e Banking in Usa Reasons for Its Growth

8/3/2019 e Banking in Usa Reasons for Its Growth

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University of TartuFaculty of Economics and Business

Administration

E-BANKING IN ESTONIA:REASONS AND BENEFITSOF THE RAPID GROWTH

Olga Lutik

Tartu 2003


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ISSN 14065967ISBN 9985403592

Tartu University Presswww.tyk.ut.eeOrder No. 563


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E-BANKING IN ESTONIA: REASONS ANDBENEFITS OF THE RAPID GROWTHOlga Lutik

Abstract

The new information technology is becoming an importantfactor in the future development of financial services industry,and especially banking industry. Banks are faced with a numberof important questions, for examples how to take full advantageof new technology opportunities, how e-developments changethe ways customers interact with the financial services provider,etc. In paper author analyzes the main criteria for successfulinternet-bank strategy and brings out benefits of e-banking fromthe point of view of banks, their clients and the economy ingeneral. Author argues that Estonia has achieved significantsuccess in the implementation of electronic banking; it is on thetop of the emerging markets in this area and even outpaces theachievements of some developed countries. This progress is notcoincidence; it has external and also subjective reasons. Inpaper, author tries to analyze the main reasons and factorsresponsible for the rapid growth of electronic banking inEstonia. In order to achieve this goal banks use a wide varietyof measures, such as price concessions, sales of bank-servicepackages as well as offering additional non-banking services.Also some possible future trends for e-banking development in

PhD Student, Department of Banking at the University of Tartu4-A303 Narva Rd., Tartu, Estonia 51009 tel.: +372 7 376 330; fax:+372 7 376 312; e-mail: [email protected]


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Estonia are discussed. The last e-banking development wasmobile phone banking (m-banking), which allows paying forgoods and services by mobile phone and was implemented in2002.


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CONTENTS

Introduction .......................................................................... 71. The Development of Electronic Banking in Estonia....... 92. Benefits of Electronic Banking ....................................... 13

2.1. Benefits from the bank point of view....................... 132.2. Benefits from the customers point of view............. 152.3. Economic benefits .................................................... 16

3. Factors Responsible for E-Banking Developmentin Estonia ........................................................................ 173.1. E-banking user component....................................... 183.2. E-banking service provider component.................... 183.3. Public/environment component ............................... 19

4. Future Perspectives of E-Banking Developmentin Estonia ........................................................................ 20 5. Concluding Remarks ...................................................... 22REFERENCES..................................................................... 24KOKKUVTE..................................................................... 26


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Introduction

The financial services industry has recently been open tohistoric transformation. So-called e-developments are emergingand advancing rapidly in all areas of financial intermediation

and financial markets: e-finance, e-money, e-banking,e-brokering, e-insurance, e-exchanges, and even e-supervision.The new information technology (IT) is turning into the mostimportant factor in the future development of banking, influen-cing banks marketing and business strategies.The driving forces behind the rapid transformation of banks areinfluential changes in the economic environment: innovationsin information technology, innovations in financial products,liberalization and consolidation of financial markets, deregu-lation of financial inter-mediation etc. These and other factorsmake it complicated to design a banks strategy, which processis threatened by unforeseen developments and changes in theeconomic environment and therefore, strategies must be flexibleto adjust to these changes. The question is not any morewhether the emergence of Internet has been a threat or anopportunity as those who have decided to protect themselvesfrom the threats instead of using the opportunities are deter-mined to vanish from the marketplace.Electronic banking (e-banking) is the newest delivery channelfor banking services. The definition of e-banking variesamongst researches partially because electronic banking refersto several types of services through which bank customers canrequest information and carry out most retail banking services

via computer, television or mobile phone (Daniel, 1999; Mols,1998; Sathye, 1999). Burr (1996), for example, describes it asan electronic connection between bank and customer in order to


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E-Banking in Estonia8

prepare, manage and control financial transactions. Electronicbanking can also be defined as a variety of following platforms:(a) Internet banking (or online banking), (b) telephone banking,

(c) TV-based banking, (d) mobile phone banking, and (e) PCbanking (or offline banking). As online Internet banking andmobile phone banking are the fastest developing areas, in thepresent paper the focus is mainly on the development and thefuture of these platforms.In the paper author analyzes the main criteria for successfulinternet-bank strategy and bring out benefits of e-banking fromthe point of view of banks, their clients and the economy ingeneral. Author argues that Estonia has achieved significantsuccess in the implementation of electronic banking; it is on thetop of the emerging markets in this area and even outpaces theachievements of some developed countries. This progress is notcoincidence; it has external and also subjective reasons. Thefindings of the paper are helpful in order to understand the mainreasons and factors responsible for the rapid growth of electro-nic banking in a country.

