Handbook of Research on Enterprise 2.0: Technological, Social, and Organizational Dimensions
Maria Manuela Cruz-Cunha Polytechnic Insitute of Cavado and Ave, Portugal
Fernando Moreira Portucalense University, Portugal
João Varajão Universidade de Trás-os-Montes e Alto Douro, Braga, Portugal
IGI GLOBAL PROOF
A volume in the Advances in Business Information Systems and Analytics (ABISA) Managing Director: Lindsay Johnston Editorial Director: Joel Gamon Production Manager: Jennifer Yoder Publishing Systems Analyst: Adrienne Freeland Development Editor: Joel Gamon Assistant Acquisitions Editor: Kayla Wolfe Typesetter: Lisandro Gonzalez Cover Design: Jason Mull
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Library of Congress Cataloging-in-Publication Data Handbook of research on enterprise 2.0 : technological, social, and organizational dimensions / Maria Manuela Cruz-Cunha, Fernando Moreira and Joao Varajao, editors. pages cm Includes bibliographical references and index. Summary: “This book collects the most recent developments in evaluating the technological, organizational, and social dimensions of modern business practices in order to better foster advances in information exchange and collaboration among networks of partners and customers”--Provided by publisher. ISBN 978-1-4666-4373-4 (hardcover) -- ISBN 978-1-4666-4374-1 (ebook) -- ISBN 978-1-4666-4375-8 (print & perpetual access) 1. Information technology--Management. 2. Web 2.0. 3. Communication in organizations--Technological innovations. I. Cruz-Cunha, Maria Manuela, 1964- II. Moreira, Fernando, 1969 August 16- III. Varajao, Joao, 1972-
HD30.2.H36425 2014 658’.05--dc23
2013015165
This book is published in the IGI Global book series Advances in Business Information Systems and Analytics (ISSN: IGI2327-3275; eISSN: GLOBAL 2327-3283) PROOF British Cataloguing in Publication Data A Cataloguing in Publication record for this book is available from the British Library.
All work contributed to this book is new, previously-unpublished material. The views expressed in this book are those of the authors, but not necessarily of the publisher. Advances in Business Information Systems and Analytics Madjid Tavana La Salle University, USA
ISSN: 2327-3275 EISSN: 2327-3283
Mission The successful development and management of information systems and business analytics is crucial to the success of an organization. New technological developments and methods for data analysis have allowed organizations to not only improve their processes and allow for greater productivity, but have also provided businesses with a venue through which to cut costs, plan for the future, and maintain competitive advantage in the information age. The Advances in Business Information Systems and Analytics (ABISA) Book Series aims to present diverse and timely research in the development, deployment, and management of business information systems and business analytics for continued organizational development and improved business value.
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Handbook of Research on Enterprise 2.0 Technological, Social, and Organizational Dimensions Maria Manuela Cruz-Cunha (Polytechnic Insitute of Cavado and Ave, Portugal) Fernando Moreira (Portucalense University, Portugal) and João Varajão (Universidade de Trás-os-Montes e Alto Douro, Braga, Portugal) Information Science Reference • copyright 2014 • 603pp • H/C (ISBN: 9781466643734) • US $325.00 (our price)
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Ahrens, Andreas / Wismar University of Applied Sciences, Germany...... 631 Almeida, Ana Margarida / University of Aveiro, Portugal...... 178 Almendros, Esmeralda Crespo / Universidad de Granada, Spain...... 364 Alvelos, Helena / University of Aveiro, Portugal...... 346 Antonakopoulou, Anna / National Technical University of Athens, Greece...... 199 Azevedo, Susana G. / University of Beira Interior, Portugal...... 582 Baptista, Zelia / University of Saint Joseph, China...... 460 Barão, Alexandre / Instituto Superior Técnico, Portugal...... 220 Bassus, Olaf / Wismar University of Applied Sciences, Germany...... 631 Bernardino, Jorge / Institute Polytechnic of Coimbra – ISEC, Portugal...... 1 Bobek, Samo / University of Maribor, Slovenia...... 421 Bruno, Giorgio / Politecnico di Torino, Italy...... 108 Cañadas, María del Mar Sánchez / University of Almería, Spain...... 482 Carlos, Vera Silva / University of Beira Interior, Portugal...... 291 Carneiro, Maria João / University of Aveiro, Portugal...... 518 Coleman, Maébh / National University of Ireland, Ireland...... 29 Cormican, Kathryn / National University of Ireland, Ireland...... 29 Costa, Carolina / University of Aveiro, Portugal...... 346 Costa, João Crisóstomo Weyl Albuquerque / Federal University of Pará (UFPA), Brazil...... 650 Cruz-Machado, V. / Universidade Nova de Lisboa, Portugal...... 582 da Silva, Alberto / Instituto Superior Técnico, Portugal...... 561 Delgado, José C. / Technical University of Lisbon, Portugal...... 604 Dias, Gonçalo Paiva / University of Aveiro, Portugal...... 631 do Socorro da Silva, Aleksandra / Federal Rural University of Amazônia (UFRA), Brazil...... 650 Dragoi, GeorgeIGI / University GLOBAL “Politehnica” of Bucharest, Romania ...... PROOF 72 Estêvão, João V. / Polytechnic Institute of Guarda, Portugal...... 518 Fazendeiro, Paulo / University of Beira Interior, Portugal...... 582 Figueroa, Carlos / University of Turabo, Puerto Rico...... 49 Filipe, Sandra / University of Aveiro (ISCA-UA), Portugal...... 399 Francês, Carlos Renato Lisboa / Federal University of Pará (UFPA), Brazil...... 650 Gallinas, Roberto Berjón / Universidad Pontificia de Salamanca, Spain...... 89 García, Salvador del Barrio / Universidad de Granada, Spain...... 364 Goepel, Monique / Berlin Institute of Technology, Germany...... 330 Gogoulos, Fotios I. / National Technical University of Athens, Greece...... 199 Guzmán, Jacqueline / Universidad de la República, Uruguay...... 561 Haro de Rosario, Arturo / University of Almería, Spain...... 482 Heitmann, Martin / Berlin Institute of Technology, Germany...... 330 Jerman, Damjana / International Business School Ljubljana, Slovenia...... 