research reports

I publish research reports on various aspects of banking, both independently and in partnership with others. These include both market analysis reports and more thematic studies. This page contains details of the most recent reports.


Inside Fraud

Payment card fraud is a major concern of the banking industry. In December 2008, I prepared a short report, Online and Overseas, analysing losses from payment card fraud in France, Spain and the UK. The report drew on data covering the whole market for France and the UK and data for Spain published by ServiRed, the largest of the three Spanish payment card networks. It analysed card fraud losses by both method of compromise (how cards or card details are fraudulently obtained), and by place of misuse (domestic vs international, purchases vs cash withdrawals, face-to-face vs online). Online and Overseas was published in partnership with leading industry trade magazine European Card Review.

In November 2009, an updated report was published as the main part of Inside Fraud, a supplement to Payment, Cards and Mobile (the successor to European Card Review) and sponsored by Visa Europe. The updated report largely follows the format of the original report, though with the coverage extended to include the Netherlands. Inside Fraud can be downloaded as a PDF from the following page on the PCM website.


Rethinking Bank Efficiency

The original research report, first published in 2001 challenged the validity of standard metrics of bank efficiency, notably the cost/income and costs/assets ratios widely used by banks.

Please download a synopsis of the report. For a complimentary copy of the full Rethinking Bank Efficiency report, simply send an email requesting a copy.

An update of the research has been published in the Capco Journal of Financial Transformation, Volume 18, Finance Factory, November 2006, under the title Measuring efficiency in the finance factory: time for a rethink. The Journal is available from the Capco website.


Banking at the Checkout

This major report on retailers offering financial services was first published in June 2006 through ECR Publishing Partnership. The report is co-authored with Steve Worthington, Professor of Marketing at Monash Univesity in Melbourne. An updated version of the report was released in October 2007.

The report covers developments in the UK, with a detailed analysis of the financial services ventures of Tesco, Sainsbury's and Marks & Spencer, and also looks at the ambitious plans of Wal-Mart, the world’s largest retailer, to expand its offer of financial services.

As of January 2010, this report is no longer available and will be replaced by the forthcoming "Banking without the banks".


UK Credit Cards – an Industry in Decline?

The UK credit card market is the largest in Europe and the second largest globally after the US. However, despite benign economic conditions, the industry is suddenly showing signs of decline. During 2006, it experienced a fall in turnover and credit outstanding, rising credit losses and various regulatory interventions.

The UK is a reference market for credit cards in Europe. The study, published in April 2007, will interest anyone keen to track the likely evolution of this key retail banking product.

Please download a synopsis of the report. A bulletin based on the report is also available for download. For a complimentary copy of the full report, simply send an email requesting a copy.


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