Business & Information Systems Engineering

, Volume 59, Issue 1, pp 69–76 | Cite as


  • Thomas Puschmann

Drivers and Evolution

Digitization of the Financial Services Industry

Digitization has a strong impact on the financial services industry. One major reason is that financial products are almost exclusively based on information. Examples are payment transactions or credit contracts which, in contrast to purchasing a car, do in most cases not include any physical components. Another reason is that most processes are almost entirely implemented without any physical interaction such as for example online payment or stock trading – exemptions are some physical forms of interaction such as client advisory. Due to recent developments in information technology (IT), the ongoing process of digitization is not only leading to an increasing automation of processes, but to a fundamental reorganization of the financial services value chain with new business models (e.g., robo-advisors) and new actors entering the market (e.g., Apple). The term “financial technology” or short “fintech” reflects this...


Fintech Financial technology Digitization Innovation Financial services industry 


  1. Alt R, Puschmann T (2012) The rise of customer-oriented banking: electronic markets are paving the way for change in the financial industry. Electron Mark 22:203–215CrossRefGoogle Scholar
  2. Alt R, Puschmann T (2016) Digitalisierung der Finanzindustrie – Grundlagen der Fintech-Evolution. Springer Gabler, HeidelbergCrossRefGoogle Scholar
  3. Alt R, Sachse S (2012) Banking innovation. In: Gramlich L, Gluchowski P, Horsch A et al (eds) Gabler Bank-Lexikon, 14th edn. Springer Gabler, Wiesbaden, pp 161–162Google Scholar
  4. Arner D et al (2015) The evolution of fintech: a new post-crisis paradigm. The University of New South Wales (UNSW) and the University of Hong Kong, UNSW Law Research Paper No. 2016-62, Hong Kong, SydneyGoogle Scholar
  5. Bower JL, Christensen CM (1995) Disruptive technologies: catching the wave. Harv Bus Rev 73:43–53Google Scholar
  6. Chan CK, Lee HWJ (2005) Successful strategies in supply chain management. Idea Group, HersheyGoogle Scholar
  7. Chishti S, Barberis J (2016) The fintech book. Wiley, HobokenCrossRefGoogle Scholar
  8. Chuang L-M, Liu C-C, Kao H-K (2016) The adoption of fintech service: TAM perspective. Int J Manag Adm Sci 3:1–15Google Scholar
  9. Deutsche Bundesbank (2016) Bank office report 2015 – development of the bank office network in 2015. Deutsche Bundesbank Eurosystem, Frankfurt a. MGoogle Scholar
  10. Foster R (1986) Innovation: the attacker’s advantage. Summit, New YorkCrossRefGoogle Scholar
  11. Frame WS, White LJ (2014) Technological change, financial innovation, and diffusion in banking. Federal Reserve Bank of Atlanta & Leonard N. Stern School of Business, Department of Economics, NYU Working Paper No. 2451/33549, Atlanta & New YorkGoogle Scholar
  12. Gimpel H, Rau D, Röglinger M (2016) FinTech-Geschäftsmodelle im Visier. Wirtschaftsinformatik Manag 8:38–47Google Scholar
  13. Gopalan S, Jain G, Kalani G, Tan J (2012) Breakthrough IT banking. McKinsey Q 26:30–35Google Scholar
  14. Hacklin F, Raurich V, Marxt C (2004) How incremental innovation becomes disruptive: the case of technology convergence. In: 3rd Engineering management conference, pp 32–36Google Scholar
  15. Haddad C, Hornuf L (2016) The emergence of the global fintech market: economic and technological determinants. University of Lille & University of Trier, CESifo Working Paper Series No. 6131, Lille & TrierGoogle Scholar
  16. Kang Y-M, Han K-S, Park S-J, Kim J-B (2016) A study on the trends of fintech. Int J u- e-Service, Sci Technol 9:71–80CrossRefGoogle Scholar
  17. Kauffman RJ, Ma D (2015) Contemporary research on payments and cards in the global fintech revolution. Electron Commer Res Appl 14:261–264CrossRefGoogle Scholar
  18. Kutler J (1993) Citibank is shedding individualistic image. Am Bank.
  19. Lamberti H-J, Büger M (2008) Lessons learnt: 50 Jahre Informationstechnologie im Bankgeschäft am Beispiel der Deutschen Bank AG. Wirtschaftsinformatik 51:31–42. doi: 10.1007/s11576-008-011 CrossRefGoogle Scholar
  20. Lee T, Kim H-W (2015) An exploratory study on fintech industry in Korea: crowdfunding case. In: 2nd International conference on innovative engineering technologies (ICIET’2015). BangkokGoogle Scholar
  21. Lee S-H, Lee D-W (2016) A study on fintech based on actual cases. Int J u- e-Service Sci Technol 9:439–448CrossRefGoogle Scholar
  22. Malone TW, Laubacher R, Johns T (2011) The age of hyperspecialization. Harv Bus Rev 89:56–65Google Scholar
  23. Mori T (2016) Financial technology: blockchain and securities settlement. J Secur Oper Custody 8:208–227Google Scholar
  24. Nüesch R, Puschmann T, Alt R (2015) Hybrid customer interaction. Bus Inf Syst Eng 57:73–78CrossRefGoogle Scholar
  25. Pickens M, Porteous D, Rotman S (2009) Scenarios for branchless banking in 2020. Department for International Development (DFID), Focus Note No. 57, Washington, DCGoogle Scholar
  26. Puschmann T, Alt R (2016) Sharing economy. Bus Inf Syst Eng 58:93–99. doi: 10.1007/s12599-015-0420-2 CrossRefGoogle Scholar
  27. Shim Y, Shin D-H (2016) Analyzing China’s fintech industry from the perspective of actor–network theory. Telecommun Policy 40:168–181CrossRefGoogle Scholar
  28. Skan J, Dickerson J, Masood S (2015) The future of fintech and banking: digitally disrupted or reimagined? Accenture, LondonGoogle Scholar
  29. Tufano P (2003) Finanical innovation. In: Constantinides GM, Harris M, Stulz RM (eds) Handbook of the economics of finance. Elsevier, Amsterdam, pp 307–335Google Scholar
  30. World Economic Forum (2015) The future of financial services – how disruptive innovations are reshaping the way financial services are structured, provisioned and consumed. An Industry Project of the Financial Services Community, New YorkGoogle Scholar
  31. Zavolokina L, Dolata M, Schwabe G (2016) Fintech - what’s in a name? In: Proceedings of the 37th international conference on information systems. DublinGoogle Scholar

Copyright information

© Springer Fachmedien Wiesbaden 2017

Authors and Affiliations

  1. 1.Department of InformaticsUniversity of ZurichZurichSwitzerland

Personalised recommendations