IDEAS home Printed from https://ideas.repec.org/a/aza/jpss00/y2021v15i2p150-164.html
   My bibliography  Save this article

Establishing the trust anchor in the digital economy: The case for banks to become ‘data custodians’

Author

Listed:
  • Cortet, Mounaim

    (Senior Manager, INNOPAY, The Netherlands)

  • Bakker, Maarten

    (Partner, INNOPAY, The Netherlands)

  • Groen, Pepijn

    (Manager, INNOPAY, The Netherlands)

  • Hoppenbrouwer, Denise

    (Consultant, INNOPAY, The Netherlands)

Abstract

This paper argues that the entry of non-bank and/or non-financial players (eg FinTechs and Big Techs) into the payments and banking industry is eroding the role of banks as ‘money custodians’. To survive, banks must therefore embrace new strategic initiatives. This paper discusses how banks can establish themselves as the trust anchor in the digital economy and secure their future relevance and business. Specifically, it presents a strategic roadmap for banks to assume the role of ‘data custodian’ in the everyday lives of their customers. This role will enable them to provide the secure and reliable exchange and management of data-driven digital transactions across all sectors in the digital economy. The proposed roadmap describes the key implications for banks to succeed in their new role. The paper concludes with three critical transformation success factors for bank executives to consider in their transformation journey.

Suggested Citation

  • Cortet, Mounaim & Bakker, Maarten & Groen, Pepijn & Hoppenbrouwer, Denise, 2021. "Establishing the trust anchor in the digital economy: The case for banks to become ‘data custodians’," Journal of Payments Strategy & Systems, Henry Stewart Publications, vol. 15(2), pages 150-164, June.
    • Handle: RePEc:aza:jpss00:y:2021:v:15:i:2:p:150-164
    as

    Download full text from publisher

    File URL: https://hstalks.com/article/6310/download/
    Download Restriction: Requires a paid subscription for full access.
    File URL: https://hstalks.com/article/6310/
    Download Restriction: Requires a paid subscription for full access.
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Massimo Preziuso & Franziska Koefer & Michel Ehrenhard, 2023. "Open banking and inclusive finance in the European Union: perspectives from the Dutch stakeholder ecosystem," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 9(1), pages 1-27, December.
    2. Preziuso, Massimo & Koefer, Franziska & Ehrenhard, Michel, 2023. "Open banking and inclusive finance in the European Union: Perspectives from the Dutch stakeholder ecosystem," EIF Working Paper Series 2023/94, European Investment Fund (EIF).

    More about this item

    Keywords

    data custodian; data economy; digital ecosystem; digital transformation; open banking; digital identity;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:aza:jpss00:y:2021:v:15:i:2:p:150-164. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Henry Stewart Talks (email available below). General contact details of provider: .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.