This monograph is an attempt to establish a framework for Operations in Financial Services as a research area from an Operations Management perspective. Operations in Financial Services has not developed itself yet as a well-defined research area within the Operations Management community. It has been touched upon by researchers from various different disciplines, including Operations Management, Statistics, Information Technology, Finance, and Marketing. However, each discipline has a different perspective on what the important issues are and the various disciplines are often at odds with one another. This monograph has been written from an Operations Management perspective.
Operations in Financial Services establishes a framework for this research area from an operations management perspective. The first section presents an introduction and provides an overview of the topic. The second section establishes links between the current state of the art in relevant areas of operations management and operations research and three of the more important aspects of operations in financial services – (i) financial product design and testing, (ii) process delivery design, and (iii) process delivery management. The third section focuses on the current issues that are important in the financial services operations area. These issues center primarily on mobile online banking and trading in a global environment. The fourth section discusses operational risk aspects of financial services. The final section concludes with a discussion on research directions that may become of interest in the future.