The New Banking Business: Elements of Business Models in the Digital Era

Abstract

The changes about the development of knowledge have fueled the birth of new industries, according J. Schumpeter who understood that like the innovative entrepreneur. These changes have promoted the evolution of society, leading it until today reaching the fourth industrial revolution. These changes have fueled growth in the consumer market, which implies new needs and, therefore, the appearance of new technologies and more competitors, then the need for companies to look for new ways of satisfying the consumer’s needs. Banks are no exception in this turbulent market. Thus, the demands of consumers in relation to consumption have varied and the things that they generally consumed as a product is now demanded as a service. Banks must make significant efforts not only to understand this new reality of customers, but it must develop new ways to satisfy their needs. Achieving this goal will only be feasible through the creation of collaborative strategies and business models that establish the only value proposition, the creation of a unique customer experience. This document proposes a model that allows analyzing a series of elements that facilitate decision-making about the combination of elements that must make up the new business models for banking.