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Banking Innovations As The Basis For Digital Transformation Of The Banking Sector

Table 2: Impact of the digitalization process on the organization of banking (Rybakov, 2019)

Fintech Neobanks Big-Tech
Description High-tech startups: P2P, FX, crowdfunding, cryptocurrencies and blockchain High-tech startups with a banking license. Independent or as part of large companies. P2P, FX, crowdfunding and microlending. Global or local tech giants
Examples of Ripple, Stipe, WeFinance Starling, Monzo, Revolut Amazon, Google, Facebook, Apple, Alibaba, Yandex
Strengths Time2market, quality, convenience, price for the client The main threat for classic banks is the synergy of BigTech and neobanks
Time2market, quality, convenience, price for the client, banking license Time2market, quality, scaling, customer base, BigData, banking business - not core
Weak sides Client trust, financing, banking expertise and business scalability Financing and business scalability Client trust and expertise in the banking industry
Perspectives Bank vendors/BigTech Part of the banking system Competitors for banks
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