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11. Banknæringen i endring: Kan innføring avEU-direktivet PSD2 redusere banker til en ren betalingsinfrastruktur?: Fjordantologien 2020
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In the last few years leading-edge research from information systems, strategic
management, and economics have separately informed our understanding of platforms
and infrastructures in the digital age. Our motivation for undertaking this special
issue rests in the conviction that it is significant to discuss platforms and infrastructures
concomitantly, while enabling knowledge from diverse disciplines to cross-pollinate to
address critical, pressing policy challenges and informstrategic thinking across both social
and business spheres. In this editorial,we reviewkey insights from the literature on digital
infrastructures and platforms, present emerging research themes, highlight the contributions
developed from each of the six articles in this special issue, and conclude with
suggestions for further research.
Changing regulation and business environment as well as development of information technologies in finance is rapidly modifying the financial services industry. This consequently puts the financial services industry under additional pressure and constant growing competition from the financial sector participants, from large technology companies such as Google, Apple, Facebook, Amazon, from large FinTech companies such as PayPal, Moven, TransferWise, mobile network operators and other existing and potential market players. The implementation of the new EU Payment Service Directive (PSD2), which allows non-financial companies to provide access to financial services for bank customers, is expected to disrupt the financial services industry as we know it, and make traditional financial services providers and banks, in particular, think of new creative business models to remain competitive. In the process of doing this, changing the landscape of payments and creating new risks for banking business. With this study we aim to assess the new EU Payment Service regulation in the context of industry competitiveness. The study is based on the examination of the PSD2 Directive exploring the opportunities as well as the risks that it will bring to this industry in the near future, and the possibilities of cooperation of the financial services industry with financial technology developers. Moreover, we analyse structured data, collected from a questionnaire based on 4 themes of perception of techs on the importance they have on ensuring competitiveness, conducted with European tech companies. Most of the questionnaire participants believe that the Payment Services Directive 2 will promote competitiveness, innovations and development. Moreover, findings show that comparativeness is related mainly to low costs and customer satisfaction. However, it is also shown that high quality of products/services as well as relatively high speed of transactions and security, privacy and risk are also perceived as important.
The objective of any business organization is profit and sustainability. To attain this objective majority of business organizations follow a strategy to identify and encash all possible opportunities which include low-cost, product differentiation, high-tech products & services, international expansion, continuous value addition to products & services, and so on. As a result, many business organizations started in a given country, expanded their business to almost entire world and became global players. Such expansion strategy transformed them into multinational business firms having a number of subsidiaries or branches and through their huge structure, market share, and capability, and hence they became a prominent player in their industry/industry sector. Some of such firms further expanded their business to different industry and industry sectors and also started to use many business models to reach and cover the entire world. In this paper, we have discussed various business analysing frameworks used to analyse the business system and strategy used by many international firms and the environmental factors affecting their business. We have used ABCD listing methodology to identify the advantages, benefits, constraints, and disadvantages of these identified frameworks to analyse international business strategies and environmental analysis frameworks. Both criticism and suggestions on available framework usage are also given.
In the paper the conceptions of new payment methods in E-commerce and M-commerce (“1XPay” and “ScorePay”) are presented. The systems are a proposition of one touch payment based on existing banking accounts and postponed payment system based on the credit scoring check, both in compliance with Revised Payment Service Directive.
Keywords:Payment Systems, E-business, E-commerce, M-payment, One Touch Payment, Postpone Payment, Payment Initiation Services, Screen Scraping, Account Information Services, Third Party Payment Service Providers, The Revised Payment Services Directive
The paper allocated the basic research types related to the banking sector and banks: estimation and ranking of efficiency and competitiveness of the banks; problems in bank operations and security; analysis of banking sector; factors affecting banks’ activity. For each type author held a brief overview of studies published over the last years.
The management of business processes is a major challenge for many companies and much research is being done in this area. With regard to the assessment of process performance, researchers point out that companies have to be context-aware in order to fully understand the measured performance of their processes. Due to a continuously changing environment there are factors affecting performance which are not sufficiently considered. Methods to analyse performance such as the Data Envelopment Analysis need to be filled with the relevant data. However, research lacks of frameworks which structure contextual factors according to their different specifications. Thus, this paper aims to outline a holistic conceptualisation of contextual factors. Based on related research, a framework is derived which will guide companies through the different categories of contextual factors and allow them to rank the required awareness of these factors. The framework is applied to an exemplary process within a bank for visualisation purposes.
