WEB TECHNOLOGIES AND VALUE INNOVATION IN THE ITALIAN RETAIL BANKING INDUSTRY

Interpreting the outcome of a survey on Internet banking in Europe, we point the attention to the adoption of Web technologies in Italian retail banks. Four patterns are emerging: minimal (just a presence on the WWW); tactical (Web as a distribution channel); functional (adoption of Web-based information systems); strategic (a definite strategy centered on Web technologies). While minimal and tactical adoptions are widely diffused, functional and strategic approaches are still very rare. The functional approach is mainly challenged by the underlying complexity of banking information systems and by the still immature technology. On the other side, the adoption of a Web-centred definite strategy is made difficult by unstable market conditions, together with very fast innovation. We refer to the framework introduced by Kim and Mauborgne to overcome the limits of conventional strategic approaches. Our analysis is centred on their concept of value innovation, which is pursued by shifting the focus away from existing markets, to point the attention to the creation of new market spaces. To this aim, the actors