Insights From Knowledge Management to Radical Innovation: “Internet Banking Applications in the European Union”

Abstract

The worldwide increase in internet usage and strengthening of the communication structure led to the expansion of internet banking. Internet banking is an alternative delivery channel developed by using internet to offer banking services. Various types of innovation have been introduced in the banking sector. On the one hand, incremental innovations lead to the reinforcement of the position of the knowledge management, improving existing products. On the other hand, radical innovations may renew the role of the banks. Today, in the knowledge age, corporations recognize that to be successful, they need to understand modern strategic management techniques.Internet banking attracts a special worldwide attention because of its benefits to both banks and customers. Banking sector started to use the internet not only as an innovative payment method and to increase customer convenience, but also as a way to reduce costs and enhance profits. This paper attempts to explain the role of knowledge management in radical innovations, especially as applied to the area of internet banking in the EU.

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