Monday, October 09, 2006

Impact of technology on Financial services industry if any !

Internet and other technologies have significant impact on almost on every industry some of these industries business model have been significantly modified.Oh you may be wondering this are known issues and that why am I writing these in my posting, The reason is recently I stumbled upon one website which is offering a kind unique financial service though at first I was impressed by its services but soon it struck me that how much unique that service is in financial industry. My point is that financial industry which basically the kind of industry most suited to embrace internet and change their business model has not changed a bit especially in terms of business model .
Financial services industry which encompasses everything from personal banking to investment banking which forms the heart of capitalism is most suited to be most impacted from internet .Reason for this is at the heart or basic function of this industry is to act as middle player between the movement of capital (money) from where it is available to where it is needed. so in old days these middle player where much needed because of lack of communication and information about both players involved in the transaction, so theoretical internet which enables both communication and information flow across the globe should have drastically changed this industries landscape and reduced the other industries dependence on it .But what happened in reality is industry embraced internet and other technologies to improve internal productivity but protected their basic business model completely .
But slowly we are seeing some attempts to change that, of course they are very very minor attempts .I am trying to list some of them
Google attempts to use internet and auction based system to allocate its shares in IPO is one attempt to remove investment bankers service for that activity.
Prosper.com: Interesting service on net the one I mentioned in my first paragraph. its kind market place where individuals group together to finance another person .So essentially acting like some sort of bank but the whole process is transparent and more benefiting to individuals .Of course the risk mgmt and other things are still there but as this site attempt to mitigate that by using credit rating among peers I hope some of these methods will be successful. Think of similar kind of solution for raising capital through debt and other instruments be opened up and transparent to be participated by individual rather then the present structure of multiple layers then it may impact hugely the business case of many banks .
Zecco: A start-up that will allow consumers to trade stocks for zero commissions, versus $10 to $20 that many online brokers charge today.Intrestingly it has quite powerful backers like backers of Skye ,former Dutch Coco Cola CEO.It is intresting test case .This if successful to attract not only individual consumers but also fund mgr and other big traders then Brokerage firms revenue stream may be impacted -
Another very small example is that nowadays small web 2.0 companies are sold in auction in EBay .Think of situation were there is open trading place for companies themselves .The significant part of IB business would be effected .

Of course those entire example I put fwd are very minor but those ideas really catch up then we can see lot of changes. The most important thing why it has not happened is due to the fact that when it comes to money individual wouldn’t like to experiment and take risk but rely on time tested and trusted banks even though it may cost in terms of money .But my thinking is that over period of time as some people dare to try like in prosper.com other people will join later as they see it working and also much more beneficial to them.

25 comments:

Anonymous said...

Sure technology has an effect on the financila industry. Take for example gstock a financial website that tries to beat the stock market by calculating 1 billion investment strategies per stock using volunteer computing power.

BANUDK said...

As i had posted in my blog there are small changes that is happening like the one suggested by you (i.e Gstock)and others but my point of posting is that those changes are minor and are coming quite late compared to impact of technology on ther domains lets say Telecom,Music and movie industry.
But thanks for your comment.

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