Impact Of Technology On Banking Industry
The developments in information collection, storage, processing and transmission and distribution technology have influenced all aspects of banking activity. And was regard as the main driving forces for the changes in banking industry. In my opinion, the technology influences the banking industry, mainly in the following six aspects:
1. Technology is influencing competition and the degree of contestability in banking.
Due to the development of technology, bank’s superiority in information is deteriorated. Entry barrier have been declining, new competitor have emerged. Some financial products and services have become more transparent and commodities, customer show willing to unbundled the demand for financial products and services, all these lead to a more competitive market environment. Due to lowered entry and exist and deconstruction, for some sub-financial markets, contestability in banking is also raised.
2. Technology influence Economy of scale:
Competitive pressure......
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