The reminder of the paper is organized as follows. Chapter 2deals with the development of electronic banking in Estonia.The benefits of e-banking for customers, banks themselves andthe whole economy are discussed in chapter 3. Driving factorsof the development of e-banking in Estonia are explored inChapter 4 and some future perspectives are presented in Chap-ter 5. The paper ends with concluding remarks. The analysisresults presented in the paper are partially based on interviewswith specialists responsible for e-banking development inEstonian banks.


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Olga Lutik 9

1. The Developmentof Electronic Banking in Estonia

Estonian financial services market is unique in several aspects:it is small and compact, and developing fast. It has acontroversial Soviet past, which may be seen as negative orpositive aspect depending on viewers attitude. The history of Estonian electronic banking is only some years younger thanthe history of Estonian commercial banking in general. Hansa-bank started its first offline electronic banking solution Tele-hansa in 1993. The first Internet banking services in Estonia

were introduced in 1996.Estonia in general is very suitable for electronic bankingapplications due to the relatively high penetration of personalcomputers and Internet access. The percentage of Internet usagewas 43% of Estonian population aged 1574 in Q4 2002.Compared with other countries, Internet penetration amongstEstonians is higher than in other East-European countries (seeFigure 1). Those who have used Internet during a week havedone it for the following purposes (Emor, 2002): 76% sendingand reading mail, 62% searching for specific information fromdatabases or homepages, 57% visiting portals, 56% usingsearch engines, 57% using Internet bank. Based on thisinformation it can be concluded, that the number of Internetbank users (in the period March-May 2002) in Estonia was260 000, which is 23% of the Estonian population aged 1574.It can inferred that there is still a potential for growth inconvincing people to use electronic channels for bankingactivities more intensively.


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63 62 61 60 59 58

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Figure 1. Internet penetration 2Q 2002 (Internet users, who haveused Internet at least once during previous 6 month, % of 1574

aged population) (source: Emor, 2002))

Internet bank services are used actively; most of the paymenttransactions are concluded via e-channels. The growth of theself-service has been exponential but access to Internet isblocking further increase of the share of Internet payments(Kerem et al, 2003). Most of the consumers who start bankingonline do it because they need to pay bills frequently and theywould like to do it with minimum effort. Besides that peopleuse Internet bank to keep eye on their money matters, viewaccount balance and check receiving payments from otherparties. For example, in the Union Bank of Estonia (UBE) theshare of different activities that customers conduct in theInternet bank is described in Figure 2.


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Olga Lutik 11

1%

1%

2%4%

7%19%

21%32%

13%

0 5 10 15 20 25 30 35

Domes tic payments

Pre-defined payments

Account statement

Account balance

Viewing m ailboxCredit card information

Pending payments

E-bills

Other

Figure 2. Share of consumers activities in the Internet bank of the UBE (Source: Kerem et al, 2003)

The same trends are present in other banks as well. On average,95% of total volume of all payments are concluded via e-bankfacilities via online and offline Internet banks and otherelectronic channels. Figure 3 shows that in the Hansabank the

percentage of transactions done in the Internet has beencontinuously growing and in last years e-channels have taken aposition of the main transaction channels. The part of branchnetwork in payments area has been decreased from 27% in1999 to 5% in 2002. In Hansabank, 31% of all the privateclients have also Internet banking contracts and they log in anaverage of 6,5 times a month. If looking at the shares of payment methods it can be concluded that the clients using

Internet bank are more active in using the banking services ingeneral. Compared with e-banking leaders in the worldfinancial markets, Estonian banks have quite active clients on average every online bank customer conclude 2,5transactions per month (see figure 4) (this number do notinclude automatic direct debit and periodic payments).


