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> SOA Governance – Management of Opportunities and Risks > Increasing Customer Retention in Financial Institutions > Gebündelte Kompetenz in der Finanzwirtschaft View metadata, citation and similar papers at core.ac.uk View metadata, citation efl-Newsletter 04 21.09.2006 14:24 Uhr Seite 2

Impressum

Redaktion Prof. Dr. Wolfgang König Dipl.-Wirtsch.-Inform. Rainer Berbner Dipl.-Wirtsch.-Ing. Julian Eckert

Herausgeber Prof. Dr. Wolfgang König Vorstandsvorsitzender des E-Finance Lab Frankfurt am Main e. V.

Kontakt [email protected] www.efinancelab.com

Gestaltung Novensis Communication GmbH Bad Homburg

4. Ausgabe, 2006

Copyright © by E-Finance Lab Frankfurt am Main e. V.

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House of Finance

Nach vier Jahren intensiver Planung erfolgte Insgesamt werden im House of Finance mehr notwendigen Finanzmittel für den Bau des Mitte August der Spatenstich für das House als 130 Wissenschaftlerinnen und Wissen- House of Finance zur Verfügung stellt, son- of Finance auf dem Campus Westend der schaftler arbeiten. Darüber hinaus finden im dern auch als Bauleiter energisch das Ge- Goethe-Universität Frankfurt. Das ein Inves- House of Finance neben zwei Weiterbildungs- samtprojekt vorantreibt. Wir danken dem titionsvolumen von 35 Mio. Euro umfassende instituten (nämlich der Goethe Business Minister für Wissenschaft und Kunst Udo Gebäude (ca. 12.000 m2 Bruttogeschoss- School, die im Markt der Management- Corts für vielfältige und wichtige Umstel- fläche) ist der erste Schritt zu einer baulichen Ausbildung von Führungskräften tätig ist, lungshilfen. Hierin einschließen möchte ich Neuordnung auf dem Campus Westend, an und dem Institute for Law and Finance, das natürlich die Fachabteilungen dieser Häuser, dessen Ende die gesamten Geisteswissen- einen LL.M.-Studiengang anbietet) fünf die sich intensiv mit der Planung des Ausbaus schaften der Goethe-Universität Frankfurt Forschungsinstitute Platz. Prof. Dr. Rudolf Steinberg, Präsident der Johann des Campus Westend sowie der Errichtung (einschließlich der Wirtschafts- und Rechts- Wolfgang Goethe-Universität Frankfurt am Main des House of Finance befasst haben – ebenso wissenschaften) auf dem Westend-Campus – Bei den Forschungsinstituten steht die Erar- wie viele Mitarbeiter/innen in der Univer- nördlich des Casinos, auf einer Fläche von beitung von profunden wissenschaftlichen orientierte Forschung – in enger Zusammen- sitätsverwaltung und dem Hessischen Bau- 26 ha bis zur Miquelallee – neue Räumlichkeiten Ergebnissen und deren Veröffentlichung in arbeit mit Banken, anderen Finanzdienstlei- management. Wir danken den Wissenschaft- finden. Der Campus Bockenheim wird aufge- internationalen Top-Zeitschriften im Vorder- stungsunternehmen sowie wichtigen Unter- lerinnen und Wissenschaftlern, ohne deren geben. Finanzminister Karlheinz Weimar hob grund, wobei verschiedene Themenfelder im nehmen der Zulieferindustrie. Forschungsgeist und Hartnäckigkeit viele der in seinem Grußwort zum Spatenstich hervor, Kontext des Finanzplatzes mit unterschied- bisherigen Ergebnisse nicht entstanden dass er den ursprünglich für 2014 anvisierten lichen Ansätzen beleuchtet werden. Das In der inneren Struktur besteht das E-Finance wären – Ergebnisse, die uns insofern mit gro- Endtermin für das gesamte Bauprogramm im E-Finance Lab ist mit ca. 40 Wissenschaftle- Lab aus fünf Themenfeldern, die durch ßer Zuversicht in die Zukunft schauen lassen Umfang von ca. 350 Mio. Euro gerne nach rinnen und Wissenschaftlern das größte herausragende Wissenschaftler geleitet wer- als wir weitere methodisch sehr gut fundierte vorne ziehen möchte. Er sieht hierfür auf- Forschungsinstitut im House of Finance. Es den – dort werden die neuen Erkenntnisse und in der Praxis wichtige Erkenntnisfort- grund der veränderten Kompetenzen des wird zu etwa zwei Dritteln von der Wirtschaft erarbeitet und in einer stark ansteigenden schritte erwarten und hiervon profitieren dür- Landes im Umfeld der Föderalismusreform finanziert. Seine Mission ist die Unter- Zahl von Veröffentlichungen dokumentiert, fen. Und ich danke der Wirtschaft und den eine gute Chance. stützung der Finanzdienstleistungsbranche die darüber hinaus zunehmend in Spitzen- uns umgebenden sowie uns unterstützenden bei der Industrialisierung ihres Geschäfts, zeitschriften platziert werden können. Institutionen, ohne deren substanzielle Im House of Finance konzentriert sich die fi- wobei die geeignete Gestaltung und Nutzung Mithilfe ein House of Finance nur ein Torso nanznahe Kompetenz der Goethe-Universität moderner Informations- und Kommunika- Ein solcher Spatenstich ist auch der Zeit- bliebe. Frankfurt in Forschung und Lehre – mit allen tionssysteme im Vordergrund steht. Ziel ist punkt, um verschiedenen Institutionen und ihren dazugehörigen weltweiten Netzwerken. dabei nicht nur die Effizienzsteigerung durch Personen zu danken. Wir danken Minister- Ich wünsche uns allen ein gutes Gelingen des Kern sind ca. 20 Professuren, die zu etwa 75 Kostenreduktion, sondern darüber hinaus präsident Roland Koch für die nachhaltige Neubaus und den Wissenschaftlerinnen und Prozent dem Fachbereich Wirtschaftswissen- auch die Schaffung neuer Produkte und und zielführende Unterstützung aller dieser Wissenschaftlern sowie Praktikern in den schaften angehören (die Abteilungen Erlösströme. Das E-Finance Lab betreibt dabei Veränderungen. Wir danken Finanzminister gemeinsamen Forschungs- und Lehrpro- „Finance“ und „Geld und Makroökonomie“). sowohl Grundlagen- als auch anwendungs- Karlheinz Weimar nicht nur dafür, dass er die grammen viel Erfolg.

