Innovative Banking: Competition and the Management of a New Networks Technology

As the financial services industry becomes increasingly competitive, banks have had to adapt quickly to change. Systems in network innovation such as EFTPOS (electric funds transfer at the point of sale) within the banking industry have very rapidly become widespread, but what strategies lie behind this? What has been learned about managing technology? What has grown out of the collaborations between banks, and what competitive advantages can banks gain as they manage change? This book aims to show how such systems have been managed and marketed to become an important financial innovation for the banking industry. It asks whether the cost of this new network technology corresponds to the level of success. By looking at the way they developed, the decision-making processes involved and the business networks thereby produced, the editors outline the strategies that appear to work best when adopting new technology. They look at the difficulties which face long-established, traditional institutions as they adapt themselves to technological change and exploit it for long-term competitiveness.