银行投资考虑要点及具体的实施过程(英文版)

1、How Financial Firms Decide on Technology，介绍国际大银行在决定对信息技术投资时的考虑要点和他们具体的实施过程。How Financial Firms Decide on Technology(Abstraact) The finnanciaal serrvicess induustry is thhe majjor innvestoor in inforrmatioon tecchnoloogy(ITT) in the UU.S. eeconommy; thhe typpical bank spendds as much as 155% of non-i

2、intereeste eexpensses onn IT. A perrsisteent fiindingg of rresearrch innto thhe perrformaance oof finnanciaal insstituttions is thhat peerformmance and eefficiiency vary widelly acrross iinstittutionns. Noowheree is tthis vvariabbilityy moree visiible tthan iin thee outccomes of thhe IT invesstmentt

3、 deciisionss in tthese instiitutioons. TThis ppaper preseents tthe reesultss of aan emppiricaal invvestiggationn of IIT invvestmeent deecisioon proocessees in the bbankinng inddustryy. Thee purppose oof thiis invvestiggationn is tto unccover what, if aanythiing, ccan bee learrned ffrom tthe ITT inve

4、estmennt praacticees of bankss thatt woulld hellp in underrstandding tthe caause oof this variaabilitty in perfoormancce aloong wiith poointinng towward mmanageement practtices that lead to beetter invesstmentt deciisionss. Usiing PCC bankking aand thhe devellopmennt of corpoorate Interrnet ssites a

5、s thhe casse stuudies for tthis iinvesttigatiion, tthe paaper rreportts on detaiiled ffield-basedd survveys oof invvestmeent prracticces inn seveeral lleadinng insstituttionsHow Finnanciaal Firrms Deecide on Teechnollogy(Part OOne) 信息技术对金融融服务业的影影响正在增加加，不仅仅表表现在银行的的15%无息息开支上，而而且对金融服服务业的运做做和战略也有有很强的影响响

6、。 一个对金金融机构的长长期研究表明明，不同的机机构的效率和和表现也不同同。其决定的的因素有以下下一些其中的的一个因素就就是对投资的的决定和管理理。SBS是是一个失败的的例子，但是是成功的公司司也不少。本本文注重解答答以下的问题题： .银行对投资的评评估和管理过过程？ .在在对的管管理过程中，理理论和实际操操作的结合如如何？ .投资的管管理和银行性性能的关系如如何？ 1.0 InttroducctionInforrmatioon tecchnoloogy(ITT) is increeasinggly crriticaal to the ooperattions of fiinanciial s

7、eervicees firrms. TToday bankss spennd as much as 155% of non-iintereest exxpensee on iinformmationn techhnologgy. Itt is eestimaated tthat tthe inndustrry willl speend att leasst $211.1 biillionn on IIT in 1998, and finanncial instiitutioons coollecttivelyy accoount ffor thhe majjorityy of IIT invv

8、estmeent inn the U.S. eeconommy. Inn addiiton tto beiing a largee compponentt of tthe coost sttructuure, iinformmationn techhnologgy hass a sttrong influuence on fiinanciial fiirms ooperattons aand sttrateggy. Feew finnanciaal prooductss and serviices eexist that do noot utiilize compuuters at soome

9、 pooint iin thee deliivery proceess, aand a firmssinfoormatiion syystemss placce strrong cconstrraintss on tthe tyype off prodducts offerred, tthe deegree of cuustomiizatioon posssiblee and the sspeed at whhich ffirms can rresponnd to compeetitivve oppportunnitiess or tthreatts.A perrsisteent fiindi

10、ngg of rresearrch innto thhe perrformaance oof finnanciaal insstituttions is thhat peerformmance and eefficiiency variees widdely aacrosss insttitutiions, even afterr conttrolliing foor facctors such as siize(sccale), prodduct bbreadtth(scoope), brancching behavvior aand orrganizzationnal foorm(e.g.