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0%

5%

10%

15%

20%

25%

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40%

45%

Branch Phone Bank Periodicpayment

ATM Direc t Debit Online bank Offline PCbank

Channel

% o

f a

l l d o m e s t

i c p a y m e n

t s

1 999 2 000 2 001 2 002

Figure 3: Usage dynamics of different transaction channels inthe Hansabank from 1999 to 2002 in percentages of totaltransactions number (source: Hansabank)

6,9

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Nordea Swedbank Bank of America EGG Hansabank (Estonia)

(million)

0

1

2

3

4

5

6Transactions per online

customer

Online bank transactions per month(millions)Online customers (mi llions)

Transaction per customer

Figure 4. Online banking activity (source: Dynamo, 2001)


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Olga Lutik 13

The quality of services in Estonian online banks has beeninternationally recognized. According to the Forrester research,Hansabank Internet bank hanza.net was rated as one of the

European top-solutions in e-banking ranking on the 16thposition (Forrester Research, 2000). It is the only bank fromCentral and East European country to make its way into the list.In the comments on the report Forrester has marked hanza.netas a benchmark site from a smaller web leader.

2. Benefits of Electronic Banking

2.1. Benefits from the bank point of view

The first benefits for the banks offering Internet bankingservices is better branding and better responsiveness to themarket. Those banks that would offer such services would beperceived as leaders in technology implementation. Therefore,they would enjoy a better brand image.The other benefits are possible to measure in monetary terms.The main goal of every company is to maximize profits for itsowners and banks are not any exception. Automated e-bankingservices offer a perfect opportunity for maximizing profits.According to a survey by Booz, Allen and Hamilton, anestimated cost providing the routine business of a full servicebranch in USA is $1.07 per transaction, as compared to 54 centsfor telephone banking, 27 cents for ATM (Automatic TellerMachine) banking and 1,5 cents for Internet banking (Nathan1999; Pyunet al., 2002). In Nordea Bank, Finland, one onlinetransaction costs the bank an average of just 11 cents, comparedto $1 for a transaction in the branch (Dynamo, 2001). Thedifference in a net cost between the USA and Finnish banks canbe explained by smaller population in Finland and the scaleeffect in case of the USA.

In Estonia, the fee for transaction concluded in bank office is 912 EEK, fees on transactions via automated telephone banking


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is 06 EEK , fees for automatic direct order is free of charge,fees in ATM and Internet banks are 03 EEK (all aredomestic payment fees in EEK). According to the data provided

by Hansabank the relative costs for simple domestic paymentthrough different bank channels are as follows (look figure 5).

100%

3%

12%5%

95%

35%

2%

0%

10%

20%

30%

40%

50%

60%70%

80%

90%

100%

Branch Offlinebank

Onlinebank

ATM Operatorphonebank

Automatedphonebank

Direct debit

Figure 5. Relative costs for domestic payment through differentbank channels

Comparing this information with price list fees, allows toassume the high profitability of e-channel banking services forbanks. On the fee side (or income side from the bank point of

view), average payment in Internet bank cost 4 times less, thanpayment in branch. On the actual cost side (or cost side fromthe bank point of view), payment in Internet bank cost 8 timesless than payment in branch.

The difference is between automatic or semi-automatic telephonebanking service. There are no transactions fees for people younger than 25 and olderthan 60 years.

Directdebit


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Olga Lutik 15

Some controversial explanations for this pricing strategy can beproposed:1. The difference in actual net cost and actual transaction fees

paid by customer is used by Estonian banks to cross-subsidization of delivery channels.2. Banks earn additional profits on transactions concluded via

electronic channels.3. The profitability of payments is not a priority for banks.

Cross-subsidization between different services groups isused, for example profits from lending activity compensatespoor profitability from payment services.

2.2. Benefits from the customers point of view

The main benefit from the bank customers point of view issignificant saving of time by the automation of banking servicesprocessing and introduction of an easy maintenance tools for

managing customers money. The main advantages of e-banking for corporate customers are as follows (BankAway!2001; Gur u, 2002): Reduced costs in accessing and using the banking services. Increased comfort and timesaving transactions can be

made 24 hours a day, without requiring the physicalinteraction with the bank.

Quick and continuous access to information. Corporationswill have easier access to information as, they can check onmultiple accounts at the click of a button.

