Abstract
AbstractThere are three fundamental technological shifts that are defining the competitive landscape of the early 21st century in financial service provision. First and foremost is distributed service provision: both deposit taking and credit provision are becoming more and more dispersed geographically, with less and less need for service providers and service users to meet face to face. The principal enabling technology is in advanced telecommunications, which allows for operation of widely dispersed automatic teller machines, videoconferencing, and internet operations. The second huge technological change that is underway concerns internal management information systems. Financial institutions are now able to put relevant data from affiliates and activities around the world into real‐time globally accessible form. The third technological change is financial engineering, which involves creation of new financial products, often derived from existing credit or deposit‐type instruments. This article explores the implications of these dramatic changes in the competitive landscape of financial service provision and suggests strategies for survival into the 21st century.
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