Uluslararası Finans Sempozyumu 2005

 

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Uluslararası Finans Sempozyumu 2005

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i ULUSLARARASI FİNANS SEMPOZYUMU 2005 “Finans Sektöründe Bilgi Yönetimi ve Ölçek Ekonomileri İlişkisi” 9-10 HAZİRAN 2005

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ii Sempozyum materyallerinin bütün hakları aşağıdaki yetkililere aittir. Haziran 2005 İstanbul Marmara Universitesi Bankacılık ve Sigortacılık Enstitüsü Marmara Universitesi Bankacılık ve Sigortacılık Yüksekokulu Sayfa Tasarım: Beta Basım Yayım Dağıtım A.Ş. Himaye-i Etfal Sokak Talas Han No. 13-15 Cağaloğlu - İstanbul - TURKEY Tel.: (0-212) 511 54 32 - 519 01 77 Fax: (0-212) 511 36 50 e-mail: betakitap@betakitap.com www.betakitap.com Baskı-Cilt: Kahraman Ofset Bağcılar/İstanbul (0-212) 629 00 01 ISBN 975 - 400 - 295 - 9

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iii Bilim Kurulu Prof. Dr. Ahmet AKSOY Gazi Üniversitesi Prof. Dr. Ramazan AKTAŞ Başkent Üniversitesi Prof. Dr. Noyan ARSAN Koç Üniversitesi Prof. Dr. Rıza AŞIKOĞLU Dumlupınar Üniversitesi Prof. Dr. Niyazi BERK Marmara Üniversitesi Prof. Dr. Mehmet BOLAK Galatasaray Üniversitesi Prof. Dr. Ünal BOZKURT İstanbul Üniversitesi Prof. Dr. Adem ÇABUK Balıkesir Üniversitesi Prof. Dr. Muzaffer DARTAN Marmara Üniversitesi Prof. Dr. Neil A. DOHERTY Whortan University of Pennsylvania Prof. Dr. Salih DURER Yıldız Teknik Üniversitesi Prof. Dr. Cengiz EROL Ortadoğu Üniversitesi Prof. Dr. İhsan ERSAN İstanbul Üniversitesi Prof. Dr. Abdurrahman FETTAHOĞLU Kocaeli Üniversitesi Prof. Dr. Osman GÜRBÜZ Marmara Üniversitesi Prof. Dr. Erol KATIRCIOĞLU İstanbul Üniversitesi Prof. Dr. Mehmet Baha KARAN Hacettepe Üniversitesi Prof. Dr. Gürel KONURALP Marmara Üniversitesi Prof. Dr. Güven SEVİL Anadolu Üniversitesi Prof. Dr. Klaus SERFLING Brandenburgische Technical University Prof. Dr. Hülya TALU İstanbul Üniversitesi Prof. Dr. Mehmet Şükrü TEKBAŞ İstanbul Üniversitesi Prof. Dr. İlhan ULUDAĞ Kadir Has Üniversitesi Prof. Dr. Targan ÜNAL İstanbul Üniversitesi Doç. Dr. Güler ARAS Yıldız Teknik Üniversitesi Doç. Dr. Erişah ARICAN Marmara Üniversitesi Doç. Dr. Münevver ÇETİN Marmara Üniversitesi Doç. Dr. Oral ERDOĞAN İstanbul Üniversitesi Doç. Dr. Suat TEKER İstanbul Üniversitesi Düzenleme Kurulu BAŞKAN: Prof. Dr. Niyazi BERK Marmara Üniversitesi Doç. Dr. Erişah ARICAN Marmara Üniversitesi Doç. Dr. Münevver ÇETİN Marmara Üniversitesi Doç. Dr. Suna OKSAY Marmara Üniversitesi Doç. Dr. Erol ULUSOY Marmara Üniversitesi Yrd. Doç. Dr. İ. Özlem KOÇ Marmara Üniversitesi Yrd. Doç. Dr. Hayati ERİŞ Marmara Üniversitesi Yrd. Doç. Dr. Murat AKBALIK Marmara Üniversitesi Yrd. Doç. Dr. İlyas AKHİSAR Marmara Üniversitesi Yrd. Doç. Dr. Ayşe Gül BÖLÜKBAŞI Marmara Üniversitesi Yrd. Doç. Dr. İmre ERSOY Marmara Üniversitesi Yrd. Doç. Dr. Bahadtin RÜZGAR Marmara Üniversitesi Dr. Tevfik ALTINOK Marmara Üniversitesi

