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The history of banking technologies in the UK: patterns of technological investment decision-making and expertise

The history of banking technologies in the UK: patterns of technological investment decision-making and expertise

Samakovitis, Georgios (2010) The history of banking technologies in the UK: patterns of technological investment decision-making and expertise. In: Global Conference on Business and Finance Proceedings. The Institute for Business and Finance Research, Hilo, Hawaii, USA, pp. 368-383. ISSN 1931-0285 (Print), 1941-9589 (Online)

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Abstract

The central role of banking in the 2008 credit crisis has been the source of much controversy about the quality and robustness of decision-making in the Financial Services sector. This paper aims to surface the influence of the historical evolution of expertise in the banking sector, on such decisions and, in so doing, to underline that the decision-making activity is strongly linked to the views of dominant expert groups in the industry in each era. The paper proposes that Technological Investment Decision Making (TIDM), as viewed historically, has been highly contingent to both technological developments in banking and the subsequent developments in banking expertise that provides the pool for decision-makers in the industry.The paper adopts an historical perspective to illustrate that, counter to popular belief, TIDM is a socially constructed process rather than the outcome of any normative exercise. History demonstrates that there is no optimal method for TIDM with rigour and accuracy of execution determining successful outcomes. On the contrary, in each era, the "right way" to perform TIDM has always been underpinned by the standpoints and beliefs of specialised practitioners who dominated the UK banking industry and by the received wisdom of a community of expert professionals, administrators and think tanks, dictating "realities" on the state of the economy, the role of banks and the value of technologies.

Item Type: Conference Proceedings
Title of Proceedings: Global Conference on Business and Finance Proceedings
Additional Information: [1] This paper was first presented at the Global Conference on Business and Finance held from 3-6 January 2010 in Kailua-Kona, Hawaii. The Conference was organized by The Institute for Business and Finance Research. [2] ISBN: 1931-0285 (CD); 1941-9589 (Online).
Uncontrolled Keywords: banking technology history, technological investment, decision-making, uncertainly, banking expertise, banking policy, regulation
Subjects: H Social Sciences > HG Finance
Q Science > QA Mathematics > QA76 Computer software
Pre-2014 Departments: School of Computing & Mathematical Sciences
School of Computing & Mathematical Sciences > Department of Computing and Information Systems
Related URLs:
Last Modified: 14 Oct 2016 09:24
Selected for GREAT 2016: None
Selected for GREAT 2017: None
Selected for GREAT 2018: None
Selected for GREAT 2019: None
URI: http://gala.gre.ac.uk/id/eprint/9788

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