147 Jorge da Rocha, Cláudio Alex / Federal University of Pará (UFPA), Brazil & University of Amazônia (UNAMA), Brazil...... 650 Kaklamani, Dimitra I. / National Technical University of Athens, Greece...... 199 Liébana-Cabanillas, Francisco J. / University of Granada, Spain...... 312 Lioudakis, Georgios V. / National Technical University of Athens, Greece...... 199 Martins, Dalton Lopes / University of Sao Paulo (USP), Brazil...... 650 Martins, Francisco Vitorino / University of Porto, Portugal...... 498 Morley, Sandra / National University of Ireland, Ireland...... 29 Motz, Regina / Universidad de la República, Uruguay...... 561 Mulej, Matjaz / University of Maribor, Slovenia...... 124 Muñoz-Leiva, Francisco / University of Granada, Spain...... 312 Nedelko, Zlatko / University of Maribor, Slovenia...... 162 Negreiros, João / University of Saint Joseph, China...... 460 Nieto, Juan Agustín Fraile / Universidad Pontificia de Salamanca, Spain...... 89 Otero, Abraham / University San Pablo, Spain...... 49 Pérez, Carmen Caba / University of Almería, Spain...... 482 Potocan, Vojko / University of Maribor, Slovenia...... 124 Potocan, Vojko / University of Maribor, Slovenia...... 162 Rodrigues da Silva, Alberto / Instituto Superior Técnico, Portugal...... 220 Rodrigues, Mário / University of Aveiro, Portugal...... 604 Rodrigues, Ricardo Gouveia / University of Beira Interior, Portugal...... 291 Rossy de Brito, Silvana / Federal Rural University of Amazônia (UFRA), Brazil...... 650 Rosu, Sebastian Marius / Special Telecommunications Service, Romania...... 72 Sánchez, Montserrat Mateos / Universidad Pontificia de Salamanca, Spain...... 89 Santos, Neide / State University of Rio de Janeiro, Brazil...... 544 Silva, Ana / University of Porto, Portugal...... 244 Silva, Marisa Carla Barros Fonseca / School of Technology and Management of Lamego, Portugal...... 383 Simões, Dora / University of Aveiro, Portugal...... 399 Soliman, Fawzy / University of Technology Sydney, Australia...... 448 Sousa,IGI Ana Filipa / UniversityGLOBAL of Aveiro, Portugal...... PROOF178 Sternad, Simona / University of Maribor, Slovenia...... 421 Teixeira, António / University of Aveiro, Portugal...... 676 Teixeira, Leonor / University of Aveiro, Portugal & Institute of Electronics and Telematics Engineering of Aveiro (IEETA), Portugal...... 346, 518 Torres, Ana / University of Porto, Portugal...... 498 Venieris, Iakovos S. / National Technical University of Athens, Greece...... 199 Vidales, Miguel Ángel Sánchez / Universidad Pontificia de Salamanca, Spain...... 89 Zaščerinska, Jeļena / Centre for Education and Innovation Research, Latvia...... 631 Završnik, Bruno / University of Maribor, Slovenia...... 147 Table of Contents
Preface ...... xxx
Acknowledgment ...... xliii
Volume I
Section 1 The Technological Dimension
Chapter 1 Emerging Business Intelligence Technologies for SMEs ...... 1 Jorge Bernardino, Institute Polytechnic of Coimbra – ISEC, Portugal
Chapter 2 Managing “Virtuality”: An Integrated Model for the Implementation and Management of Virtual Teams...... 29 Sandra Morley, National University of Ireland, Ireland Kathryn Cormican, National University of Ireland, Ireland Maébh Coleman, National University of Ireland, Ireland
Chapter 3 A Review of Tools for Overcoming the Challenge of Monitoring of Social media ...... 49 Carlos Figueroa, University of Turabo, Puerto Rico AbrahamIGI Otero, University GLOBAL San Pablo, Spain PROOF Chapter 4 E-Health Sites Development Using Open Source Software and OMT Methodology as Support for Family Doctors’ Activities: A Romanian Case Study...... 72 Sebastian Marius Rosu, Special Telecommunications Service, Romania George Dragoi, University “Politehnica” of Bucharest, Romania Chapter 5 CommunicaME: A New Proposal for Facilitating Communication Using NFC...... 89 Montserrat Mateos Sánchez, Universidad Pontificia de Salamanca, Spain Juan Agustín Fraile Nieto, Universidad Pontificia de Salamanca, Spain Roberto Berjón Gallinas, Universidad Pontificia de Salamanca, Spain Miguel Ángel Sánchez Vidales, Universidad Pontificia de Salamanca, Spain
Section 2 Impact on Organizations, Society, and Individuals
Chapter 6 The Impact of Enterprise 2.0 Principles on Business Processes: Emphasizing Human Decisions..... 108 Giorgio Bruno, Politecnico di Torino, Italy
Chapter 7 Efficiency Theories: The State-of-the-Art...... 124 Vojko Potocan, University of Maribor, Slovenia Matjaz Mulej, University of Maribor, Slovenia
Chapter 8 Use of Social Network for Business in Public Relations ...... 147 Damjana Jerman, International Business School Ljubljana, Slovenia Bruno Završnik, University of Maribor, Slovenia
Chapter 9 Impact of Economic Culture on the Development of Enterprises ...... 162 Vojko Potocan, University of Maribor, Slovenia Zlatko Nedelko, University of Maribor, Slovenia
Chapter 10 Agile Management for Multimedia: A Case Study...... 178 Ana Filipa Sousa, University of Aveiro, Portugal Ana Margarida Almeida, University of Aveiro, Portugal
Chapter 11 Trust inIGI an Enterprise GLOBALWorld: A Survey...... PROOF199 Fotios I. Gogoulos, National Technical University of Athens, Greece Anna Antonakopoulou, National Technical University of Athens, Greece Georgios V. Lioudakis, National Technical University of Athens, Greece Dimitra I. Kaklamani, National Technical University of Athens, Greece Iakovos S. Venieris, National Technical University of Athens, Greece Chapter 12 How to Value and Monitor the Relational Capital of Knowledge-Intensive Organizations ...... 220 Alexandre Barão, Instituto Superior Técnico, Portugal Alberto Rodrigues da Silva, Instituto Superior Técnico, Portugal
Chapter 13 Critical Success Factors in Enterprise 2.0: The Importance of Business Performance...... 244 Ana Silva, University of Porto, Portugal
Chapter 14 The Influence of (Online) Social Networks on Workers’ Attitudes and Behaviours in Higher Education Institutions ...... 291 Vera Silva Carlos, University of Beira Interior, Portugal Ricardo Gouveia Rodrigues, University of Beira Interior, Portugal
Chapter 15 Innovation and Diversification Policies in the Banking Sector: The Case of the Urban@ Program...... 312 Francisco J. Liébana-Cabanillas, University of Granada, Spain Francisco Muñoz-Leiva, University of Granada, Spain