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composition of distributed applications and cesses and organization) in conjunction with SOA Governance – Management of processes. A SOA is characterized by a compo- the management of business processes repla- nent like composition of reusable services for- ces the aforementioned tasks. Opportunities and Risks ming repeatable steps in business processes. The management of services features both, a To achieve more flexibility, services can be technical dimension and a business dimension. SERVICE-ORIENTED ARCHITECTURES ARE AN EMERGING PARADIGM, replaced by other services at runtime. Each single service and each service composi- BUT THE MANAGEMENT IMPLICATIONS ARE NOT WELL UNDERSTOOD. SOAs promise a variety of advantages: tion has to be managed with regard to a varie- ty of functional and non-functional require- RAINER BERBNER1 MATTHIAS GOEKEN2 • The combination of services facilitates an ments (e.g. business-orientation, value contri- WOLFGANG JOHANNSEN3 NICOLAS REPP1 easy creation of new products supporting bution, compliance, availability, efficiency, JULIAN ECKERT1 business processes and an easy modifica- integrity, and confidentiality). tion of existing processes. We expect a SOA to comprise a relative large SOA as a new architectural Paradigm partners into the value chain. We expect this • The reusability of services in various con- number of services in different stages of their The global economic environment of today is new economic environment to introduce sub- texts offers economic advantages (e.g. cost individual life cycle. An increase in complexity confronting companies with market conditions stantial change also to business models of savings and protection of investment). should also be expected if sourcing services of so far unknown dynamic change. A critical companies doing software production and • Business processes may composed out of from different internal or external suppliers success factor for staying competitive is the software allocation. This will allow new service internally available and/or externally applying different Service Level Agreements ability to react quickly, flexibly, and efficiently. sourcing models. offered services. Sourcing decisions now for services and suppliers. Strategic alignment and adaptive business pro- Obviously, cost efficient and flexible modifica- can be made on that level with a much Obviously, SOA is introducing a paradigm cesses are key requirements to achieve a short tions of business processes can only be achie- finer granularity. shift in production, procurement, and usage “time to market”.Further pressure is applied by ved by an adaptive IT-architecture. However, • The SOA paradigm with its underlying of software. Required investments are signifi- the need to integrate more and more external the IT-environment in industrial enterprises independent architectural concept offers a cant and have to be justified by sound business and in the public sector is far away from being flexible combination of several solutions cases throughout the industry. Computational SOA Governance able to respond to these demands. A typical IT offered by different providers. models for analyzing value contributions of • Value Contribution • Strategic Alignment landscape of today consists of application • Furthermore, SOA allows the successive services are still in an early stage. • Risk Management • Compliance blocks which are more or less connected to migration from contemporary monolithic SOA’s impact goes far beyond the user side. SOA Conformance SOA Life Cycle each other. The resulting application systems application software systems to a highly The business models of software developers Governance are fairly fixed structures and do not allow for modular pool of services. and service providers will also experience a SOA readiness SOA Life Cycle verification Governance the flexibility needed in future. dramatic change. Users respectively their IT Development Challenges and Risks departments will no longer buy software Implementation Opportunities The realization of these advantages comes systems, applications or new releases. Rather Running A Service-oriented Architecture (SOA) is offe- along with an increase of complexity due to they will demand a certain type and number Monitoring ring a favorable exit strategy. SOAs are based new requirements and changed responsibilities of services which are running on an internal Replacement on services as basic elements for developing of the IT-department. Development and ope- system or on external systems provided by