11、 sttock vversuss mutuual foor inssurerss; bannks veersus savinng & lloans). Givven thhe cenntral role that technnologyy playys in thesee insttitutiions, at leeast ssome oof thiis varriatioon is likelly to be duue to variaationss in tthe usse andd effeectiveeness of ITT inveestmennts. WWhile some aut

12、hoors haave arrgued that the vvalue of ITT inveestmennt hass beenn insiignifiicant, partticulaarly iin serrvicess, reccent eempiriical wwork hhas suuggestted thhat ITT inveestmennt, onn averrage, is a produuctivee inveestmennt. Peerhapss moree impoortanttly, tthere appeaars too be ssubstaantiall var

13、iiationn acrooss fiirms; some firmss havee veryy highh inveestmennts buut aree poorr perfformerrs, whhile ootherees invvest lless bbut apppear to bee muchh moree succcessfuul. Brrynjollfssonn and Hitt foundd thatt as mmuch aas hallf thee retuurns tto IT invesstmentt are due tto firrm speecificc fact

14、tors.One ppotenttiallyy impoortantt drivver off diffferencces inn IT vvalue, and of fiirm peerformmance more broaddly, iis likkely tto be the ddecisiion annd mannagemeent peeocesssed foor IT invesstmentts. Hoorror storiies off bad IT innvestmment ddecisiions aaboundd. Connsiderr the exampple off the

15、 new sstrateegic bbankinng sysstem(SSBS) aat Bannc Onee(Amerrican Bankeer 19997). BBanc OOne Coorp. aand Ellectroonic DData SSystemms Corrp. aggreed last year to ennd theeir jooint ddeveloopmentt of tthis rretaill bankking ssystemm afteer speendingg an eestimaated $175 mmillioon on it. AAs staated i

16、in thee Amerrican Bankeer artticle, SBSwas jjust sso oveerwhellming and sso commpletee thatt by tthe tiime thhey weere geettingg to mmarkett, it was ggoing to taake tooo lonng to instaall thhe whoole thhing, saidd Alann Rieggler, princcipal in Errnst & Younngs ffinanccial sservicces maanagemment cco

17、nsullting divission. Howevver, nnot alll thee storries aare neegativve. Neew IT systeems arre plaaying a vittal roole inn reshhapingg the delivvery oof finnanciaal serrvicess. Forr exammple, new ccomputter-teelephoony inntegraation(CTI) technnologiies arre traansforrming call centeer opeeratioons in

18、n finaanciall insttitutiions. By innvestiing inn techhnologgy, moore annd morre insstituttions are mmovingg operrationns froom higgh-cosst braanch ooperattions to thhe tellephonne chaannel,wheree the cost per ttransaactionn is oone-teenth tthe coost off a teeller interractioon. Thhis ITT inveestmenn

19、t nott onlyy reduuces tthe coost off servving eexistiing cuustomeers, bbut allso exxtendss the reachh of tthe innstituution beyonnd itss tradditionnal geeograpphic bboundaaries.In thhis paaper, we uttilizee detaailed case studiies off six retaiil bannks too inveestigaate seeverall inteerrelaated qqu

20、estiions:.Whaat proocessees do bankss utillize tto evaaluatee and managge IT invesstmentts?.How well do acctual practtices alignn withh theooreticcal arrgumennts abbout hhow ITT inveestmennts shhould bbe mannaged? .WWhat iimpactt doess thatt manaagemennt of IT innvestmments have on peerformmance?How

21、 Finnanciaal Firrms Deecide on Teechnollogy(Part TTwo) For thee firsst queestionn, we devellop a struccturedd frammeworkk for catallogingg IT iinvesttment practtices and tthen ppopulaate thhis frramewoork ussing aa combbinatiion off survveys aand seemi-sttructuured iintervviews. We tthen ccomparre t

22、hee resuults oof thiis exeercisee withh a syynthessis off the literraturee on IIT deccisionn makiing too undeerstannding how ppractiices vvary aacrosss firmms andd the extennt to whichh thiss is cconsisstent with bestt praccticess as descrribed in prreviouus litteratuure. FFinallly, wee willl comppa

23、re tthese proceesses to innternaal andd exteernal perfoormancce mettrics to beetter underrstandd whicch setts of practtices appeaar to be moost efffectiive.To maake thhese ccomparrisonss conccrete, we eexaminne botth thee geneeral ddecisiion prrocesss as wwell aas thee speccific proceesses used for

