Beyond Fintech: Bionic Banking

Description

https://link.springer.com/book/10.1007/978-3-030-96217-3 Enterprise management theories about the so-called bionic organization currently face a significant funding gap.  Bionic theories have been mainly applied to enterprise lifecycle because of the presence of similarities between economic organizations and organisms. The digital transformation has offered advancements in the bionics research field which enable us to discuss bionic organizations for the first time as business realities in which humans and machines, especially robotic process automation systems and artificial intelligence tools, cooperate in executing operations. This book determines how a bionic organization can be defined and what are its fundamental elements in the case of banking. Specifically, it investigates the two pillars of bionic enterprise which are technology and humans, as well as the core objectives and outcomes. In order to provide an exhaustive overview, the book proposes a new conceptualization of the business model of a bionic organization on the basis of the Business Model Canvas framework. Ultimately, the study of bionic organizations is aimed to discover also how they evolved in the post pandemic phase as a result of the disruptive events generated by the spread of the pandemic. The research on the book has been conducted through a qualitative and descriptive methodology with the intent to build further knowledge about the topic starting from the information available in literature. To provide actual evidence of the reality of bionic financial services, the book includes case studies. The organizations observed in the study have been selected since they present some of the key traits identified by the bionic enterprise theory. The book demonstrates that bionic enterprise theory can be further enriched with the conceptualization of a bionic business model in which the paradigm of collaboration between humans and machines is a recurring element. Foreword Contents Acronyms List of Figures List of Tables 1 Bionic Banking Introduction Research Background Book Objectives Research Method Book’s Structure Conclusions References 2 Bionic Banking Introduction Origin of Bionics Bionics Fundamentals Analogies Between Organisms and Organizations Enterprise Bionic Theories Bionic Financial Services Fintech Development Fintech Categories New Normal and Organizations Pandemic Impact New Normal Robot and Automation Human Collaboration Remoteness Resilience Resistance Responsibility Resilience and New Normal Agility Design of a Resilient Bionic Banking Emergency Management Characteristics of Resilience Conclusions References 3 Bionic Banking Transformation Introduction Bionic Transformation Birth of Bionic Transformation Defining Bionic Transformation Drivers and Impacts of Bionic Transformation Decision-Making Process Advancements of Bionic Transformation Conclusions References 4 Bionic Banking Business Model Introduction Business Model Canvas (BMC) An Extended Hai Framework Bionic Banking BMC Philosophy Vision Mission Enablers Outcomes Customer Value Proposition Customers Proximity Place and Distribution Accesses Partition of the Market Processes Platforms Augmented Intelligence Machine Learning Cloud Computing Data Science Robotic Process Automation (RPA) RPA and Banking Benefits of RPA Persons Partners Pricing and Revenues Payments and Investments Protection Cyber-Security Fraud Compliance Conclusions References 5 Bionic Banking Life Cycle Introduction Bionic Banking Across the Customer Life Cycle Customer Acquisition Credit Decisioning Monitoring and Collection Deepening Relationships: Wealth Management Intelligent Servicing Bionic Insurer Conclusions References 6 Bionic Banking Project Introduction Human-Automation Collaboration (HAC) Project Human-Automation Collaboration Models Proactive Human-Automation Collaboration Inter-Collaboration Cognition Temporal Collaboration Self-Organizing Teamwork Critical Success Factors of Bionic Banking Critical Success Factors for Bionic Banking Collaboration Complementarity Confidence Competence Customization Cognition Contribution Clarity Creatural (Humanness) Significant Challenges Innovation Methods Innovation Processes Design Thinking Design Thinking Method Lean and Bionic Transformation Research Method Lean and Bionic Transformation Define Discover Design Develop Deconstruct Deploy Diffuse and Operations Agile Innovation Acceptance Model IAM Model Conclusions References 7 Bionic Banking Conclusions Main Findings Future Research References Glossary References Index