Chapter 16 Internal Social Networks: The Danger of Misleading Promises...... 330 Martin Heitmann, Berlin Institute of Technology, Germany Monique Goepel, Berlin Institute of Technology, Germany
Volume II
Chapter 17 The Impact of Web 2.0 in the Teaching and Learning Process ...... 346 Carolina Costa, University of Aveiro, Portugal Leonor Teixeira, University of Aveiro, Portugal & Institute of Electronics and Telematics Engineering of Aveiro (IEETA), Portugal HelenaIGI Alvelos, University GLOBAL of Aveiro, Portugal PROOF Chapter 18 Experts vs. Novices: Influence of Promotional Benefit Type on their Online Purchase Intention...... 364 Esmeralda Crespo Almendros, Universidad de Granada, Spain Salvador del Barrio García, Universidad de Granada, Spain Chapter 19 The Importance of ICT in the Social Support Networks and in the Citizenship of the Portuguese Elderly ...... 383 Marisa Carla Barros Fonseca Silva, School of Technology and Management of Lamego, Portugal
Chapter 20 Impact of 2.0 on Contemporary Marketing ...... 399 Dora Simões, University of Aveiro, Portugal Sandra Filipe, University of Aveiro (ISCA-UA), Portugal
Chapter 21 Comparative Analysis of Acceptance Factors for SAP and Microsoft Dynamics NAV ERP Solutions in their Maturity Use Phase: Enterprise 2.0 Issues...... 421 Simona Sternad, University of Maribor, Slovenia Samo Bobek, University of Maribor, Slovenia
Chapter 22 Attributes of Innovation Leaders ...... 448 Fawzy Soliman, University of Technology Sydney, Australia
Section 3 Applications and Solutions
Chapter 23 The Portuguese School of Macao, China: A Traditional/Web 2.0 Assessment Facing Different Learning Styles...... 460 Zelia Baptista, University of Saint Joseph, China João Negreiros, University of Saint Joseph, China
Chapter 24 Visibility of the Airport Sector: Web 2.0 and Social Communication Networks...... 482 Arturo Haro de Rosario, University of Almería, Spain Carmen Caba Pérez, University of Almería, Spain María del Mar Sánchez Cañadas, University of Almería, Spain
Chapter 25 OnlineIGI Social Networks: GLOBAL Recommendation Diffusion and Co-Consumption PROOF Influence...... 498 Ana Torres, University of Porto, Portugal Francisco Vitorino Martins, University of Porto, Portugal Chapter 26 The Evolving Value of eTourism for Suppliers and Visitors ...... 518 João V. Estêvão, Polytechnic Institute of Guarda, Portugal Maria João Carneiro, University of Aveiro, Portugal Leonor Teixeira, University of Aveiro, Portugal & Institute of Electronics and Telematics Engineering of Aveiro (IEETA), Portugal
Chapter 27 Organizational Learning and Web 2.0 Technologies: Improving the Planning and Organization of a Software Development Process...... 544 Neide Santos, State University of Rio de Janeiro, Brazil
Chapter 28 Valuing Learning Objects Shared in an Online Community ...... 561 Jacqueline Guzmán, Universidad de la República, Uruguay Regina Motz, Universidad de la República, Uruguay Alberto da Silva, Instituto Superior Técnico, Portugal
Chapter 29 A Framework Proposal to Assess the LARG Index of a Supply Chain in a Fuzzy Context ...... 582 Paulo Fazendeiro, University of Beira Interior, Portugal Susana G. Azevedo, University of Beira Interior, Portugal V. Cruz-Machado, Universidade Nova de Lisboa, Portugal
Chapter 30 Objective-Oriented Modeling of Enterprises under the Service Paradigm ...... 604 José C. Delgado, Technical University of Lisbon, Portugal
Chapter 31 Enterprise 2.0 in Engineering Curriculum ...... 631 Andreas Ahrens, Wismar University of Applied Sciences, Germany Olaf Bassus, Wismar University of Applied Sciences, Germany Jeļena Zaščerinska, Centre for Education and Innovation Research, Latvia
Chapter 32 Brazilian Government’s Training Network for Digital Inclusion: Analysis of Strategies for ImprovingIGI Interactivity ...... GLOBAL PROOF650 Silvana Rossy de Brito, Federal Rural University of Amazônia (UFRA), Brazil Aleksandra do Socorro da Silva, Federal Rural University of Amazônia (UFRA), Brazil Dalton Lopes Martins, University of Sao Paulo (USP), Brazil Cláudio Alex Jorge da Rocha, Federal University of Pará (UFPA), Brazil & University of Amazônia (UNAMA), Brazil João Crisóstomo Weyl Albuquerque Costa, Federal University of Pará (UFPA), Brazil Carlos Renato Lisboa Francês, Federal University of Pará (UFPA), Brazil Chapter 33 Towards E-Government Information Platforms for Enterprise 2.0 ...... 676 Mário Rodrigues, University of Aveiro, Portugal Gonçalo Paiva Dias, University of Aveiro, Portugal António Teixeira, University of Aveiro, Portugal
Compilation of References...... dcxcvii
About the Contributors...... dcclxvii
Index...... dcclxxxiii
IGI GLOBAL PROOF 312
Chapter 15 Innovation and Diversification Policies in the Banking Sector: The Case of the Urban@ Program
Francisco J. Liébana-Cabanillas University of Granada, Spain
Francisco Muñoz-Leiva University of Granada, Spain
ABSTRACT This chapter describes innovation and diversification policies (i + d) and analyzes the main drivers of innovation in financial institutions. In addition, recent examples of financial innovations and their ef- fect on banking policies are discussed. Specifically, the Internet has been the key to enabling financial institutions to extend and optimize their business by improving the information and services they can offer to their customers and prospects. Due to innovations and changes, the banking sector now takes a new approach in the design of their offices (“bank branch 2.0”) and Websites as a way to innovate and diversify business. This chapter explains the innovative strategies of the Urban@ program at the Caja Rural of Granada (Granada, Spain). The history and consolidation of the program, the internal institutional response, and the competition within the banking sector are described and analyzed. In general, the main strategies and achievements of this initiative are: (1) active customer listening, result- ing in increased confidence and commitment from the staff; (2) use of up-sale strategies (cross-selling, reduced dropoutIGI rates, increasedGLOBAL membership advantages), which increasePROOF both customer loyalty and customer satisfaction; and 3) a modern, more positive perception of the entity among the general public.
