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Systems of Innovation and Industry Evolution: The Case of Retail Banking in the UK

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  • Davide Consoli

Abstract

This paper presents a longitudinal study on the evolution of the retail banking sector in the UK following the adoption of automated payments in the 1970s. The analysis is cast in the context of innovation studies and articulates how changing configurations of the knowledge base combined with the emergence and adaptation of institutional structures stirred a paradigm of service innovation in an information-intensive industry like banking. The cases of the Automated Teller Machine (ATM) and of the Electronic Fund Transfer at Point of Sale (EFTPOS) provide evidence on the subtleties of a dual evolutionary process underpinning the development of a system of innovation: the growing ecology of actors and the emergence of new forms of coordination across them.

Suggested Citation

  • Davide Consoli, 2008. "Systems of Innovation and Industry Evolution: The Case of Retail Banking in the UK," Industry and Innovation, Taylor & Francis Journals, vol. 15(6), pages 579-600.
    • Handle: RePEc:taf:indinn:v:15:y:2008:i:6:p:579-600
    DOI: 10.1080/13662710802550893
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    References listed on IDEAS

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    1. Francesco Vona & Davide Consoli, 2015. "Innovation and skill dynamics: a life-cycle approach," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 24(6), pages 1393-1415.
    2. Antonelli, Cristiano, 2001. "The Microeconomics of Technological Systems," OUP Catalogue, Oxford University Press, number 9780199245536.
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    1. Davide Consoli & Pier Paolo Patrucco, 2011. "Complexity and the Coordination of Technological Knowledge: The Case of Innovation Platforms," Chapters, in: Cristiano Antonelli (ed.), Handbook on the Economic Complexity of Technological Change, chapter 8, Edward Elgar Publishing.
    2. Patrucco, Pier Paolo, 2013. "The Evolution of Knowledge Organization: The Emergence of Innovation Platform in the Turin Car System," Department of Economics and Statistics Cognetti de Martiis LEI & BRICK - Laboratory of Economics of Innovation "Franco Momigliano", Bureau of Research in Innovation, Complexity and Knowledge, Collegio 201315, University of Turin.
    3. Davide Consoli & Pier Paolo Patrucco, 2011. "Complexity and the Coordination of Technological Knowledge: The Case of Innovation Platforms," Chapters, in: Handbook on the Economic Complexity of Technological Change, chapter 8 Edward Elgar Publishing.
    4. Consoli, Davide & Ramlogan, Ronnie, 2009. "Scope, Strategy and Structure: The Dynamics of Knowledge Networks in Medicine," MPRA Paper 12791, University Library of Munich, Germany.

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