Maturity assessment applications/solutions. Services itself are self- ration of applications will not longer be the specialized service providers. describing, platform independent computa- centre of IT-departments work. Instead, a holi- These new operating environments ask for Figure 1: SOA Governance tional elements that support rapid, low-cost stic management of services (technology, pro- considering the related risks.

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Goals of Governance Characteristics SOA Maturity Maturity Level Technology Processes Organization To structure the main goals of a SOA Gover- The SOA Maturity Model (SOAMM) is based on 1SOA-Initial SOA knowledge build-up is SOA knowledge available via individual No SOA specific organizational occurrence. nance we map the focus areas of the CObIT 4.0 Knowledge build in progress. competence and engagement of experts. the main ideas of the Capability Maturity up on an indivi- Framework for IT-Governance, thereby anti- dual basis. Model Integration (CMMI) of SEI.We distinguish 2SOA-Managed SOA Conformance SOA Conformance SOA Conformance cipating Governance requirements of SOA. Strategic SOA SOA Readiness Check Modeling of business processes with service • Strategic implications (SWOT) of a SOA imple- five stages of maturity and three main catego- direction executed components implemented. mentation are analyzed (SOA Readiness). CObIT provides a framework to analyze align- defined. • SOA Conformance First reusable processes implemented on a • Responsibilities for planning and integration ries. These categories are to capture the main (current/future) checked project basis. are assigned. ment, value contribution, risk management, • SOA planned • Alignment (requirements, prioritization) with building blocks of existing business architectu- business areas is established. and effective usage of resources by relating the re and/or a SOA already in place. The SOA 3SOA-Defined SOA Conformance SOA Conformance SOA Life Cycle Management tasks of an IT Organization to generic IT proces- Management SOA implemented Modeling, documentation, and implementation Responsibilities assigned for Maturity Model, proposed by us (see Figure 2), of processes of business processes based on SOA components • Governance and operational across business areas and organizational units. • Operations and maintenance ses. We interpret these tasks in the context of processes • Planning and development supports the introduction of a SOA in both sta- standardized. • Purchasing and sourcing SOA Governance as follows: • Monitoring of service supply/delivery ges, the SOA Conformance analysis and the SOA (e.g. based on SLAs) • Value delivery focuses on the value propo- Life Cycle Management. Profiled characteristics 4SOA-Quantitati- SOA Conformance SOA Life Cycle Management SOA Life Cycle Management sition of each service throughout the life vely Managed • Monitoring SOA framework and service components Performance metrics defined. Business processes for technology, processes, and technology for Performance • Performance are systematically and proactively managed and service components monitored (e.g. perfor- cycle, ensuring that services support busi- monitored and measurement across individual service life cycles. mance, alignment, risk, and compliance). each stage provide a holistic insight of the situ- managed. ness goals. ation an organization finds itself regarding SOA. 5SOA-Optimizing SOA Life Cycle Management SOA Life Cycle Management SOA Life Cycle Management Continuous SOA (performance, align- Systematic approach established for identifying Responsibilities and accountability measures • Strategic alignment should ensure that ser- SOA Life Cycle Management starts with organi- improvement ment, risk, compliance) inte- new requirements and detecting gaps (with assigned and defined. process. grated into continuously respect to service components and their interrela- vices and the whole SOA are in line with improvement process. tionship within and across business processes). zational matters, progresses to business proces- business strategies and goals. ses and finally becomes a technological issue. Figure 2: SOA Maturity Model (SOAMM) • Management of resources deals with the For organizations, this approach helps to avoid optimal investment and management of IT- significant risks in case an introduced technolo- SOA Governance: • SOA Conformance deals with the verifica- resources relevant to a SOA (services, infor- gy hits an unprepared organization. Requirements and Research Issues tion of the readiness of an organization to mation, infrastructure, and people). We choose the term “SOA Governance“ to implement SOA. The objective is to verify • Risk management in SOA Governance isthe References point out the new challenges and requirements the maturity of enterprises with respect understanding of the “risk appetite” of an Berbner, R.; Spahn, M.; Repp, N.; Heckmann, O.; in management. As the term “IT-Governance” to organizational, procedural, and techni- enterprise and the implementation of stra- Steinmetz, R.: Heuristics for QoS-aware Web reveals an extended responsibility (in compa- cal issues. tegies for risk avoidance and risk reduction. Service Composition. In: 4th IEEE Internatio- rison with “IT-Management”), “SOA Gover- Given the comparable high degree of com- nal Conference on Web Services (ICWS 2006). nance”comprises all activities dealing with the • SOA Life Cycle Governance aims at the plexity of a SOA, risk management is beco- Chicago, USA, 2006. introduction, usage, and retirement of services efficient and effective operation of a SOA. ming a potentially stronger challenge, too. in an enterprise. This broader perspective also It covers the whole service life cycle In this context, compliance und regulative Johannsen, W.; Goeken. M.: incorporates aspects as strategic alignment, that is develop, implement, run, monitor, issues also have to be considered. IT-Governance – Neue Aufgaben des IT-Mana- value contribution and compliance. We distin- and replace/retire services. • Performance management focuses on gements. In: HMD – Praxis der Wirtschafts- guish two major subject areas of SOA measuring and optimizing the contribution informatik 250 (2006). Governance, “SOA Conformance” on the one Both tasks include, among others, an exercise of services to the goals of a specific busi- 1 E-Finance Lab e.V., Cluster 2 hand and “SOA Life Cycle Governance” on to analyze the organization maturity with ness process and by that to the business 2 HfB - Business School of Finance & Management the other hand (Figure 1): respect to SOA. goals of the enterprise. 3 Fachgebiet KOM, TU Darmstadt