DOI: 10.4018/978-1-4666-4373-4.ch015
Copyright © 2014, IGI Global. Copying or distributing in print or electronic forms without written permission of IGI Global is prohibited. Innovation and Diversification Policies in the Banking Sector
1. INTRODUCTION or are perceived to have a functional relationship, by potential adopters. Because of this, the concept 1.1. The Importance of Technological of “technology clusters” or innovative packages Innovation in the Financial Sector consisting of one or more closely related technol- ogy components has appeared (Rogers, 1983: 143). Innovation is “the generation, acceptance and In an attempt to classify the different types implementation of new ideas, processes, products of innovation in business, Mellor (2007: 38-39) or services” (Kanter, 1983: 20). From an industrial distinguishes three types of innovation: point of view, innovation is “introducing a novelty in the production process, whatever its size and • Invention Innovation: Is the application origin, to achieve more efficient economic objec- of an invention or discovery. This type of tives” (Inche, 1998: 9). Rogers (1983: 11) adds innovation tends to be vertical and radical. that innovation is “an idea, practice or object that However, most organizations are based on is perceived as new by an individual or other unit image and product (e.g. trademark protec- of adoption.” tion) rather than new or radical advances in Nowadays, specific Information and Com- technology (patent protection). munication Technology (ICT)-based innovations • Creative Innovation: Is used as a tool to are shaping a new economic scenario, character- achieve competitive advantage in the mar- ized by rapid technological change, increased ket. The initial creation of a company or its competitiveness and reduced product life cycles. business model is a form of creativity. Companies are discovering the great potential • Diversity Innovation: Regarded as a of ICT to improve competitiveness and profit- horizontal phenomenon (agent-to-agent or ability in business (Lafuente, 2005: 29; Fujitsu, peer-to-peer) and incremental, this innova- 2009; Torrent-Sellens et al., 2010: 53; Fundación tion includes conversations among peers Orange, 2010: 108). The increasing use of ICT with different knowledge bases or from represents a major challenge to the traditional mo- other environments to offer solutions to a dus operandi of trade relations, directly affecting problem without requiring a significant de- company-customer relationships. While for many gree of invention and / or creativity. Such years, radio, television and the telephone were innovation can add value and service to the tools used to market products and services customers without having to “reinvent the efficiently, now newer, even more efficient means wheel.” of communication such as the Internet, mobile phones and interactive television have produced Figure 1 represents the three types of innova- interesting and innovative marketing results tion described. (Chaffey, 2000: 16; Heinonen and Strandvik, The formation of partnerships or strategic al- 2005; IGIHeinonen, 2006; GLOBAL Zaidi, 2006; Masamila et liances betweenPROOF companies allows a degree of al., 2010). These communication tools simultane- innovation in production, trade, or distribution. ously serve as self-service delivery channels such Kanter (1983: 21) adds that innovation involves as Internet banking (Heinonen, 2006). creative use of original inventions as well. In this context, technological innovation refers But as a general rule, the most original innova- to both actions and decisions about the market as tions are less likely to be distributed, since products well as to products and services that make busi- that are similar to existing ones require a lower ness management easier. Sometimes two or more degree of behavioural change in order to be used. innovations are presented together since they have,
313 Innovation and Diversification Policies in the Banking Sector
Figure 1. Types of innovation (source: Kanter, 1983 p. 21; Mellor, 2007, p. 36)
Innovation in financial institutions is of the in recent years the Internet in particular, has utmost importance to meet the continuing needs radically affected financial systems, overcoming of consumers and gain a competitive advantage geographical and time barriers. over market rivals. But it is also an element that Specifically, the Internet enables financial can be copied by others in the sector. institutions to extend and optimize their business There are many reasons why financial institu- by improving the information and services they tions decide to innovate (based in Sánchez, 1997: can offer to their customers and prospects. It is a 122-124): medium that is transforming the traditional way of doing financial business. Therefore, it is neces- • Market Forces: Financial institutions sary to know the potential of these new terms of choose to innovate because they are inter- trade, how to design an appropriate strategy for ested in expanding the market or penetrat- implementation in the organization and how to ing a new national or international market. provide efficient, secure service that customers • Profitability Ratios: Typically, institu- demand. Internet banking, coupled with the policy tions innovate to improve yields and earn of diversification that some banks and savings higher profits. banks follow, leads to innovations based on the • Corporate Image: Companies innovate to World Wide Web. create a stronger image in the market, en- Diversified growth makes perfect sense when suring optimal position in the consumer’s good opportunities are available outside of exist- mind and differentiation from the competi- ing businesses, provided that the company has the tion. In most cases a more modern, safer strengths needed for success. There are different image emerges. types of diversification (Kotler, 2006: 52): • Technical Advantage: Since financial products and services have ever-shorter • Concentric Diversification: When the life spansIGI the continual GLOBAL development of company PROOF develops new products that have new products or services is required in the technological or marketing synergies with maturity stage. existing product lines but are intended for a different consumer segment. Broadly speaking, the banking sector is an • Horizontal Diversification: When the information-intensive business in which ICTs company develops products that appeal to are increasingly important in order to acquire, its customers and which are not technolog- process and deliver information to users. This ically related to existing products. leads to general technological development, but
314 Innovation and Diversification Policies in the Banking Sector
• Diversification in Conglomerate: When electronic bankers in Spain is growing faster than the company seeks to develop new busi- the European Union (EU) average. In addition, a nesses that are not related to their current recent study published by the company comScore technology, products and markets. reveals that Spain is ranked eighth in the world for the highest number of online bankers after Canada, Holland, France, Sweden, United King- 1.2. The Importance of Electronic dom, New Zealand, and Belgium, surpassing the Services in the Financial Sector United States and Australia. Different entities, therefore, are redesigning The financial sector has undergone major changes their bank offices and Websites, and adding new in recent years due to technological innovations, services (“horizontal diversification”) as a way to increased competition, increased customer acces- innovate and diversify their businesses. As a result sibility to services, increased social interaction of innovation policies, different pilot programs between customers, the demand for lower transac- and innovative Websites are being developed to tion costs and the increased financial literacy of offer many new services simultaneously. These clients (Embid et al., 1998; Pereira, 2003; Calero policies, and examples of them, are described in et al., 2005; Momparler, 2008). One of the main the following sections. responses to these changes was the development of electronic and online banking (hereinafter e-banking). 