Better cash management. E-banking facilities speed up cashcycle and increases efficiency of business processes as largevariety of cash management instruments are available onInternet sites of Estonian banks. For example, it is possibleto manage companys short-term cash via Internet banks in

Estonia (investments in over-night, short- and long termdeposits, in commercial papers, in bonds and equities, inmoney market funds).


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Private customers seek slightly different kind of benefits frome-banking. In the study on online banking drivers Aladwani(2001) has found, that providing faster, easier and more reliable

services to customers were amongst the top drivers of e-banking development. The main benefits from e-banking forprivate customers are as follows (BankAway! 2001): Reduced costs. This is in terms of the cost of availing and

using the various banking products and services. Convenience. All the banking transactions can be performed

from the comfort of the home or office or from the place acustomer wants to.

Speed. The response of the medium is very fast; thereforecustomers can actually wait till the last minute beforeconcluding a fund transfer.

Funds management. Customers can download their historyof different accounts and do a what-if analysis on theirown PC before affecting any transaction on the web. Thiswill lead to better funds management.

2.3. Economic benefits

The impact of the New Economy on the entire economicgrowth has been studied in several research projects. Forexample Pohjola (2002) shows, that the contribution of the useof information communication technology to growth of outputin the Finnish market sector has increased from 0.3 percentagepoints in early 1990s to 0.7 points in late 1990s. However,unlike the US, there has been no acceleration in the trend rate of labor productivity in Finland.According to the recent research conducted in Estonia (Aarmaand Vensel, 2001), bank customers use bank office services onaverage 1.235 times per month, and wait in queue in bankoffice on average for 0.134 hours. Simple calculation shows,that making payments via e-banking facilities (for instanceusing Internet bank) rather than in the bank offices createoverall economy savings in the amount of 0.93% of GDP


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Olga Lutik 17

(Average distance to nearest bank office is 4.14 km (Aarma andVensel, 2001), which takes approximately 0.21 hours to travel.Estonian GDP in 2001 was 10 billion kroons and average hour

wage is 35.40 kroons (Statistikaamet, 2002). There are 0.5million citizens, who use brick-and-mortar bank facilities inEstonia).

3. Factors Responsible for E-BankingDevelopment in Estonia

It is important to consider the development of e-banking fromthe point of view of two counterparts a provider of servicesand a consumer of services. Preconditions for the developmentfrom a providers point of view are personal interest in theservice and the ability to conduct it. Provider of services has tohave some financial or other incentives to run the business aswell as technical and financial abilities to perform it. Theconsumers attitude towards new technologies and his interesttowards innovations in general are primarily important. AsKarjaluoto et al. (2002) found in their research of Finnishconsumer beliefs and attitudes towards e-banking, the morefamiliar a consumer is with technology the more positivebeliefs he or she seems to hold about an object. In other words,the acceptance of new technologies helps to use Internetbanking.

It is important to discuss the reasons for rapid development of e-banking in Estonia in the light of three different e-bankingcomponents: user component, service provider component andpublic/environment component.


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3.1. E-banking user component

As the Estonian banking sector is relatively young, possible

negative banking habits do not exist. Under negative bankinghabits we mean non-effective, expensive and time-consumingfinancial instruments such as checks and ATM-only bankcards.For example in US there are 69 billion paper checks writtenevery year (Dynamo, 2001). In Estonia, checks have neverfound wide implementation. When ATM-only bankcards wereintroduced they were quickly replaced by multi-functionalbankcards, which allow the holder to withdraw money fromATM and to pay for purchases.

3.2. E-banking service provider component

Several aspects can be discussed in order to find the reason forthe development of e-banking in Estonia from the serviceproviders point of view. First of all, Estonian e-banking serviceproviders did not have old technologies before starting their e-banking facilities. All banking technologies were relativelymodern (compared for example to the French and German IThardware (Ilison, 2002) and therefore more efficient.Secondly, the wave of mergers and acquisitions that took placein the Estonian banking sector in 19982000 had nounfavorable effects on the development of domestic e-banking.New owners did not demand local branches to take over e-

banking infrastructure from Scandinavian parent banks. Thelocal IT infrastructure remained under the influence of Estonianknow-how. At the same time domestic IT workers were evenused in Latvia and Lithuania, as Hansabank started its activityin these countries (Sld, 2002).The third circumstance of e-banking development is a relativecheapness of the services provided by the Estonian creditinstitutions via electronic channels that made e-banking moreprofitable. This issue will be discussed in more detail in thenext section.


