Abstract
Whoever wishes or needs to change must fully understand the levers of the reality to be changed in order to be able to make precise corrections. In this chapter, therefore, we shall examine the framework conditions of banks’ present-day business models.
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- 1.
The sixth Kondratieff cycle has begun in parallel with the intensification of the fifth. An empirical analysis has shown that health, in the holistic sense of the bearer, will be the next long cycle. The main bearers of the sixth Kondratieff are psychosocial health and biotechnology (on the further developments of the Kondratieff cycles see Kondratieff 2013).
- 2.
The term Web 2.0 describes the altered use of the internet and emerged with the strong growth of community sites at the middle of the last decade. Web 2.0 offers not only the mere dissemination of information or product sales, but also enables the participation of the user, which leads to the generation of additional benefits (Gabler Wirtschaftslexikon 2013). Web 3.0 is based on the semantic web. The information on the internet can be ascribed with clear meanings, which allows the mechanical processing of the information gathered on the internet, leading to more efficient search engines and the generation of new web services (Wikipedia 2013; Swisscom 2013).
- 3.
Utterback speaks of “dominant design”, meaning “the design that wins the allegiance of the marketplace, the one that competitors and innovators must adhere to if they hope to command significant market following”. Utterback (1994, p. 24).
- 4.
An example of path dependency is the IT equipment of large companies. If the entire company uses Microsoft products, a change of system to Apple involves much time, effort, and expense, even if the quality of the Apple products is often better that that of Microsoft. The initial fundamental decision to install the Microsoft Windows system led to the path dependency of the company in later years.
- 5.
At first, the PC was underestimated by all makers of mainframes. They did not believe that existing customers would be interested in these devices. That was true, but a much larger market emerged with new customer segments, which was occupied by new manufacturers.
- 6.
When the PC was invented, not many market participants realised just how revolutionary the changes to the working environment would be. The mainframe computer industry, which dominated at the time, was completely obliterated. Only IBM managed to adapt to the PC age (Downes and Mui 1998).
- 7.
“In the extreme manifestation of market coordination, all transactions in an economic system between individuals are processed on the basis of individual contractual rules; no multi-person economic units participate in the transaction process.” (Freese 1993, p. 203).
- 8.
“If companies are founded, then transactions are removed from the market and processed in companies. […] Outside of companies, price movements control production; it is determined by a series of exchange transactions on the market. Within companies the market transactions are suspended and complicated market transactions with exchange transactions are replaced by coordination by the company owner, who controls production.” (Freese 1993, p. 204).
- 9.
Coase (1960, p. 15) describes market transaction costs as follows: “In order to conduct a market transaction, one must find out with whom one wishes to transact; inform people that one wishes to transact with them, and under which conditions; conduct negotiations that will lead to a conclusion; draw up the contract; install the requisite controls to ensure that the contractual conditions will be observed.” Somewhat deviating, but substantially similar categorisations can be found, for example, in Freixas and Rochet (1998), Fuchs (1994) and Picot (1991).
- 10.
In the service provision sector, the search for suitable employees, for example, is a complicated process (Richter and Furubotn 1999).
- 11.
Kreps (1999) notes that inefficient results can arise from information asymmetries (if one partner has more, perhaps private information).
- 12.
These costs will also be addressed in detail in the context of the process costs analysis.
- 13.
In the 1980s (equity) capital was a scarce commodity and therefore the focus was placed on shareholders’ profitability, which had been somewhat neglected in previous years.
- 14.
The total capital value from DCF minus the market value of the borrowed capital produces the market value of equity.
- 15.
25 % equity profitability was an established measured and target value prior to the outbreak of the financial crisis in 2008.
- 16.
On the discussion in Switzerland, which also includes Germany, see also Handelszeitung (2013).
- 17.
- 18.
Thus many users can read the online version of a daily newspaper at the same time. The freedom of financial products from competition is limited, however. The danger of insider trading and the delayed forwarding of information are just two examples of possible conflicts of interest when it comes to financial products.
- 19.
Internet Explorer by Microsoft, for example, is a protected object, but a browser in general is not, which is why there are a number of products that are based on the same idea.
- 20.
See Nelson (1970) on trust-based goods. From this perspective, the importance of brand management for asset managers is understandable.
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Auge-Dickhut, S., Koye, B., Liebetrau, A. (2016). Change Frameworks. In: Customer Value Generation in Banking. Management for Professionals. Springer, Cham. https://doi.org/10.1007/978-3-319-19938-2_4
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