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v İÇİNDEKİLER Kayıt: 8.30-9.00 Açılış: 9.00-10.15 Prof. Dr. Niyazi BERK, M. Ü. Bankacılık ve Sigortacılık Enstitüsü ve Yüksekokulu Müdürü Prof. Dr. Tunç EREM, M.Ü. Rektörü Kemal UNAKITAN, Maliye Bakanı Ali BABACAN, Devlet Bakanı ve AB Baş Müzakerecisi Tayfun BAYAZIT, Dışbank Yönetim Kurulu ve İcra Başkanı Açılış Oturumu: 10.15-11.15 Dr. Doğan CANSIZLAR SPK Başkanı Tevfik BİLGİN BDDK Başkanı İbrahim ÇANAKÇI Hazine Müsteşarı Salon I: 10.45-12.45 Financial Indicators and Economies of Scale Başkan : Tayfun BAYAZIT (Dışbank) Sourcing Decision The Finance Sector: Economies of Scale and Knowledge Management ............................................................................................................................ 1 Prof. Dr. Wolfgang H. JANKO ( Wienne University of Economies) Dr. Stefan KOCH (Wienne University of Economies) A Test for Desinty Forecast Comparison With Applications to Risk Manegement................ 15 Prof. Dr. Burak SALTOĞLU (M.Ü. Öğr. Üye ) Yong BOO (University of Texas) Tae-Hwy LEE (University of California) The Important Indicators Predicating Competitive Bank..................................................... 41 Dr. Jan CERNOHORSKY (University of Pardubice) Financial Indicators of Rentability as an Example of Czech Banks..................................... 51 Dr. Tebla LIBENA (University of Parducibe) - - -

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vi Ara 11.15-11.45 Salon II: 11.45-12.45 Finansal Düzenleme ve Denetim Açısından Bilgi Teknolojileri Başkan: Prof. Dr. Atilla GÖNENLİ İstanbul Üniversitesi Öğretim Üyesi Merkezi Kaydi Sitem (MKS) Kapsamında Yatırımcı Uyarı ve Bilgilendirme Uygulamaları......................................................................................................................... 61 Dr. Yakup ERGİNCAN (Merkezi Kayıt Kur. A.Ş. Gen. Müd. Yrd.) Türk Finans Sektöründe Rating Uygulamaları .................................................................... 69 Ayşe Botan BERKER (Fitch Ratings, Gen. Müd.) BDDK Gözetim ve Denetim Amaçlı Veri Tabanı ve Bilgi Yönetimi ....................................... 71 Ayşe Nur ULUŞAHİN ( BDDK, Uzmanı) Bilgi Teknolojileri ve Finans Sektöründe Bilgi Nihat ÜNALACAK ( Aviva Gen. Müd. Yrd.) Yemek: 13.00-14.00 Salon I: 14.00-15.30 Küreselleşme Sürecinde Bankacılık Sektöründe Bilgi Yönetimi: Finansal Yenilikler Başkan: Prof. Dr. İlhan ULUDAĞ Kadir Has Üniversitesi Öğretim Üyesi BDDT’nin (Bilgisayar Destekli Denetim Teknikleri) Bankacılık Sektörüne Etkileri............ 87 Prof. Dr. N. Ata ATABEY (Selçuk Üniversitesi Öğr. Üye.) Musatafa AY (Selçuk Üni. Ar. Gör.) Baki YILMAZ (Selçuk Üni. Ar. Gör.) Konut Finansmanı ve Türkiye’ye Uygun Bir Model Önerisi............................................... 101 Dr. Murat Gökşin BERBEROĞLU ( İTÜ Öğr. Üye.) Doç Dr. Suat TEKER (İTÜ Öğr Üye) Gayrimenkul Yönetiminde Teknoloji Kullanımı Dr. Feyzullah YETGİN ( Emlak GYO A.Ş. Gen Müd.) Bootstrap Approach to Bias Reduction ............................................................................... 115 Doç. Dr. Bohdan LINDA (University of Pardubice) Doç Dr. Jana KUBANOVA (Uviversity of Parducibe) Dr. Jan CERNOHORSKY (University of Parducibe) Bankacılık Kanununda Kurumsal Yönetim.......................................................................... 119 Kadir TUNA (İ.Ü. Ar. Gör.) Salon II: 14.00-15.30 Finans Sisteminde Piyasa Yapılarının Önemi ve Derinlik Ölçütleri Başkan: Prof. Dr. Noyan ARSAN Koç Üniversitesi Öğretim Üyesi - - - - - - -

