The information age is increasingly replacing the industrial age - this has greatly increased the importance of information for a successful and sustainable competitive advantage. This brings with it very far-reaching and complex challenges for companies.
On the one hand, very large amounts of data will have to be processed and, on the other hand, the question arises as to how these data are to be processed - the focus here is on the issue of digitising work processes in operational banking business (corporate and retail banking) and their effects on the real banking workplace. International information - also known as global information channels - is causing the economic significance of material value creation to decline - the immaterial significance of value creation is thus steadily increasing. For only the right information, which must be made available at all times and geared to the company/bank, will pose a challenge that can result in the creation of value in the work process in the respective areas of the bank. This means that the intangible value added is transferred in the form of a transfer of data into so-called business information, thus leading to additional earnings. This business information must be exploited in and from electronic media in such a way that customer contacts can arise from it, information about it can be created and, for example, added value can be created for the bank customer as a service or for sale.
The Internet and digitalisation are unconditional electronic supports that are revolutionising the banking sector. So-called FinTechs, companies which, with technical innovations in the financial services sector, will fundamentally change banking transactions with customers - this is also happening with the demands on the workplaces of bank employees. The FinTech sector (Financial Technology) is extremely innovative and has accordingly built up a dynamic and fast-moving environment. Digitalisation and the Internet with its social and business media have a significant role to play in the working environment of banks.
Inhaltsverzeichnis (Table of Contents)
- 1 Introduction
- 2 Theoretical foundations
- 2.1 The banking sector
- 2.1.1 Structure and organisation of the banking sector
- 2.1.2 Changes in customer needs / customer focus / customer behaviour due to structural change
- 2.2 Digitisation
- 2.2.1 Definition of digitisation
- 2.2.2 Digitisation of the financial sector / business processes with regard to customer focus
- 3 Process automation / Effects of digitalisation
- 3.1 Effects on the new technologies / business processes
- 3.2 Impact on the new business models in terms of customer focus
- 3.3 Importance of digitisation for the banking sector
- 4 Abstraction of results
- 5 Critical reflection and outlook
Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)
This thesis aims to analyze the impact of digitization on strategic business processes within the German banking sector, specifically focusing on its effects on customer interaction and service. It explores how digital transformation is reshaping traditional banking models and practices to meet evolving customer needs in the digital age.
- The evolving structure and organization of the German banking sector.
- The definition and impact of digitization on financial services.
- The shift in customer behavior and expectations due to digital technologies.
- The emergence of new business models and the role of FinTech companies.
- The challenges and opportunities facing banks in adapting to the digital landscape.
Zusammenfassung der Kapitel (Chapter Summaries)
1 Introduction: This introductory chapter sets the stage by highlighting the profound impact of the information age on businesses, particularly within the banking sector. It emphasizes the growing importance of data processing and the need for digitizing operational banking processes to maintain a competitive advantage. The chapter introduces the concept of intangible value creation through data and information, emphasizing the importance of leveraging digital media to engage customers and create added value. It also introduces the disruptive influence of FinTech companies and the need for banks to adapt to the changing customer journeys and expectations in the digital landscape.
2 Theoretical foundations: This chapter lays the groundwork by providing a foundational understanding of the German banking sector's structure, organization, and the evolving customer landscape. It discusses the German banking system's three-pillar structure (private commercial banks, public law credit institutions, and cooperative banks), along with the role of regulatory bodies like BaFin. The chapter further analyzes the changes in customer needs and behavior driven by the rise of digital technologies, highlighting the shift from traditional brick-and-mortar interactions to online and mobile banking, and the implications for customer service and relationship management. The increasing importance of trust in the digital marketplace is also emphasized.
3 Process automation / Effects of digitalisation: This chapter delves into the effects of digitization on banking technologies and business processes. It examines the importance of operational efficiency, emphasizing the need for banks to modernize their IT infrastructure and adopt cloud-based solutions to reduce costs and enhance processes. The chapter then discusses the impact on customer relationship management, highlighting the use of predictive analytics and big data to personalize services and improve marketing effectiveness. It further explores the innovation of business models, differentiating between disruptive and incremental innovations and analyzing the role of FinTech collaborations in achieving sustainable growth. The chapter concludes by discussing the importance of digitization for the banking sector's future survival and emphasizing the necessity of adopting new business models and customer-centric approaches.
Schlüsselwörter (Keywords)
Digitization, banking sector, customer focus, FinTech, business models, process automation, customer relationship management, digital transformation, innovation, multi-channel approach, omnichannel, operational efficiency, predictive analytics, big data, strategic evolution, disruptive innovation, Industry 4.0.
Frequently Asked Questions: A Comprehensive Language Preview
What is the main topic of this document?
This document provides a comprehensive overview of a language preview focusing on the impact of digitization on the German banking sector and its effects on customer interaction and service. It analyzes the evolving structure of the banking sector, the definition and impact of digitization on financial services, the shift in customer behavior, the emergence of new business models, and the challenges and opportunities for banks in the digital landscape.
What are the key themes explored in this preview?
The key themes include the evolving structure and organization of the German banking sector; the definition and impact of digitization on financial services; the shift in customer behavior and expectations due to digital technologies; the emergence of new business models and the role of FinTech companies; and the challenges and opportunities facing banks in adapting to the digital landscape.
What is the document's structure?
The document is structured into several sections: a table of contents, objectives and key themes, chapter summaries (Introduction, Theoretical Foundations, Process Automation/Effects of Digitalization), and keywords. Each section provides a detailed overview of the content and findings.
What are the key findings regarding the impact of digitization on the German banking sector?
The preview highlights the profound impact of digitization on banking processes, customer behavior, and business models. It emphasizes the need for banks to modernize their IT infrastructure, adopt cloud-based solutions, utilize predictive analytics and big data, and embrace new business models to remain competitive in the digital age. The importance of a customer-centric approach and the challenges posed by FinTech companies are also discussed.
What are the main objectives of the study?
The main objective is to analyze the impact of digitization on strategic business processes within the German banking sector, specifically focusing on its effects on customer interaction and service. It aims to explore how digital transformation is reshaping traditional banking models and practices to meet evolving customer needs.
What are the key chapters and their summaries?
The document summarizes three main chapters: Introduction: Sets the stage by highlighting the impact of the information age and the need for digitization. Theoretical Foundations: Provides a foundational understanding of the German banking sector's structure and evolving customer landscape. Process Automation/Effects of Digitalization: Delves into the effects of digitization on banking technologies and business processes, including the impact on customer relationship management and the emergence of new business models.
What keywords are associated with this study?
Keywords include Digitization, banking sector, customer focus, FinTech, business models, process automation, customer relationship management, digital transformation, innovation, multi-channel approach, omnichannel, operational efficiency, predictive analytics, big data, strategic evolution, disruptive innovation, and Industry 4.0.
What is the target audience for this document?
This document is intended for academic use, focusing on the analysis of themes related to digitization within the German banking sector. It provides a structured and professional overview suitable for researchers and students.
- Quote paper
- Dipl.-Betriebs- und Verwaltungswirt und PhD Maged Hassanien (Author), 2018, Digitisation and its impact on business processes in the banking sector, Munich, GRIN Verlag, https://www.grin.com/document/974153
