1 University of Tartu Faculty of Economics and Business Administration E-BANKING IN ESTONIA: REASONS AND BENEFITS OF THE RAPID GROWTH Olga Luštšik Tartu 2003
2 ISSN ISBN Tartu University Press Order No. 563
3 E-BANKING IN ESTONIA: REASONS AND BENEFITS OF THE RAPID GROWTH Olga Luštšik Abstract The new information technology is becoming an important factor in the future development of financial services industry, and especially banking industry. Banks are faced with a number of important questions, for examples how to take full advantage of new technology opportunities, how e-developments change the ways customers interact with the financial services provider, etc. In paper author analyzes the main criteria for successful internet-bank strategy and brings out benefits of e-banking from the point of view of banks, their clients and the economy in general. Author argues that Estonia has achieved significant success in the implementation of electronic banking; it is on the top of the emerging markets in this area and even outpaces the achievements of some developed countries. This progress is not coincidence; it has external and also subjective reasons. In paper, author tries to analyze the main reasons and factors responsible for the rapid growth of electronic banking in Estonia. In order to achieve this goal banks use a wide variety of measures, such as price concessions, sales of bank-service packages as well as offering additional non-banking services. Also some possible future trends for e-banking development in PhD Student, Department of Banking at the University of Tartu 4-A303 Narva Rd., Tartu, Estonia tel.: ; fax: ;
4 Estonia are discussed. The last e-banking development was mobile phone banking (m-banking), which allows paying for goods and services by mobile phone and was implemented in 2002.
5 CONTENTS Introduction The Development of Electronic Banking in Estonia Benefits of Electronic Banking Benefits from the bank point of view Benefits from the customers point of view Economic benefits Factors Responsible for E-Banking Development in Estonia E-banking user component E-banking service provider component Public/environment component Future Perspectives of E-Banking Development in Estonia Concluding Remarks REFERENCES KOKKUVÕTE... 26
7 Introduction The financial services industry has recently been open to historic transformation. So-called e-developments are emerging and advancing rapidly in all areas of financial intermediation and financial markets: e-finance, e-money, e-banking, e-brokering, e-insurance, e-exchanges, and even e-supervision. The new information technology (IT) is turning into the most important factor in the future development of banking, influencing banks marketing and business strategies. The driving forces behind the rapid transformation of banks are influential changes in the economic environment: innovations in information technology, innovations in financial products, liberalization and consolidation of financial markets, deregulation of financial inter-mediation etc. These and other factors make it complicated to design a bank s strategy, which process is threatened by unforeseen developments and changes in the economic environment and therefore, strategies must be flexible to adjust to these changes. The question is not any more whether the emergence of Internet has been a threat or an opportunity as those who have decided to protect themselves from the threats instead of using the opportunities are determined to vanish from the marketplace. Electronic banking (e-banking) is the newest delivery channel for banking services. The definition of e-banking varies amongst researches partially because electronic banking refers to several types of services through which bank customers can request information and carry out most retail banking services via computer, television or mobile phone (Daniel, 1999; Mols, 1998; Sathye, 1999). Burr (1996), for example, describes it as an electronic connection between bank and customer in order to
8 8 E-Banking in Estonia prepare, manage and control financial transactions. Electronic banking can also be defined as a variety of following platforms: (a) Internet banking (or online banking), (b) telephone banking, (c) TV-based banking, (d) mobile phone banking, and (e) PC banking (or offline banking). As online Internet banking and mobile phone banking are the fastest developing areas, in the present paper the focus is mainly on the development and the future of these platforms. In the paper author analyzes the main criteria for successful internet-bank strategy and bring out benefits of e-banking from the point of view of banks, their clients and the economy in general. Author argues that Estonia has achieved significant success in the implementation of electronic banking; it is on the top of the emerging markets in this area and even outpaces the achievements of some developed countries. This progress is not coincidence; it has external and also subjective reasons. The findings of the paper are helpful in order to understand the main reasons and factors responsible for the rapid growth of electronic banking in a country. The reminder of the paper is organized as follows. Chapter 2 deals with the development of electronic banking in Estonia. The benefits of e-banking for customers, banks themselves and the whole economy are discussed in chapter 3. Driving factors of the development of e-banking in Estonia are explored in Chapter 4 and some future perspectives are presented in Chapter 5. The paper ends with concluding remarks. The analysis results presented in the paper are partially based on interviews with specialists responsible for e-banking development in Estonian banks.
9 Olga Luštšik 9 1. The Development of Electronic Banking in Estonia Estonian financial services market is unique in several aspects: it is small and compact, and developing fast. It has a controversial Soviet past, which may be seen as negative or positive aspect depending on viewer s attitude. The history of Estonian electronic banking is only some years younger than the history of Estonian commercial banking in general. Hansabank started its first offline electronic banking solution Telehansa in The first Internet banking services in Estonia were introduced in Estonia in general is very suitable for electronic banking applications due to the relatively high penetration of personal computers and Internet access. The percentage of Internet usage was 43% of Estonian population aged in Q Compared with other countries, Internet penetration amongst Estonians is higher than in other East-European countries (see Figure 1). Those who have used Internet during a week have done it for the following purposes (Emor, 2002): 76% sending and reading mail, 62% searching for specific information from databases or homepages, 57% visiting portals, 56% using search engines, 57% using Internet bank. Based on this information it can be concluded, that the number of Internet bank users (in the period March-May 2002) in Estonia was , which is 23% of the Estonian population aged It can inferred that there is still a potential for growth in convincing people to use electronic channels for banking activities more intensively.