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vii İMKB 30 Hisse Senedi Getirilerinde Volatilitenin Asimetrik Koşullu Değişen Varyans Modelleriyle Öngörüsü........................................................................................................ 129 Prof. Dr. Işıl AKGÜL (M.Ü. Ögr. Üye.) Yrd. Doç. Dr. Hülya SAYYAN (M.Ü. Ögr. Üye. ) Hisse Senetleri Piyasasında Makro Derinlik ve Likidite Bağıntısı ile Finansal Krizlerin Öngörülmesi ........................................................................................................................ 143 Doç Dr. Oral ERDOĞAN (İst. Bilgi Üni. Ögr. Üye) Yrd. Doç. Dr. Cenktan ÖZYILDIRIM (İst. Bilgi Üni. Ögr. Üye) Kredi Temerrüt Swapları ve Uygulama Örnekleri ............................................................. 153 Doç Dr. Suat Peker ( İTÜ Ögr. Üye) Sevim DEMİRER ( İTÜ) The Qulatity of S&P 500 Index Markets After The Introduction of Spiders Empirical Evidence From S&P 500 Index Futures ............................................................................. 167 Yrd. Doç. Dr. Mustafa Mesut KAYALI (Dumlupınar Üni. Ögr. Üye) Düşen Faiz Ortamının Banka Karlılığı Üzerine Etkisi: Bir Model Uygulaması................ 175 Gülcan ÇAĞIL (M.Ü. Ar. Gör. ) Pelin Elif AVŞAR ( İ.Ü.) Ara: 15.30-15.45 Panel: 15.45-17.00 Finansal Otoritelerin Ekonomik Yaklaşımı Ve Etkinlikleri Açısından Bilgi Yönetimi Başkan: Prof. Dr. Niyazi BERK Marmara Üniversitesi Öğretim Üyesi Finansal Piyasalarımızdaki En Son Yenilik: Vadeli İşlemler Hamdi BAĞCI ( VOB A.Ş. Bşk.) Yatırım Fonları Aracılığı ile Finansal Piyasaların Genişlemesi Dr. Gürman TEVFİK (Kur. Yat. Der. Bşk.) Finansal İşlemlerde Bilgi Teknolojilerinin Kullanımı; Ölçek Ekonomisi Dahilinde Bilgi Teknolojilerinin İşlemlere ve Maliyetlere Etkisi ......................................................... 187 Emin ÇATANA (Takasbank Gen. Müd.) Mali Piyasaların Büyütülmesi ve Derinleştirilmesi Müslüm DEMİRBİLEK (Aracı Kur. Bir. Bşk.) Özel Finans Kurumlarında Risk Yönetimi ve Ölçek Ekonomileri M. Atilla KURAMA (Family Finans Gen. Müd.) ULUSLAR ARASI FİNANS SEMPOZYUMU 2005 9 Haziran 2005 Perşembe ( 2. Gün ) Kayıt: 9.00-9.30 Salon I: 09.30-10.00 ÖZEL KONUŞMACI: Dr. Alaaddin BÜYÜKKAYA ( AKP İstanbul Milletvekili) - - - - - - - -