2. NEW INNOVATION POLICY Since e-banking offers advantages to both AND DIVERSIFICATION (I + D) institutions and customers, it has become an IN THE FINANCIAL SECTOR increasingly popular distribution channel, compli- mentary to traditional bank branches. E-banking’s In the world of financial services, where products significant cost savings, improved transaction are easily copied by competition, only two ele- quality, comprehensiveness, transparency and ments truly contribute to differentiation and com- comparison-shopping capabilities are highly val- petitive advantage: technological innovation and ued advantages versus traditional channels. These quality services (Embid et al., 1998: 34). Service advantages outweigh potential disadvantages quality has become an increasingly important fac- such as errors and security concerns, which has tor for success and survival in the banking sector. led to increased use among customers. For these High-quality service leads to customer satisfaction reasons, from the 1990’s to the present e-banking and its consequent brand loyalty and market share, has become one of the most important distribution attracts new customers, and improves financial channels for financial institutions (Karjaluoto et performance, and profitability (Cui et al., 2003; al., 2002, Torrent-Sellens, et al., 2010). The Ur- Nadiri et al., 2009). ban@ IGIprogram includes GLOBAL free access to computers To achieve PROOF such differentiation and innovation, to encourages customers to start using e-banking the banking sector now takes a new approach in the thereby reducing the number of transactions design of bank branches and Websites. Concepts through traditional channels. such as transparency, flexibility, client proximity, A 2010 study by the Orange Foundation high- innovation, and dynamism, previously unthink- lights the importance of technological innovations able in the rigid world of finance, now occupy a that are taking place in the financial sector. This central role in creation the customer relationships same study also verifies that e-banking in Spain and branch models. There are many examples of is one of the most widely used online applica- such recent pilot projects. For example, at the Caja tions. According to this report, the percentage of Navarra’s 24-hour office (Spain) one can browse
315 Innovation and Diversification Policies in the Banking Sector
the Internet, read books or listen to concerts. The heim (Berlin), which serves as a test laboratory. Urban@ program at Caja Rural of Granada, offers This office sells cars and markets products from a range of electronic products, trips, discounts at Deutsche Telecom through innovative ATMs that local businesses and other interesting informa- emerge from the ground. These profitable busi- tion through its Website. Similar pilot programs nesses, which generate 52% more business than are also present in other countries (see Figure 2), a typical office, both in credit loans (35% more) such as in Deutsche Bank Q110, located in Forch- and asset management (88% more) will continue
Figure 2. Examples of innovative branches and websites (Source: ING’s, Deutsche Bank’s, Caixa’s LKXA, and Caja Navarra’s CiberCan websites)
IGI GLOBAL PROOF
316 Innovation and Diversification Policies in the Banking Sector
to play an important role in the future. (Mendieta, other business models and the Web. It contributes 2007). Another original initiative is the ‘Save Your to the “incremental innovation”, with primarily Money Café’ at ING Direct in major Canadian cit- horizontal implementation. Small and medium ies (Toronto, Montréal, Calgary, and Vancouver). businesses rarely develop inventions in a highly The examples above highlight the product turbulent environment, so “innovation of diversity” diversification started several years ago by some has emerged as an important remedy to achieve banks. Another significant marketing change is flexibility in changing and competitive markets, the abandonment of a structural entity with especially (Mellor, 2007: 52) in those surrounding marble facades and little windows in favour of the financial sector. large windows that show the bank’s interior. Banks Some examples (Figure 2) of such innovative exploit these windows and interior spaces by Web spaces include Urban@’s innovative Website installing billboards that showcase a variety of (http://www.urbancajarural.es), Caja Granada’s products and services thus setting up a new bank “turestu” (http://www.tuerestu.es), The Caixa’s channel, called by some “the bank office 2.0” LKXA (http://www.lkxa.es), BBVA’s “blue jo- (Mendieta, 2007). The application of merchandis- ven” (http://soy.bluebbva.com), or Caja Navarra’s ing techniques used in other sectors has been CiberCan (http://www.cajanavarra.es). In addition adopted by entities such as Deutsche Bank and to Internet banking services, these sites offer a Caja Navarra, which advertise products (loans, variety of products and services (both commercial credit cards, or savings accounts) in metal boxes and informational). placed in racks and on shelves in their establish- One of the few initiatives that has been with- ments. These boxes contain information and ap- drawn from the market is the BBVA Bank program plications to establish client relationships. The called Money Express. This service was started in Deutsche Bank mega-office displays vehicles and 2005 in 130 bank offices to offer specific services technology inside to entice customers to come in. to immigrants in Spain. Between 2008 and 2009, It also has a cafeteria at the back of the bank to the BBVA was forced to reorganize its branch talk with a financial advisor and a nursery for network and serve immigrants through other chan- children to make bank visits easier, more produc- nels due to the changing economic environment tive, and more enjoyable for families. and reduced business volume from this segment Without a doubt, the Internet and its resources (Agencia EFE; Terra News, 2009). represent a major technological innovation, in- The following sections describe the Urban@ volving a wide range of new behaviours, products program at Caja Rural of Granada including the and services (Hoffman, 2000; Smith, 2005: 115). history and consolidation of the program, and Consequently, the most innovative companies the institutional, market and sector reactions to are using this medium to optimize their business the program. by improving the information and services they can offerIGI to their customers GLOBAL and prospects. To PROOF do this efficiently and securely, companies must 3. THE CASE OF CAJA RURAL’S design appropriate implementation strategies and URBAN@ PROGRAM understand the new terms of trade. Associated with these initiatives, the Web has 3.1. The History of the Urban@ also led to the development of previously unknown Program of Caja Rural of Granada business models called “virtual malls” (Delgado and Nieto, 2002), innovative enterprise applica- Caja Rural of Granada is a credit union that is tions or “applications of diversity” created from part of Caja Rural Group with 203 offices (in
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the Andalusian provinces of Granada, Malaga, 3.1.1. Stage 1: Internal Competency Almeria and Madrid), total assets of 4,585,088 and Viability Analysis million euros, a profit of 20.1 million euros in 2010, and a network of 234 ATMs and a staff of In February 2005, Caja Rural conducted a series 832 employees. of in depth interviews with 200 students at the In April 2004, Caja Rural of Granada studied University of Granada to understand their banking the introduction of a youth program in Andalusia habits. The results of this preliminary study were: in order to increase its presence among18-30 year olds, limiting the participation of those younger • The university students maintained ac- than 25 to 12% of the total. This initiative cul- counts primarily at the following entities: minated in the Urban@ program, a new branch Caja Granada (35%, participants in its concept that opened to the public in October 2005. University Club Program), La Caixa (22%, The Urban@ offices provide a groundbreaking participants in LKXA Program), BBVA business concept that combines banking with (17%, participants in the Blue Youth free Internet access, tourist services, a monthly Program), Santander (13%, participants in magazine, the sale of electronic components the Universia Program) and Caja Rural of and tickets for sporting events, concerts and Granada (13%). other exciting benefits for their clients such as • The features that young people wanted in a discounts at local stores. The Urban@ program banking entity were technological innova- has its own Website (http://www.urbancajarural. tion, agility, traditional services, close and es) with information on these and other services no commissions. (for example, university education, news releases • The terms that young people identified and editorials) as well as links to the Caja Rural and associated with each of the competitor Website (Ruralvía). bank entities were: To develop this innovative business model, a ◦◦ LKXA: Technology, activity, speed, team at the Caja Rural analyzed the feasibility of agility, and proximity... such a program. The details of the action plan are ◦◦ BBVA: Independence, imagination, outlined in the following stages: dreams, and gifts...
