The Determinants of Success in the New Financial Services Environment: Now That Firms Can Do Everything, What Should They Do and Why Should Regulators Care?

[...]The final force of change is the continual evolution of thedelivery channels through which financial services are offered.This has occurred in many ways and in several stages. First, theuse of postal services substituted for physical market presence;this was followed by increased use of telephones for bothcustomer service and outbound marketing; and now personalcomputers and the Internet have altered the very balance of thefinancial industry. Throughout this period, the application oftechnology has disrupted the industry’s delivery paradigms andthe traditional channels of service distribution. The combineduse of new technology, conduits of distribution, and financialinnovation has broadened the product offerings of all firmsbeyond their historic core businesses.[...]