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Innovation: A Critical Assessment of the Concept and Scope of Literature Read chapter Read first chapter

2015 | OriginalPaper | Chapter

Technology-Driven Service Innovation in the Banking Industry

Authors : Christopher Bajada, Rowan Trayler

Published in: The Handbook of Service Innovation

Publisher: Springer London

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Abstract

Business-to-business and consumer-to-business transactions in the banking industry have witnessed a dramatic shift in the method of payment over the last two decades. This rapid growth had been initially fuelled by the early adoption of electronic payments such as credit and debit cards but now with the advent of mobile and internet technologies, non-cash transactions have grown even more rapidly. These technological developments have spurred a range of service innovations within the banking industry that has not only improved consumer convenience and reduced staffing and bank operating costs, but also increased the need for greater vigilance around security and fraud detection. This rapidly changing technology is also facilitating the entry of new payment providers in the financial sector with innovative products to meet the changing needs of consumers and businesses. The consequence is a rapidly changing banking industry.

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previous chapter Disruptive Digital Innovation in Healthcare Delivery: The Case for Patient Portals and Online Clinical Consultations
next chapter Systemic Development of Service Innovation
Footnotes
1
EFTPOS in Australia is owned by the major financial initiations that are members of the Australian payments system.
 
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Metadata
Title
Technology-Driven Service Innovation in the Banking Industry
Authors
Christopher Bajada
Rowan Trayler
Copyright Year
2015
Publisher
Springer London
Book
The Handbook of Service Innovation

Print ISBN: 978-1-4471-6589-7

Electronic ISBN: 978-1-4471-6590-3

Copyright Year: 2015

DOI
https://doi.org/10.1007/978-1-4471-6590-3_16