Revolution in the Financial Industry: Birth of the ghost bank
According to the December Handelszeitung article Geburt der Geisterbank by Roberto Stefano and Gérard Moinat, the finance industry is facing a massive transition due to decreasing margins.
The authors illustrate the importance of trust in the knowledge economy, with the main objective being the continuous improvement of operational processes.
The upcoming wave of industrialization will leave its mark not only on the backoffice of the banking sector but also in the front offices of financial institutions.
According to Paco Hauser, Appway COO “the potential for increased efficiency of front office processes and self-service processes is significantly higher” The focus for financial institutions should not only be on cost reduction but also on creating a strong differentiation within the market.
