Over the past decade financial service innovations have contributed to a completely new way in which customers can bank, threatening the status quo of traditional retail banks, and redefining a banking model which has been in place for generations.
These new technological advancements have facilitated the rapid emergence of digital banking firms and FinTech companies, leading to established banks being forced to swiftly increase their pace of digital adoption to stay relevant and stop mass client attrition to these agile financial start-ups.
These threats come at an inopportune time for banks due to mature markets currently experiencing stagnant growth. This coupled with decreasing profit margins due to the competitive pricing of new entrants, and financial customer loyalty becoming ever increasingly more tenuous.
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Luigi Wewege is the President and CEO of Vivier Group a multinational financial group of companies, providing its services worldwide through representation in jurisdictions across Africa, Asia, Oceania, Europe and South America. The group of companies is comprised of: Vivier & Co, Vivier Capital, Vivier Developments, Vivier Investments, Vivier Ventures, and launching shortly Vivier Growth Fund. Outside of Vivier he serves as the Non-executive Chairman of Nikau Global an international trade and development firm, as Partner/Director of Palmetto Global Ventures a bespoke financial management consultancy firm headquartered in South Carolina, and as an invited member of Boston, Massachusetts based non-profit the Young Entrepreneur Council.