Strategic renewal of large European corporations in the financial services sector
12 / 1999 - 12 / 2003
This research project aims at detecting coevolutionary patterns of new entrants and incumbents in the emerging on-line financial services complex. Coevolution is a term originated in biology, which is becoming rapidly adopted in management science. With regard to the field of strategic management, the term coevolution becomes especially interesting in times of increasingly turbulence, since it is then that major reciprocal evolutions between organizations and the environment can be expected. We conduct our research in the financial services industry. More precisely we focus on Internet banking. The financial services industry exemplifies a mature industry with a legacy of evolutionary, elitist change, which faces increasing environmental turbulence. Moreover, many industry analysts believe that Internet banking will dramatically change the structure of the retail banking industry, by shifting power in the channel away from large banks to innovative new entrants that could provide a more efficient and attractive consumer banking interface. Therefore, the financial services industry, and more particularly the retail financial services sector, promises to be an interesting area of research for our purpose.