Over the past decade financial service innovations have contributed to a completely new way in which customers can bank, threatening the status quo of traditional retail banks, and redefining a banking model which has been in place for generations. These new technological advancements have facilitated the rapid emergence of digital banking firms and FinTech companies, leading to established banks being forced to swiftly increase their pace of digital adoption to stay relevant and stop mass client attrition to these agile financial start-ups. These threats come at an inopportune time for banks due to mature markets currently experiencing stagnant growth. This coupled with decreasing profit margins due to the competitive pricing of new entrants, and financial customer loyalty becoming ever increasingly more tenuous.
Luigi Wewege is the Senior Vice President, and Head of Private Banking at Caye International Bank. Outside of the bank he serves as an Instructor at the FinTech School which provides online training courses on the latest technological and innovation developments within the financial services industry. Previously Luigi was the CEO of Vivier & Co a boutique financial services firm, the Commercial Manager of publicly listed Investment Research Group a financial advisory company where he led their media division, and was a Senior Consultant at The Braintrust Network which was a bespoke management consultancy. Notably, while Luigi was completing his undergraduate degree he executed a pilot study for the Federal Trade Commission during one of the most serious financial times for the American economy. The primary focus of the study was to examine and determine the accuracy of credit bureau information, with the research he conducted ultimately providing the impetus for a report which was presented before the United States Congress under Section 319 of the Fair and Accurate Credit Transactions Act of 2003.