[The impact of physical security measures on robberies of Greek banking institutions in Athens area]

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Acknowledgement

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Introduction

Due to changes in the European banking sector and expansion plans in the Balkan region, Greek banks are trying to strengthen their position in the market and improve their efficiency. Greek banks are trying to find new distribution channels and methods of providing their services in order to maintain and increase their share in the market. An appealing method of doing that is through the increasing physical security measures on robberies of Greek banking institutions in Athens area because it can offer banking to more potential clients and the transactions can be carried out at anywhere in Arhens region at any time of day or night. This means that by increasing physical security measures on robberies of Greek banking institutions in Athens area, technology, financial institutions can establish a direct link to customers and improve their market shares while increasing their profits, without paying the high cost of building new branches.

Literature Review

Until the late 1980s, the financial system in Greece functioned under many bureaucratic rules and regulations that restricted competition and market development (Mylonidis and Kelnikola 2005). However, the Greek banking sector in Greece, which was once dominated by the government, has been transformed in recent years. There is a recent financial deregulation and market liberalization because of the convergence with European Union standards, competition and privatisation. Participation in the European Union has encouraged the convergence of banking services, while the introduction of the Euro and European integration has increased competition among banks.

The continuous privatisation of public banks has further restructured the Greek banking industry. These reforms have mostly taken place through mergers and acquisitions, with ownership remaining in local hands. Such developments are expected to continue within the new and dynamic international and domestic financial environment; nevertheless, a bigger role for foreign institutions (through ownership of Greek banks and/or formation of strategic alliances) is expected to appear. The Greek financial system had a remarkable transformation during the 1990s and is still evolving rapidly as a result of the continuing liberalisation process and its integration into the European financial market. Consequently, the actual state of the Greek financial system is best described in the context of the on-going process of financial reform and restructuring.

The functional alterations in the Greek banking scheme included among other ones (Gortsos

2005):

Interest rate deregulation

Liberalisation of cross-border capital movement

Abolition of direct borrowing controls

De-specialisation of credit institutions

Modernisation of cash and capital markets as well as payments ...