Technological cooperation and product substitution in UK retail banking: the case of customer services

Information Economics and Policy

The pervasive implementation of information technologies in retail banking has paved the way to significant transformations including organizational changes as well as a wider product range. The central theme that is discussed in this paper is the degree to which the unfolding of a technological trajectory has provided incentives to mutual adaptations in the supply and

demand of retail services. Accordingly, the paper will focus on the emergence of a network structure in the UK retail banking system and on the process of product substitution that emerged on the demand side.