Repersonalizing Data in the Banking Industry

Although the banking sector is very labour-intensive, banks have invested large amounts on both computer hardware and software. Savings intermediation — the process where individuals entrust their money to banks rather than directly managing their funds — involves complex information exchange. The application of ICTs enables the automation of some aspects of the information exchange process, thus resulting in ‘dis-intermediation’. Because of the rise of new technology, the need for financial intermediaries may eventually be eradicated. Evidence presented in this chapter proposes the selective adoption of ICTs in the banking industry. Rather than information processing, this chapter focuses on the various forms of human communication. The chapter discusses how financial intermediaries enable ‘repersonalization’ of data in the intermediation processes in the banking industry.