Abstract
Abstract The development of on‐line banking has the potential to affect the Spanish banking industry, facilitating the entry of new competitors into the market. New entrants may choose to specialize in standardized services, where on‐line technology has the potential to give them a competitive advantage and compete against existing players who have a universal banking business model. However, standardized services have low switching costs and therefore on‐line banks may not enjoy the market power that established players currently enjoy. This paper examines the development of on‐line banking technology, focusing on the strategies developed by two on‐line banks in Spain that have recently entered the market, and documents the strategic responses of the incumbent players. Copyright © 2003 John Wiley & Sons, Ltd.
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