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Bank versus FinTech: Can traditional banks protect market share from FinTech start-ups in the area of Corporate Payment Services?

Moran, Niall (2020) Bank versus FinTech: Can traditional banks protect market share from FinTech start-ups in the area of Corporate Payment Services? Masters thesis, Dublin, National College of Ireland.

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Abstract

This research investigates whether traditional banking can survive the current period of disruption which is fuelled by FinTech start-up companies in the corporate payments area. It is claimed that FinTech is disruptive and carries a threat so great that it will threaten the very existence of banks KPMG (2018). This prediction will be realised by unleashing digital weapons that will recreate and re-imagine how products and services are developed and consumed. However, the timelines and scale of this impact across the overall banking spectrum are not well understood at present, with many conflicting expert views from across the industry. Therefore, to gather regional insights in terms of understanding the impact that Fintech is having, how are the banks reacting and the likely effects on future market share, this research considers the views of five senior banking executives within a leading global bank.

This study highlights for traditional banks to defend their market share they will need to embrace innovation, through digitisation and technology. This cannot be a token gesture, but it will need to form the very core of their business strategy, along with adopting a fundamental culture shift to see out this wave of uncertainty and build towards the future. As reported the incumbents should not view technology advances as a threat but rather focus on the opportunities that it represents. As suggested in this research the ability of banks to capture these opportunities will define their ability to retain market share and survive. Furthermore, this research recommends that with the right strategy and with sound execution, the banks will have the potential to capture additional market share by delivering solutions that satisfy the demands of today’s market.

Item Type: Thesis (Masters)
Subjects: H Social Sciences > HG Finance > Banking
H Social Sciences > HG Finance > Banking > E-banking
H Social Sciences > HF Commerce > Electronic Commerce
Divisions: School of Business > Master of Business Administration
Depositing User: Dan English
Date Deposited: 17 Feb 2021 19:42
Last Modified: 17 Feb 2021 19:42
URI: http://norma.ncirl.ie/id/eprint/4797

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