Adapting to change in the contextual environment is one of the key challenges for managers as they try to ensure the survival and longevity of their organization. Yet, both the literature and the textbooks on the subject area of the contextual environment lack unequivocal conceptual and practical guidance for managers interested in this area of management practice. In this paper, we evaluate the seminal studies on understanding the environment, as well as the leading North American and European strategy textbooks, to determine the contemporary appropriateness of the approaches advocated for analyzing the contextual environment and the implications these have for the managers of an organization. We discuss the limitations of these approaches and posit an alternative framework—scenario planning—to help improve the process of analyzing and understanding the environment and to help in adapting to change in the environment. We illustrate the advantages of scenario planning over other approaches using a case example.
Qualitative case study methodology provides tools for researchers to study complex phenomena within their contexts. When the approach is applied correctly, it becomes a valuable method for health science research to develop theory, evaluate programs, and develop interventions. The purpose of this paper is to guide the novice researcher in identifying the key elements for designing and implementing qualitative case study research projects. An overview of the types of case study designs is provided along with general recommendations for writing the research questions, developing propositions, determining the "case" under study, binding the case and a discussion of data sources and triangulation. To facilitate application of these principles, clear examples of research questions, study propositions and the different types of case study designs are provided.
The objective of any business organization is profit and sustainability. To attain this objective majority of business organizations follow a strategy to identify and encash all possible opportunities which include low-cost, product differentiation, high-tech products & services, international expansion, continuous value addition to products & services, and so on. As a result, many business organizations started in a given country, expanded their business to almost entire world and became global players. Such expansion strategy transformed them into multinational business firms having a number of subsidiaries or branches and through their huge structure, market share, and capability, and hence they became a prominent player in their industry/industry sector. Some of such firms further expanded their business to different industry and industry sectors and also started to use many business models to reach and cover the entire world. In this paper, we have discussed various business analysing frameworks used to analyse the business system and strategy used by many international firms and the environmental factors affecting their business. We have used ABCD listing methodology to identify the advantages, benefits, constraints, and disadvantages of these identified frameworks to analyse international business strategies and environmental analysis frameworks. Both criticism and suggestions on available framework usage are also given.
The payment services market is evolving at an accelerating rate, driven by continuous technological innovations and major legislative developments. One such piece of legislation is the revised Payment Services Directive (PSD2), which intends to further define a common legal framework for the payment market in the European Economic Area, with the aim of increasing the level of integration and efficiency in the market, as well as increasing the level of consumer protection. In this context, the enhancement of collaborative infrastructures can be the keystone to anticipate and transform the challenges of PSD2 into opportunities. This paper describes the creation of an open banking platform, called CBI Globe — Global Open Banking Ecosystem, to facilitate the interconnection between banks and third parties through application programming interfaces, in line with the new directive. Using this platform, adhering parties will be able to simplify and expedite the administration of current accounts by offering both reporting and payment and collection services, thus exploiting the business opportunities enabled by PSD2.
Application Programming Interfaces (APIs) have been identified by the European Commission as a key enabler of interoperability among private and public undertakings. Further, a systematic adoption of open and standardized APIs by firms and developers appears crucial to unlock competition and ultimately promote the flourishing of Artificial Intelligence (AI) and Internet of Things (IoT) innovation.
Analysing the main European regulatory initiatives which have so far surfaced in the realm of data governance (right to personal data portability, free flow of non-personal data, access to customer account data rule, re-use of government data), it seems that the EU legislator is not tackling the matter consistently. Indeed, on one side, all these initiatives share a strong reliance on APIs as a key facilitator to ensure a sound and effective data sharing ecosystem. However, on the other side, all these attempts are inherently different in terms of rationale, scope and implementation. The article stresses that data sharing via APIs requires a complex implementation process and sound standardization initiatives are essential for its success. Moreover, data pooling agreements need to be targeted in advance by competition law so to incentivize their adoption and leverage their pro-competitive potential. As for pricing and compensation issues, we point out that placing excessive reliance on fair, reasonable and non-discriminatory (FRAND) terms might be counterproductive.
The lack of innovation in financial services can be explained by the market domination and regulatory protection that incumbent banks have hitherto enjoyed, meaning that they have not needed to defend disruptive forces from FinTechs, third parties or other banks. However, the era of lightweight innovation and limited advancements in payments technology is coming to an end. The revised Payments Services Directive (PSD2) gives third parties the opportunity to develop, launch and become the preferred payments channel in regions where no alternative exists. Increasing smartphone adoption and internet access will see mobile become the dominant channel for everyday purchases. As payments are commoditised, the value of this channel is no longer limited to transaction fees. Instead, it is derived from user volume and data.Tech giants, such as Facebook, Google and Apple, recognise that data equal power and have made evidential steps toward becoming payment powerhouses. Banks bring formidable strengths to the payments arena. There are considerable benefits and revenue sources available to those that mobilise their long-term payment channels. Partnering with FinTechs allows banks to quickly become agile and launch cost-efficient minimum viable products and to test new ideas. To retain relevance in payments post-PSD2, banks must make mobile payments their top priority.
