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 Principal of Palmetto Global Ventures a financial consultancy firm focused on digital banking and FinTech solutions, and 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. Outside of his main roles Luigi additionally serves as a Mentor at FinTech Go a startup accelerator for financial technology companies, and as a Team Member of the FinTech Portfolio the world’s 1st member-owned FinTech innovation ecosystem. Luigi is also the published author of: The Digital Banking Revolution which is available in audio, kindle and paperback formats throughout all major online bookstores in over fifty countries. For more information about Luigi, please visit his personal website: www.luigiwewege.com.