This paper presents an analytical framework that describes the business model of banks. It draws on the classical theory of banking and the literature on digital transformation. It provides an explanation for existing trends and, by extending the theory of the banking firm, it illustrates how...

Financial technology (Fintech) is developing rapidly, utilizing software and programming code in innovative ways. It is driving efficiency up and costs down. The digitalization of transactions is now a cross disciplinary science that looks set to disintermediate banking. The adoption of its new...