What is GAFA

The purpose of the chapter is to evaluate selected strategies and business models as key tools for competing within the financial sector in the digital environment, especially the position of banks against FinTechs and BigTechs, from the perspective of the risk culture factor. The main hypothesis says the success of the process of adapting banks to new competition rules requires the development of individual strategies and business models, taking into account an adequate organizational culture and, within it, a risk culture. To verify this assumption, the relationships between significant competitive features of banks in the digital environment, risk management, and risk culture are presented. The analyses of selected strategies and digital business models are trying to answer the question, to what extent it is possible to implement a new approach, useful in constructing effective solutions for banks to reduce the threats, especially created by FinTechs and BigTechs.