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rarely combined.Take one bank as an example: However, financial institutions in Germany, Increasing Customer Retention in Their marketing department wanted to too, are taking advantage of the opportuni- advertise a special savings deal during the ties the Internet offers for adopting a perso- Financial Institutions World Cup. However, such a deal would have nalized approach. Customers of the bank cost more, with today’s technology, than sen- HSBC Trinkaus & Burkhardt for example can THE ACCOUNT STATEMENT AS A TOOL FOR INCREASING CUSTOMER RETENTION ding out two parallel documents (account sta- set their own font size when using the websi- AND REALIZING CROSS- AND UP-SELLING POTENTIALS. tement and mass mailing). te and are assigned to an individual contact person according to the products they use. DONOVAN PFAFF1 BERND SKIERA2 Developments in other sectors and other countries have shown that costs can be cut For organizations such as banks, the numbers Introduction related printing options often act as an and revenue increased even with compulsory of current and future customers, profitability Over the past couple of years, German banks Achilles heel here. As a result, many banks documentation. In Asia, for example, adver- per customer, length of customer retention, have once again focused their attentions on now insist on a consolidated asset and liability tisements are incorporated into credit card and expenditure necessary to acquire custo- consumer banking. More and more banks are statement and in some cases also a balance statements, while in Italy, account state- mers and win their loyalty are vital statistics offering free checking accounts, with the aim overview for all accounts in Internet banking. ments can be printed out free of charge, in for market success. The same applies for the of leveraging the customer value through Such options are only rarely available with return for renting out free space on the relevant documents in the banking business. secondary or tertiary products. As the current paper statements. By consistently separating account statement. Research projects carried out by the E-Finance industry publication for financial institutions layout and business data, progressively imple- from Mummert & Partner shows, a particular menting output management systems and Persona- Personal Bank Format Non-bank News lized contact Account focus area is personal consultations with increasing the use of online banking, banks products products contact details overview details with without Total range almost 80% of banks wanting to invest in this are more and more able to address customers picture picture of possible area in the near future.There are various ways at a personal level, even with compulsory do- design elements for banks to establish contact with custo- cuments. This article aims to investigate Typeface Language Individual Fontsize Channel investment (e.g. online … mers. As well as traditional bank branches, whether improving the design of account sta- recommen- or offline) dation call centers, and the Internet, documents are tements would bring benefits in terms of playing an increasing role as a communica- banks’ cost/revenue ratios. tion channel. These can be divided into com- Selection pulsory documents (such as account state- Documents at Financial Institutions ments) and non-compulsory documents (such As mentioned previously, financial institu- Type size Format Personal contact as direct mass mailings). In Germany, around tions distinguish between compulsory and data with Selected 90 million mass mailings and 600 million non-compulsory documents. While putting picture building blocks for account statements are sent out every year. together non-compulsory documentation can empirical Account Individual Non-bank study Until now, personalizing compulsory docu- often be very time-consuming, compulsory overview investment products recommen- ments has not been a priority for banks, both documents, such as account statements or dation for security reasons and due to technical interest summaries, are designed to be func- restrictions. A consolidated database and the tional. These two types of documents are Figure 1: Selection of particular features of an account statement in our research

