Innovation in banking should be directed at improving the infrastructure that fosters efficient financial services and international trade. In this work, innovation theory is used to show how modern payment systems have transformed the technology of banking and facilitated changes in the strategy and structure of financial services organisations. Design, implementation and dissemination of payment systems are described and the analysis of their costs and benefits is combined with case studies of banks undergoing change. By studying firm capabilities, competencies, and resources, the approach is extended to services in general and linked to the ability of firms to compete and promote national economies. Payment systems vary and advanced and developing economies face obstacles in their legal and technical infrastructure, and maturity of banks. By adopting an international perspective, the book offers a unique comparative analysis that shows what kind of investments are likely to be effective.

Innovation, the conversion of the new to business as usual, is a very special business process. It is the business process able to reprogram all others. Creating the practices that make this process work is a key challenge for all in financial services that are worried about responding to the future. When an institution can identify things that are outside its present practices and convert them, production line style, into products, processes, cultural changes, or new markets, it will never be outpaced by internal or external change again. The institution becomes "FutureProof". This is a book about those practices in banks. It explains, using examples from institutions around the world, what it takes to create an innovation culture that consistently introduces new things into undifferentiated markets and internal cultures. It shows how banks can leverage the power of the new to establish unexpected revenue lines, or make old ones grow. And it provides advice on the social and political factors that either help or hinder the germination of the new in banks. Moreover, though, this is a book about the science of innovation in a banking context. Drawing from practices already highly developed in financial services—managing portfolios of assets to mitigate risk—it explains how practitioners can run their innovations groups like any other business line in the bank one that delivers a return on investment predictably and at high multiples of internal cost of capital. For leaders, Innovation and the Future Proof Bank provides the diagnostic tools to guide benchmarking and investment decisions for the innovation function. And for innovation practitioners, the book lays out everything needed to make sure that converting the new to business as usual is predictable, measurable, and profitable.

Technology is permanently transforming the banking industry, and digital payments are the key Electronic Payments, Mobile Commerce, and Virtual Banking: A Guide to Innovation, Partnering, and Regulation 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. Electronic Payments, Mobile Commerce, and 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 book discusses real-world innovations from banks, non-banks, 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 non-profitable 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. Electronic Payments, Mobile Commerce, and Virtual Banking: A Guide to Innovation, Partnering, and Regulation provides the inside track on managing the shift and dominating the new marketplace.

The first edition of BANK 2.0—#1 on Amazon's bestseller list for banking and finance in the US, UK, Germany, France, and Japan for over 18 months—took the financial world by storm and became synonymous with disruptive customer behaviour, technology shift, and new banking models. In BANK 3.0, Brett King brings the story up to date with the latest trends redefining financial services and payments—from the global scramble for dominance of the mobile wallet and the expectations created by tablet computing to the operationalising of the cloud, the explosion of social media, and the rise of the de-banked consumer, who doesn't need a bank at all. BANK 3.0 shows that the gap between customers and financial services players is rapidly widening, leaving massive opportunities for new, non-bank competitors to totally disrupt the industry. "On the Web and on Mobile, the customer isn't king—he's dictator. Highly impatient, skeptical, cynical. Brett King understands deeply what drives this new hard-nosed customer. Banking professionals would do well to heed his advice." —Gerry McGovern, author of Killer Web Content

Discusses through a blend of theory and empirical research, the processes of innovation and the diffusion of new financial instruments. This book explores theoretical issues such as the relationship among financial innovation and market structure and the legal protection of financial innovation.

Discusses the technological change and financial innovation that commercial banking has experienced during the past 25 years. Describes the role of the financial system in economies and how technological change and financial innovation can improve social welfare. Surveys the literature relating to several specific financial innovations, which are new products or services, production processes, or organizational forms. The past quarter century has been a period of substantial change in terms of banking products, services, and production technologies. Moreover, while much effort has been devoted to understanding the characteristics of users and adopters of financial innovations, we still know little about how and why financial innovations are initially developed.

Emergent innovative financial technologies are profoundly changing the way in which we spend, move and manage our money, unlike ever before, and traditional retail banks are facing stiff competition. The global financial crisis in 2007–2009 led to large losses, and even the collapse of a significant number of established banks shaking the trust of financial customers worldwide. The Digital Banking Revolution is an insightful look at how financial technology and the rapid rise of financial technology companies have brought welcome changes offering flexibility to the banking industry. The book offers a unique perspective on the consumerization of retail banking services. It delves into the many changes that financial innovations have brought about in banking, the main financial disruptors, the new era of "banking on the go," and financial innovations from countries around the world before concluding with a discussion on the future of banking including optimizing structures, new strategies for business outcomes, and human resources in the digital era.