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The evolution of retail banking services in United Kingdom: a retrospective analysis

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Author Info
Davide Consoli (CRIC, University of Manchester & UMIST)

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Abstract

The purpose of this paper is to assess the sequence of technological changes occurred in the retail banking sector of the United Kingdom against the emergence of customer services by developing an evolutionary argument. The historical paradigm of Information Technology provides useful insights into the ‘learning opportunities’ that opened the way to endogenous changes in the banking activity such as the reconfiguration of its organizational structure and the diversification of the product line. The central idea of this paper is that innovation never occurs without simultaneous structural change. Thus, a defining property of the banking activity is the diachronic adaptation of formal and informal practices to an evolving technological dimension reflecting the extent to which the diffusion of innovation (re)generates variety of micro level processes and induces industry evolution.

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Paper provided by EconWPA in its series Industrial Organization with number 0310002.

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Date of creation: 08 Oct 2003
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Handle: RePEc:wpa:wuwpio:0310002

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Related research
Keywords: Information Technology; Retail Banking; History of Technology; Innovation Systems.;

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Find related papers by JEL classification:
L15 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Information and Product Quality
G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Mortgages
O31 - Economic Development, Technological Change, and Growth - - Technological Change - - - Innovation and Invention: Processes and Incentives
D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search, Learning, and Information

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