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various components. As well as an account has also been developed. The conclusions The aim of this survey was to gain an initial overview, the statement may contain messa- drawn from the “inside-out” study as a result insight into how to increase customer reten- ges, contact details, or recommended invest- of the survey of banking experts were tion and into cross- and up-selling potential, ments. The different possible versions that then validated by means of an “outside-in” as well as the benefits of the account state- were used in the study are shown in Figure 1. study with customers of a large interna- ment criteria and their characteristics. These differ in terms of content and format, tional bank. as well as layout. Results of the Study During a 12-minute analysis session in indi- After the first part of the survey, the results Study Composition vidual branches, 80 customers were questioned initially showed that bank customers are First, we discussed and developed components in total. First, the survey requested customer predominantly satisfied with their banks’ and possible versions of account statements opinions on the existing account statements, account statements. Before the customers with managers of the Marketing, IT, and Legal and they were asked to identify requirements were shown the new statements, they criti- departments from banks.The most important for the account statements of tomorrow, as cized only minor shortcomings, such as inter- issue here was to achieve an “inside-out” view, well as give their expectations and future nal bank entry numbers, individual entries i.e. a banking perspective of requirements for purchasing patterns. Then, the nine new running over two pages, shading on the account statements. Besides legal require- account statements were presented to the account statements (as a result of poor copy- ments, it was decided that color graphics customers, who were asked to rank them in ing or faxing), or too little differentiation bet- should be omitted, due to cost, among other order of preference, as part of the conjoint ween individual entries. However, once these reasons. Departments, like Marketing, reque- analysis. Afterwards, the consumers were test subjects had seen the new statements, sted that a larger font should be used, for asked again the same questions as had been their attitudes to their current statements Figure 2: One version for a new account statement example for older customers, or with integra- posed before they had seen the new account worsened significantly. By the end of the sur- ted personalized advertisements. Another statements. This was intended to measure any vey, 30% of customers were dissatisfied with Lab at Frankfurt University have included sur- suggestion was to offer account statements change in their assessment caused by their their current account statement. The results veys of how vital statistics can be implemen- in multiple languages in the future. The out- knowledge of the “new” account statements. of the study show significant potential for ted to assess the customer base and organi- come of this phase was that six criteria were zations. The developed models show that identified, namely the font size (13 vs. 10 pt), 0% 20% 40% 60% 80% 100% forwardlooking metrics are important, and format (A4, C5), personalized contact details Pre µ=4,2

customer retention should be a key metric to (with and without photo), statement of Post µ=3,59* track. Changes in customer retention has a far assets and liabilities (in table form, as a chart, greater effect on the value of the customer none), personalized investment recommen- fully agree=1 partly agree=2 indifferent =3 N=80 base (and thus on the value of the organiza- dation (yes, no), and one advertisement for partly disagree=4 fully disagree=5 tion) than, for example, comparable changes non-banking products (yes, no). The conjoint in the number of customers or their profitability. analysis involved systematically varying the * significant change of consumer preferences To investigate the impact of account state- characteristics of these criteria, resulting in a ments on profitability and customer retention, total of nine new account statements. One Figure 3: “I would buy more banking products if information about them was given on my account statement.” the account statement was subdivided into version is shown in Figure 2. A questionnaire – before and after having seen the nine new statement designs

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surveyed. In identifying these segments, it The survey carried out at one bank showed Attributes Segment 1 Segment 2 Segment 3 Segment 4 Segment 5 Segment 6 became clear that the types of statement that customers of this bank can be divided 1 tabular & tabular & tabular & preferred by each group varied greatly. One into six groups, all of which are significantly Account overview ✘ tabular tabular graphical graphical graphical group, for example, might like to see an asset different from the others. This gives rise to and liability statement displayed as a chart, considerable potential to increase customer 2 while another prefers it in table form. Another retention and the cross- and up-selling rate by Personal contact ✔ ✘ ✘ ✔ ✘ ✔ details with picture customer segment places particular empha- addressing customers on an individual basis. sis on how their customer advisor is display- By grouping documents together (e.g. perso- 3 ed. While one group favors the “old”, small nal investment recommendations) in a logical Investment ✘ ✘ ✔ ✔ ✔ ✔ recommendation and long account statement in C5 format, to manner, banks can reduce their costs, and by others (such as Segment 1), a larger font size is taking a more individual approach and impro- 4 more important. The “Seniors” segment, with ving the layout of account statements, also Font size 13 13 10 10 13 13 an average age of 67, stood out during the increase their revenue. test since they preferred a size 13 font and an 5 individual contact person, with a photo. As the results show, banks can win favor from Non-bank products ✘ ✔ ✘ ✘ ✔ ✔ the “Seniors” segment by using larger print Figure 4 shows the six individual customer fonts and adding an individual contact person

