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1、（Abstract） The financial services industry is the major investor in information technology（IT） in the U.S. economy; the typical bank spends as much as 15% of non-intereste expenses on IT. A persistent finding of research into the performance of financial institutions is that performance and efficien

2、cy vary widely across institutions. Nowhere is this variability more visible than in the outcomes of the IT investment decisions in these institutions. This paper presents the results of an empirical investigation of IT investment decision processes in the banking industry. The purpose of this inves

3、tigation is to uncover what, if anything, can be learned from the IT investment practices of banks that would help in understanding the cause of this variability in performance along with pointing toward management practices that lead to better investment decisions. Using PC banking and the developm

4、ent of corporate Internet sites as the case studies for this investigation, the paper reports on detailed field-based surveys of investment practices in several leading institutions（Part One） 信息技术对金融服务业的影响正在增加，不仅仅表现在银行的15%无息开支上，而且对金融服务业的运做和战略也有很强的影响。 一个对金融机构的长期研究表明，不同的机构的效率和表现也不同。其决定的因素有以下一些其中的一个因素就

5、是对投资的决定和管理。SBS是一个失败的例子，但是成功的公司也不少。本文注重解答以下的问题： .银行对投资的评估和管理过程？.在对的管理过程中，理论和实际操作的结合如何？.投资的管理和银行性能的关系如何？1.0 IntroductionInformation technology（IT） is increasingly critical to the operations of financial services firms. Today banks spend as much as 15% of non-interest expense on information technology.

6、 It is estimated that the industry will spend at least $21.1 billion on IT in 1998, and financial institutions collectively account for the majority of IT investment in the U.S. economy. In additon to being a large component of the cost structure, information technology has a strong influence on fin

7、ancial firms operatons and strategy. Few financial products and services exist that do not utilize computers at some point in the delivery process, and a firmsinformation systems place strong constraints on the type of products offered, the degree of customization possible and the speed at which fir

8、ms can respond to competitive opportunities or threats.A persistent finding of research into the performance of financial institutions is that performance and efficiency varies widely across institutions, even after controlling for factors such as size（scale）, product breadth（scope）, branching behav

9、ior and organizational form（e.g. stock versus mutual for insurers; banks versus saving & loans）. Given the central role that technology plays in these institutions, at least some of this variation is likely to be due to variations in the use and effectiveness of IT investments. While some authors ha

10、ve argued that the value of IT investment has been insignificant, particularly in services, recent empirical work has suggested that IT investment, on average, is a productive investment. Perhaps more importantly, there appears to be substantial variation across firms; some firms have very high inve

11、stments but are poor performers, while otheres invest less but appear to be much more successful. Brynjolfsson and Hitt found that as much as half the returns to IT investment are due to firm specific factors.One potentially important driver of differences in IT value, and of firm performance more b

12、roadly, is likely to be the decision and management peocessed for IT investments. Horror stories of bad IT investment decisions abound. Consider the example of the new strategic banking system（SBS） at Banc One（American Banker 1997）. Banc One Corp. and Electronic Data Systems Corp. agreed last year t

13、o end their joint development of this retail banking system after spending an estimated $175 million on it. As stated in the American Banker article, SBSwas just so overwhelming and so complete that by the time they were getting to market, it was going to take too long to install the whole thing, sa

14、id Alan Riegler, principal in Ernst & Youngs financial services management consulting division. However, not all the stories are negative. New IT systems are playing a vital role in reshaping the delivery of financial services. For example, new computer-telephony integration（CTI） technologies are tr

15、ansforming call center operations in financial institutions. By investing in technology, more and more institutions are moving operations from high-cost branch operations to the telephone channel,where the cost per transaction is one-tenth the cost of a teller interaction. This IT investment not only reduces the cost of serving existing customers, but also extends the reach of the institution beyond its traditional geographic boundaries.In this paper, we utilize detailed case studies of six retail banks to investigate several interrelated questions:.Wha