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viii Salon I: 10.00-11.00 Sigorta Sektöründe Bilgi Yönetimi İhtiyacı ve Ölçek Ekonomisi Başkan : Dr. Alaaddin BÜYÜKKAYA AKP İstanbul Milletvekili Sigorta Kanun Tasarısına Genel Bir Bakış Doç. Dr. Erol ULUSOY (M.Ü. Öğr. Üye.) Küreselleşme Sürecinde Sigorta Şirketlerinde Bilgi Yönetiminin Gereksinimi ................... 195 Dr. Güler Şebnem URALCAN (M.Ü. Öğr. Gör. ) Sigorta Sektöründe Vergilendirme Etkilerinin Ölçeğe Göre Değerlendirilmesi ................. 209 Dr. Atilla UYANIK (M.Ü. Öğr. Üye) Finansal Kurumlarda Bilgi Yönetimi................................................................................... 223 Sibel YILMAZ (M.Ü. Ar. Gör. ) Dr. Yücel YILMAZ (M.Ü. Öğr. Gör.) Salon II: 10.00-11.00 Küreselleşme Sürecinde Teknik Bilgiden Yararlanma Olanakları Başkan : Prof. Dr. Targan ÜNAL İstanbul Üniversitesi Öğretim Üyesi Küreselleşme Sürecinde Veri Madenciliği ve Ekonomik Kararlardaki Etkinliği Açısından Bir Değerlendirme.............................................................................................. 233 Prof. Dr. Bedriye TUNÇSİPER (Balıkesir Üniv. Öğr. Üye.) Yrd. Doç. Dr. Şakir SAKARYA (Balıkesir Üniv. Öğr. Üye.) Bilgi Yönetimine Geçiş Sürecinde Türkiye’de E-İş ve Finans Sektörü Üzerine Bir Uygulama ..................................................................................................................... 247 Doç. Dr. Münevver ÇETİN (M.Ü. Öğr. Üye.) Melisa ERDİLEK (M.Ü. Ar. Gör. ) Ticari Firmaların Kredi Derecelendirmesi: İMKB Firmalarına Uygulaması .................... 267 Doç. Dr. Suat TEKER (İTÜ Öğr. Üye.) Dr. Çağlayan BODUR (İTÜ Öğr. Üye.) Küreselleşme Sürecinde İşletmelerde Artan Bilgi Gereksinimi ve Uşak Tekstil Sanayi İşletmelerinde Bir İnceleme ................................................................................................ 301 Yrd. Doç. Dr. Yılmaz AKYÜZ (Afyon Kocatepe Üni Ögr. Üye) Yrd. Doç. Dr. İsmail CAN (Afyon Kocatepe Üni Ögr. Üye) Finans Piyasalarında Simetrik Bilginin Yönetilmesi ve Medyanın Rolü ............................ 313 Yrd. Doç. Dr. Şevket SAYILGAN (M.Ü. Ögr. Üye) - - - - - - -

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ix Ara: 11.00-11.15 Salon I: 11.15-12.45 Türkiye’de Entelektüel Sermayenin Önemi ve Performansının Ölçümü Başkan: Prof. Dr. Rıza AYHAN Gazi Üniversitesi Öğretim Üyesi Yüksek Performanslı Bilgi Takımlarını Oluşturmak ve Yönetmek ...................................... 335 Prof. Dr. İsmet BARUTÇUGİL ( RCBA Danışmanlık) Türkiye’de Faaliyet Gösteren Mevduat Bankalarının Fiziksel Sermayelerinin ve Entellektüel Potansiyellerinin Etkinlik Performansının Ölçümü......................................... 347 Doç. Dr. Famil ŞAMİLOĞLU ( Niğde Üniv. Öğr. Üye) Entellektüel Sermayenin Firma Üzerine Etkisini Değerlendirmeye Yönelik Çanakkale İlinde Bir Uygulama.......................................................................................... 361 Yrd. Doç. Dr. Mukaddes ÇELİK (Çanakkale Onsekiz Mart Üniv. Öğr. Üye.) İbrahim KOÇ (Çanakkale Onsekiz Mart Üniv. Öğr. Üye.) Nevriye AYAS (Çanakkale Onsekiz Mart Üniv. Öğr. Üye.) Fisun ÖZTÜRK (Çanakkale Onsekiz Mart Üniv. Öğr. Üye.) A Case Study on Knowledge Management in KBC Bank and Insurance and the Movement from Knowledge to Competence Management ........................................................ Dr. Isabel Unitdebroeck (Hogeschool West) Entellektüel Sermayenin Ölçülebilirliği: Türkiye’de Entellektüel Sermaye Ölçüm Sonuçlarının Farklılaşmasında Etken Faktörler...................................................... 371 Hande GÜLMEZ (MÜ) Tansu TOSUN (MÜ) ULUSLAR ARASI FİNANS SEMPOZYUMU 2005 10 Haziran 2005 Cuma (2. gün) Salon II: 11.15-12.45 Sermaye Piyasalarında Bilgi Yönetimi Yaklaşımları ve Teknolojik Gelişmeler Başkan: Prof. Dr. Ali Sait YÜKSEL Marmara Üniversitesi Öğretim Üyesi Faaliyet Tabanlı Maliyetleme ile Ön Maliyetleme Simulasyonu ve Bir İmalat Sektörü Uygulaması.......................................................................................................................... 387 Yrd. Doç. Dr. Yakup ÜLKER (Balıkesir Üniv. Öğr. Üye.) Finansal Türevlerde Kullanıcı Kaynaklı Model Seçiminin Bilgi Asimetrisi Yoluyla Fiyatlama Süreçlerine Etkisi ............................................................................................... 403 Dr. K. Evren BOLGÜN (Kültür Üniv. Öğr. Gör.) Barış AKÇAY (Riskactive) Finansal Bilgi Yönetimi ve Analizinde Otoritelerin Etkinlikleri Açısından Çok Değişkenli İstatistik Analiz Teknikleri (ÇDİAT) nin Kullanımı ........................................... 419 Dr. Servet YILMAZ (Kadir Has Üniv. Öğr. Gör.) - - - - - -