6 segments and their respective characteristics. to their account statements, for instance. This DIN C5 DIN A4 Format DIN A4 DIN A4 DIN A4 DIN A4 (small) (big) This also illustrates that four out of the six alone promises a huge growth market. segments would like to receive personalized investment recommendations. Our methodical approach for improving the Figure 4: Characteristic criteria across the six customer segments account statement for financial institutions is It is equally apparent that, at least among the a balanced “inside-out” and “outside-in” pro- cross- and up-selling in banks. Fifty percent of significantly between the before/after survey, bank customers surveyed, the clear trend for cedure. First of all, the various building block the asked bank customers would like their which shows that customers place high value German banks will be to switch their account (elements of the account statement) have to account statements to contain more informa- on the personalized elements incorporated in statements to the highly popular DIN A4 be defined with the specific Marketing, IT, and tion on both non-banking products, such as the new account statements. Similarly, if format. Legal departments of the financial services information about sporting events, and ban- banks were to offer account statements in a provider. Afterwards, a guided customer sur- king products, such as savings bonds or revised format, this could clearly also give Conclusion and Recommended Action vey assures the identification of real needs investment funds. If such offers were inclu- them a new competitive edge. In Germany, approximately 600 million and wants of the variety seeking customer of ded on account statements, a good 32% of account statements are sent out every year. tomorrow. customers say they would buy more banking The study also shows that bank customers These days, they are frequently designed sim- products (see Figure 3). At the same time, at can be divided into various groups, which ply to be functional. As a result, German least 62% of those asked would like their should ideally be addressed with individual financial institutions are wasting numerous 1 former E-Finance Lab employee, currently Managing bank to make more personal investment forms of account statements. A total of six opportunities to establish contact with their Director of Bonpago GmbH. recommendations. These figures all increased segments were identified for the bank customers. 2 E-Finance Lab e.V., Cluster 3

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Gebündelte Kompetenz in der Finanzwirtschaft

INTERVIEW MIT HESSENS FINANZMINISTERKARLHEINZ WEIMAR.

Herr Minister Weimar, von Ihnen stammt die petenzen in beiden Bereichen – Praxis und Idee der Errichtung eines House of Finance auf Wissenschaft – eng miteinander zu vernetzen, „Treibender Bauleiter“: Beim ersten Spatenstich für das House of Finance ließ es sich Finanzminister Karlheinz dem neuen Campus Westend der Goethe- also gegenseitig Synergien zu schaffen. Im Weimar nicht nehmen, selbst „Hand anzulegen“. Universität Frankfurt. Was ist die Zielsetzung Prinzip arbeitet das House of Finance bereits – dieser universitären Einrichtung sein? wir sprechen ja jetzt „nur“ über einen der Sache angemessenen Neubau des Gebäudes. sich die Anerkennung der Leistungen der tegie ist doch offenkundig: Im Regierungs- Weimar: Das House of Finance soll ein integra- Die verschiedenen Gliederungen des Konzep- Wissenschaftler in For-schung und Lehre und programm ist die Hauptsäule neben Innerer ler Bestandteil des neuen Campus Westend tes House of Finance pflegen bereits sehr enge ihr Nutzen bzw. ihre Umsetzung in der operati- Sicherheit sowie Wirtschaft und Arbeit der Be- werden und zugleich ein „Leuchtturm“ für den Verbindungen zur Wirtschaft, was man bei- ven Finanzwelt. Hier wird fachliche Kompetenz reich der Bildung. Daraus leiten sich automa- Finanzplatz Frankfurt sein. Hier soll fachliche spielsweise daran ablesen kann, dass bereits offenbart, hier werden geistige Ressourcen tisch der substanzielle Ausbau von Bildung Kompetenz im finanzwirtschaftlichen Sektor sieben Stiftungsprofessuren dort eingerichtet genutzt – und das freut mich als Hessischer und Forschung und ebenso die substanzielle gebündelt werden. Gleichzeitig soll das wich- sind. Das Land Hessen investiert substanziell in Finanzminister natürlich ganz besonders. Das Unterstützung des Finanzclusters am Stand- tige Cluster „Finanzdienstleistungsunterneh- das House of Finance… neue Gebäude auf dem Campus Westend wird ort Frankfurt ab. Um im internationalen Wett- men“ im Rhein-Main-Gebiet unterstützt und diesen Prozess weiter vorantreiben. Die bewerb mithalten zu können, müssen die somit einerseits der Finanzplatz Frankfurt und …wofür wir sehr dankbar sind… Konzeption „House of Finance“ wird sich quali- sorgfältig kalkulierten Finanzmittel des Lan- andererseits der Standort Goethe-Universität tativ und quantitativ weiterentwickeln. des in genau solche zukunftsträchtigen Pro- gestärkt werden. Der Name „House of Finance, Weimar: Ich möchte aber an dieser Stelle auch jekte investiert werden. Aus einer schnelleren Frankfurt, Germany“ soll ein internationaler das sehr große Engagement der Wirt-schaft Sie leiten das Ausbauprojekt der Universität Realisierung dieser großen Projekte verspre- Begriff werden, im Bereich der Wissenschaft und der uns umgebenden und unter-stützen- auf dem Campus Westend und Sie sind ein che ich mir einen schnelleren Return on Invest- ebenso wie im Bereich der Wirtschaft. den Institutionen herausstellen. Von den lau- „treibender Bauleiter“ – will heißen: Sie drän- ment – das heißt, mehr und sicherere Arbeits- fenden Kosten des Wissenschafts-, Lehr- und gen andauernd auf kürzere Durchlaufzeiten plätze sowie eine stabile Nachfrage durch Warum legen Sie so viel Wert auf die Zu- Forschungsbetriebs werden derzeit ca. 50 für die verschiedenen Aktivitäten. Eigentlich nationale und internationale Bewerbungen sammenarbeit zwischen Wissenschaft und Prozent aus Drittmitteln bestritten. Aber nicht sollte man erwarten, dass ein Finanzminister basierend auf den gestiegenen Kompetenzen Wirtschaft? nur Geldmittel fließen. Es gibt z. B. auch eine eher Geschwindigkeit aus solchen Prozessen der Mitarbeiterinnen und Mitarbeiter sowie intensive Zusammenarbeit zwischen Wissen- herausnimmt, um für die Finanzierung der der Absolventen des House of Finance. Weimar: Eine wichtige Voraussetzung für das schaft und Praxis bei konkreten Forschungs- Projekte mehr Zeit zu gewinnen? weitere Gedeihen des Finanzplatzes Frankfurt projekten. Die Unternehmen investieren also Herr Minister, wir danken für dieses Gespräch. ist, die ohne Zweifel verfügbaren hohen Kom- auch eine große Menge Arbeitszeit. Hier zeigt Weimar: Diese zeit- und zielorientierte Stra- Ihnen und uns allen ein herzliches Glückauf.

