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2022 | OriginalPaper | Chapter

12. Digital Strategy

Author : Angel Gavieiro Besteiro

Published in: Strategy in Action

Publisher: Springer International Publishing

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Abstract

This final chapter of the book looks at one of the topics that is at the forefront of many CEO minds across industries, Digital and the opportunity/threat that means for incumbent players. After providing a historical context of the co-evolution of technology and banking, the chapter examines the dynamics between FinTechs and Incumbent Banks, its impact on the industry and suggests best-practice strategy and execution for Digital Transformation leveraging the HMS framework, finishing with a visualization of the future of Digital Financial Services.

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previous chapter Strategy Function
Footnotes
3
Important to distinguish the cryptocurrency from the DLT technology underpinning it; here I am referring to the later, which has a life on its own in terms of use cases well beyond the crypto space.
 
6
Eventually acquired by French Groupe BPCE.
 
7
Fruit of the 2017 merger of D+H and Mysis.
 
9
Know Your Customer (KYC)/Anti Money Laundering (AML), both typical banking regulatory schemes.
 
10
Anyone can join that DLT platform; as opposed to ‘permissioned’ platforms (like Corda and Hyperledger Fabric) where there are some requirements for joining and so the participants can be scrutinized for KYC/AML.
 
11
Exchange Traded Funds (ETF).
 
12
Jan.2019–Jun.2020, 1-month annualized volatility for Bitcoin 50–250% and Ethereum 25–200% vs S&P500 25–100% [14].
 
13
Unfortunately for Orange Bank, Wirecard fell into disgraced bankruptcy in 2020, a good reminder of the risk side of partnerships.
 
14
Avg. deposit rates of Digital vs Incumbent banks (2018): (UK) 0.92% vs 0.44%; (US) 0.79% vs 0.27% [20].
 
15
Points in time where outcomes are expected from negotiations among industry stakeholders involved in an innovation effort.
 
16
Science-to-Data-Science (www.​s2ds.​org).
 
17
BBVA website (Apr.17).
 
19
Although, we know that at the peak of the 2008 credit crisis some money market funds ‘broke the buck’, and the fiat currency pools that collateralizes many stablecoins function like money market funds.
 
20
It would take longer than the age of the known universe to enumerate all the possible configurations of 3D folding for a typical protein by brute force calculation! [36].
 
21
To simulate its computing capacity with classical bits you would need as many as the number of atoms in every human being in the planet! [37].
 
22
When the QC can solve a problem that no classical computer can solve in any feasible amount of time.
 
Literature
1.
2.
“Idea Man” by Paul Allen (2011; Portfolio/Pinguin)
3.
4.
5.
6.
“Retail Banking: Digital Transformation & Disruptor Opportunities 2018-2022” (Juniper Research)
7.
“The Pulse of FinTech – 2H 2019” (Feb.2020; KPMG) and “The Pulse of FinTech – 1H 2021” (Aug.2021; KPMG) by Ian Pollari and Anton Ruddenklau
8.
“Global FinTech Index 2020” report (Dec. 2019; Findexable)
9.
“FinTech: The Experience So Far” policy paper (Jun. 2019; IMF)
10.
“FinTech Lending Industry to hit USD 390.5 billion by 2023” (Feb.20; The Paypers)
11.
“FinTech: Are Banks Responding Appropriately?” by Jeremy Pizzala and Ian Webster (Apr.16; EY)
12.
“Designing a Sustainable Digital Bank” (Jun.15; IBM)
13.
“The New FinTech Bank” by Chris Skinner (Apr. 16; blog)
14.
“BTC and Stock Volatility” by Thomas Chippas (16/07/2020; ErisX)
15.
Pg. 52 in “Lords of Finance” by Liaquat Ahamed (2010; Windmill)
16.
“Progress of Research & Development of e-CNY in China” (Jul. 2021; People’s Bank of China)
17.
“Bank-X: The New New Banks” by Ronit Ghose, Kaiwan Master, Rahul Bajaj, Charles Russell, Robert P. Kong, Yafei Tian and Judy Zhang (Mar.19; Citigroup)
18.
“World FinTech Report 2020” (Apr.20; CapGemini - EFMA)
19.
“The Case For Digital Reinvention” by Jacques Bughin, Laura LaBerge and Anette Mellbye (Feb.17; McKinsey & Co)
20.
“Neo Banks – Performance and New Ideas” (Oct.18; Finnovate)
21.
“The Future of Financial Services in the UK: How to Harness Disruption” by Alan Gemes, James Cousins, George Doble, Arthur Hughes-Hallett, Isabella Yamamoto and Isabella Hadjisavvas (Feb.20; Strategy&-PwC)
22.
“Cutting Through the Noise Around Financial Technology” by Milos Dietz, Somesh Khanna, Tunde Olanrewaju and Kausik Rajgopal. (Feb.16; McKinsey & Co)
23.
“Beyond FinTech: A Pragmatic Assessment Of Disruptive Potential In Financial Services” (Aug.17; World Economic Forum)
24.
“Caterpillars, Butterflies and Unicorns - Does Digital In Banking Really Matter?” by Alan McIntyre, Julian Skan, Cecile Andre Leruste and Francesca Caminiti (Jun.19; Accenture)
25.
“Digital Transformation in Banking: Is It a Mission Impossible?” by Sabrida del Prete (Oct.16; RBS)
26.
“Digitizing Customer Journeys and Processes: Stores from the Frontlines” by Chandana Asif, Jiro Hiraoka, Tomas Jones and Prerak Vohra (Jun.17; McKinsey & Co)
27.
28.
“The Next Generation Operating Model for the Digital World” by Albert Bollard, Elixabete Larrea, Alex Singla and Rohit Sood (Apr.17; McKinsey & Co)
29.
“Dynamic Strategic Planning for Technology Policy” by Richard de Neufville (2000; MIT)
30.
“How To Go Agile Enterprise-wide” from interview with Scott Richardson, Fannie Mae CDO by Khushpreet Kaur (Aug.17; McKinsey & Co.)
31.
“ANZ Digital Chief: Tackle the ‘Frozen Middle’ of your organization or face irrelevancy” from interview with Maile Carnegie by Nadia Cameron (May.17; CMO)
32.
“A CEO’s Guide To Digital Transformation” (Martin Danoesastro, Grant Freeland and Thomas Reichert; BCG, May.17)
33.
“Digitizing Customer Journeys and Processes: Stories from the Front Lines” by Chandana Asif, Jiro Hiraoka, Tomas Jones and Prerak Vohra (May 17; McKinsey & Co.)
34.
“Amazon Fresh till-less grocery store opens in London” by Leo Kelion (4/Mar/2021; BBC)
35.
36.
“AlphaFold: a solution to a 50-year-old grand challenge in biology” by AlphaFold team (30/11/2020; DeepMind)
37.
“IBM unveils breakthrough 127-qbit quantum processor” by IBM (16/Nov/21; PRNewswire)
Metadata
Title
Digital Strategy
Author
Angel Gavieiro Besteiro
Copyright Year
2022
Book
Strategy in Action

Print ISBN: 978-3-030-94758-3

Electronic ISBN: 978-3-030-94759-0

Copyright Year: 2022

DOI
https://doi.org/10.1007/978-3-030-94759-0_12