10 10 E-Banking in Estonia Denmark USA Netherlands Canada Finland Norway Germany Estonia Italy UK France Czech Republic Poland Lithuania Latvia Figure 1. Internet penetration 2Q 2002 (Internet users, who have used Internet at least once during previous 6 month, % of aged population) (source: Emor, 2002)) Internet bank services are used actively; most of the payment transactions are concluded via e-channels. The growth of the self-service has been exponential but access to Internet is blocking further increase of the share of Internet payments (Kerem et al, 2003). Most of the consumers who start banking online do it because they need to pay bills frequently and they would like to do it with minimum effort. Besides that people use Internet bank to keep eye on their money matters, view account balance and check receiving payments from other parties. For example, in the Union Bank of Estonia (UBE) the share of different activities that customers conduct in the Internet bank is described in Figure 2.
11 Olga Luštšik 11 Other E-bills Pending payments Credit card information Viewing mailbox Account balance Account statement Pre-defined payments Domestic payments 1% 1% 2% 4% 7% 13% 19% 21% 32% Figure 2. Share of consumers activities in the Internet bank of the UBE (Source: Kerem et al, 2003) The same trends are present in other banks as well. On average, 95% of total volume of all payments are concluded via e-bank facilities via online and offline Internet banks and other electronic channels. Figure 3 shows that in the Hansabank the percentage of transactions done in the Internet has been continuously growing and in last years e-channels have taken a position of the main transaction channels. The part of branch network in payments area has been decreased from 27% in 1999 to 5% in In Hansabank, 31% of all the private clients have also Internet banking contracts and they log in an average of 6,5 times a month. If looking at the shares of payment methods it can be concluded that the clients using Internet bank are more active in using the banking services in general. Compared with e-banking leaders in the world financial markets, Estonian banks have quite active clients on average every online bank customer conclude 2,5 transactions per month (see figure 4) (this number do not include automatic direct debit and periodic payments).
12 12 E-Banking in Estonia 45% % of all domestic payments 40% 35% 30% 25% 20% 15% 10% % 0% Branch Phone Bank Periodic payment ATM Direct Debit Online bank Offline PC bank Channel Figure 3: Usage dynamics of different transaction channels in the Hansabank from 1999 to 2002 in percentages of total transactions number (source: Hansabank) 8 (million) Transactions per online customer 6 7 6, Online bank transactions per month (millions) Online customers (millions) Transaction per customer ,3 3,1 3,2 2, ,5 0, ,5 0,4 0,3 Nordea Swedbank Bank of America EGG Hansabank (Estonia) 1 0 Figure 4. Online banking activity (source: Dynamo, 2001)
13 Olga Luštšik 13 The quality of services in Estonian online banks has been internationally recognized. According to the Forrester research, Hansabank Internet bank hanza.net was rated as one of the European top-solutions in e-banking ranking on the 16th position (Forrester Research, 2000). It is the only bank from Central and East European country to make its way into the list. In the comments on the report Forrester has marked hanza.net as a benchmark site from a smaller web leader. 2. Benefits of Electronic Banking 2.1. Benefits from the bank point of view The first benefits for the banks offering Internet banking services is better branding and better responsiveness to the market. Those banks that would offer such services would be perceived as leaders in technology implementation. Therefore, they would enjoy a better brand image. The other benefits are possible to measure in monetary terms. The main goal of every company is to maximize profits for its owners and banks are not any exception. Automated e-banking services offer a perfect opportunity for maximizing profits. According to a survey by Booz, Allen and Hamilton, an estimated cost providing the routine business of a full service branch in USA is $1.07 per transaction, as compared to 54 cents for telephone banking, 27 cents for ATM (Automatic Teller Machine) banking and 1,5 cents for Internet banking (Nathan 1999; Pyun et al., 2002). In Nordea Bank, Finland, one online transaction costs the bank an average of just 11 cents, compared to $1 for a transaction in the branch (Dynamo, 2001). The difference in a net cost between the USA and Finnish banks can be explained by smaller population in Finland and the scale effect in case of the USA. In Estonia, the fee for transaction concluded in bank office is 9 12 EEK, fees on transactions via automated telephone banking
14 14 E-Banking in Estonia is 0 6 EEK, fees for automatic direct order is free of charge, fees in ATM and Internet banks are 0 3 EEK (all are domestic payment fees in EEK). According to the data provided by Hansabank the relative costs for simple domestic payment through different bank channels are as follows (look figure 5). 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 100% Branch 3% Offline bank 12% Online bank ATM 5% 95% Operator phone bank 35% Autom ated phone bank 2% Direct Direct debit debit Figure 5. Relative costs for domestic payment through different bank channels Comparing this information with price list fees, allows to assume the high profitability of e-channel banking services for banks. On the fee side (or income side from the bank point of view), average payment in Internet bank cost 4 times less, than payment in branch. On the actual cost side (or cost side from the bank point of view), payment in Internet bank cost 8 times less than payment in branch. The difference is between automatic or semi-automatic telephone banking service. There are no transactions fees for people younger than 25 and older than 60 years.