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news selected efinance lab publications

Habilitation thesis: Dr. Tim Weitzel Berbner, R.; Spahn, M.; Repp, N.; A Two-Fold Assessment in the German Ban- Dr.Tim Weitzel, Cluster 1, has successfully defended his habilitation Heckmann, O.; Steinmetz, R.: king Industry. Forthcoming in: International thesis “A Business Process Perspective on the IS Resource: Outsour- Heuristics for QoS-aware Web Service Compo- Journal of Electronic Finance. cing, IT Business Alignment, and IS Business Value”. His habilitation sition. In: 4th IEEE Int. Conference on Web thesis consists of 16 nationally and internationally published theo- Services (ICWS 2006). Chicago, USA, 2006. Gomber, P.; Gsell, M.: retical, empirical, and technical articles on how Information Systems Catching up with technology – The impact of can be used and developed to create business value. Tim has been Berger, S.; Gensler, S.: regulatory changes on ECNs/MTFs and the appointed Professor of Information Systems at Bamberg University. Online-Kunden unter der Lupe. BANKinsider, trading venue landscape in Europe. Forth- 2006. coming in: Journal Competition and Regu- Awards lation in Network Industries, Special Issue on Dipl.-Wirtsch.-Inform. Rainer Berbner (Cluster 2) has become member of the SOA expert Berger, S.; Laucks, P.; Skiera, B.: The Future of Alternative Trading Systems and council of the Computerwoche. Konsumfinanzierung: Vom Aschenputtel zum ECNs in Global Financial Markets. 2006. Dr. Sonja Gensler (Cluster 3) has received a grant from the German National Science Dornröschen. BANKinsider 11 (2006) 7-8. Foundation (Deutsche Forschungsgemeinschaft) to work as a visiting scholar at Columbia Gomber, P.;Wittner, R.: Business School, New York. Gellings, C.; Wüllenweber, K.: Systematic Internalisers – The new Trading Successfully Implementing IT Outsourcing Animals in Europe. Forthcoming in: Journal of New Team members of the E-Finance Lab are Dipl.-Wirtsch.-Ing. Julian Eckert, Dipl.-Oec. Strategy in German Banks: The Role of Contract Trading 1 (2006) 4. Stefan Schulte, MInfTech (University of Newcastle) (both Cluster 2), Dipl.-Wirtsch.-Inf. Design and Risk Management. In: Proceedings Michael Chlistalla (Cluster 5), and Dipl.-Kfm. Michael Prifling (Cluster 1). of the 14th European Conference on Information Herold, U.; Maurer, R.: Systems (ECIS 2006). Göteborg, Sweden, 2006. Portfolio Choice and Estimation Risk: A Com- The E-Finance Lab Spring Conference 2007 „IT für Finanzdienstleister – Commodity oder kri- parison of Bayesian to Heuristic Approaches. tischer Erfolgsfaktor?“ will be held at the Maritim Hotel in Darmstadt at January 23rd, 2007. Gensler, S.: In: ASTIN Bulletin 36 (2006) 1, pp. 135-160. Ermittlung von Präferenzen für Produkteigen- Prof. Dr. Paul Bernd Spahn appointed Managing Director of the schaften mit Hilfe der Choice-Based Conjoint- Martin, S.; Blumenberg, S.: House of Finance Analyse (Teil I). In: WiSt 35 (2006), pp. 254-258. Connecting Credit Grantors and Credit Reque- The president of the Goethe University Frankfurt am Main, Prof. stors: Towards the Electronic Exchange of Steinberg, appointed as executive director of the House of Gensler, S.: Rating-Relevant Information. In: 10th Pacific Finance, which will go into operation in February 2008, the former Ermittlung von Präferenzen für Produkteigen- Asia Conference on Information Systems Dean of the Faculty of Economics and Business Administration, schaften mit Hilfe der Choice-Based Conjoint- (PACIS 2006). Kuala Lumpur, Malaysia, 2006. Professor emeritus Paul Bernd Spahn for three years. Paul Bernd Analyse (Teil II). In:WiSt, 36 (2006), pp. 316-319. Spahn also serves for the Faculty of Economics and Business For a comprehensive list of all E-Finance Lab Administration as member of the council of the E-Finance Lab. Gewald, H.; Franke, J.: publications see: The Risks of Business Process Outsourcing: www.efinancelab.de/results/pubs/index.php

