Financial innovation and the adoption of new technologies in European banking sector

Literature used…………………………………………………………………………………...14
Financial inovations in banking industry
Innovation, as a word, first of all means a newly developed concept, a product, an idea and how well it is adopted by the potencial users.
In the beginning of last decade banks were generating and taking quite a lot new ideas leading banks into modern banking concept. Banking sector became more open for society and offered for consumers new comfortable services like e-banking, securities/investment banking, pensions funds and plenty other financial services.
Over the last decade virtual banking became very popular,more comfortable and cheeper. Banks presented, improved such limited servises as Telephone banking, On-line banking, Automated teller machines, Mail banking , Mobile banking. Traditional banks started to see that it‘s potencial in virtual banking to give services to their customers minimizing long term operational costs and reducing service time.
High consumption of internet services coused that traditional banks developed in via internet or virtual banks. E-banking systems were easy and cheep to keep ,so automaticly opened a window to increase saving account interest rates and decrease loans interest rates. Europe first e-bank was opened in UK 1999 by Enba company.
1.1 Innovation as a major priority in bank‘s strategy
Financial innovation usually means the newly developed financial instrument or institution or any other innovation that has to deal with money. Barbara Casu, an author of „Introduction to Banking“, separates three main parts of financial innovations:
1. Financial system and institution innovations: these innovations deal with the financial system as a whole by creating new intermediaries or improving supervisory.
2. Process innovations: these innovations deals with the improvement of processes that incease efficiency.
3. Product innovations: these innovations respond to changes in the economy and niches, for example derivatives, insurance, hire purchases.
Moreover, there was an annual survey, asking how essential they thought innovations are for banking sector‘s efficiency and growth as a whole....

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