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1、HowHow FinancialFinancial FirmsFirms DecideDecide onon TechnologyTechnology，介介绍绍国国际际大大银银行行在在决决定定对对信信息息技技术术投投资资时时的的考考虑虑要要点点和和他他们们具具体体的的实实施施过过程程。HowHow FinancialFinancial FirmsFirms DecideDecide onon TechnologyTechnology( (AbstractAbstract) ) The financial services industry is the major investor in in
2、formation technology(IT) in the U.S. economy; the typical bank spends as much as 15% of non-intereste expenses on IT. A persistent finding of research into the performance of financial institutions is that performance and efficiency vary widely across institutions. Nowhere is this variability more v
3、isible than in the outcomes of the IT investment decisions in these institutions. This paper presents the results of an empirical investigation of IT investment decision processes in the banking industry. The purpose of this investigation is to uncover what, if anything, can be learned from the IT i
4、nvestment practices of banks that would help in understanding the cause of this variability in performance along with pointing toward management practices that lead to better investment decisions. Using PC banking and the development of corporate Internet sites as the case studies for this investiga
5、tion, the paper reports on detailed field-based surveys of investment practices in several leading institutionsHowHow FinancialFinancial FirmsFirms DecideDecide onon TechnologyTechnology( (PartPart OneOne) ) 信息技术对金融服务业的影响正在增加，不仅仅表现在银行的 15%无息开支上，而且对金融服务业的运做和战略也有很强的影响。 一个对金融机构的长期研究表明，不同的机构的效率和表现也不同。其决
6、定的因素有以下一些其中的一个因素就是对投资的决定和管理。SBS 是一个失败的例子，但是成功的公司也不少。本文注重解答以下的问题： .银行对投资的评估和管理过程？ .在对的管理过程中，理论和实际操作的结合如何？ .投资的管理和银行性能的关系如何？ 1.0 IntroductionInformation technology(IT) is increasingly critical to the operations of financial services firms. Today banks spend as much as 15% of non-interest expense on in
7、formation technology. It is estimated that the industry will spend at least $21.1 billion on IT in 1998, and financial institutions collectively account for the majority of IT investment in the U.S. economy. In additon to being a large component of the cost structure, information technology has a st
8、rong influence on financial firms operatons and strategy. Few financial products and services exist that do not utilize computers at some point in the delivery process, and a firmsinformation systems place strong constraints on the type of products offered, the degree of customization possible and t
9、he speed at which firms can respond to competitive opportunities or threats.A persistent finding of research into the performance of financial institutions is that performance and efficiency varies widely across institutions, even after controlling for factors such as size(scale), product breadth(sc
10、ope), branching behavior and organizational form(e.g. stock versus mutual for insurers; banks versus saving some firms have very high investments but are poor performers, while otheres invest less but appear to be much more successful. Brynjolfsson and Hitt found that as much as half the returns to
11、IT investment are due to firm specific factors.One potentially important driver of differences in IT value, and of firm performance more broadly, is likely to be the decision and management peocessed for IT investments. Horror stories of bad IT investment decisions abound. Consider the example of th
12、e new strategic banking system(SBS) at Banc One(American Banker 1997). Banc One Corp. and Electronic Data Systems Corp. agreed last year to end their joint development of this retail banking system after spending an estimated $175 million on it. As stated in the American Banker article, SBS“was just
13、 so overwhelming and so complete that by the time they were getting to market, it was going to take too long to install the whole thing,“ said Alan Riegler, principal in Ernst in particular, PC banking is a fairly well defined product innovation, while the corporate web presence is more of an infras
14、tructure investment which is less well-defined in terms of objectives and business ownership.Overall, we find that while some aspects of the decision process are fairly similar across institutions and often conform to “best practice“ as defined by previous literature, there are several areas where t
15、here is large variation in practice among the banks and between actual and theoretical best practice. Most banks have a strong and standardized project management for ongoing systems projects, and formal structures for insuring that line-managers and systems people are in contact at the initiation o
16、f technology projects. At the same time, many banks have relatively weak processes(both formal and informal) for identifying new IT investment opportunities, allocating resources across organizational lines, and funding exploratory or infrastructure projects with long term or uncertain payoffs.The reminder of this paper is organized as follows. Section 2 describes the previous literature on performance of financial institutions and the effects of I