Figure 3. Classic and new Caja Rural’s branches (source: Caja Rural) IGI GLOBAL PROOF
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◦ ◦ Santander: Technology, internation- mitment to young people recognizing that they al bank, quality education... would the greatest future asset for the institution. • Despite Caja Granada being the most Some of the benefits that customers enjoy by heavily used bank among this segment, joining the Urban@ Community, include: the most highly-valued institution was La Caixa (due to their Website, concert and • Financial advantages: theatre ticket offerings, proximity, and ◦◦ No management or maintenance fees youthful image). Caja Granada was the on an Urban@ account. next most highly valued bank (perceived ◦◦ Free debit card. as the traditional option for the region or ◦◦ Free virtual card for secure Internet the “life-long” bank); then Santander and shopping. BBVA (perceived as the “banks”) and fi- ◦◦ Free online banking service. nally in last place, Caja Rural of Granada ◦◦ Advances on scholarships. (“The Rural”). ◦◦ Educational loans. ◦◦ Preferential loans for purchases of The following observations summarize the computer equipment and vehicles. conclusions from this study: Young people did not ◦◦ Exclusive prices for car hires and mo- identify with Caja Rural of Granada. The image torcycle insurance. of this entity did not attract young people. Young • Non-financial benefits: people did not realize that the entity could meet ◦◦ Free Internet access in Urban@ their financial needs. The needs of young people offices. change very quickly and any institution targeting ◦◦ Discounts for their cardholders at this segment should be prepared to adjust their more than 450 stores in the province pace to the speed of change. including, clothing, accessories, hos- After analyzing the small market share and the pitality, travel, leisure, adventure, and lack of positioning, the Granada bank designed a telephones. youth program to revitalize its image in the 18 to ◦◦ Accommodation assistance. 30 year old segment. The program created a new ◦◦ Access to sporting and cultural brand and marketing formula for banking products events. and services for this segment. The entity expected ◦◦ Class trip planning and funding no profit from the initiative in the short to medium assistance. term. Caja Rural designed a network of offices with a striking design and functionality, a mobile Figure 4. Claim (Source: Urban@’s old website) sales network to meet young people in places they frequent, a dynamic and groundbreaking Website to reinforceIGI the young brandGLOBAL and improve the seg- PROOF ment market share. Furthermore, the new program strived to address the needs of both financial and non-financial customers through Web technology and professional development for young people with a philosophy that was different from what the market was offering at that time. The Urban@ program is result of the bank’s ambitious com-
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Figure 5. Initial Urban@ website (Source: Urban@’s old website)
◦◦ Drawings for tickets for music, cul- a public area with various services and a private tural and sporting events. space offering only banking services at individual customer tables. Notably, the public part has no doors except 3.1.2. Stage 2: Program Launch for the exterior door, which blurs the boundaries between outside and inside. This area offers a The launch of Urban@ took place in June 2005 number of services such as soft drink vending and had two distinct stages: machines, Internet access, a reading area, a rest area and information on student associations. The Stage 2.1: “Creating a buzz” and brand launch design of the office as a whole, including the layout, took place from May to September 2005 using the furniture, the colours and the materials were the claim “You can do it! JOIN” in Figure 4. chosen for functionality, dynamism, modernity Simultaneously, a publicity campaign was run in and practicality that appeals to young people. newspapers, radio, billboards, buses and other The brightly coloured office lighting changes channels advertising the launch of the first version depending on time of day, and contrasts with the of the Website www.urbancajarural.es (Figure 5) black background to illuminate the walls. The and a quarterly magazine was launched. modern and attractive lamps can be folded down to provide more light when needed. In addition, Stage 2.2: The opening of Urban@’s first the banks hours are tailored to the needs of young office in October 2005 coincided with the start people and, unlike most banks, the office is open of the 2005-2006IGI academic GLOBAL year. from nine o’clock PROOF in the morning until eight o’clock in the evening (Figure 6). Clearly, this thoughtful The design of this office is recognizable from a design greatly differs from traditional bank offices distance. The front shows the brand’s corporate (see prior Figure 3). colours while contrasting tones blend in with the prevailing environment. The office has an 3.1.3. Stage 3: Consolidation of the easily recognizable bright orange band of win- Program dows around the outside of the premises that advertises recent promotions and core products. After five years of operation the Urban@ program In the interior there are two clearly defined areas: at Caja Rural of Granada has:
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Figure 6. Interior and exterior of Urban@ (source: Urban@’s website)
• Achieved favourable market share and • A higher number of office and Website brand recognition among young people in visitors than initial estimates. the provinces of Granada and Malaga. • Attracted more than 15,000 customers Since its inception, the program has evolved with a conversion rate of over 90%, mean- to make it more appealing and relevant to young ing that more than 13,000 customers are people. The changes include: new to the organization. • A regularly updated catalogue of products • Web Adaptations. This main link between to attract young people. young clients and the entity has become a FigureIGI 7. The evolution GLOBAL of the Urban@ website (Source: Urban’s PROOF websites)
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tool that is updated regularly to serve as a made with more than 450 establishments. daily reference portal (see Figure 7). In addition, a partnership (the General • Elimination of the magazine due to its high Foundation of the University of Granada- production cost and low acceptance among Enterprise) was formed to facilitate the young people. It was replaced by online dissemination of training programs offered news on the Website which generates more by the University. dynamism and connectivity. • An increased number of businesses part- nerships offering discounts to members the 3.3. Marketing Strategy Designed Urban@ community. for the Urban@ Program • Presence in social networking through Facebook, Twitter and Tuenti (a Spanish The marketing strategy established by the Caja social networking site). Rural of Granada revolved around three main • Ticket sales for sporting and musical events principles: communication with the younger through partnerships with the portal www. generation, multi-channel contact points and a entradas.com. loyalty program.
1. The strategic communication focused on 3.2. Differentiating Elements of the capturing as many young people as possible Urban@ Program by driving customer traffic to the office and to retail outlets in the capital and thus The driving idea behind the Urban@ program improving the market share among young design was the need to market this new service people. differently than other banks have traditionally 2. The multi-channel strategy sought to done. The following distinguishing features used to establish systems to recruit young people meet the objectives of Caja Rural of Granada were: through incentive campaigns to drive product purchases via channel integration (Urban@ • Image: The new brand had to promote the office, mobile offices (see Figure 8), retail principles of youth, dynamism, proximity sales points, electronic banking, and mobile and adaptability. phones). • Youth: The managers and employees 3. The loyalty strategy focused on developing who designed the program initiatives had communication between the bank and the to be young enough to understand and to youth segment so this group could define think like the target segment (unlike simi- the incentives and actions that would achieve lar experiences, such as Hispano 20 from greater collective loyalty. The customers the formerIGI Central GLOBAL Hispano Bank, now themselves PROOF and their decisions reinforced Santander). the effectiveness of many actions. • Website: Innovative platforms for both processes and product sales through a dy- namic Website. 3.4. Objectives of the Urban@ • Affiliated Discount Partnerships: Program Education and entertainment elements that characterize the social life of young Prior to the conception of this program, Caja Rural people were included in the program. In of Granada needed a service that would promote order to do this, discount agreements were its image to the youth segment. However, histori-
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Figure 8. Urban@ mobile offices (source: Ur- Figure 9. Objectives of the Urban@ program ban@ branch) (Source: Caja Rural)
cally there were internal and external problems that precluded this. Therefore, once the entity’s governing body decided to invest in the Urban@ program it was aware that there would be transition period before earning a profit, and that financial return would be generated in the mid-to-long-term. Consequently, Caja Rural of Granada estab- lished a two pronged strategy of objectives: quali- tative objectives, and perhaps, less significantly, 3.5. Market Reaction to the Urban@ in the initial years of the program, quantitative Program objectives. The qualitative goals were: 1) Establish Ur- Caja Rural of Granada is the second most sig- ban@ brand recognition among young people and nificant financial institution in the province of society in general, 2) capture a suitable college Granada after Caja Granada (now integrated market share since the province of Granada has the into the structure of Mare Nostrum Bank). Since largest number of university students in Spain, 3) the two entities have 55% market share of client achieve youth segment acceptance of the products resources (Caja Rural of Granada has 22% and and services designed for the Urban@ program, Caja Granada has 35%), it is clear that the main 4) rejuvenate the customer base, and 5) sponsor competitor in the province of Granada would have youth-related initiatives to improve the image a competitive response (see Table 1). of the IGIinstitution and getGLOBAL closer to this segment. As a resultPROOF of the Caja Rural campaign and The quantitative targets included: 1) attracting with the imminent opening of the office Urban@, 1.000 new customers during each year of opera- in October 2005 Caja Granada decided to launch tion, 2) capturing a direct volume of 3 million a new program to replace the then current “Uni- euros and 0.6 million euros in investment, and versity Club Program.” Caja Granada designed a 3) attract 2 million euros from indirect business new brand called “You are you” to compete with (see Figure 9). Caja Rural of Granada. Caja Granada developed a communications plan and redesigned an office located in close proximity to the Urban@ office.