15 Olga Luštšik 15 Some controversial explanations for this pricing strategy can be proposed: 1. The difference in actual net cost and actual transaction fees paid by customer is used by Estonian banks to crosssubsidization of delivery channels. 2. Banks earn additional profits on transactions concluded via electronic channels. 3. The profitability of payments is not a priority for banks. Cross-subsidization between different services groups is used, for example profits from lending activity compensates poor profitability from payment services Benefits from the customers point of view The main benefit from the bank customers point of view is significant saving of time by the automation of banking services processing and introduction of an easy maintenance tools for managing customer s money. The main advantages of e-banking for corporate customers are as follows (BankAway! 2001; Gurău, 2002): Reduced costs in accessing and using the banking services. Increased comfort and timesaving transactions can be made 24 hours a day, without requiring the physical interaction with the bank. Quick and continuous access to information. Corporations will have easier access to information as, they can check on multiple accounts at the click of a button. Better cash management. E-banking facilities speed up cash cycle and increases efficiency of business processes as large variety of cash management instruments are available on Internet sites of Estonian banks. For example, it is possible to manage company s short-term cash via Internet banks in Estonia (investments in over-night, short- and long term deposits, in commercial papers, in bonds and equities, in money market funds).
16 16 E-Banking in Estonia Private customers seek slightly different kind of benefits from e-banking. In the study on online banking drivers Aladwani (2001) has found, that providing faster, easier and more reliable services to customers were amongst the top drivers of e- banking development. The main benefits from e-banking for private customers are as follows (BankAway! 2001): Reduced costs. This is in terms of the cost of availing and using the various banking products and services. Convenience. All the banking transactions can be performed from the comfort of the home or office or from the place a customer wants to. Speed. The response of the medium is very fast; therefore customers can actually wait till the last minute before concluding a fund transfer. Funds management. Customers can download their history of different accounts and do a what-if analysis on their own PC before affecting any transaction on the web. This will lead to better funds management Economic benefits The impact of the New Economy on the entire economic growth has been studied in several research projects. For example Pohjola (2002) shows, that the contribution of the use of information communication technology to growth of output in the Finnish market sector has increased from 0.3 percentage points in early 1990s to 0.7 points in late 1990s. However, unlike the US, there has been no acceleration in the trend rate of labor productivity in Finland. According to the recent research conducted in Estonia (Aarma and Vensel, 2001), bank customers use bank office services on average times per month, and wait in queue in bank office on average for hours. Simple calculation shows, that making payments via e-banking facilities (for instance using Internet bank) rather than in the bank offices create overall economy savings in the amount of 0.93% of GDP
17 Olga Luštšik 17 (Average distance to nearest bank office is 4.14 km (Aarma and Vensel, 2001), which takes approximately 0.21 hours to travel. Estonian GDP in 2001 was 10 billion kroons and average hour wage is kroons (Statistikaamet, 2002). There are 0.5 million citizens, who use brick-and-mortar bank facilities in Estonia). 3. Factors Responsible for E-Banking Development in Estonia It is important to consider the development of e-banking from the point of view of two counterparts a provider of services and a consumer of services. Preconditions for the development from a provider s point of view are personal interest in the service and the ability to conduct it. Provider of services has to have some financial or other incentives to run the business as well as technical and financial abilities to perform it. The consumer s attitude towards new technologies and his interest towards innovations in general are primarily important. As Karjaluoto et al. (2002) found in their research of Finnish consumer beliefs and attitudes towards e-banking, the more familiar a consumer is with technology the more positive beliefs he or she seems to hold about an object. In other words, the acceptance of new technologies helps to use Internet banking. It is important to discuss the reasons for rapid development of e-banking in Estonia in the light of three different e-banking components: user component, service provider component and public/environment component.
18 18 E-Banking in Estonia 3.1. E-banking user component As the Estonian banking sector is relatively young, possible negative banking habits do not exist. Under negative banking habits we mean non-effective, expensive and time-consuming financial instruments such as checks and ATM-only bankcards. For example in US there are 69 billion paper checks written every year (Dynamo, 2001). In Estonia, checks have never found wide implementation. When ATM-only bankcards were introduced they were quickly replaced by multi-functional bankcards, which allow the holder to withdraw money from ATM and to pay for purchases E-banking service provider component Several aspects can be discussed in order to find the reason for the development of e-banking in Estonia from the service provider s point of view. First of all, Estonian e-banking service providers did not have old technologies before starting their e- banking facilities. All banking technologies were relatively modern (compared for example to the French and German IT hardware (Ilison, 2002) and therefore more efficient. Secondly, the wave of mergers and acquisitions that took place in the Estonian banking sector in had no unfavorable effects on the development of domestic e-banking. New owners did not demand local branches to take over e- banking infrastructure from Scandinavian parent banks. The local IT infrastructure remained under the influence of Estonian know-how. At the same time domestic IT workers were even used in Latvia and Lithuania, as Hansabank started its activity in these countries (Süld, 2002). The third circumstance of e-banking development is a relative cheapness of the services provided by the Estonian credit institutions via electronic channels that made e-banking more profitable. This issue will be discussed in more detail in the next section.
