Introductie
Het business model is een versimpelde weergave van ‘hoe een bedrijf werkt’, en is daarmee een veelgebruikte manier om een kader te schetsen van de relevante activiteiten en middelen van een organisatie. Relevant wil zeggen dat het een overzicht is van activiteiten en
middelen die voor de organisatie waarde creëren.
Bestaande theorieën over het business model zijn gebaseerd op theoretisch en empirisch onderzoek van het business model. Toch is de theorie niet volledig; de strategische
literatuur heeft de bankensector niet meegenomen in het vaststellen van het business model en haar onderliggende componenten. Anderzijds heeft onderzoek naar het business model in de bankensector weinig integratie van de strategische literatuur. Er bestaat daardoor nog onduidelijkheid over de componenten van het business model voor banken, waar deze variëren ten opzichte van elkaar en welke dimensies meer of minder relevant zijn voor de sector. Door middel van dit onderzoek schets ik een kader van het business model van banken, welke een waardevolle bijdrage kan leveren voor de strategische inzichten van banken, en de lopende discussie over regulering en toezicht van het business model in deze sector.
Om dit te doen vraag ik u om volgende vragen te beantwoorden over de bank waar u momenteel werkzaam bent. U kunt aangeven waar dit niet mogelijk is, bijvoorbeeld omdat u uw kennis en inzicht niet toereikend acht vanwege uw functie. Het idee is om informatie te verzamelen waar mogelijk, mocht u verdere informatie hebben die van waarde zou kunnen zijn, of vragen hebben, voelt u zich vrij deze te delen tijdens het interview.
Vragen – Introductie en Business Model Definitie
Naam
Functie
Periode werkzaam in de sector Periode werkzaam bij huidige bank
Omdat het onderzoek zich richt op het ontwikkelen van theorie vanuit de bevinden in de praktijk, vraag ik u om zoveel mogelijk uw antwoorden toe te lichten. Hierdoor kunnen eventueel relevante inzichten meegenomen worden in het onderzoek.
1. Kunt u kort uw relatie met de sector toelichten (werkverleden, huidige functie, project)? 2. Wordt (Werd) er bij BANK gesproken over het business model? Zo ja, kunt u aangeven wat hiermee werd bedoeld?
81 Vragen –Business Model Componenten
3. Bestaande theorieën over business modellen stellen vast dat het business model uitlegt hoe een bank waarde creëert en approprieert. Kunt u kort toelichten hoe u denkt dat BANK waarde creëert (dit mag betrekking hebben op de klant of bank, afhankelijk van de perceptie van waarde creatie).
4. Wat zijn de belangrijkste doelgroepen/ Wat is de belangrijkste doelgroep van BANK en hoe bereikt zij deze doelgroep?
5. Welke middelen en competenties van BANK zijn het belangrijkst om deze diensten uit te voeren?
6. Genereren de activiteiten voor dit segment ook de belangrijkste inkomstenstromen voor BANK? / Zo niet, wat is de belangrijkste inkomstenbron voor BANK?
7. Zijn er bepaalde onderdelen van het bedrijf waarvan u denkt dat er in de huidige situatie vaak overheen wordt gekeken? (denk hierbij bijvoorbeeld aan het niet overwegen van regulering met betrekking tot kapitaalratio's)?
8. Zijn er nog andere zaken waarvan u denkt dat deze betrekking hebben op het business model die tijdens dit interview niet ter sprake zijn gekomen?
Thema’s: Componenten & Dimensies; begrip business model
82 Appendix C: Process of Building Theory from Case Study Research
Data Source Description of Activities Performed Reason Getting Started Define research gap: lack of definition of business
model in finance research on bank business models Conceptualize unit of analysis: business model; research context: commercial banks and a priori construct: integrated business model framework Some theory, no hypothesis
Focuses efforts
Provides better grounding of construct measures Understanding unit of analysis and context, yet remaining theoretical flexibility
Selecting Cases Specified population: commercial banks Theoretical, not random sampling: four Dutch commercial banks
Constrains extraneous variation and sharpens external validity
Focuses efforts on theoretically useful cases (allowing replication)
Crafting Instruments and Protocols
Multiple data collection methods: expert interviews, employee interviews, archival documents
Reflecting on findings with industry expert (employee Dutch Central Bank)
Strengthens grounding of theory by triangulation of evidence
Fosters divergent perspectives and strengthens grounding
Synergistic view of evidence
Entering the Field
Overlap data collection and analysis, including field notes: reflection and summary of findings after every interview
Flexible and opportunistic data collection methods: semi structured interviews
Speeds analyses and reveals helpful adjustments to data collection
Allows to take advantage of emergent themes and unique case features
Analyzing the Data
Within-case analysis: analyzing the data of each bank to delineate its components
Cross-case pattern search: comparing findings per component, and comparing the entire business model and additional findings between banks
Gains familiarity with data and preliminary theory generation
Forces to look beyond initial impressions and see evidence through multiple lenses
Shaping Hypotheses
Iterative tabulation of evidence for each construct: (1) refining the explanation of each component and the entire business model (2) building evidence which measures the elements in each case. Replication, not sampling, logic across cases: Comparing the two
Search evidence for ‘why’ behind findings: expert interviews, industry reports, and probing questions
Sharpens construct definition, validity, and measurability
Confirms, extends, and sharpens theory Builds internal validity
Enfolding Literature
Comparison with conflicting literature Comparison with similar literature
Builds internal validity, raises theoretical level, and sharpers construct definitions
Sharpers generalizability, improves construct definition, and raises theoretical level
Reaching Closure
Theoretical saturation when possible Ends proves when marginal improvement becomes small
83 Appendix D: Example Contact Summary Sheet1
Date: 01/06/2017
Interviewee: . . .
