行业资料必读市场营销北大MBA原文案例库Word文档格式.docx
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行业资料必读市场营销北大MBA原文案例库Word文档格式.docx
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HowFinancialFirmsDecideonTechnology,介绍国际大银行在决定对信息技术投资时的考虑要点和他们具体的实施过程。
HowFinancialFirmsDecideonTechnology
(Abstract)
Thefinancialservicesindustryisthemajorinvestorininformationtechnology(IT)intheU.S.economy;
thetypicalbankspendsasmuchas15%ofnon-interesteexpensesonIT.Apersistentfindingofresearchintotheperformanceoffinancialinstitutionsisthatperformanceandefficiencyvarywidelyacrossinstitutions.NowhereisthisvariabilitymorevisiblethanintheoutcomesoftheITinvestmentdecisionsintheseinstitutions.ThispaperpresentstheresultsofanempiricalinvestigationofITinvestmentdecisionprocessesinthebankingindustry.Thepurposeofthisinvestigationistouncoverwhat,ifanything,canbelearnedfromtheITinvestmentpracticesofbanksthatwouldhelpinunderstandingthecauseofthisvariabilityinperformancealongwithpointingtowardmanagementpracticesthatleadtobetterinvestmentdecisions.UsingPCbankingandthedevelopmentofcorporateInternetsitesasthecasestudiesforthisinvestigation,thepaperreportsondetailedfield-basedsurveysofinvestmentpracticesinseveralleadinginstitutions
(PartOne)
信息技术对金融服务业的影响正在增加,不仅仅表现在银行的15%无息开支上,而且对金融服务业的运做和战略也有很强的影响。
一个对金融机构的长期研究表明,不同的机构的效率和表现也不同。
其决定的因素有以下一些其中的一个因素就是对投资的决定和管理。
SBS是一个失败的例子,但是成功的公司也不少。
本文注重解答以下的问题:
1.银行对IT投资的评估和管理过程?
2.在对IT的管理过程中,理论和实际操作的结合如何?
3.IT投资的管理和银行性能的关系如何?
1.0Introduction
Informationtechnology(IT)isincreasinglycriticaltotheoperationsoffinancialservicesfirms.Todaybanksspendasmuchas15%ofnon-interestexpenseoninformationtechnology.Itisestimatedthattheindustrywillspendatleast$21.1billiononITin1998,andfinancialinstitutionscollectivelyaccountforthemajorityofITinvestmentintheU.S.economy.Inadditontobeingalargecomponentofthecoststructure,informationtechnologyhasastronginfluenceonfinancialfirmsoperatonsandstrategy.Fewfinancialproductsandservicesexistthatdonotutilizecomputersatsomepointinthedeliveryprocess,andafirms'
informationsystemsplacestrongconstraintsonthetypeofproductsoffered,thedegreeofcustomizationpossibleandthespeedatwhichfirmscanrespondtocompetitiveopportunitiesorthreats.
Apersistentfindingofresearchintotheperformanceoffinancialinstitutionsisthatperformanceandefficiencyvarieswidelyacrossinstitutions,evenaftercontrollingforfactorssuchassize(scale),productbreadth(scope),branchingbehaviorandorganizationalform(e.g.stockversusmutualforinsurers;
banksversussaving&
loans).Giventhecentralrolethattechnologyplaysintheseinstitutions,atleastsomeofthisvariationislikelytobeduetovariationsintheuseandeffectivenessofITinvestments.WhilesomeauthorshavearguedthatthevalueofITinvestmenthasbeeninsignificant,particularlyinservices,recentempiricalworkhassuggestedthatITinvestment,onaverage,isaproductiveinvestment.Perhapsmoreimportantly,thereappearstobesubstantialvariationacrossfirms;
somefirmshaveveryhighinvestmentsbutarepoorperformers,whileotheresinvestlessbutappeartobemuchmoresuccessful.BrynjolfssonandHittfoundthatasmuchashalfthereturnstoITinvestmentareduetofirmspecificfactors.
OnepotentiallyimportantdriverofdifferencesinITvalue,andoffirmperformancemorebroadly,islikelytobethedecisionandmanagementpeocessedforITinvestments.HorrorstoriesofbadITinvestmentdecisionsabound.Considertheexampleofthenewstrategicbankingsystem(SBS)atBancOne(AmericanBanker1997).BancOneCorp.andElectronicDataSystemsCorp.agreedlastyeartoendtheirjointdevelopmentofthisretailbankingsystemafterspendinganestimated$175milliononit.AsstatedintheAmericanBankerarticle,SBS"
wasjustsooverwhelmingandsocompletethatbythetimetheyweregettingtomarket,itwasgoingtotaketoolongtoinstallthewholething,"
saidAlanRiegler,principalinErnst&
Young'
sfinancialservicesmanagementconsultingdivision.However,notallthestoriesarenegative.NewITsystemsareplayingavitalroleinreshapingthedeliveryoffinancialservices.Forexample,newcomputer-telephonyintegration(CTI)technologiesaretransformingcallcenteroperationsinfinancialinstitutions.Byinvestingintechnology,moreandmoreinstitutionsaremovingoperationsfromhigh-costbranchoperationstothetelephonechannel,wherethecostpertransactionisone-tenththecostofatellerinteraction.ThisITinvestmentnotonlyreducesthecostofservingexistingcustomers,butalsoextendsthereachoftheinstitutionbeyonditstraditionalgeographicboundaries.
