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Banking on Innovation Modernisation of Payment Systems

:	Tanai Khiaonarong, Jonathan Liebena
:	Banking on Innovation Modernisation of Payment Systems
:	Physica-Verlag
:	9783790823332
:	1
:	CHF 87.40
:

:	Volkswirtschaft
:	English

:	190
:	Wasserzeichen
:	PC/MAC/eReader/Tablet
:	PDF

Innovation in banking should be directed at improving the infrastructure that fosters efficient financial services and international trade. In this work, innovation theory is used to show how modern payment systems have transformed the technology of banking and facilitated changes in the strategy and structure of financial services organisations. Design, implementation and dissemination of payment systems are described and the analysis of their costs and benefits is combined with case studies of banks undergoing change. By studying firm capabilities, competencies, and resources, the approach is extended to services in general and linked to the ability of firms to compete and promote national economies. Payment systems vary and advanced and developing economies face obstacles in their legal and technical infrastructure, and maturity of banks. By adopting an international perspective, the book offers a unique comparative analysis that shows what kind of investments are likely to be effective.

	Acknowledgments	6
	Preface	7
	Contents	9
	Abbreviations	12
	Chapter 1 Introduction	15
	Chapter 2 Payment Systems: An Innovation Perspective	20
	2.1 Models of Innovation	21
	2.1.1 The Linear Model	21
	2.1.2 The Diffusion Model	22
	2.1.3 The Innovation Dynamics Model	23
	2.1.4 Teece’s Model	24
	2.1.5 The People Perspective	24
	2.1.6 The Profit Chain	25
	2.1.7 The Services Model	26
	2.1.8 The Developing Country Model	26
	2.2 Evolutionary and Resource-Based Models	28
	2.2.1 Evolutionary Perspectives	28
	2.2.2 Schumpeter	28
	2.2.3 Freeman	29
	2.2.4 Lundvall	30
	2.2.5 Nelson and Winter	31
	2.3 Resource-Based Perspectives	33
	2.4 Comparison of Views	34
	2.5 Analytical Framework	36
	2.5.1 Types of Resources-Routines	36
	2.5.2 IT Resources	37
	2.5.3 Source of Innovation	39
	Chapter 3 Strategic Approaches to Payment Efficiency and Innovation	41
	3.1 The Minimalist Approach: Australia, Canada, Finland, United Kingdom	42
	3.1.1 Australia	43
	3.1.2 Canada	44
	3.1.3 Finland	46
	3.1.4 United Kingdom	47
	3.2 The Competitive Approach: United States	48
	3.3 The Public Service Approach: Thailand	50
	3.4 Comparison of Strategic Approaches	57
	3.5 The Role of the Central Bank in Promoting Innovation	60
	3.5.1 Technological Innovations	60
	3.5.2 Regulatory Innovations	62
	3.5.3 Financial Innovations	63
	3.5.4 Key Policy Issues	64
	Chapter 4 The Analysis of Payment Systems Efficiency	66
	4.1 Analytical Frameworks	67
	4.1.1 The Risk-Cost Frontier Framework	67
	4.1.2 The Settlement Delay-Liquidity Usage Framework	68
	4.1.3 The Economies of Scale Framework	69
	4.1.4 The Product Life-Cycle Framework	70
	4.1.5 Payment Systems Efficiency Studies	71
	4.2 Use of Payment Instruments and Implications on Efficiency	73
	4.2.1 Cash Transactions	73
	4.2.2 Cashless Transactions	79
	4.2.3 A Model of Payment Instrument Use	81
	4.2.4 Financial Services Infrastructure and X-Efficiency	85
	4.2.5 Implications on Payment Systems Efficiency	89
	4.3 Pricing of Central Bank Payment Services	91
	4.3.1 Pricing Method and Payment Transactions	91
	4.3.2 Fees and Central Bank Services	95
	4.3.3 Costs and Revenue	97
	4.3.4 A Model for Estimating Scale Economies in Large-Value Payment Systems	101
	4.3.5 Key Issues	106
	4.3.6 Policy Recommendations	107
	Chapter 5 The Diffusion of Payment Innovations	111
	5.1 Cross-Country Use of Cash and Electronic Payments	113
	5.1.1 Alternative Indicator of Cash Use	116
	5.2 Costs of Using Different Payment Instruments	119
	5.2.1 Bank Payment Costs	119
	5.2.2 Retailer Expense of Accepting Different Payment Instruments	120
	5.2.3 Estimating the Number of Cash Transactions	121
	5.3 Projecting Shares of Electronic and Cash Payments in Asia	122
	5.3.1 Share of Electronic Payments in Non-Cash Transactions	123
	5.3.2 Share of Cash Payments in Consumption	124
	Chapter 6 Capability Development: The Banking Sector	127
	6.1 Innovation in the Banking Sector	129
	6.2 Payment Automation	134
	6.3 Payment Routines	136
	6.4 Innovative Capabilities	138
	6.4.1 Indicators of Innovation	139
	6.4.2 Sources of Information	140
	6.4.3 Sources of Learning	141
	6.4.4 Sources of Technological Capabilities	145
	6.5 Interpreting the Survey	147
	6.5.1 Replication of Technology	147
	6.5.2 Replication of Payment Systems	150
	6.5.3 Replication of Skills	152
	Chapter 7 Capability Development: Commercial Banks	155
	7.1 Siam Commercial Bank	155
	7.1.1 The First Thai Bank	155
	7.1.2 Role of IT	156
	7.1.3 IT Development Plans	157
	7.1.4 Bank Automation and Innovation	158
	7.1.5 Sources of Innovation	159
	7.2 Bangkok Bank	161
	7.2.1 Thailand’s Largest Bank	161
	7.2.2 Role of IT	162
	7.2.3 Pioneer in Re-engineering	163
	7.2.4 Sources of Innovation	164
	7.3 Kasikornbank	167
	7.3.1 Catalyst of Bank Re-engineering	167
	7.3.2 Role of IT	167
	7.3.3 Sources of Innovation	169
	7.4 Krung Thai Bank	172
	7.4.1 Innovative State Bank	172
	7.4.2 Role of IT	172
	7.4.3 Sources of Innovation	174
	7.5 Lessons Learned	175
	7.5.1 Banking Leadership	176
	7.5.2 Role of Skilled Staff	176
	7.5.3 Role of Re-engineering	178
	7.5.4 Role of IT	179
	7.5.5 Replication of Resources	180
	Chapter 8 Future Challenges	183
	References	187
	Index	199