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x Aracı Kurumların Piyasa Yapısı ve Etkinlik Analizi............................................................ 431 Dr. Şahin ASLANTAŞ (Nurol Menkul A.Ş.) Yatırımcının Bilgiye Erişmesinde SPK Web Sitesinin, Securities and Exchange Commission (SEC) Web Sitesi ile Karşılaştırmalı Analizi .................................................. 439 İlyas ÇELİKTAŞ (M.Ü. Ar. Gör.) Semih BİLGE (Osmangazi Üniv. Ar. Gör.) Yemek: 13.00-14.00 Salon I: 14.00-14.45 MÜ. Bankacılık ve Sigortacılık ve Enstitüsü ve YO Araştırmaları Başkan: Prof. Dr. Murat DİNÇMEN İstanbul Teknik Üniversitesi Öğretim Üyesi Türk Bankacılık Sektöründe Bilgi Yönetimi ve Ölçek Ekonomileri ........................................... 453 Doç. Dr. Erişah ARICAN (M.Ü. Öğr. Gör.) Yrd. Doç. Dr. İmre ERSOY (M.Ü. Öğr. Gör.) Dr. Başak TANINMIŞ YÜCEMEMİŞ (M.Ü. Ar. Gör.) Arş. Gör. Melisa ERDİLEK (M.Ü. Ar. Gör.) Türkiye’deki Aracı Kurumlarda Ölçek Ekonomileri: (1999-2004) ............................................ 473 Prof. Dr. Niyazi BERK / Yrd.Doç.Dr. Murat AKBALIK / Arş.Gör. Neşe ÇOBAN Arş.Gör Özgür ÇATIKKAŞ / Arş.Gör. Aclan OMAĞ / Arş.Gör. Güçlü OKAY Sigorta Sektöründe Ölçek Ekonomileri ve Pazar Hakimiyeti.................................................... 489 Doç.Dr. Münevver ÇETİN Yrd.Doç.Dr. İlyas AKHİSAR Dr. Ali KÖSE Arş.Gör. Seher Tezergil Arş.Gör Özgür AKPINAR Arş.Gör. İskender DEMİRBİLEK - Salon II: 14.00-15.00 Sermaye Piyasalarında Bilgi Paylaşımı ve Rekabet Gücü Başkan: Prof. Dr. İlker PARASIZ TCMB Bilgi Bilançosu ................................................................................................................... 499 Prof. Dr. Murat DİNÇMEN (İTÜ Öğr. Üye.) Bilgi Etkinliği ve Ekonomide Tahsis Etkinliği Bağlantısı ................................................... 511 Doç. Dr. Oral ERDOĞAN (İst. Bilgi Üniv. Öğr. Üye.) Finansal Oranlar ve Hisse Senedi Getirileri Arasındaki İlişkinin İMKB’de İncelenmesi .......................................................................................................................... 517 Yrd. Doç. Dr. Oktay TAŞ ( İTÜ Öğr. Üye) - -

