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Electronic Commerce Research
Erschienen in: Electronic Commerce Research 1/2013

01.03.2013

Banks and information technology: marketability vs. relationships

verfasst von: Matej Marinč

Erschienen in: Electronic Commerce Research | Ausgabe 1/2013

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Abstract

This paper evaluates the impact of information technology (IT) on the operations of banks and the structure of the banking industry, including implications for stability. On the one hand, banks can focus on relationship banking and use IT developments to tailor services to individual needs and build enhanced, albeit modified, relationships with customers. On the other hand, IT better allows banks to exploit economies of scale and scope, which are most evident in transaction banking. Another manifestation of IT is via financial innovations that have enhanced marketability. Stability enters the picture because increased marketability facilitates opportunistic behavior. Together with enhanced herding behavior and changes in industry structure, this could undermine stability and augment systemic risk, calling for a regulatory overhaul.
Vorheriger Artikel Cybercrime and cyber-security issues associated with China: some economic and institutional considerations
Nächster Artikel Electronic word-of-mouth and online reviews in tourism services: the use of twitter by tourists

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Fußnoten
1
In 1998, only 62 % of large U.S. banks (that responded to the survey) employed small business credit scoring when lending to small businesses [90]. Today, it is used by the majority of large banks and an increasing proportion of small banks [27].
 
2
Large investment banks in particular also offer services such as custody of securities, clearing, securities lending, cash management, and reporting, which require substantial IT support [61, 79, 170]. Risk management that makes extensive use of IT is crucial in underwriting, over-the-counter derivatives, and off-balance-sheet financing.
 
3
IT-induced economies of scale reach across national borders. In the future, technological improvements and standardization (e.g., the SEPA initiative in the EU; see [38]) may further reduce the burden of various technical requirements, fiscal rules, and legal frameworks, and consequently decrease fragmentation in the payment-processing and clearing-and-settlement industry.
 
4
See FDIC, Historical Statistics on Banking, Table CB01, http://​www2.​fdic.​gov/​hsob/​HSOBRpt.​asp.
 
5
See ECB, List of Monetary Financial Institutions, Euro area (changing composition), http://​sdw.​ecb.​europa.​eu/​quickview.​do?​SERIES_​KEY=​187.​MFI.​M.​U2.​102.​T.​1.
 
6
Ben S. Bernanke, Community Banking in a Period of Recovery and Change, Speech on 23 March 2011, at the Independent Community Bankers of America National Convention, San Diego, California.
 
7
In relationship banking, economies of scale and scope may be more difficult to find. Analyzing mainly retail-oriented Spanish commercial and savings banks, Martín-Oliver and Salas-Fumás [137] cannot reject the hypothesis that services from IT capital (and labor) exhibit constant returns to scale at the bank level.
 
8
For example, service-oriented architecture (SOA) allows for service-based software components that are attached to independent functional units [18]. These functional units may be located inside or even across corporate borders and may also provide a basis for designing flexible IT structures in traditionally rigid industries such as banking [113].
 
9
The fit between business processes and IT is important [181].
 
10
However, IT systems already implemented may also act as inhibitors of change. Legacy IT systems usually use closed-form architectures, which are inflexible and force the bank to rely on a single IT vendor. This may impede the introduction of new financial products or removal of redundant work processes [140].
 
11
See Northern Rock Annual Report 1998, p. 31, and Northern Rock Annual Report 2006, p. 59.
 
12
Northern Rock Annual Report 2006, p. 34.
 
13
Afuah and Tucci [5] argue that the internet may hasten Schumpeterian creative destruction in mediating technology industries (e.g., commercial banking), where the primary purpose of firms is to link interdependent clients. Creative destruction in banking may lead to the reduction of transaction and production costs but may have repercussions for stability.
 
14
The systemic risk may also stem from market infrastructure overload if trading systems or clearing and settlement systems are exposed to high-volume and high-speed HFT strategies [16].
 
15
A caveat should be made. IT is not the only driver for creating and disseminating complex products. Others may include quantitative models and the institutional framework.
 
16
Another reason why banks may want to become big is to exploit market power-related benefits (e.g., the network effect of payment technologies; [168]).
 
17
In November 2007, S&P recalibrated its online LEVELS@default model in such a way that default probabilities of non-documentation loans with low FICO scores increased by 60 % [175].
 
18
Although there has been limited evidence of a systemic IT-induced failure, the increasing use of IT in banking may elevate the probability of such event. Nonetheless, there have been several individual failures: JP Morgan Chase’s online banking was down from 13 to 15 September 2010 (http://​www.​nytimes.​com/​2010/​09/​16/​business/​16chase.​html?​scp=​1&​sq=​chase%20​outage&​st=​cse).
 
19
Fraud detection is increasingly important in online payments as more and more transactions are performed online. For example, PayPal was in the first year of its operations under continuous attack of fraudsters. Building on the literature on internet auction fraud (see [92, 93]) banks could reduce the level of fraud by increasing information sharing and by using well designed insurance policies. The need for further regulatory scrutiny exists.
 
20
Melville et al. [145] provide evidence that IT investment is relatively more valuable in competitive and dynamic industries. Analyzing the Greek banking sector, Angelakopoulos and Mihiotis [12] show that banks start providing e-banking services to their customers with the intention of safeguarding their competitive position, reaping the benefits of the low cost of e-banking transactions, and following technological developments. If the technological shock is expected to push customers to use internet services, the first mover advantage is important for two reasons. First, early adopters gather new customers. Second, the competition in the traditional markets intensifies [131].
 
21
This may be in line with Hasan et al. [103], who show that especially bank profit-efficiency (and only modestly also cost efficiency) spurs regional economic growth. A bank’s ability to manage costs may therefore be less important for regional growth than its ability to generate profits. If transaction banking activities result in cost reduction but not in increased profit efficiency, their ability to generate regional economic growth may be hampered.
 
22
In developing countries, mobile money services may increase money transfers and promote banking [8].
 
23
Adrian and Brunnermeier [4] propose macroprudential regulation based on the CoVaR measure of bank interconnectedness. Banks might also use dynamic loan loss provisioning (i.e., by acknowledging losses already incurred and anticipated in bank loan portfolios; see the developments under Basel III).
 
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Metadaten
Titel
Banks and information technology: marketability vs. relationships
verfasst von
Matej Marinč
Publikationsdatum
01.03.2013
Verlag
Springer US
Erschienen in
Electronic Commerce Research / Ausgabe 1/2013
Print ISSN: 1389-5753
Elektronische ISSN: 1572-9362
DOI
https://doi.org/10.1007/s10660-013-9107-2

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