19 Olga Luštšik 19 Another aspect is connected with a high concentration of the Estonian banking sector; at present there are only 5 credit institutions, 2 largest banks Hansabank and Union Bank hold 83% of the sector s total assets. This situation is perfect for the developing of common standards for e-banking services in all Estonian banks. Up to now, all developed standards are public and are not patented, that allows fast and coordinated spreading of bank-link, and ATM. Common standards are useful and efficient not only for users of these services, but also for brick-and-mortar and virtual shop owners, as the implementation of common standards does not require considerable technological expenses. In Finland, for example, there are multiple technological standards for some e-banking services that complicate fast spreading of these innovations (Süld, 2002) Public/environment component In Estonia, public component was also very important for fast introduction of e-banking. First of all, current legislation is supportive to technological innovations. The best example for this is Digital Signature Act, which came into force in It stipulates the digital signature standard in Estonia and regulates release of the certificates. Digital signature is an important component for Internet banking as well as for payments concluded via bank-link. The second factor is a relatively low level of Internet connection costs in Estonia. One of the explanations for this is free telecom market in Estonia, with two big competitors on ISDN market. For example, the monthly fee for ISDN connection in Netherlands is 30 euros, in Finland 65 euros and in Estonia 15 euros (Süld, 2002). The dial-up connection is also much cheaper compared to other countries. It is also important, that Estonian government supports several programs for technical assistance in secondary schools (project Tiger Jump ) and is involved in a number of nation-wide
20 20 E-Banking in Estonia projects for increasing computer skills and knowledge about Internet among the rural residents (project The main aim of the last project is to support the Internet use by Estonian people by creating Public Access Internet Points (PAIP) as well as providing basic computer and Internet training for 100,000 persons (current non-internet users). Estonian banks themselves are interested in wide spreading of IT knowlege and skills amongst Estonians, so they participate actively in these government projects (especially in donate significant financial aid and distribute free hardware. 4. Future Perspectives of E-Banking Development in Estonia Entire information technology environment changes rapidly. It is estimated that the number of Internet users in Estonia will increase up to 50% compared with current 43%. The number of physical branches will be decreased (the profile of physical branches will change to advice and support centers) and most of the transactions will be concluded via main e-banking channels: online Internet bank and m-banking services. Rapid growth of e-banking in Latvia and Lithuania is expected. This trend was promoted by the Estonian banks opening the branches in these countries and implementing e-banking services that work well in their home country. According to Süld (2002), the level of e- banking services in all three countries will be the same in five years. In Lithuania, the growth of telephone banking rather than Internet banking is expected, as purchase power is still low and telephones are much more cheaper than PC s (Ilison, 2002). Estonian e-banking development specialists (Ilison, 2002; Süld 2002) predict, that in the next years more attention will be focused on mobile phone-based services, such as account balance inquires by SMS, and payments via mobile phone (see Figure 6). More government services will move into Internet banks. At the current state, it is already possible to fill in and
21 Olga Luštšik 21 send income tax statement to Tax Agency and make inquires to Social Security databases. According to specialists, the phone banking will remain as an additional distribution channel only. The future of TV banking is quite questionable, although some positive perspective may open after switching to digital TV. Offline banking is currently used by corporate clients, whose volume of payments is big enough to slow down online transaction speed, some corporations also prefer to store all financial data in their own databases, not in bank databases. Banks are working to find a solution to this problem and direct all corporate clients to online Internet banks. offline banking telephone banking TV-based banking WINNERS E-BANKING LOSERS m-banking (mobile phone banking) e-government services Internet banking Figure 6. Losers and winners in the future e-banking Mobile payments (m-payments, payment concluded using mobile phone), as a part of the m-banking, were first introduced in Estonia in summer 2000, when major banks and mobile network providers launched e-parking services. M-parking makes it possible to pay for car parking in the biggest Estonian cities via a mobile phone. The next step was taken last year, when Hansabank and Union Bank introduced m-payments in Wall Street bar in Tallinn. By the end of August 2003, there were already 570 service providers (Pankade Kaardikeskus, 2003) who had joined this payment technique. M-payment service is actually a substitute for the payments concluded with bankcard and cash payments. According to Süld (2002), m- payments will take 20% of bankcards payments share and 50% of cash payments share by the next 2 3 years. M-payments will change cash circulation practice by many ways:
22 22 E-Banking in Estonia ATM (Automatic Teller Machines) usage decreases, as people will use less cash, If the amount of cash in circulation decreases, the efficiency of banking sector will increase, as o client banking costs decreases (less cash fees to pay), o shop keeper / service provider costs will decrease (no need for incasso service and cash accounting), and o bank costs decrease (cash storage, less checking and processing costs). Other m-banking services, such as WAP, have some technical limitations that prevent its wide spread (Süld, 2002): mobile phone interface is not very convenient and userfriendly (the screen is small, it is difficult to handle long texts); it is quite difficult to input data through mobile phone (mobile phones are getting smaller in size, and the size of the buttons is decreasing as well); limitations on data transfer such as slow speed (even GPRS systems allows connection with a speed comparable to modem data transfer speed); and expensive connections; limitations on security (scripting is less secure than Internet bank script, possible SIM card copying). 5. Concluding Remarks Estonian banks have rapidly introduced innovative banking technologies and e-banking services in recent years. Almost all banks have invested in expanding and improving the IT systems and a number of new e-banking services have been developed. All major banks have declared e-business as one of the core strategies for the future developments. At the same time, e- banking acceptance depends probably on bank service quality, customer preferences and satisfaction. Author argues that Estonia has achieved significant success in the implementation of electronic banking; it is on the top of the emerging markets
23 Olga Luštšik 23 in this area and even outpaces the achievements of some developed countries. This progress is not coincidence; it has external and also subjective reasons. At present, the strategies of the Estonian banks tend to outdistance successful banks in developed countries in the field of Internet banking. In order to achieve this goal banks use a wide variety of measures, such as price concessions, sales of bank-service packages as well as offering non-banking additional services. The last e-banking development was m- banking, which allows paying for goods and services by mobile phone and was implemented in Fall The analysis results presented in the paper based mainly on interviews with specialists responsible for e-bank development in Estonian banks. The benefits of e-banking are analyzed from the point of view of banks, their clients and the economy in general. The paper demonstrates that e-banking is not a niche application to computer fans and innovative adopters, and a profound research is needed to map its consumer base and the impact of e-banking on the development of bank-customer relationships in the value creation process.