AN E-FINANCE LAB PUBLICATION ef l quarterly 04|06 efl-Newsletter 04 21.09.2006 14:24 Uhr Seite 11

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RESEARCH PAPER: NEW CHANNELS/OLD CHANNELS: ARTICLE: AUTOMOTIVE INDUSTRY AS A ROLE MODEL: CUSTOMER MANAGEMENT AND MULTI-CHANNELS MANAGING IT PROJECTS

The author focuses on the implications for the management of customer relationships if pursuing In the past the banking industry has benefited enormously from IT, leading to improved processes a multi-channel approach. Using the case study method, he analyzes the situation of four UK and a variety of new products and services. IT systems and applications now form the central nervous financial services providers. In his opinion the addition of new channels opens up new areas system of banking institutions. Such dependency carries great risks. However, studies show thatonly to customer contacts and creates significant challenges in relation to staff roles and existing one third of IT projects meet their monetary and time-frame goals. Adopting successful "Lean-IT" processes for the interaction with customers. management techniques from the automobile industry can substantially improve the success rate.

Channel integration is a strategic issue potentially requiring structural changes to the organi- Lindenau, Rainer zation and changes in the behavior of customers. Multi-channel customer management adds In: Die Bank 8 (2006), pp.66-69. another dimension to traditional methods of segmenting customers and requires sophisticated understanding of the way that customers use channels. The paper contributes to the understanding of the implications for organizations in managing customers in a multi-channel environment. electronic newsletter Das E-Finance Lab betreibt zwei Typen von Newslettern, die beide quartalsweise erschei- Hughes, Tim nen, sodass alle sechs Wochen die jeweils andere Art herauskommt. Bei dem hier vorlie- In: European Journal of Marketing 40 (2006) 1/2, pp. 113-129. genden gedruckten Newsletter steht die Beschreibung der Ergebnisse zweier For- schungsprojekte des E-Finance Lab im Zentrum – ergänzt durch ein Interview und weitere Kurzinformationen. Zur Subskription senden Sie bitte eine E-Mail an: eflquarterly@efinan- ARTICLE: FINANCIAL PROCESS OUTSOURCING celab.com oder ihre Visitenkarte mit der Notiz „bitte gedruckten Newsletter zusenden“ an:

In the increasing globalization of capital transactions, the efficient management of Prof. Dr. Wolfgang König payment flows and the associated risks have developed to a competitive advantage. E-Finance Lab, Universität Frankfurt So enterprises can achieve growth impulses due to consistent Financial Process Outsourcing Mertonstr. 17, 60054 Frankfurt (FPO) in more and more complex markets. The new concept exceeds the outsourcing of the pure payment handling. FPO optimizes all processes of the Financial Supply Der elektronische Newsletter hingegen setzt mehr auf kurze Anmoderationen und den Chain. Therefore enterprises receive significant process advantages: FPO ensures liquidity and Einsatz von Hyperlinks zu weiterführenden Ressourcen. Zur Subskription senden Sie bitte improves the effectiveness due to the collaboration and communication within the eine E-Mail an: Supply Chain. [email protected] von Hammel-Bonten, Christian Viele weitere Informationen finden Sie unter www.efinancelab.com. In: BIT (Banking and Information Technology) 7 (2006) 2.

ef l quarterly 04|06 AN E-FINANCE LAB PUBLICATION