Besides being wary of predators, bankers face the double pressure of improving shareholder value while developing a flexible strategy to meet the changing demands of the new technology. Egg, like First-e and the hundreds of Internet operations established around the world in the past year, is transforming attitudes and forcing change. To compete with these new entrants, established players will need to examine the way they do business versus the way they need to do business. While the Arthur Andersen research asserts that no single model ensures e-business success in eB2B as financial institutions converge on the eB2B future from different directions , there is a similar diversity of approach in the retail sector. The only thing that is certain is that banks cannot stand still and watch their customer bases disappear.
More radical change is on the way as the real impact of the new economy takes hold.
Banking is changing dramatically. Banks will have to change, too, if they intend to stay in business. Financial Times Business Ltd. All rights reserved.