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Title: The technology driving fusion of social media and FinTech in the financial service industry
Authors : Yacoubian, Valeria
Advisors / Reviewers : Posth, Jan-Alexander
Extent : 107
Publisher / Ed. Institution : ZHAW Zürcher Hochschule für Angewandte Wissenschaften
Publisher / Ed. Institution: Winterthur
Issue Date: 2019
License (according to publishing contract) : CC BY-NC-ND 4.0: Attribution - Non commercial - No derivatives 4.0 International
Language : English
Subject (DDC) : 332: Financial economics
Abstract: The digitisation of the financial sector is proving to be a real challenge for Swiss banking institutions. While most market participants pursue the same goal, they pursue different approaches and face individual challenges. However, one thing is clear: Swiss banks are knowledgeable, but they still lag behind with regard to transforming this knowledge into concrete measures when compared to European banks. The Swiss banking landscape, with its characteristics such as the importance of private banking, the relatively small size of the Swiss market compared to the European market and bank secrecy are reasons why the digitization of banking in Switzerland has progressed more slowly. However, the future development of the Swiss banking segment will no longer permit this, given the specific requirements of increasingly complex and demanding clients. This transition, which is already underway, will not only be based on the digitisation of business processes, but will also be driven by new competitors – FinTech and large technology companies such as Facebook, Google and Alibaba. The discussion in this paper therefore focuses on three important findings that can be summarized as follows: 1) Disruptive innovations are reshaping banking 2) Millennials and Gen Z getting into the focus 3) Swiss banks will have to make a strategic choice
Departement: School of Management and Law
Publication type: Bachelor thesis
DOI : 10.21256/zhaw-18938
Appears in Collections:BSc Betriebsökonomie

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