Redefining Financial Services: The New Renaissance in Value Propositions

Redefining Financial Services: The New Renaissance in Value Propositions

Redefining Financial Services: The New Renaissance in Value Propositions

Redefining Financial Services: The New Renaissance in Value Propositions

Synopsis

Redefining Financial Services explores the fundamental redefinition of the role of financial intermediaries in the new century. Combining empirical knowledge with a historical approach, the author reveals that seven centuries of advances in technology have changed the nature of financial services very little. Examining the state of financial services today in the context of the new economy's evolution, Joe DiVanna investigates what changes are happening in the financial industry, where they are occurring, how they are materializing and, more importantly, why.

Excerpt

The phrase ‘financial services’ is very new in the lexicon, having been coined by Harry Freeman at American Express in 1979; however, intermediaries performing financial services have existed for a very long time. At the present time, financial services companies have one thing in common: the new face of competition. The evolution of technology and the rise in computer literacy are redefining the nature of money and transforming the financial services industry. In this book we ask the questions: When is a bank a bank, and do banks still add value? The Internet has been heralded as a mechanism that is revolutionizing the financial services industry. However, the Internet and the business capabilities that are possible are not magic; they are simply a means to an end, not an end in itself. Technology continues to alter the way in which financial services conduct business and deliver services. Still, financial services firms who intend to survive over the next fifty years must have one main purpose: generating value for customers.

This book examines the value propositions of financial intermediaries, from their formation in thirteenth-century Florence to the current global market trends, providing a glimpse into the future of banking, and presenting a compilation of ideas, concepts and solutions from traditional firms to new market entrants around the world. We introduce the concept of value proposition in Part I, as well as a brief example of successful value propositions in history.

In Part II, The Future of Banking Services, we seek to explain what is changing in the offerings of financial services and in the financial services industry itself. Focus will be given to the activity of consumers, technology, economic forces, new market entrants and collaboration between businesses. It is our purpose to examine how these factors, coupled with globalization, taxation and the Internet, are reshaping the very nature of how financial services compete in the new economy. Additionally, we will explore the ways in which companies have been creating new value propositions over the past decade and the impact of the lack of a value proposi-

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.