Internet Banking in Europe: a comparative analysis.

A key strategic issue for banks is the implementation of internet banking. The ‘click and mortar’ model that complements classical branch banking with online facilities is competing with pure internet banks. The objective of this paper is to compare the performance of these two models across countries, so as to examine the role of differences in the banking system and technological progress. A fuzzy cluster analysis on the performance of banks in Finland, Spain, Italy and the UK shows that internet banks are hard to distinguish from banks that follow a click and mortar strategy; country borders are more important. We therefore explain bank performance by a group of selected bank features, country-specific economic and IT indicators over the period 1995-2004. We find that the strategy of banking groups to incorporate internet banks reflects some competitive edge that these banks have in their business models. Extensive technological innovation boosts internet banking.Banks, Internet, Innovation.

Modelling credit risk for innovative firms: the role of innovation measures

Financial constraints are particularly severe for R&D projects of SMEs, which cannot generally rely on equity markets and, in the EU, on a sufficiently developed VC industry. If innovative SMEs have to depend on banks to finance their R&D projects, it is particularly important to develop models able to estimate their probability of default (PD) in consideration of their peculiar features. Based on the signaling value of some innovative assets, the purpose of this paper is to show the importance to include them into models which have proved to be successful for SMEs. To this end, we take a logit model and test it on a unique dataset of innovative SMEs (based on PATSTAT database, EPO BULLETIN and AMADEUS) to estimate a two-year PD with default years 2006-2008. In the regression analysis the innovation-related variables are two in order to account for R&D productivity at the level of the firm and to consider the value of the inventive output. Our analyses first address measurement issues concerning innovation-related variable and then show that, while the accounting variables and the patent value are always significant with the expected sign, the patent number per se reduces the PD only in the presence of an appropriate equity level.innovative SMEs; default probability; patent value

Co-operative and Alternative Finance for Agricultural/Food Communities : European Developments

Publisher PD

Knowledge Transfer and the Services Sector in the Context of the New Economy

This paper examines the processes of knowledge transfer in the services sector in the economic reality, increasingly affected by the use of information and communication technologies. An important focus is to explore whether the knowledge transfer channels, traditionally used in manufacturing, can also be made use of in services. To this end, the authors examine the specificity of services with respect to the nature of their output, degree of customer participation in the production process, degree of simultaneity of production and consumption, and study its effect on knowledge transfer. It turns out that in services the following transfer channels are highly important: foreign direct investment, training and producer-consumer two-way knowledge transfer, whereas for manufacturing links with academy and patents are very significant. It is underlined that the characteristics of knowledge holders and knowledge recipients are very important for the process of knowledge transfer. The paper also contains recommendations for policy-making in relation to the knowledge transfer in the Dutch services sector in the context of new economy.economics of technology ;

Evolution of bank branches in the next fifteen years: building an omnichannel distribution strategy for Italian retail banks

CEM

NEW SERVICE DEVELOPMENT: BEST PRACTICE OF THE ITALIAN POSTAL SECTOR

The increasing importance of service sector has caused greater interest of both scientific community and practitioners in examining new service development (NSD) and understanding the necessary conditions of successful service innovation. Significant changes happened in the Postal sector during the last decades forces postal organizations to think in terms of service innovation, quality of service parameters and new service development. Despite of this, the empirical research that has been undertaken concerning the process of developing new services in the Postal sector is rather limited. This paper examines the effective development of new services and some essential factors that should be taken into account in this process by postal enterprises. The present research was based on the case study approach. In-depth semi-structured interviews with managers of Poste Italiane were conducted. Based on the collected data analysis, our hypothesis about 4 main groups of NSD drivers was confirmed

Nonbanks and risk in retail payments

This paper documents the importance of nonbanks in retail payments in the United States and in 15 European countries and analyzes the implications of the importance and multiple roles played by nonbanks on retail payment risks. This paper also reviews the main regulatory safeguards in place, and concludes that there may be a need to reconsider some of them in view of the growing role of nonbanks and of the global reach of risks in the electronic era.

Technological change, financial innovation, and diffusion in banking

This paper discusses the technological change and financial innovation that commercial banking has experienced during the past twenty-five years. The paper first describes the role of the financial system in economies and how technological change and financial innovation can improve social welfare. We then survey the literature relating to several specific financial innovations, which we define as new products or services, production processes, or organizational forms. We find that the past quarter century has been a period of substantial change in terms of banking products, services, and production technologies. Moreover, while much effort has been devoted to understanding the characteristics of users and adopters of financial innovations and the attendant welfare implications, we still know little about how and why financial innovations are initially developed.Technological innovations

smart - Continuous Conceptual Innovation with “Limited” Product Innovation: The Strategic Role of Communication to reinforce Brand Equity

The smart brand case describes the “strategic role of innovation in communication to reinforce brand equity”. A fundamental step change in marketing approach, started over twenty years ago, and translated into both a success in the market and into a new way of thinking and feeling the driving experience in urban areas, in a context with “continuous conceptual innovation combined with limited product innovation”