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xi - Türkiye’deki A Tipi Fonların Performansının Risk Yapısına Göre Değerlendirilmesi ve SPK Tarafından Uygulanmaya Konulan Bank Kriterinin Önemi ....................................... 529 Dr. Hakan AKSOY (Koç Portföy) Nur YAVUZ ( Koç Portföy) Ara: 15.00-15.15 Salon I: 15.15-16.15 Bankacılık Sektöründe Risk Yönetimi ve Ölçek Ekonomileri Başkan: Prof. Dr. Osman ALTUĞ Marmara Üniversitesi Öğretim Üyesi The Effects of Scale on Productivity of Turkish Banks in the Post- Cries Period: An Application of Data Envelopment Analysis ........................................................................ 539 Doç. Dr. Nurgül CHAMBERS ( MÜ. Ögr. Üye.) Atilla ÇİFTER (MÜ.) Bankacılıkta Piyasa Riski Yönetimi ve Bir Alım/Satım Portföyü için Riske Maruz Değer Ölçümleri.................................................................................................................. 551 Yrd. Doç. Dr. Oktay TAŞ ( İTÜ Ögr. Üye.) Sinan TİFTİKÇİ (İTÜ) Türk Bankaları Tarafından Uygulanan Risk Yönetimine İlişkin Süreçte Yaşanan Yanlış Anlamalar ................................................................................................................. 569 Dr. M. Hasan EKEN (Kadir Has Üniv. Ögr. Üye) Sigorta Ürünleri ile Bankalarda Risk Yönetimmi .............................................................. 573 Dr. Dilek LEBLEBİCİ (TEKER) (İTÜ Öğr. Üye.) Para Politikasında Ölçek Ekonomisi: Optimum Para Bölgeleri ve Tek Para...................... 583 Dr. Celali YILMAZ (SPK) Dr. Ayten ÇETİN (MÜ. Ögr. Gör.) Panel: 16.15-17.30 Türkiye’de Bilgi Yönetimine Bakış ve Türkiye’de Bilgi Yönetiminde Güncel Gelişmeler - - - - Başkan: Dr. Tevfik ALTINOK Marmara Üniversitesi Öğretim Görevlisi Ziya Osman AÇIKEL (TGRT Haber) Yiğit BULUT (Radikal Gazetesi) Oğuz BÜKTEL (CNBC-E) Dr. Yaşar ERDİNÇ (Akşam Gazetesi) Dr. Mustafa ÖZEL (Yeni Şafak Gazetesi)

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1 SOURCING DECISIONS IN THE FINANCE SEKTOR: ECONOMIES OF SCALE AND KNOWLEDGE MANAGEMENT Wolfgang H. Janko and Stefan Koch Abstract In this paper we will analyze sourcing decisions in the finance sector. For introducing this topic, we will first detail the current state in outsourcing especially of IT processes and services, using several studies already published and also a new empirical investigation of Austria’s Top 100 companies. More importantly the trend towards operations outsourcing in the finance sector will be discussed. We will analyze the operations sourcing decision in general and give special consideration to economies of scale as one of the main drivers of this development, and the relationship to knowledge management. Knowledge Management can be enhanced by some sourcing options, or constitute a prerequisite. Then, critical success factors for setting up and managing an outsourcing relationship will be given, again with special consideration of operations outsourcing. 1. Introduction Since several years now, outsourcing is one of the most important topics in the finance sector. According to some surveys, this sector is the largest market for outsourcing services. For example, global sourcing firm Technology Partners International Inc. (TPI) estimates that the financial services sector continues to be the largest market for providers in 20051. Also the trend towards offshoring is likely to continue. U.S. banks, brokerage firms, insurance companies, mutual fund and other financial services firms are planning to relocate more than 500,000 jobs offshore, representing 8% of their workforces, over the next five years, according to a study conducted in 2003 by A.T. Kearney Inc.2. But while these figures underline the importance of this issue, currently only one area, namely IT, is already heavily outsourced, while the other, operations, has not yet achieved this maturity. IT outsourcing has seen an enormous increase in the last years. For example, J.P. Morgan Chase & Co. announced a seven-year, $5 billion agreement in 2003 under which IBM will take over its data processing infrastructure, just two weeks after IBM announced a similar on-demand computing deal with Frankfurt-based Deutsche Bank AG. That agreement is valued at $2.5 billion over 10 years and includes the consolidation of data centers and smaller server sites across Europe to a new IBM facility in Frankfurt. Twenty-one of 39 Fortune 500 banks, brokerages and insurance companies surveyed by Gartner Inc. said their top reason for outsourcing IT was to focus on core businesses3. Also in 2003, IBM has signed a $600 million, seven-year IT outsourcing contract with ING U.S. Financial Services4. * 1 2 3 4 Department of Information Business, Vienna University of Economics and BA Augasse 2-6, A-1090 Vienna, AUSTRIA {wolfgang.janko|stefan.koch}@wu-wien.ac.at IDG News Service, Jan. 14, 2005 IDG News Service, Feb. 18, 2004 Computerworld, Jan. 6, 2003 Computerworld, Dec. 17, 2003

