Abstract
The term ‘bank’ can be applied to a wide range of financial institutions. The objective of this chapter is to provide a brief overview of banking and the role played by banks in an increasingly complex financial world. It begins with a review of the meanings of banking and bank so as to come to a definition of the term ‘retail bank.’
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Notes
J.A. DiVanna (2004) The Future of Retail Banking, Palgrave Macmillan, p.8.
‘Acceptance credits worked in this way: during the eighteenth century it became an established practice for smaller merchants finding their way into international trade to ask the established houses to endorse their trade bills so as to make them acceptable without questions to foreign exporters, or to bankers at home and abroad.’ S. Chapman (1984) The Rise of Merchant Banking, George Allen and Unwin Publishers Ltd.
B. Hammond (1985) Banks and Politics in America: From the Revolution to the Civil War, Princeton University Press, p.4.
R. Glenn Hubbard (2002) Money, the Financial System, and the Economy, Fourth Edition, Addison Wesley, Boston.
E. Gardener & P. Molyneux (1990) Changes in Western European Banking, Unwin & Hyman.
E. Gardener et al. (1999) ‘The New Retail Banking Revolution,’ The Service Industries Journal, Vol.19, No.2, pp.84–85.
P.D. Clarke et al. (1988) ‘The Genesis of Strategic Marketing Control in British Retail Banking,’ The International Journal of Banking Marketing, Vol.6, No.2, pp.5–19.
L.A.A Van den Berghe et al. (1999) Convergence in the Financial Services Industry, Report Commissioned by the OECD, p.9: ‘Most researchers have referred to this phenomenon by the term “bancassurance,” but other terms like “assurfinance,” “assurbanque,” “allfinanz,” “all finance,” and “financial conglomerates” have been used to identify the phenomenon of financial convergence. Little uniformity can be found, however, in the definition they attach to each of these terms.’
X.F. Frances et al. (1998) Innovation in Retail Banking, Wharton Working Papers, 97–48-B, pp.4–5. Furthermore: ‘One major explanation for this industry’s consolidation is the desire to have sufficient size to exploit scale economies in transaction processing, and scope economies in cross-selling multiple financial products to a household.’
R.K. Pond (2009) Retail Banking, Global Professional Publishing, p.82.
European Commission (2007) Report on the Retail Banking Sector Inquiry, p.77.
European Commission (2006) Report on the Retail Banking Sector Inquiry, p.22. Some evidence can be seen also in Omarini (2005) where this aspect was analyzed for Italian bank customers.
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© 2015 Anna Omarini
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Omarini, A. (2015). Introduction: From Banking to Retail Banking. In: Retail Banking. Palgrave Macmillan Studies in Banking and Financial Institutions. Palgrave Macmillan, London. https://doi.org/10.1057/9781137392558_1
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DOI: https://doi.org/10.1057/9781137392558_1
Publisher Name: Palgrave Macmillan, London
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