24 REFERENCES Aarma, August; Vensel, Vello Banks Retail Customer Satisfaction and Development of Bank-Customer relationships, in Vello Vensel; Clas Wihlborg, eds. Estonia on the Threshold of the European Union: Financial Sector and Enterprise Restructuring in the Changing Economic Environment, Tallinn: Tallinn Technical University, 2001, pp Aladwani, Adel. Online Banking: A Field Study of Drivers, Development Challenges, and Expectations, International Journal of Information Management, 21, 2001, pp BankAway! Net Banking Benefits! Sheer Acceleration. Electronic Banking: The Ultimate Guide to Business and Technology of Online Banking, Edited by SCN Education B.V. Burr, W. Wie Informationstechnik die Bankorganisation verändern könnte, Bank und Markt, 11, 1996, pp Daniel, E. Provision of electronic banking in the UK and the Republic of Ireland, International Journal of Bank Marketing, 17, 2, 1999, pp The Dynamo of E-Banking, Business Week Online, April 16, Available at: 12.htm?mainwindow Emor, E-Monitoring Report, March-May 2002 (in Estonian). Forrester Research. Best of Europe's Net Banking, November Gurău, Catalin. E-banking in Transition Economies: the Case of Romania, Journal of Financial Services Marketing, 6, 4, 2002, pp Ilison, Olari. Head of e-banking development in Hansabank. Personal interview. September 2, Karjaluoto, Heikki; Mattila, Minna; Pento, Tapio. Electronic Banking in Finland: Consumer Beliefs and Reactions to a New Delivery
E-BANKING IN ESTONIA: REASONS AND BENEFITS OF RAPID GROWTH Olga Luštšik Introduction New information technology is becoming an important factor in the development of financial services sector, especially
Katri Kerem PRAXIS Research Fellow PRAXIS Center for Policy Studies 2003 The research was financed by the International Bank for Reconstruction and Development (IBRD) for the Information for Development
EESTI PANK ANNUAL REPORT VI. PAYMENT AND SETTLEMENT SYSTEM The monetary stability as well as efficient and stable financial sector established as the objectives of Eesti Pank presume a payment and settlement
CUSTOMERS SATISFACTION WIHT ONLINE CUSTOMER SERVICE ON INTERNET BANKING OF SIAM COMMERCIAL BANK Chapter 1 Introduction The first Chapter is this thesis introduces the motivation of the selected area. Followed
Annals of the University of Petroşani, Economics, 11(3), 2011, 15-22 15 THE EVOLUTION AND THE FUTURE ROLE OF THE BRANCH IN DISTRIBUTION OF THE BANKING PRODUCTS AND SERVICES CĂTĂLIN NICOLAE BULGĂREA * ABSTRACT:
Eurobarometer INNOBAROMETER 2015 - THE INNOVATION TRENDS AT EU ENTERPRISES REPORT Fieldwork: February 2015 Publication: September 2015 This survey has been requested by the European Commission, Directorate-General
ARE THE POINTS OF SINGLE CONTACT TRULY MAKING THINGS EASIER FOR EUROPEAN COMPANIES? SERVICES DIRECTIVE IMPLEMENTATION REPORT NOVEMBER 2011 EUROPEAN COMPANIES WANT WELL-FUNCTIONING POINTS OF SINGLE CONTACT
Please note that the release, publication or distribution of this executive report is not allowed. Study 2014 Executive Report European Institute December 2014 Key Insights 1/2 Study findings I. New technologies
Finland must take a leap towards new innovations Innovation Policy Guidelines up to 2015 Summary Finland must take a leap towards new innovations Innovation Policy Guidelines up to 2015 Summary 3 Foreword
JAN LIDÉN S ADDRESS TO FÖRENINGSSPARBANKEN S ANNUAL GENERAL MEETING IN STOCKHOLM APRIL 21, 2005 Dear shareholders, ladies and gentlemen, FöreningsSparbanken is currently the most profitable bank in the
E-BANKING IN DEVELOPING ECONOMY: EMPIRICAL EVIDENCE FROM NIGERIA Elisha Menson AUTA PhD Candidate, Centre for Policy and Economic Research, University of Abuja, Abuja, Nigeria E-mail: email@example.com
Flash Eurobarometer THE ROLE OF PUBLIC SUPPORT IN THE COMMERCIALISATION OF INNOVATIONS REPORT Fieldwork: January February 2014 Publication: May 2014 This survey has been requested by the European Commission,
The Community Innovation Survey 2010 (CIS 2010) THE HARMONISED SURVEY QUESTIONNAIRE The Community Innovation Survey 2010 FINAL VERSION July 9, 2010 This survey collects information on your enterprise s
