Research Handbook on Digital Transformations
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Research Handbook on Digital Transformations

Edited by F. Xavier Olleros and Majlinda Zhegu

The digital transition of our economies is now entering a phase of broad and deep societal impact. While there is one overall transition, there are many different sectoral transformations, from health and legal services to tax reports and taxi rides, as well as a rising number of transversal trends and policy issues, from widespread precarious employment and privacy concerns to market monopoly and cybercrime. They all are fertile ground for researchers, as established laws and regulations, organizational structures, business models, value networks and workflow routines are contested and displaced by newer alternatives. This Research Handbook offers a rich and interdisciplinary synthesis of some of the current thinking on the digital transformations underway.
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Chapter 5: The digital disruption of banking and payment services

David Arnold and Paul Jeffery


The financial services industry is experiencing a period of rapid change, with digitization offering consumers new ways of managing their money and payments, and intense attention from entrepreneurs seeking to accelerate that process of change by disrupting the traditional business models of banks and other established financial institutions. In emerging markets, this has resulted in new entrants seizing leading market shares in several industry sectors, but in developed economies the dominance of incumbent banks has not been weakened. This chapter establishes the theoretical basis of disruption and examines whether the necessary conditions are in place for developed economy banks to suffer disruption. We conclude that banks are likely to suffer the loss of some of their traditional functions and that this unbundling will create a more fragmented and competitive market.

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