24、ttwo reecent IT innvestmment ddecisiions :the aadoptiion off compputer-basedd homee bankking (PC baankingg), annd thee deveelopmeent off the corpoorate web ssite. Thesee deciisionss weree chossen beecausee theyy weree receent annd aree relaated bbut prrovidee somee conttrast; in pparticcular, PC bba

25、nkinng is a faiirly wwell ddefineed prooduct innovvationn, whiile thhe corrporatte webb pressence is moore off an iinfrasstructture iinvesttment whichh is lless wwell-ddefineed in termss of oobjecttives and bbusineess owwnershhip.Overaall, wwe finnd thaat whiile soome asspectss of tthe deecisioon pr

26、oocess are ffairlyy simiilar aacrosss insttitutiions aand offten cconforrm to bestt pracctice as ddefineed by previious lliteraature, therre aree seveeral aareas wheree therre is largee variiationn in ppractiice ammong tthe baanks aand beetweenn actuual annd theeoretiical bbest ppractiice. MMost bba

27、nks have a strrong aand sttandarrdizedd projject mmanageement for oongoinng sysstems projeects, and fformall struucturees forr insuuring that line-managgers aand syystemss peopple arre in contaact att the initiiationn of ttechnoology projeects. At thhe samme timme, maany baanks hhave rrelatiively we

28、ak proceesses(both formaal andd infoormal) for identtifyinng neww IT iinvesttment opporrtunitties, alloccatingg resoourcess acrooss orrganizzationnal liines, and ffundinng expplorattory oor inffrastrructurre proojectss withh longg termm or uuncerttain ppayofffs.The rremindder off thiss papeer is org

29、annized as foollowss. Secction 2 desscribees thee prevvious literraturee on pperforrmancee of ffinanccial iinstittutionns andd the effeccts off IT oon perrformaance. Sectiion 3 descrribes the mmethodds andd dataa. Secction 4 desscribees thee currrent aacademmic thhinkinng on varioous coomponeents oo

30、f thee deciision proceess annd commparess thatt to aactuall praccticess at tthe baanks wwe vissited. Secttion 55 desccribess the resullts off our in-deepth sstudy of PCC bankking pprojeccts annd thee summmary, Sectiion 6 contaains aa simiilar aanalyssis foor thee Corpporatee Web Site and ddiscusssio

31、n and cconcluusion appeaar in Sectiion 7. How Finnanciaal Firrms Deecide on Teechnollogy(Part TThree) 2.0Prreviouus Litteratuure2.11Perrformaance oof Finnanciaal InsstituttionsTherre havve beeen a nnumberr of sstudiees thaat havve exaaminedd the efficciencyy of tthe baankingg induustry andthe rrole

32、oof varrious factoors suuch ass corpporatee conttrol sstructture (type of booard, direcctors, insiider sstock holdiings, etc.), ecoonomiees of scalee (sizze), eeconommies oof scoope (pproducct breeadth), andd brannchingg straategy; see Bergeer, Kaashyupp and Scaliise (11995) and HHarkerr and Zenioos

33、 (foorthcooming) for a revview oof thee bankking eefficiiency literraturee. Whiile thhere iis subbstanttial ddebatee as tto thee rolee of tthese varioous faactorss, theere iss one unambbiguouus ressult: that most of thhe (inn) effficienncy off bankks is not eexplaiined bby thee facttors tthat hhave

34、bbeen cconsiddered in prrior wwork. For eexamplle, Beerger and MMesterr (19997) esstimatte thaat as much as 655-90% of thhe x-iineffiicienccy remmains unexpplaineed aftter coontrollling for kknown driveers off perfformannce. AA simiilar sstory also appeaars inn insuurancee wherre x-efficciencyy varr

35、ies ssubstaantiallly accross firmss whenn sizee, scoope, pproducct mixx, disstribuution strattegy aand otther sstrateegic vvariabbles aare coonsideered. It haas beeen arggued tthat oone muust geet innside the bblack box of thhe bannk ot consiider tthe roole off orgaanizattionall, strrategiic andd te

36、chhnologgical factoors thhat maay be misseed in studiies thhat reely heeavilyy on ppublicc finaanciall dataa.2.2 IInformmationn Techhnologgy andd Busiiness ValueeEarrly sttudiess of tthe reelatioonshipp betwween IIT andd prodductivvity oor othher meeasurees of perfoormancce werre gennerallly unaable

