How Traditional Banks Should Work in Smart City

Conference paper
Part of the Communications in Computer and Information Science book series (CCIS, volume 674)

Abstract

Smart and sustainable cities use information and communication technologies to improve quality of life. Smart economy and digitalization of banking are the core issues of this trend. New technologies are profoundly changing the strategic context of the financial business and communication by changing customers’ attitude and expectations, the nature of competition and business conduct. The progress of ICT services all over the world is different and is underdeveloped in some countries and continents. The paper will present insights from various studies and explore the future banking landscape. The behavior and financial needs of millennials will be examined. The arguments supporting the idea that digital transformation of banks is an imperative for survival and thriving in smart cities will be presented. The ICT transformation of Deutche Bank, Raiffisen Bank, Hana-Bank and Bank Group “Otkrities” will be analyzed. Recommendations for the Russian bank smart transformation will be discussed.

Keywords

Smart city Digitization Digital age NFC (near field communication) Biometric recognition Mobile banking Fintechs Change process 

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Copyright information

© Springer International Publishing AG 2016

Authors and Affiliations

  1. 1.Department of Production Management and Technology TransferITMO UniversitySt. PetersburgRussia
  2. 2.ITMO UniversitySt. PetersburgRussia
  3. 3.Institute of Design and Urban StudiesITMO UniversitySt. PetersburgRussia

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