Student Research Projects/Outputs No.040 The credit card industry in China The rise of a national champion and challenges for the future Javier L Santomá Vilaclara MBA 2009 China Europe International Business
DSF POLICY BRIEFS No. 35/ October 2014 The new European Banking Union landscape Dirk Schoenmaker, Duisenberg school of finance Abstract The countries participating in the new European Banking Union have
Finance Industry Integrated Software Solutions Cologne Vienna Zurich Deep industry knowledge meets highly standardized software NAVAX offers a wide range of software solutions for the financial industry
INTERNATIONAL TRACKED POSTAGE SERVICE Index Expanding Internationally...03 The Post NL Service...04 How it works... 05 Post NL Rates...06 Transit times...07 Customer Service...08 Expanding Internationally
Future of European Consumer Finance A joint Eurofinas Roland Berger Survey Highlights of 1st Edition Cascais 15 October 2015 118 companies participated to the first Eurofinas - Roland Berger Survey - representing
EUROPEAN COMMISSION MEMO Brussels, 12 November 2014 SMEs access to finance survey 2014 This memo outlines the results of a survey undertaken by the European Commission to provide policy makers with evidence
Ľ. Lesáková Main Trends in B2C E-commerce in the Slovak Republic Main Trends in B2C E-commerce in the Slovak Republic Ľubica Lesáková Matej Bel University, Faculty of Economics, Slovak Republic firstname.lastname@example.org
Billing & Payment Options Driving Customers Paperless Billing and payment options for customers have grown considerably in the last 5 to 10 years. Bill presentment has expanded from paper bills delivered
Special Eurobarometer 414 E-COMMUNICATIONS AND TELECOM SINGLE MARKET HOUSEHOLD SURVEY REPORT Fieldwork: January 2014 Publication: March 2014 This survey has been requested by the European Commission, Directorate-General
ABS EMEA: Schneider Electric further consolidates its position in Building Automation Paris, June 8, 2005 Building a New Electric World An acquisition strategy focused on high growth potential activities
ab Payment solutions for individual clients. Swiss ways and customs Contents Introduction to payments in Switzerland 05 How can I make day-to-day payments without using cash? Maestro card 06 Credit cards
E-Invoicing / E-Billing International Market Overview & Forecast Bruno Koch February 2014 Global overview page 2 International E-Invoicing Market Leaders Average Developing Laggards 10/03/2014 Bruno Koch,
2009 International Conference on Machine Learning and Computing IPCSIT vol.3 (2011) (2011) IACSIT Press, Singapore Do We Really Need to Adopt Electronic Banking? Zaid A l-baghdadi 1, Dr. S.A.M. Rizvi 2,
Ownership transfer Critical Tax Issues Johan Fall, Anders Ydstedt March, 2010 Ownership transfer Critical Tax Issues 1 Ownership transfer Critical Tax Issues INTRODUCTION In tough economic times family
Review of TD s businesses REVIEW OF TD S BUSINESSES PROFILES OF TD S BUSINESSES TODAY IN THIS REVIEW, WE HAVE ARRANGED OUR BUSINESSES AROUND OUR TWO DISTINCT CUSTOMER BASES RETAIL AND WHOLESALE TO SHOW
Special Eurobarometer 373 RETAIL FINANCIAL SERVICES REPORT Fieldwork: September 211 Publication: April 212 This survey has been requested by the European Commission, Directorate-General Internal Market
Price Research, Price Differences in Europe Products of H&M, Zara, C&A and Body Shop May 2009 Executed by the European Consumer Centres Network (ECC-Net) Introduction The European Consumer Centre Network
Issue 2015-3 June 2015 ISBN 978-92-79-38783-8, ISSN: 2315-3113 Competition policy brief Occasional discussion papers by the Competition Directorate General of the European Commission The Interchange Fees
Račinskaja et al. Electronic Insurance Business. 15 Knowledge, Innovations and Technologies Integration Nurturing Electronic Insurance Business Irena Račinskaja 1, Asta Žalimienė 2, Jonas Žaptorius 1,2
Austria The current conditions are that a should meet two out of the following three requirements: Balance sheet Number of Small < 7,3 mio. < 3,65 mio. 50 Medium-sized < 29,2 mio. < 14,6 mio. 250 *Austrian
Payments Making Sense of BIG Data How to make sense of enormous quantities of data double quick Introduction Andy Cook Research & Analysis Director Cards & Payments Intelligence Center Who is Timetric?
