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Digital Reflections on the Banking Organization

Author

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  • Stefan Vachkov

    (University of Economics - Varna)

Abstract

Under the influence of digital technology, towards the original business territories of banks there advance aggressive competitors, offering financial services in a totally different context. Highly worried by this invasion, the governing bodies of the safety vaults−naturally inert with regard to innovation − are forced to undertake radical organizational changes, which would guarantee fast "conductivity" and effectiverealization of their client-centred strategy for "digital travel". For that purpose there needsto be "constructed" a "more elegant" organization structure with competent bodies andteams, which will "translate" digital innovations to each business sector. In parallel withthat, the transition to the "new normal" imposes the need for digitization of processes inkey areas, where customers will receive "customized" services of high functionality and human touch.

Suggested Citation

  • Stefan Vachkov, 2016. "Digital Reflections on the Banking Organization," An Annual Book of University of Economics - Varna, University of Economics - Varna, vol. 88(1), pages 129-230, January.
    • Handle: RePEc:vrn:yrbook:y:2016:i:1:p:129-230
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    More about this item

    Keywords

    digital technology; Banking Organization; human touch; digital innovations;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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