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3.6. Quantitative Results 3.6.2. Customer Loyalty
In general, the quantitative results exceeded ex- The customer loyalty of this segment is clearly pectations. They are summarized below: above the bank average according to the informa- tion provided (40% higher) although this segment 3.6.1. Number of Customers did not reach the minimum yield in relation to other segments of Caja Rural. As of the first quarter of 2011, the institution had Some highlights of the customer business contracted with over 16,000 customers in five relationships during the first five years of the years, representing an annual average acquisition Urban@ program include a total of 600 credit rate of 3,200 new customers. Of the total clients, operations for educational purposes (3.75% of 76% are from the province of Granada and the total customer segment), more than 300 scholar- rest are from various provinces in which Caja ship advances (1.87% of total segment custom- Rural had a presence (34%). The age distribution ers) and financing of more than 200 cars (1.25% is represented in Figure 10. of total customer segment). These figures are significantly higher than the average funding of other population segments.
Table 1. Similarities and differences between Urban@ and tuerestu program (source: present authors, based on website information)
Brand Characteristics
(CAJA GRANADA)
Corporate Colours Black and Orange Black, Green, and Blue Claim You can do it! JOIN! You are you Website www.urbancajarural.es http://www.tuerestu.es Differentiating Characteristic Urban@ Community Your Community Affiliated Discount Partners Yes Yes Preferential Loans Yes Yes Identifying OfficeIGI GLOBALYes PROOFYes Additional Services Offered in the Office Yes No Mobile Offices Yes No Branded Card Yes Yes Event Calendar Yes Yes Social Networking Yes Yes Ticket Sales Yes No Sponsors Yes Yes
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3.6.3. Business Volume The main outcomes of this initiative are sum- marized as: According to Caja Rural information, the business volume in this segment of customers amounted to • A shift to younger customers as a source of 13.5 million Euros from both loans and deposits. current and future value for the institution This represents an average volume of 843 Euros through the role that the Urban@ program per customer, which is much higher than the initial provides to customers (definition, partici- expectations of Caja Rural. pation, and implementation). Active listen- ing, trust and commitment from the staff 3.7. Impact within Caja working with this segment were key fac- Rural and the Sector tors in reaching these objectives. • Loyalty as the ultimate goal of customer The impact of the Urban@ program in Caja satisfaction was in line with expectations Rural of Granada marked a change in multiple (Cardozo, 1965 and Howard and Sheth, dimensions: process innovation, customer focus, 1969) for the Urban@ Program. To achieve customer loyalty, and brand positioning. these optimal levels of satisfaction, Caja The process innovation that took place con- Rural of Granada used up-selling strate- cerned new ways of using existing products gies, strategies for cross-selling products (Gomulka, 1990: 13) which are usually present or services, turnover prevention programs, in the financial sector but which were adapted to the creation of the Urban@ Community, the youth segment generating a business line for and increased benefits with membership. recurring future revenue.
Figure 10. Number of clients by age (source: present authors using data from Caja Rural)
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• Finally, the positioning of the Urban@ client proximity, innovation and dynamism, previ- brand favoured the connection between the ously unthinkable in the rigid world of finance, younger segment of customers and the en- now occupy a central role in creation and cultiva- tity that enhanced the image of modernity tion of customer relationships and branch models. resulting in a sharp increase in the number Marble facades and little windows are being of target clients. abandoned in favour of large windows that show bank interiors. In turn, banks are exploiting these windows and open spaces by installing billboards 4. CONCLUSION and using other merchandising techniques to showcase products and services. This has led to Companies are discovering the great potential of the creation of a new bank channel, known as “the new technologies for the development of their branch bank 2.0.” business, in terms of competitiveness and prof- In search of an appropriate implementation itability. The increasing use of ICT represents strategy in this new environment, the current article a major challenge in the modus operandi that focuses on the Urban@ program that Caja Rural has traditionally been applied in commercial of Granada began in 2005. This office created an relationships. This directly affects relationships innovative business concept combining banking with customers. services with free Internet access, tourist services, Innovation in financial institutions is of the a monthly newsletter, electronic component sales utmost importance to meet the continuing needs and exciting benefits for its customers. of consumers and gain a competitive advantage After a period of internal and external analysis over the competition. Consequently, the concept and feasibility studies, the first Urban@ office of the “technology cluster” or innovation pack- opened coinciding with the start of the 2005-2006 age consisting of one or more technological ele- academic year. The design of the office as a whole, ments that are more or less related has appeared. including the layout, the furniture, the colours Small- and medium-sized businesses rarely are and the materials were chosen for functionality, able to develop inventions in highly turbulent dynamism, modernity, and practicality to appeal environments, so “innovation of diversity” is an to young people. important remedy to achieve flexibility in chang- After the first five years of operation, the ing and competitive markets, especially in the Urban@ program at the Caja Rural of Granada financial sector. Therefore, the establishment of reached nearly all of its objectives. The driving partnerships or strategic alliances between com- idea at the inception of the program was to market panies is important to achieve innovation in the this new service in a different manner than that of performance of business tasks. competing entities. To this end, Caja Rural defined The banking sector especially, uses a new ap- distinguishing features to reach their objectives. proach in theIGI design of itsGLOBAL offices and Web sites The commercial PROOF strategy designed by the manage- as a way to innovate and diversify horizontally. ment of Caja Rural of Granada was established Because of these innovation and diversification around three main principles: communication (i +d) programs, new pilot programs in many with the youth segment, multi-channel contacts, countries offer innovative Web sites including, the and a loyalty program. Spanish Caja Navarra’s 24-hour offices, the Caja Bank management established a two-pronged Rural of Granada’s Urban@ office, the Deutsche approach for the objectives: qualitative goals Bank’s Q110 office or the Canadian ING Direct’s (including recognition of the new brand, position- cafés. Concepts such as transparency, flexibility, ing, acceptance, rejuvenation of the portfolio and
