Bank Strategy when Facing Financial Technology Competition
- DOI
- 10.2991/assehr.k.200331.135How to use a DOI?
- Keywords
- banking services, business competition, strategy formulation
- Abstract
The evolution in banking financial technology shifts banking services from traditional transaction services to modern banking services. This breakthrough changes the way in which banking transactions are performed. Banks should thereby rethink their business strategy to compete in the era of technological progress. Business competition in financial technology (FinTech) comprises of start-ups with technological advantages and endless innovative technology-based financial products. On the basis of the analysis of PT. Bank XYZ’s strategy case study, considering the business competition for FinTech mastery, a bank conducts business strategy formulation in the four following steps. First, it adapts to FinTech technology advantage. Second, it invests in FinTech start-ups and technological innovations. Third, it completely collaborates with FinTech start-ups. Fourth, it focuses on improving the quality of service in several operational aspects. Further, competitive advantage is obtained through the improvement of service quality by orienting toward the needs and expectations of consumers. When the needs of consumers change with the development of technology, the bank must immediately rethink and redesign its business strategies to adapt with the rapid changes. Hence, the design of a sustainable business strategy through cutting-edge FinTech is a basic need and challenge of the banking industry in this era of the digital economy.
- Copyright
- © 2020, the Authors. Published by Atlantis Press.
- Open Access
- This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).
Cite this article
TY - CONF AU - Dede Suryanto PY - 2020 DA - 2020/04/03 TI - Bank Strategy when Facing Financial Technology Competition BT - Proceedings of the 3rd International Conference on Vocational Higher Education (ICVHE 2018) PB - Atlantis Press SP - 149 EP - 154 SN - 2352-5398 UR - https://doi.org/10.2991/assehr.k.200331.135 DO - 10.2991/assehr.k.200331.135 ID - Suryanto2020 ER -