Impact of Microfinance Bank to the Economy

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Blekinge Institute of Technology School of Management Masters in Business Administration 2006 FEC066 – Thesis (10 p / 15 ECTS)

INTERNET BANKING IN GREECE: DEVELOPMENT, EVALUATION AND PERSPECTIVES ______________________________________________

By Andreas-Nikolaos Papandreou

Supervisor: Anders Hederstierna

INTERNET BANKING IN GREECE: DEVELOPMENT, EVALUATION AND PERSPECTIVES

Dedicated to my dear mother Olga, for all her support during the years of my studies.

Andreas-Nikolaos Papandreou

2

INTERNET BANKING IN GREECE: DEVELOPMENT, EVALUATION AND PERSPECTIVES

Executive Summary
Abstract: Revolutionary developments in marketing, information and communications technology continue to transform the banking and financial industry. Distribution of banking services through the Internet is an important part of this transformation. The objectives of this thesis are mainly to examine the role, which Internet banking can play as a new distribution channel of banking services for the benefit of both financial institutions and customers in Greece. The study explores the growth in on-line banking services and the ways in which financial institutions in Greece can take advantage of Internet technology to offer successful and cost-effective banking solutions. Moreover, this thesis addresses the key issues of concern to the banks regarding their strategic positioning and the products/services they offer or could offer on the Internet. Technology can help banks build an integrated delivery strategy for effective multi-channel management. Results identify the reasons why Greek banks use Internet banking and their effect and place an emphasis on the strategic impact of Internet technology as a core element of financial services. Greek banks want to expand their existing distribution channels using the Internet as another alternative channel. Internet banking in Greece is on its way to become the centerpiece of direct banking strategies. Internet Banking in Greece: Development, Evaluation and Perspectives Andreas-Nikolaos Papandreou

Title: Author:

Supervisor: Anders Hederstierna Institution: Course: Purpose: School of Management, Blekinge Institute of Technology, Sweden Master Thesis in Business Administration The purpose of this thesis is mainly to examine the role, which Internet banking can play as a new distribution channel of banking services for the benefit of both financial institutions and customers in Greece. The study explores the growth in on-line banking services and the ways in which financial institutions in Greece can take advantage of Internet technology to offer successful and cost-effective banking solutions. Research method includes a combination of theoretical analysis (literature review) and empirical analysis (questionnaires). A structured questionnaire survey was conducted on 35 banks operating in Greece.

Method:

Conclusion: Results identify the reasons why Greek banks use Internet banking and their effect and place an emphasis on the strategic impact of Internet technology as a core element of financial services. Greek banks want to expand their existing distribution channels using the Internet as another alternative channel. Internet banking in Greece is on its way to become the centerpiece of direct banking strategies.

Andreas-Nikolaos Papandreou

3

INTERNET BANKING IN GREECE: DEVELOPMENT, EVALUATION AND PERSPECTIVES

Keywords: Internet banking, e-banking, online banking, distribution channel, financial services, Greece

Andreas-Nikolaos Papandreou

4

INTERNET BANKING IN GREECE: DEVELOPMENT, EVALUATION AND PERSPECTIVES

ACKNOWLEDGEMENTS
I would like to take this opportunity to thank all those who have contributed to this thesis, directly or indirectly. I would first like to thank my supervisor Anders Hederstierna for his valuable comments and patience. Furthermore, I want to thank my fellow MBA students for our fruitful discussions and critical comments. A...
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