37、 tto detterminne thee valuue of IT coonclussivelyy. Lovveman (19944) andd Straassmannn (19990) ,usingg diffferentt dataa and analyyticall methhods bboth ffound that the pperforrmancee effeects oof commputerrs werre nott stattisticcally signiificannt. Baarus, Kriebbel annd Mukkadopaadhyayy (19995), u

38、using the ssame ddata aas Lovveman, founnd eviidencee thatt IT iimprovved soome innternaal perrformaance mmetriccs succh as invenntory trunoover, but ccould not ttie thhese bbenefiits too imprrovemeents iin botttom lline pproducctivitty. Allthouggh theese sttudiess had a nummber oof dissadvanntagess

39、 (smaall saampless, noiisy daata ) whichh yiellded iimpreccise mmeasurres off IT eeffectts, thhis laack off eviddence combiined wwith eequallly equuivocaal maccroecoonomicc anannlysess by SStevenn Roacch (19987) iimpliccitly formeed thee basiis forr the prodductivvity pparadoox. AAs Robbert SSolow (

40、19877) oncce remmarkedd, yoou cann see teh ccomputter agge eveerywheere exxcept in thhe prooductiivity statiisticss. Morre reccent wwork hhas foound tthat IIT invvestmeent iss a suubstanntial contrributoor to firm produuctiviity, pproducctivitty groowth aand sttock mmarkett valuuationn in aa sampple

41、 thhat coontainns a wwide rrange of inndustrries. Brynjjolfssson annd Hittt (19994,19996) aand Liichtennberg (19955) fouund thhat ITT inveestmennt hadd a poositivve andd stattisticcally signiificannt conntribuution to fiirm ouutput . Bryynjolffsson and YYang (1997) founnd thaat thee markket vaaluati

42、ion off IT ccapitaal wass seveeral ttimes that of orrdinarry cappital. Brynnjolfssson aand Hiitt allso foound aa stroong reelatioonshipp betwween IIT andd prodductivvity ggrowthh and taht this relattionshhip grrows sstrongger ass longger tiime peeriodss are consiideredd. Colllectiively ,thesse stuud

43、ies suggeest thhat thhere iis no produuctiviity paaradoxx, at leastt whenn the analyysis iis perrformeed acrross iindusttries usingg firmm-leveel datta. Thhe diffferennces bbetweeen theese reesultss and earliier sttudiess is pprobabbly duue to the uuse off dataa tahtt was recennt , mmore ccompreehen

44、siice ,aand moore diisaggrregateed (fiirm leevel rratherr thann induustry or ecconomyy leveel). Mostt prevvious sutdiies haave coonsideered tthe efffectss of ttechnoology acrosss firrms inn multtiple indusstriess, altthoughh a feew stuudies have consiideredd the role of teechnollogy iin speecificcal

45、ly in thhe bannking indusstry. Steinner annd Teiixieraa survveyed the bbankinng inddustryy and argueed thaat whiile laarge iinvesttmentss in ttechnoology clearrly haad vallue,liittle of thhis vaalue wwas beeing ccapturred byy the bankss themmselvees; moost off the beneffits wwere bbeing passeed on t

46、o cuustomeers ass a reesult of inntensee comppetitiion. AAlpar and KKim exxamineed thee costt effiicienccy of bankss overrall aand foound tthat IIT invvestmeent waas asssociattied wwith ggreateer cosst effficienncy allthouggh thee effeects wwere lless eevidennt wheen finnanciaal rattios wwere uused

47、aas thee outccome mmeasurre. Prrasad and HHarkerre exaaminedd the relattionshhip beetweenn techhnologgy invvestmeent annd perrformaance ffor 477 retaail baanks aand foound ppositiive beenefitts of invesstmentts in IT sttaff. Whiile thhese sstudiees shoow a sstrongg posiitive contrributiion off IT ii

48、nvesttment on avveragee, theey do not cconsidder hoow thiis conntribuution (or llevel of innvestmment )variees acrross ffirms. Brynnjolfssson aand Hiitt foound tthat firm effeccts ccan acccountt for as muuch ass halff the contrributiion off IT ffound in thhese eearlieer stuudies. Receent reesultss s