Role: Trainee Project & Processes Manager
Bank: BANK 1
Source: Employee - Junior
Situation:
Met for interview to conceptualize the different component of BANK 1's business model. Possibility to compare with BANK 1, due to experience in both banks.
Objective: What does the business model of BANK 1 look like? Delineate components.
Questions: 2
1. How does the bank create value? 2. Wat are its most important segments?
3. How are these segments reached, and what is offered to specific segments? 4. Wat resources and capabilities are necessary to create value?
5. How does BANK attain these resources and capabilities?
6. What are important parties within the bank's network that contribute to its value creation? 7. How does the business model differ from other banks?
8. Are there any activities/ components of the firm that you feel are currently overlooked? 9. Did you ever speak about the business model at the bank?
10. What do you believe is a business model?
Answers3
1. Generating revenue from the difference between the rents long and short term deposits and interests from giving out loans. The leverage ratio allows the bank to multiply these.
2. Besides the primary source of value generation from the retail segment, the corporate and private segments generate a lot of revue from commissions and fees.
3. The private, retail and corporate department all target different segments. For private this is the population with capital over €500.000, a high-end market, retail targets the entire Dutch population, and the corporate segments depend on the size of the firm. This is now changing to different industries, so that the targeted segments are the different industries.
1 For reasons of confidentiality, data is anonymized
2 For reasons of conciseness, answers of question 7-10, most quotes, and additional findings have been excluded
from this example
3 Mark-up:
… - Strategy component … - Customer & Market Component … - Value Creation Component … - Additional Topic
84 The retail segment knows how to find the bank through its brand established brand
throughout society.
4. Regarding resources human capital is found core, along with the way the bank implements employee development. The organisational structure is also important, as this allows for developing expertise among employees.
For BANK 1 the most important competence is believed to be expertise. The bank has a long- standing reputation of being a bank of expertise which it wants to continue to promote and enforce.
Another competency is innovation which is extremely important. This is encouraged through the innovation projects that are running. (recording 9:20)
The importance of physical location is decreasing, as that of online presence increases. The customer does not expect the bank to have offices everywhere, which allows it to centralize its business and reduce overhead costs.
5. However the bank still develops competencies in-house, it is moving away from the idea that all resources and capabilities should be developed in this manner. Thus partnerships with for example digitalization firms are established to bring in these competencies that are
necessary for innovation.
6. Firstly the governmental parties that install law and regulations, both at an international and national level. This includes the European Central Bank, the Dutch Central Bank,
politics, and the Dutch Authority for the Financial Markets (AFM). These have a large impact on how the bank creates value. Besides these, there are the partners in digitalization, as the bank can't create everything by itself. This includes the direct competitors, with which new offerings are developed. This lasts until the 'partner' competitor becomes a regular competitor again.
Synergy is important to establish cooperation within the internal network. Q7-10. ……
Additional
The bank has been changing its organisational structure, which allows it to enforce its reputation of expertise. Customer-relationship managers are appointed a sector to work within, this allows the managers to get knowledgably of the sector's particular specifications. Innovation is supported through several projects including PROJECT X, where anyone may submit an idea and is coached to develop this and processes are implemented to speed up the progress for implementation.
85 BANK 1 has the advantage of its scale to develop expertise of different service offerings and sectors. This also reduces overhead costs such as IT. Yet the scale becomes a disadvantage with regards to changing the organisational structure. Changing the organisational structure is difficult as it is about people, their work and processes that have to change within the
smallest detail to make it feasible.
Regarding competing on sustainability BANK 1 cannot compete with BANK 4, however it is also developing its degree of sustainability. Yet the focus lies rather on profitable
sustainability than on sustainability that is profitable. Focus lies first and foremost on sustainability in terms of durability of profit, as to prevent another economic crisis.
Organisational structure previously mentioned by senior interviewee 1&2
Questions Following From Interview
The organisational structure affects BANK 1's ability to develop expertise, what are the implications of this structure on the business model? Should this be an additional component?
Quotes:
Component-Dimensions
Code Exemplary Quote
Strategy x
Resources We are well-known for our expertise
Network ‘All our partners are within our own bank’ ‘... and the competitors maybe ...’
Other
Code Exemplary Quote
86 Appendix E: Factsheet Dutch Banking Industry
Figure 5: Bank leverage ratio (capital vs loans) (Source: VNB, 2017)
Basel III European
Banks Dutch Banks