Dematerialization of banking products and services in the digital era

The primary purpose of this research is to present the evolution and current state of knowledge regarding the dematerialization of banking products and services in the digital age. The paper discusses the central issues regarding the dematerialization of money, the dematerialization of securities and the dematerialization of the contract, trends with direct impact on the possibility of dematerializing the products and services offered by banking institutions, by means of an investigative discourse and viewpoint into and over the shift from tangible to intangible monetary assets. It mainly explores the impact of dematerialization on certain processes performed by banks (customer enrollment and management) and on certain products and services offered by banks (payment services, lending services, etc.) from the perspective of the latest technological innovations and the influence exerted by fintech companies. The chapter clearly establishes the synergy link between environmental factors (increased competition, technological advance, legislative changes) and the ability of banking institutions to adapt to new conditions by changing the business model. The research ends with a series of conclusions regarding the way in which the tendencies towards dematerialization affect the activity and the business model adopted by the banking institutions. The content of the research report is useful both to the managers in the financial field and to the authorities that legislate this field, especially to those in Romania, who can use the conclusions of the report to elaborate policies in order to advance the degree of digitization of the Romanian banking system.