Innovation in Financial Services

Bernardo Nicoletti
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Bernardo Nicoletti: University of Rome ‘Tor Vergata’

Chapter 1 in Mobile Banking, 2014, pp 4-18 from Palgrave Macmillan

Abstract: Abstract The main challenge standing in the way of change taking place in the financial services industry is the conservative nature of many financial institutions. The less they change, the better their executives feel. Consequently several outsiders have introduced innovations: A small financial institution in the Netherlands pushed for online banking. It became a global leader in Internet banking: ING Direct. An outdated post office launched a prepaid card in Italy and became a leader there with almost eight million cards: Poste Italiane. A telecom operator launched a person-to-person (P2P) money transfer service using mobile phones. It became a market leader in Kenya: Safaricom.

Keywords: Financial Institution; Financial Service; Internet Banking; Mobile Payment; Online Banking (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:pal:psincp:978-1-137-38656-4_2

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DOI: 10.1057/9781137386564_2

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