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Olga Lutik 19

Another aspect is connected with a high concentration of theEstonian banking sector; at present there are only 5 creditinstitutions, 2 largest banks Hansabank and Union Bank

hold 83% of the sectors total assets. This situation is perfect forthe developing of common standards for e-banking services inall Estonian banks. Up to now, all developed standards arepublic and are not patented, that allows fast and coordinatedspreading of bank-link, and ATM. Common standards areuseful and efficient not only for users of these services, but alsofor brick-and-mortar and virtual shop owners, as the imple-mentation of common standards does not require considerabletechnological expenses. In Finland, for example, there aremultiple technological standards for some e-banking servicesthat complicate fast spreading of these innovations (Sld,2002).

3.3. Public/environment component

In Estonia, public component was also very important for fastintroduction of e-banking. First of all, current legislation issupportive to technological innovations. The best example forthis is Digital Signature Act, which came into force in 2001. Itstipulates the digital signature standard in Estonia and regulatesrelease of the certificates. Digital signature is an importantcomponent for Internet banking as well as for paymentsconcluded via bank-link.

The second factor is a relatively low level of Internetconnection costs in Estonia. One of the explanations for this isfree telecom market in Estonia, with two big competitors onISDN market. For example, the monthly fee for ISDNconnection in Netherlands is 30 euros, in Finland 65 euros andin Estonia 15 euros (Sld, 2002). The dial-up connection is alsomuch cheaper compared to other countries.It is also important, that Estonian government supports severalprograms for technical assistance in secondary schools (projectTiger Jump ) and is involved in a number of nation-wide


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projects for increasing computer skills and knowledge aboutInternet among the rural residents (project Look@World ). Themain aim of the last project is to support the Internet use by

Estonian people by creating Public Access Internet Points(PAIP) as well as providing basic computer and Internet trai-ning for 100,000 persons (current non-Internet users). Estonianbanks themselves are interested in wide spreading of ITknowlege and skills amongst Estonians, so they participateactively in these government projects (especially inLook@World), donate significant financial aid and distributefree hardware.

4. Future Perspectives of E-BankingDevelopment in Estonia

Entire information technology environment changes rapidly. Itis estimated that the number of Internet users in Estonia willincrease up to 50% compared with current 43%. The number of physical branches will be decreased (the profile of physicalbranches will change to advice and support centers) and most of the transactions will be concluded via main e-banking channels:online Internet bank and m-banking services. Rapid growth of e-banking in Latvia and Lithuania is expected. This trend waspromoted by the Estonian banks opening the branches in thesecountries and implementing e-banking services that work wellin their home country. According to Sld (2002), the level of e-banking services in all three countries will be the same in fiveyears. In Lithuania, the growth of telephone banking rather thanInternet banking is expected, as purchase power is still low andtelephones are much more cheaper than PCs (Ilison, 2002).Estonian e-banking development specialists (Ilison, 2002; Sld2002) predict, that in the next years more attention will befocused on mobile phone-based services, such as accountbalance inquires by SMS, and payments via mobile phone (seeFigure 6). More government services will move into Internetbanks. At the current state, it is already possible to fill in and


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Olga Lutik 21

send income tax statement to Tax Agency and make inquires toSocial Security databases. According to specialists, the phonebanking will remain as an additional distribution channel only.

The future of TV banking is quite questionable, although somepositive perspective may open after switching to digital TV.Offline banking is currently used by corporate clients, whosevolume of payments is big enough to slow down onlinetransaction speed, some corporations also prefer to store allfinancial data in their own databases, not in bank databases.Banks are working to find a solution to this problem and directall corporate clients to online Internet banks.