Abstract A Study on Benefits and Challenges of E-Banking *K. Amutha **DR.C. Sureshkumar *Asst. Prof. in Commerce, S.K.S.S Arts College, Thiruppanandal. **HOD of Commerce, S.K.S.S Arts College, Thiruppanandal.
(Cover page) The Tax Burden of Typical Workers in the EU 28 2014 Edition NEW DIRECTION Page 1 of 17 James Rogers & Cécile Philippe May 2014 New Direction aims to help shift the EU onto a different course
Facts: Population Facts: Population 6 big nations: > 35 million (Germany, the UK, France, Italy, Spain and Poland). Netherlands: 16 million people. 8 small nations (size of a big city): 8 to 11 million:
Economics 380: International Economics Fall 2000 Exam #2 100 Points Name (ID) YOU SHOULD HAVE 7 PAGES FOR THIS EXAM. EXAM WILL END AT 1:50. MAKE SURE YOUR NAME IS ON THE FIRST AND LAST PAGE OF THE EXAM.
Special Eurobarometer 373 RETAIL FINANCIAL SERVICES REPORT Fieldwork: September 211 Publication: March 212 This survey has been requested by Directorate-General Internal Market and Services and co-ordinated
Emergence of e-banking in Rural Area Santosh. B. Potadar Assistant Professor ASM s ICS Hidayatulla K. Pirjade Assistant Professor ASM s ICS Miss. Manisha S. Thorat. Assistant Professor Krishna Institute
YOUR FREE COPY - NEW - Additional countries outside European Union LEGAL WHITE PAPER International Compliance Legal requirements international einvoicing European Union & Selected Countries Worldwide International
Annual Analysis Card Payments Cards and Transactions February 2014 With an expected GDP growth of 0.5% and an almost 1% decline in consumption, analysts define 2013 as a year of feeble economic recovery
THE IMPACT OF E-BANKING ON CUSTOMER SERVICE AND PROFITABILITY OF BANKS IN GHANA DR. ALEX ADDAE-KORANKYE CENTRAL BUSINESS SCHOOL, CENTRAL UNIVERSITY COLLEGE, P.O.BOX DS 2310, DANSOMAN, ACCRA, GHANA. Abstract
OVERVIEW SUPPORTED PAYMENT METHODS International Internationally credit cards are the widest accepted payment method. Adyen supports the major credit cards that allow you to accept payments from anywhere
November 2014 Executive Summary: Global Payments Global Payment Growth Fueled by Cross-Border and Mobile Commerce By Tim Parry Global ecommerce is expected to top $1.25 trillion U.S. by the end of 2014,
34 McKinsey on Payments September 2013 Global payments trends: Challenges amid rebounding revenues Global payments revenue rebounded to $1.34 trillion in 2011, a steep increase from 2009 s $1.1 trillion.
Panel: How broadband policy can contribute to deploy secured and universal broadband access Presentation: Initiatives to deploy broadband access in Europe Erik BOHLIN Chalmers University of Technology,
Brochure More information from http://www.researchandmarkets.com/reports/2876228/ Electricity, Gas and Water: The European Market Report 2014 Description: The combined European annual demand for electricity,
Special Eurobarometer 423 CYBER SECURITY REPORT Fieldwork: October 2014 Publication: February 2015 This survey has been requested by the European Commission, Directorate-General for Home Affairs and co-ordinated
Cash machine withdrawal in the EU (+Norway and Iceland) Country Is it free of charge to go to a cash machine from a different bank than consumers own to withdraw money? If withdrawal is not free of charge,
Instructions to the Interviewer: Interviewer to note down the details in the grid given below Mobile banking definition for the survey: A financial transaction or information request (e.g., ministatement)
SOUS EMBARGO JUSQU AU 8 JUILLET A 8H00 European SME Export Report - FRANCE Export / import trends and behaviours of SMEs in France July 2015 European SME Export Report Small and medium-sized enterprises
Online Banking : Benefits and Related Issues (By : Anju Dagar, Assistant professor, Ad- hoc, Delhi University) Abstract The World Wide Web has permeated virtually every aspect of modern life. If you have
INTERNATIONAL Helping your money travel around the world International payments travel money and CHAPS Talk to us today Access your money, at home and away Maybe you have family overseas and want to send
Introduction to Macroeconomics Sebastian Koch Lauder Business School Summer term 2016 Course Outline 2 LBS Intranet CIS Access to course description via LBS Intranet: https://cis.lbs.ac.at/ Check the course
Cash: the familiar stranger Malte Krueger Universität Karlsruhe und PaySys Consultancy GmbH EPCA Conference, Brussels April 1st, 2008 Agenda University of Karlsruhe / PaySys Consultancy Intro: War on cash
Special Eurobarometer 396 E-COMMUNICATIONS HOUSEHOLD SURVEY REPORT Fieldwork: February - March 2013 Publication: November 2013 This survey has been requested by the European Commission, Directorate-General
INTERNATIONAL TRACKED POSTAGE SERVICE INDEX Expanding Internationally...03 The Post NL Service...04 How it works... 05 Post NL Rates...06 Transit times...07 Customer Service...08 EXPANDING INTERNATIONALLY
