adapting to the digital era by nurturing their customer experience. Banks will be able to achieve this through constantly observing market demands for convenient, simple-to-use, easy-to-understand banking products and financial services that will integrate seamlessly into their customers' lives.
Despite the varied amount of challenges that retail banks now face, they do still however possess an inherent competitive advantage over financial technology companies. This derives from banks' larger customer bases, which provide them with vast amounts of customer and transaction data. Additionally, they have built-up valuable know-how in the areas of payments, security, compliance, and financing over several decades.
"These competencies are exceptionally difficult to replicate by any startup financial firm, and what will invariably happen is that they will be confined to acting as financial intermediaries, whilst banks will continue to have the experience and know-how for transactions carried out between their customers and merchants," Wewege said, adding that transactional data should be considered one of the greatest assets of retail banks today.
The information obtained by retail banks will allow them to better understand their customers, he said, and consequently enable them to better provide their customers with value-added services, as well as the ability to offer certain financial services in a variety of new and innovative ways.
"Traditional retail banks worldwide will now need to leverage opportunities enabled by digital technologies, which will be critical to their future chances of success," Luigi said, adding that most retail banks have been taken completely by surprise with the rapid emergence of financial technology companies, and that they now need to go on the offensive by developing innovative financial technologies of their own to disrupt the industry.
"This will ensure that retail banks are back at the forefront of providing people with new financial service solutions, and thus help them regain market share which they have been steadily losing ground to FinTechs throughout this entire digital era."
About Luigi Wewege:
Luigi is the Chief Executive Officer of Vivier & Co a boutique financial services firm offering private digital banking solutions to clients worldwide. Outside of Vivier he serves as the Non-executive Chairman of Nikau Global an international trade development company, as a Partner/Director of Palmetto Global Ventures a bespoke financial management consultancy based in South Carolina, and is an invited member of Massachusetts non-profit The YEC. Luigi is also the author of the book: The Digital Banking Revolution which is available in audio, kindle and paperback formats through all major online bookstores in over fifty countries. For more information, please visit his personal website: www.luigiwewege.com.
About Vivier & Co:
Vivier is a boutique financial services firm incorporate in New Zealand in 2001, and offers a complete financial package which includes: current accounts, savings accounts, debit cards, an online platform, and international money transfers. Vivier also offers escrow accounts which assist companies to facilitate international trade and mitigate their risk on critical transactions. For more information, please visit the company's website: https://vivierco.com.
Brandon Hopkins, Owner of California, USA based AfterHim Media LLC.
SOURCE: Vivier & Co