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sponsorship) and quantitative objectives (attract- Chaffey, D., Mayer, R., Johnston, K., & Ellis- ing new customers, direct and indirect resources). Chadwich, F. (2000). Internet marketing strat- The Urban@ program generated a series egy, implementation and practice. Harlow, MA: of competitive responses in the market. Most Prentice Hall. importantly, given the social impact caused by Cui, C. C., Lewis, B. R., & Park, W. (2003). the campaign and the imminent opening of the Service quality measurement in the bank- Urban@ office, its main competitor decided to ing sector in South Korea. International launch a new program to replace the one it had Journal of Bank Marketing, 21(4), 191–201. at that time. doi:10.1108/02652320310479187. As the five-year operation period demonstrates, the results have exceeded Caja Rural of Granada’s Delgado, J., & Nieto, M. J. (2002). Incorporación expectations (with increases in the annual number de la tecnología de la información a la actividad of clients, educational loans, scholarship advances bancaria en España: La banca por Internet. Esta- and car purchases). Additionally, the program bilidad Financiera, 3, 85–105. introduced several significant marketing and Embid, P., Martín, M., & Zorrilla, V. (1998). Mar- operational changes for Caja Rural of Granada: keting financiero. Madrid, Spain: McGraw-Hill. process innovation, customer focus, customer loyalty programs and brand positioning. Fujitsu. (2009). Soluciones para el sector ban- cario. Fujitsu. eEspaña 2010: In- ACKNOWLEDGMENT Fundación Orange. (2010). forme anual sobre el desarrollo de la sociedad de la información en España. Fundación Orange. The authors thank Caja Rural of Granada for its enriching contributions to this chapter. Gomulka, S. (1990). Theory of technological change and economic growth. Florence, Italy: Routledge. doi:10.4324/9780203013052. REFERENCES Heinonen, K. (2006). Temporal and spatial Agencia, E. F. E. (2009). BBVA cierra las sucur- e-service value. International Journal of Ser- sales de Dinero Express para unificar su negocio vice Industry Management, 17(4), 380–400. con inmigrantes. Terra News. Retrieved from http:// doi:10.1108/09564230610680677. noticias.terra.es/economia/2009/0519/actualidad/ Heinonen, K., & Strandvick, T. (2005). Communi- bbva-cierra-las-sucursales-de-dinero-express- cation as an element of service value. International para-unificar-su-negocio-con-inmigrantes.aspx Journal of Service Industry Management, 16(2), Calero, M. ª. R., Martinez, M., Ortega, J. M., & 186–198. doi:10.1108/09564230510592306. Román,IGI Mª. V. (2005). GLOBAL Impacto de las nuevas PROOFEl proceso de adopción de Herrero, A. (2005). tecnologías en los canales de distribución finan- nuevos sistemas de venta: Aplicación al comercio cieros. Madrid, Spain: Dykinson. electrónico entre particulares y empresas. Canta- Cardozo, R. (1965). An experimental study of bria, Spain: Departamento de Administración de consumer effort, expectations and satisfaction. Empresas, Universidad de Cantabria. JMR, Journal of Marketing Research, 2, 244–249. doi:10.2307/3150182.
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Hoffman, D. L. (2000). The revolution will not Nadiri, H., Kandampully, J., & Hussain, K. (2009). be televised: Introduction to the special issue on Zone of tolerance for banks: A diagnostic model of marketing science and the internet. Marketing Sci- service quality. Service Industries Journal, 29(11), ence, 19(1), 1–3. doi:10.1287/mksc.19.1.1.15181. 1547–1564. doi:10.1080/02642060902793425. Howard, J. A., & Sheth, J. N. (1969). The theory Pereira, P. F. (2003). Comportamiento del con- of buyer behavior. New York: Wiley. sumidor bancario en internet. (Doctoral Thesis). Department of Administration and Business Inche, J. L. (1998). Modelos de innovación tec- Economics, University of Salamanca, Salamanca, nológica. Industrial Data, 1(2), 9–16. Spain. Kanter, R. M. (1983). The change masters: Cor- Rogers, E. M. (1983). Difussion of innovations porate enterpreneurs at work. London: Routledge. (3rd ed.). New York: The Free Press. Karjaluoto, H., Mattila, M., & Pento, T. (2002). Sánchez, J. R. (1997). Marketing financiero: Factors underlying attitude formation toward Principios y estrategias. Madrid, Spain: Civitas. online banking in Finland. International Journal of Bank Marketing, 20(6), 261–272. Torrent-Sellens, J., Castillo, D., Gabaldón, P., doi:10.1108/02652320210446724. Ruiz, E., & Sainz, J. (2010). Hacia la banca multicanal. Madrid, Spain: ESIC. Kotler, P., & Keller, K. L. (2006). Dirección de marketing (12th ed.). Madrid, Spain: Pearson Zaidi, M. A. (2006). Is Google the best search Education. engine marketing solution? SearchMarketing-UK. com. Retrieved from http://www.searchmarketing- Lafuente, R. (2005). Los servicios financieros uk.com bancarios electrónicos. Valencia, Spain: Tirant lo Blanch.
Masamila, B., Mtenzi, F., Said, J., & Tinabo, R. KEY TERMS AND DEFINITIONS (2010). A secured mobile payment model for Communications in Com- developing markets. Credit Union: Is a member-owned financial puter and Information Science 87 , (2), 175–182. cooperative that is democratically controlled by doi:10.1007/978-3-642-14292-5_20. its members. The union operates by providing Mellor, R. B. (2007). Innovation nuclei in SMEs credit at competitive rates, promoting thrift and involved in Internet B2C e-commerce. (Tesis providing other financial services to its members. doctoral). Retrieved from http://kurir.kingston. Many credit unions also provide other services to ac.uk/mellor2007.pdf support community or/and sustainable develop- ment on a local or regional level. Mendieta, M. M. (2007). Llega la oficina bancaria Diversification: A strategy to increase profit- CincoIGI días GLOBAL PROOF 2.0. . ability and client acquisiton through innovation Momparler, A. (2008). El desarrollo de la banca and greater sales volumeachieved from new electrónica en España: Un análisis comparativo products and markets. This terms has also other entre entidades online y tradicionales en España meaning, as financial diversification that means y estados unidos. (Doctoral Thesis). Department reducing risk by investing in a variety of assets. of Business Organization, Universidad Politécnica Innovation: Innovation means the generation, de Valencia, Valencia, Spain. acceptance and implementation of new ideas,
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processes, products, services or technologies that reach the target customers. Examples include: are accepted by individuals, markets, goverments, retail bank branches, mobile offices, a Web site, and society in general. Innovation refers to the use mail order catalogues or direct personal com- of something considered new, whereas invention munication (by fax, telephone, email…). Some refers directly to the creation of something new. entities focus certain channels at target segments Loyalty Strategy: A strategic plan focused on in different socio-economic strata. continual client retention and satisfaction through Strategic Communication: This strategy de- increased product offerings and service quality velops a communication plan to provide consistent which results in increased profitability. information within an organization and among cus- Marketing Strategy: Correct identification of tomers. Furthermore, this plan identifies the target the target market, provide products and services market, and creates a consistent messge, resulting attractive to the specific segment which results in in the achievement of qualitative and quantitative the best opportunity to achieve higher sales and corporate goals. Equivalent business manage- sustain a competitive advantage. ment terms are: organizational communication, Multi-Channel Marketing Strategy: Involves integrated (marketing) communication, corporate the utilization of several distribution channels to communication or commercial communication.
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