PRESS KIT Pan-European opinion poll on occupational safety and health Results across 36 European countries Press kit Conducted by Ipsos MORI Social Research Institute at the request of the European Agency
amdocs > customer experience systems innovation AMDOCS SELF-SERVICE AMDOCS > CUSTOMER EXPERIENCE SYSTEMS INNOVATION WWW.AMDOCS.COM AMDOCS SELF-SERVICE 1 IF YOUR CUSTOMERS WANT MORE CONTROL, JUST GIVE IT
Top 50 Banking Interview Questions 1) What is bank? What are the types of banks? A bank is a financial institution licensed as a receiver of cash deposits. There are two types of banks, commercial banks
We make cards and payments work for people as a part of everyday life We bring information to life 2 EVRY is a leading IT company in the Nordic region. Through advice, technology and solutions, EVRY brings
Customer Experience Management Best Practices for Voice of the Customer (VoC) Programmes Jörg Höhner Senior Vice President Global Head of Automotive SPA Future Thinking The Evolution of Customer Satisfaction
Eurobarometer RETAILERS ATTITUDES TOWARDS CROSS- BORDER TRADE AND CONSUMER PROTECTION REPORT Fieldwork: September - October 2012 Publication: June 2013 This survey has been requested by the European Commission,
Technology & the Creative Industries in the UK Rapid commercialising in the UK Tony Hughes, Budapest 2013 UK Market UK s ICT/Consumer Electronics sector is Europe s largest Spend per head is the highest
Bankruptcy Systems and In-court Reorganisation of Firms, 2010 Content: 1. Perception of the Bancruptcy System... 2 2. Perception of In-court Reorganisation... 4 3. Perception of Creditor Committees, Fast
IMMIGRATION TO AND EMIGRATION FROM GERMANY IN THE LAST FEW YEARS Bernd Geiss* Germany, Destination for Migrants Germany is in the middle of Europe and has common borders with nine countries. Therefore,
SD Worx Connect Erasing the borders of payroll Systems Pan-European Payroll Tax & Legal Think Global, Act Local Services Integrated Transparent Custom Fit Does your company have offices in several European
193/2014-15 December 2014 Labour Cost Survey 2012 in the EU28 Labour costs highest in the financial and insurance sector Three times higher than in the accommodation and food sector In 2012, average hourly
An investigation of consumer behaviour in mobile phone markets in Finland Submission to 32 nd EMAC conference, Track: New Technologies and E-Marketing Jukka Pakola, M.Sc., Assistant in Economics, email@example.com
International Mobile Phone Top Up For Consumers & Merchants March 2015 What is CY.SEND? CY.SEND is an international prepaid mobile phone top up provider located in Switzerland for consumers and merchants.
Results of the SEMOPS Study "Status of E-Payments and M-Payments in the European Union" Dietmar G. Wiedemann Mobile Commerce Working Group (wi-mobile) University of Augsburg firstname.lastname@example.org
Digital Agenda Targets Progress report Digital Agenda Scoreboard 2014 1 NGA coverage: Fast broadband technologies capable of providing at least 30 Mbps are available to 64%, up from 54% a year ago Among
Flash Eurobarometer HOW COMPANIES INFLUENCE OUR SOCIETY: CITIZENS VIEW REPORT Fieldwork: October-November 2012 Publication: April 2013 This survey has been requested by the European Commission, Directorate-General
WORLDWIDE RETAIL ECOMMERCE SALES: EMARKETER S UPDATED ESTIMATES AND FORECAST THROUGH 2019 Worldwide retail sales including in-store and internet purchases will surpass $22 trillion in 2015, up 5.6% from
1 Terms of Access to Payment Systems The Different Positions of Small and Large Banks English summary of Swedish Competition Authority report 2006:1 2 Summary The Swedish banking market is dominated by
PORTABILITY OF SOCIAL SECURITY AND HEALTH CARE BENEFITS IN ITALY Johanna Avato Human Development Network Social Protection and Labor The World Bank Background study March 2008 The Italian Social Security
Payments Package: Questions and Answers Date: November 2013 Contact: Ruth Milligan, T: +32 2 737 05 95, email@example.com A. Introduction The Commission published its Payments Package on 24 July
Online gambling: Finnish and French models 12.1.2 012 1 Online gambling in Europe - Three models of online gambling in Europe (www.senat.fr) No online gambling markets Finland, Sweden, Portugal, Slovenia,
ICT MICRODATA LINKING PROJECTS Brian Ring Central Statistics Office Some CSO Background CSO runs annual survey of enterprises and households integration work to date has focussed on data from enterprises
COUNTRY PHONE SELLING ADDITIONAL INFORMATION ALLOWED Belgium The use of automatic system of phone call with a marketing goal without human intervention is not allowed without the authorization of the consumer.
Introduction to mbank Group The most successful organic growth story in Poland August 2015 mbank Group in a snapshot General description Key financial data (PLN M) Set up in 1986, mbank (originally BRE