E-BANKING

m-bankin mobile hone bankin

e- overnment services

Internet bankin

WINNERS

LOSERS

offline bankin

tele hone bankin

TV-based bankin

Figure 6. Losers and winners in the future e-banking

Mobile payments (m-payments, payment concluded usingmobile phone), as a part of the m-banking, were first introducedin Estonia in summer 2000, when major banks and mobilenetwork providers launched e-parking services. M-parking

makes it possible to pay for car parking in the biggest Estoniancities via a mobile phone. The next step was taken last year,when Hansabank and Union Bank introduced m-payments inWall Street bar in Tallinn. By the end of August 2003, therewere already 570 service providers (Pankade Kaardikeskus,2003) who had joined this payment technique. M-paymentservice is actually a substitute for the payments concluded withbankcard and cash payments. According to Sld (2002), m-

payments will take 20% of bankcards payments share and 50%of cash payments share by the next 23 years. M-payments willchange cash circulation practice by many ways:


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ATM (Automatic Teller Machines) usage decreases, aspeople will use less cash,

If the amount of cash in circulation decreases, the efficiency

of banking sector will increase, aso client banking costs decreases (less cash fees to pay),o shop keeper / service provider costs will decrease (no

need for incasso service and cash accounting), ando bank costs decrease (cash storage, less checking and

processing costs).Other m-banking services, such as WAP, have some technicallimitations that prevent its wide spread (Sld, 2002): mobile phone interface is not very convenient and user-

friendly (the screen is small, it is difficult to handle longtexts);

it is quite difficult to input data through mobile phone(mobile phones are getting smaller in size, and the size of the buttons is decreasing as well);

limitations on data transfer such as slow speed (even GPRS

systems allows connection with a speed comparable tomodem data transfer speed); and expensive connections; limitations on security (scripting is less secure than Internet

bank script, possible SIM card copying).

5. Concluding Remarks

Estonian banks have rapidly introduced innovative bankingtechnologies and e-banking services in recent years. Almost allbanks have invested in expanding and improving the IT systemsand a number of new e-banking services have been developed.All major banks have declared e-business as one of the corestrategies for the future developments. At the same time, e-banking acceptance depends probably on bank service quality,customer preferences and satisfaction. Author argues thatEstonia has achieved significant success in the implementationof electronic banking; it is on the top of the emerging markets


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Olga Lutik 23

in this area and even outpaces the achievements of somedeveloped countries. This progress is not coincidence; it hasexternal and also subjective reasons.

At present, the strategies of the Estonian banks tend tooutdistance successful banks in developed countries in the fieldof Internet banking. In order to achieve this goal banks use awide variety of measures, such as price concessions, sales of bank-service packages as well as offering non-bankingadditional services. The last e-banking development was m-banking, which allows paying for goods and services by mobilephone and was implemented in Fall 2002.The analysis results presented in the paper based mainly oninterviews with specialists responsible for e-bank developmentin Estonian banks. The benefits of e-banking are analyzed fromthe point of view of banks, their clients and the economy ingeneral. The paper demonstrates that e-banking is not a nicheapplication to computer fans and innovative adopters, and aprofound research is needed to map its consumer base and theimpact of e-banking on the development of bank-customerrelationships in the value creation process.


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REFERENCES

Aarma, August; Vensel, Vello 2001. Banks Retail Customer Satis-faction and Development of Bank-Customer relationships, in VelloVensel; Clas Wihlborg, eds. Estonia on the Threshold of the EuropeanUnion: Financial Sector and Enterprise Restructuring in the Chan-ging Economic Environment , Tallinn: Tallinn Technical University,2001, pp. 85106.

Aladwani, Adel. Online Banking: A Field Study of Drivers,Development Challenges, and Expectations, International Journal of

Information Management , 21, 2001, pp. 213225.

BankAway! 2001. Net Banking Benefits! Sheer Acceleration. Electro-nic Banking: The Ultimate Guide to Business and Technology of On-line Banking, Edited by SCN Education B.V.

Burr, W. Wie Informationstechnik die Bankorganisation verndern

knnte, Bank und Markt , 11, 1996, pp. 2831.Daniel, E. Provision of electronic banking in the UK and theRepublic of Ireland, International Journal of Bank Marketing , 17, 2,1999, pp. 7282.

The Dynamo of E-Banking, Business Week Online, April 16, 2001.Available at:http://www.businessweek.com:/print/magazine/content/01_16/b3728612.htm?mainwindow

Emor, 2002. E-Monitoring Report, March-May 2002 (in Estonian).

Forrester Research. Best of Europe's Net Banking , November 2000.