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2 While it is assumed that there will be an increased industrialization of banking value generation, thus evolving from highly vertically integrated institutions into a value network where each player is concentrating only on parts of the value chain (Holzhäuser et al., 2005), this is not yet reflected in practice. Such a trend would increase to focusing on individual core competencies, and exploring different sourcing options for other functions. This would lead to disaggregating the value chain into independently operable functional units, or modules, each embodying a set of business functions. As communication capabilities reach higher levels of performance and reliability, these units can be combined across corporate borders, thereby increasing sourcing options and flexibility. This could be realized, for example using service-oriented architectures with web services as enabling technology (Homann et al., 2004). Currently, this is not yet happening. Today, most financial institutions only outsource supporting activities like IT support or hardware installation. As most functions in the finance sector are ITbased, going beyond mere infrastructure outsourcing might entail major changes to the business processes. In addition, the finance sector is governed by very strict regulations, especially regarding controlling and also security. For example, German Commerzbank was considering following Deutsche Bank in outsourcing to IBM, but was stopped mainly by regulatory authorities5. First candidates for business process outsourcing would be very structured and welldefined processes like payments (Tas and Sunder, 2004). But this form of outsourcing is estimated to increase. For example, Pierre Audoin Consultants predict a growth of financial processing, encompassing core business process like payments or settlement, by 13 percent in the mean until 2008, with the business going mostly to dedicated outsourcers which possess the necessary process know-how. These might in turn externally acquire IT know-how6. One problem is that this process know-how is seldom encountered outside the sector, thus making those outsourcers competitors. Today, several banks have begun to set up dedicated and independent companies, for example Deutsche Bank with European Transaction Bank5. Lancellotti et al. (2003) also categorize the supply base in this sector as currently small and fragmented. Some others like Lloyds of London, Bank of America or Barclays Bank have commercialized back office functions through strategic partnerships, thus profiting from reduced costs, improved services and external revenues (Lacity et al., 2004). In this paper we will detail both the current state in IT outsourcing, using several studies already published and also a new empirical investigation of Austria’s Top 100 companies, and discuss the trend towards operations outsourcing in the finance sector. We will analyze the operations sourcing decision in the light of both knowledge management and economies of scale, which will form the main drivers in this trend. Then, critical success factors for setting up and managing an outsourcing relationship will be given, again with special consideration of operations outsourcing. 2. The State of IT Outsourcing in Austria’s Top 100 Companies – An Empirical Study 2.1. Methodology The empirical study is based on telephone interviews, performed during May 2004. The 150 largest Austrian companies, based on number of employees and turnover, were selected and contacted. A total number of 82 companies actually participated in the interviews. General data on the companies having participated can be found in Table 1. The study was initiated by Siemens 5 6 Computerwoche, 2/2005 Computerwoche, 7/2005

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3 Business Services, project management was from pro success management services, the interviews were performed by a market analysis institute and the scientific background was provided by the Department of Information Business at the Vienna University of Economics and Business Administration. Table 1. Descriptive Data on Companies in Data Set (N = 82) Sector Financial Services Telecommunication, Energy, Transport Public Sector Industry Services Retail Number of Employees > 1000 1001 – 2000 2001 – 3000 3001 – 5000 > 5000 Interviewee CEO CFO CIO Other Number 7 12 12 30 10 11 11 34 23 7 7 4 19 41 18 Percentage 9 15 15 36 12 13 14 40 28 9 9 5 23 50 22 2.2. Results The results clearly show that IT outsourcing is already an accepted and widespread practice in Austria: One half of the companies already have outsourcing in operation, one company is currently implementing an initiative and 11 percent are in a decision stage. Only 9 percent have evaluated IT outsourcing and have decided against it, another 29 percent have not yet been in contact or have considered this. Not a single outsourcing solution was cancelled and again integrated in-house. If different sectors are considered, financial services are currently leading the way with 86 percent having IT outsourcing in operation, with the remaining 14 percent without any contact yet with this topic. This is the largest percentage of active outsourcing of all sectors, with public administration and services in the following with about 70 percent, the other sectors about 30 percent each. If different possible areas of IT outsourcing are investigated, the results show that operating of data centers together with network operations are currently leading, but not significantly. Regarding the situation in the future, the results are even less clear, as possible future outsourcing is nearly the same for all areas. Detailed results are given in Table 2.