January 2018 introduced significant change for both the banking and cyber-security industries due to the introduction of the EU's updated Payment Service Directive (PSD). The mandate, known as the PSD2, enables all bank customers, both consumers and businesses, to use third-party providers to manage their finances. Despite mobile operating systems actively discouraging the linking of applications, in order to ensure data protection banks are now obligated to provide application programme interfaces (APIs) to allow third-party providers access to their customers’ accounts.
The new PSD2 enables all bank customers to use third-party providers to manage their finances, meaning that banks are now obligated to provide application programme interfaces (APIs) to allow third-party providers access to customers’ accounts. Mark Noctor of Arxan Technologies asks how secure this approach will be, as well as what risks will arise and for whom.
The progression of digital banking is changing the face of the banking sector completely. One key factor driving this change is digital identity assurance in the form of biometric technology. But this in turn has created a significant challenge. Most traditional banks have old legacy systems and making the digital transformation leap is almost like building a completely new bank while still servicing existing customers and attracting new ones.
Michael Porter's work, has since it first appeared in 1980, been
widely read by academics and students. Perhaps more significantly,
Porter has become an academic whose ideas are read and used by
executives. Recently Porter's work has been criticised. This article
reviews and discusses these criticisms and attempts to define the status
of Porter's model as a result. The article offers in conclusion a view
of Porter's model that is thought to be realistic.
Michael Porter's five competitive forces model has been a most influential model within business schools but has perhaps had less appeal to the practising manager outside of an MBA and certain short business school courses. In this article it is argued that whilst there are a number of reasons why the model has not achieved greater currency, most importantly it can be developed a lot further.
The paper looks at a number of important opportunities for using Porter's model in an even more practical way, including: mapping the competitive forces, which can vary significantly over market and competitive terrain and within the same industry; understanding its dynamics; prioritizing the forces; doing macro analysis of the sub-drivers of each of the five forces; exploring key interdependencies, both between and within each force.
Copyright
This is the ninth ERIC/ECTJ Annual Review Paper, preparation of which was supported by the ERIC (Educational Resources Information
Center) Clearinghouse on Information Resources, Syracuse University, Syracuse, New York. The material in this article was
prepared pursuant to a contract with the National Institute of Education, U.S. Department of Education. Contractors undertaking
such projects under government sponsorship are encouraged to express freely their judgment in professional and technical matters.
Points of view or opinions do not necessarily represent the official view or opinion of NIE. The author is grateful to David
Clark, Larry Havlicek, Robert Heinich, John McLaughlin, Cecil Miskel, and Robert Wolf for their careful critique of an earlier
version of 1his paper, and to his wife, Yvonna Lincoln, from whose joint work with the author in other contexts many of the
ideas expressed in this paper emanated.
In 1979, a young associate professor at Harvard Business School published his first article for HBR, "How Competitive Forces Shape Strategy." In the years that followed, Michael Porter's explication of the five forces that determine the long-run profitability of any industry has shaped a generation of academic research and business practice. In this article, Porter undertakes a thorough reaffirmation and extension of his classic work of strategy formulation, which includes substantial new sections showing how to put the five forces analysis into practice. The five forces govern the profit structure of an industry by determining how the economic value it creates is apportioned. That value may be drained away through the rivalry among existing competitors, of course, but it can also be bargained away through the power of suppliers or the power of customers or be constrained by the threat of new entrants or the threat of substitutes. Strategy can be viewed as building defenses against the competitive forces or as finding a position in an industry where the forces are weaker. Changes in the strength of the forces signal changes in the competitive landscape critical to ongoing strategy formulation. In exploring the implications of the five forces framework, Porter explains why a fast-growing industry is not always a profitable one, how eliminating today's competitors through mergers and acquisitions can reduce an industry's profit potential, how government policies play a role by changing the relative strength of the forces, and how to use the forces to understand complements. He then shows how a company can influence the key forces in its industry to create a more favorable structure for itself or to expand the pie altogether. The five forces reveal why industry profitability is what it is. Only by understanding them can a company incorporate industry conditions into strategy.
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