Inthispaper,weutilizedetailedcasestudiesofsixretailbankstoinvestigateseveralinterrelatedquestions:
1.WhatprocessesdobanksutilizetoevaluateandmanageITinvestments?
2.HowwelldoactualpracticesalignwiththeoreticalargumentsabouthowITinvestmentsshould
bemanaged?
3.WhatimpactdoesthatmanagementofITinvestmentshaveonperformance?
(PartTwo)
Forthefirstquestion,wedevelopastructuredframeworkforcatalogingITinvestmentpracticesandthenpopulatethisframeworkusingacombinationofsurveysandsemi-structuredinterviews.WethencomparetheresultsofthisexercisewithasynthesisoftheliteratureonITdecisionmakingtounderstandinghowpracticesvaryacrossfirmsandtheextenttowhichthisisconsistentwith"
bestpractices"
asdescribedinpreviousliterature.Finally,wewillcomparetheseprocessestointernalandexternalperformancemetricstobetterunderstandwhichsetsofpracticesappeartobemosteffective.
Tomakethesecomparisonsconcrete,weexamineboththegeneraldecisionprocessaswellasthespecificprocessesusedfortworecentITinvestmentdecisions:
theadoptionofcomputer-basedhomebanking(PCbanking),andthedevelopmentofthecorporatewebsite.Thesedecisionswerechosenbecausetheywererecentandarerelatedbutprovidesomecontrast;
inparticular,PCbankingisafairlywelldefinedproductinnovation,whilethecorporatewebpresenceismoreofaninfrastructureinvestmentwhichislesswell-definedintermsofobjectivesandbusinessownership.
Overall,wefindthatwhilesomeaspectsofthedecisionprocessarefairlysimilaracrossinstitutionsandoftenconformto"
bestpractice"
asdefinedbypreviousliterature,thereareseveralareaswherethereislargevariationinpracticeamongthebanksandbetweenactualandtheoreticalbestpractice.Mostbankshaveastrongandstandardizedprojectmanagementforongoingsystemsprojects,andformalstructuresforinsuringthatline-managersandsystemspeopleareincontactattheinitiationoftechnologyprojects.Atthesametime,manybankshaverelativelyweakprocesses(bothformalandinformal)foridentifyingnewITinvestmentopportunities,allocatingresourcesacrossorganizationallines,andfundingexploratoryorinfrastructureprojectswithlongtermoruncertainpayoffs.
Thereminderofthispaperisorganizedasfollows.Section2describesthepreviousliteratureonperformanceoffinancialinstitutionsandtheeffectsofITonperformance.Section3describesthemethodsanddata.Section4describesthecurrentacademicthinkingonvariouscomponentsofthedecisionprocessandcomparesthattoactualpracticesatthebankswevisited.Section5describestheresultsofourin-depthstudyofPCbankingprojectsandthesummary,Section6containsasimilaranalysisfortheCorporateWebSiteanddiscussionandconclusionappearinSection7.
(PartThree)
2.0 PreviousLiterature
2.1 PerformanceofFinancialInstitutions
Therehavebeenanumberofstudiesthathaveexaminedtheefficiencyofthebankingindustryandtheroleofvariousfactorssuchascorporatecontrolstructure(typeofboard,directors,insiderstockholdings,etc.),economiesofscale(size),economiesofscope(productbreadth),andbranchingstrategy;
seeBerger,KashyupandScalise(1995)andHarkerandZenios(forthcoming)forareviewofthebankingefficiencyliterature.Whilethereissubstantialdebateastotheroleofthesevariousfactors,thereisoneunambiguousresult:
thatmostofthe(in)efficiencyofbanksisnotexplainedbythefactorsthathavebeenconsideredinpriorwork.Forexample,BergerandMester(1997)estimatethatasmuchas65-90%ofthex-inefficiencyremainsunexplainedaftercontrollingforknowndriversofperformance.Asimilarstoryalsoappearsininsurancewhere"
x-efficiency"
variessubstantiallyacrossfirmswhensize,scope,productmix,distributionstrategyandotherstrategicvariablesareconsidered.Ithasbeenarguedthatonemustget"
insidetheblackbox"
ofthebankotconsidertheroleoforganizational,strategicandtechnologicalfactorsthatmaybemissedinstudiesthatrelyheavilyonpublicfinancialdata.
2.2 InformationTechnologyandBusinessValue
EarlystudiesoftherelationshipbetweenITandproductivityorothermeasuresofperformanceweregenerallyunabletodeterminethevalueofITconclusively.Loveman(1994)andStrassmann(1990),usingdifferentdataandanalyticalmethodsbothfoundthattheperformanceeffectsofcomputerswerenotstatisticallysignificant.Barus,KriebelandMukadopadhyay(1995),
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