Gur u, Catalin. E-banking in Transition Economies: the Case of Romania, Journal of Financial Services Marketing , 6, 4, 2002, pp.362379.

Ilison, Olari. Head of e-banking development in Hansabank. Personalinterview. September 2, 2002.

Karjaluoto, Heikki; Mattila, Minna; Pento, Tapio. Electronic Ban-king in Finland: Consumer Beliefs and Reactions to a New Delivery


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Channel, Journal of Financial Services Marketing , 6, 4, 2002, pp.346361.

Kerem, K., Lutik, O., Srg, M., Vensel, V. The Development of E-

Banking in a EU Candidate Country: An Estonian Case. Proceedingsof International Atlantic Economic Society Conference, Vienna,

March 1117, 2003

Mols, Niels. The Behavioural Consequences of PC banking, International Journal of Bank Marketing , 16, 5, 1998, pp. 195201.

Nathan, L. Www.your-community-bank.com: community banks aregoing online. Community and Banking, Federal Reserve Bank of Boston, 1999.

Pankade Kaardikeskus. 2003. Mobiilmaksed. Available at:http://www.estcard.ee/publicweb/html/est/mobiilikaupmehed.jsp

Pohjola, Matti. The New Economy: Facts, Impacts and Policies, Information Economics and Policy , 14, 2002. pp. 133144.

Pyun, Chong Soo; Scruggs, L.; Nam, N. Internet Banking in the US,Japan and Europe, Multinational Business Review , Fall 2002, pp. 7381.

Sathye, Milind. Adoption of Internet Banking by AustralianConsumers: An Empirical Investigation, International Journal of

Bank Marketing , 17, 7, 1999, pp. 324334.

Statistikaamet, 2002. Available at: http://www.stat.ee/

Sld, Rein. 2002. Head of e-banking in Sampo Bank. Personalinterview. September 6, 2002.

Stewart, J. B., Jr. Changing Technology and the Payment System,

Federal Reserve Bank of New York,Current Issues in Economics and Finance , 6, 11, 2000.


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KOKKUVTE

E-pangandus Eestis: kiire kasvu phjused jatagajrjed

Infotehnoloogia on muutunud oluliseks faktoriks finants-teenuste valdkonna tuleviku kujundamisel, eriti puudutab seeprotsess just pangandust. Pangad peavad leidma vastuse olu-listele ksimustele, nagu niteks kuidas saada kasu tehnoloogiavimalustest, kuidas e-arengud mjutatavad klientide tarbimis-harjumusi ja suhtlemist jne.Kesolevas artiklis analsitakse e-panganduse edu phjusi jatuuakse vlja e-pangandusest saadus kasu pankadele, nendeklientidele ja kogu majandusele.Autor testab, et Eesti on saavutanud suure edu elektroonilisepanganduse rakendamisel, letades mitmel juhul arenenudriikide saavutusi selles vallas. Eesti on soodne riik e-pangan-duse tehnoloogiate rakendamisel just tnu arvutite ja internetihenduste laiale levikule. Juba praegu sooritatakse 95% kiki-dest maksetest elektroonilise panga kanalite vahendusel.

Eesti e-panganduse kiire areng ei ole juhus, sellel on niiobjektiivseid kui subjektiivsed phjused. Eesti pangandusturgon suhteliselt noor ning Eestis puuduvad nn negatiivsedkitumisharjumused, nagu niteks tekid ja sularaha-panga-kaardid. Samuti on kaasaegsed ja efektiivsed ka panga info-tehnoloogiad. Suureks plussiks on Eesti pangandussektori krgekontsentratsioon, mis vimaldab arendada hiseid standardeidpangandusteenustele (niteks hiskasutatavad sularahaauto-maadid, makseterminalid, panga-link). Avalik sektor mngibsamuti olulist rolli: seadusandlus on infotehnoloogia arengute


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Olga Lutik 27

suhtes soosiv, samuti toetab riik mitmeid arvuti- ja internetipeprogramme.Artiklis tuuakse vlja Baltikumi e-panganduse tulevikutrende.Viimane uuendus antud valdkonnas on m-makse, ehk teenuste ja kaupade eest maksmise vimalus mobiiltelefoni kaudu, midaon edukalt rakendatud alates 2002. aasta sgisest.

e Banking in Usa Reasons for Its Growth

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