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4 Table 2. Areas of IT Outsourcing (N = 82) Area Desktop Services Software Development Telephone Operation Data Center Operation Network Services Operation of Specific Applications Operation of Standard Applications (e.g. SAP) Helpdesk e-business Operation Others Outsourcing in operation Possible future outsourcing (Percentage) Percentage) 34 34 29 48 48 43 36 43 26 10 28 21 21 19 19 19 19 19 16 2 If again the situation in the financial services sector is analyzed in detail, the intensity of outsourcing is also high compared to other sectors: Half of the companies with active outsourcing have implemented between 7 and 10 of the IT areas given above, one third 4 to 6, and 17 percent between one and three. Only the telecommunications sector has a higher intensity, with 75 percent having outsourced 7 to 10 areas, all other sectors are lagging behind at about 30 percent in this group of high intensity outsourcing. The main reason given for pursuing outsourcing initiatives was to downsize the IT costs. 60 percent of the companies expected a 20 percent decrease, the rest 30-35 percent. These expectations were met, with 52 percent experiencing a 20 percent decrease, the rest even more. Other reasons derived from an IT strategy were extremely rare. Possible examples would have included change to a new hardware platform, introduction of a new core application or similar. More important, but less so than IT cost downsizing were reasons associated with business strategy. These included foremost reduction of operating costs, but also increased possibility to concentrate on core business, to use competence and capacity of the outsourcing partner and the development of joint services. At about one third of the companies with active outsourcing arrangement, problems did arise. The finance sector is in this mean. Interestingly, those companies with mid-intensity outsourcing, i.e. 4 to 6 out of 10 possible IT areas, encountered problems more often than those in the high- and low-intensity region. Benchmarking and to a lesser degree case studies on the implications of outsourcing for employees are seen as useful measures for initiating and implementing outsourcing successfully. Most importantly, job security but also the benefits for the company need to be communicated in order to overcome barriers. Regarding the IT governance, nearly all companies (90 percent) retained IT management and controlling in-house. Also project management and business requirements definition were retained at a majority of 78 percent. Service levels for applications and systems were defined at 81 percent, uptime at 79 percent, general standards at 67 percent. A large number of 76 percent also defined

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5 prices for service units or transactions. Other agreements on global budgets or number of servers etc. were less common. The controlling in place can be seen as extensive, about 80 to 90 percent have implemented reports on uptime, regular reports on progress, costs reports and problem reports using trouble ticketing statistics. Escalation into the outsourcing company itself in contrast is in place in only 14 percent, only 45 percent revise payments based on the reports and SLAs. The satisfaction of users is also tracked to a large degree, 76 percent implement user surveys, 57 percent each review helpdesk call and trouble ticketing statistics. These measures taken seem to be satisfactory for the outsourcing companies, as possible improvements in management and controlling are seen as important by only 20 percent. In the outsourcing contract, only about half of the companies (57 percent) explicitly took precautions for possibly re-integrating the IT services in-house, even less (33 percent) for a change in outsourcing partner. Nearly half (43 percent) did not account for either. 2.3. Analysis In comparison with other available studies, the results of this research are not surprising. For example, the European Central Bank also reports that less than 10 percent of the European banks did not yet outsource any supporting activities. For core business processes, this number increases to nearly 40 percent7. Oh (2005) has analyzed which organizational characteristics influence a firm’s propensity to outsource IT. It was found that firm uncertainty and agency risk negatively affect outsourcing decisions, while a positive association is observed with a firm’s innovativeness. Also the industry was found to be significantly related to outsourcing intensity, with industries considered more active in IT tend to outsource IT more aggressively. As the finance sector is very active in IT, this has led and will in future lead to a high propensity for outsourcing, but encompass more business processes together with underlying IT processes and services. The developments in the European market in the last years have forced most institutions to become more innovative, thus also increasing propensity to outsourcing. Lancellotti et al. (2003) performed a study of IT and operations outsourcing in European banking, based on 70 interviews. They also found that outsourcing is today one of the top priorities, and that all of the banks have at least one outsourcing agreement in place. The main value source mentioned (by 44 percent) is a gain in efficiency, followed by improved effectiveness and flexibility. This is in accordance with our results. Also Ang and Straub (1998) found that production cost advantages are one of the main influential factors in sourcing decisions. The results gained from outsourcing in comparison are experienced as worse, as only 42 percent of the outsourcing deals were said to have delivered the expected value creation. Regarding different possible areas of outsourcing, IT services currently are more often and more intensively outsourced than operations. Lancellotti et al. (2003) have identified four main clusters of services that differ in possible value creation and feasibility: Applications offer high value potential, but feasibility is only moderate, depending on the standardization of the particular application and difficulties to set up such a deal and manage the risks. Core processing, including payments, accounts, securities and loans also offers high value potential, but substantial barriers include a lack of standardization of processes and products, security and privacy concerns, and the possible role of these services as differentiators or high interlinking with other processes and systems. In addition, most of these services are staffintensive, leading to problems with possible layoffs or transfers. Currently, banks are found to 7 Computerwoche, 2/2005

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