49、ugggest tthat aat leaast paart off thesse diffferennces ccan bee expllainedd by ddifferrencess in oorganiizatioonal aand sttrateggic faactorss. Bryynjolffsson and HHitt ffound that firmss thatt use greatter ovveralll IT bbenefiits. BBresneehan, Brynjjolfssson annd Hittt fouund a simillar reesult for

50、 ffirms that have greatter leevels of skkills and tthose that make greatter innvestmments in trraininng andd pre-emplooymentt screeeningg for humann capiital . In aadditiion, sstrateegic ffactorrs alsso apppear tto afffect tthe vaalue oof IT. Firmms thaat invvest iin IT to crreate custoomer vvalue (

51、e.g. imprrove sservicce, tiimelinness, conveeniencce, vaarietyy) havve greeater perfoormancce thaan firrms thhat innvest in ITT to rreducee costts. Whiile thhese sstudiees aree begiining to exxploree how the pperforrmancee of IIT invvestmeent vaaries acrosss firrm, paarticuularlyy due to orrganizzat

52、ionnal annd strrategiic facctors, litttle atttentiion haas beeen paiid to the ttechnoology decission mmakingg proccess.How Finnanciaal Firrms Deecide on Teechnollogy(Part FFour) 2.3ITT Inveestmennt DeccisionnsWhhile tthere is noo conccise ddefiniition of bbest ppractiice iin IT invesstmentt deciisio

53、nss, theere arre a nnumberr of cconsisstent argumments advannced iin thee IT mmanageement literraturee thatt can be syynthessized into an unndersttandinng of the cconvenntionaal wissdom.For the ppruposses off disccussioon it is usseful to suubdiviide thhe proocess of ITT manaagemennt intto sevven di

54、iscrette, buut intterrellated proceesses. The firstt six proceesses are oorientted arround the ppropossal, ddeveloopmentt and managgementt of IIT proojectss, whiile thhe lasst proocess is abbout mmaintaainingg the capabbilitiies off the IT fuunctioon andd its interrrelattionshhips wwith tthe reest o

55、ff the businness:1.Iddentifficatiion off IT oopporttunitiies22.Evalluatinng oppportunnitiess3.AApprovving IIT proojectss4.TThe maake-buuy deccisionn5.MManagiing ITT projjects6.Evvaluatting IIT proojectss7.MManagee and Devellop thhe IT FuncttionThis subdiivisioon looosely correespondds to many of thh

56、e majjor isssues in ITT manaagemennt succh as outsoourcinng, liine maanagemment-IIT aliignmennt, sooftwarre prooject managgementt, andd evalluatinng IT invesstmentts.In aadditiion, tthis llist llooselly corrrespoonds tto fraameworrks foor thee manaagemennt of IT. TThe prrimaryy diffferencce is that

57、this list viewss the IT maanagemment pprocesss as managging aa streeam off projjects ratheer thaan foccusingg on tthe fuunctioon of the IIT deppartmeent ovveralll or tthe roole off the CIO, the ttypicaal perrspecttive iin thee prevvious literraturee. Forr exammple, a commmon fframewwork uused tto al

58、iign ITT to bbusineess sttarateegy, tthe crriticaal succcess factoors(CSSF) meethod, incllude tthree worksshops: the firstt to iidentiify annd foccus obbjectiives, the ssecondd to ddecidee and priorritizee on ssystemms invvestmeent, aand thhe thiird too deveelop, deplooy andd reevvaluatte proototypp

59、e sysstems. Boynnton, Jacobbs andd Zmudd(19922) ideentifyy fivee crittical IT maanagemment pprocessses: settiing sttrateggic diirectiion, eestabllishinng inffrastrructurre sysstems, scannning technnologyy, traansferrring technnologyy and devellopingg systtems. Rockaart, EEarl aand Rooss(19996) pprop

60、osse eigght immperattives for tthe ITT orgaanizattion wwhich can bbe groouped into managging tthe ITT-busiiness relattionshhip, bbuildiing annd mannagingg systtems aand innfrasttructuure, mmanagiing veendorss, andd creaating a higgh perrformaance IIT orgganizaation. Thuss, whiile prreviouus worrk ha