“In his latest work about the next generation of financial services, Genovese recognises six prevalent business models that are either already present in the space, or are moving into it:
- Leading digital commerce platforms, such as Amazon and Alibaba
- Leading consumer technology companies, such as Apple and Google
- FinTechs, such as PayPal, Betterment, SoFi, Airwallex and others
- Digital, virtual, challenger and internet banks, such as WeBank, N26, Revolut, and Monzo
- Telcos and players from other industries, such as PingAn, OrangeBank, and Gazprombank
- Incumbents (or “Fincumbents”) which are launching their own digital banks separately – Standard Chartered – Mox as one example
- Incumbents, who are the traditional big banks accelerating and scrambling to transform and offer new digital and mobile services – JP Morgan Chase, HSBC, China Merchants Bank”