Electronic Finance: Reshaping the Financial Landscape Around the World (original) (raw)
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Changing Role of Financial Intermediaries due to Electronic Technologies
International Journal of Engineering Science and Computing, 2016
The financial system of a country is changing. Information has become more accessible to both individuals and organizations with the advent of modern information technologies. The Internet and electronic commerce has changed the working process of traditional brokerage firms, banks, and insurance companies. Due to the technological advances, they are now expanding their markets; providing better customer service, increasing productivity with faster exchange of information, and offering lower costs for transactions with their suppliers, distribution channels, and customers. Financial service firms are constantly providing innovative services and greater access to information and efficiency for business customers with rapid advancing technologies. Online banking has been forever changed the management process of finances. Banks are now only a few clicks away from their clients. They can bank at any moment of time-either day or night-sitting at home, in the office, on the flight or even while in private conversations.
Electronic finance: a new approach to financial sector development?
2002
vii Acknowledgments ix Executive Summary I References 89 Bibliographical Note 97 Tables Boxes Box 1.' Mobile phones.' The developing wor/ds technologicalsoringboard 7 Box 2' The new world of flnancialservice providers 17 Box 3.' The massive shifts in stock markets and exchanges 19 Box 4.' Leapfrogging around the globe.' Estonia, Republic of Korea, and Brazil 21 Box 5' The institutional approach to financial sector development 23 Box 6.' Enhancing connectivity in emerging markets byimnproving telecommunications regulation 25 Box 7. Privacy problems-the role of the publlc sector and private solutions 26 Box 8.' Securlties regulation, the Internet, and emerging markets 30 Box 9. Principles for managing riskin online banking 31 Box 10 Challenges for marketregulation within and across countries 37 Box 11. Making creative use of existing public infrastructure.' Post offIces 40 Box 12. Smant cards. A clever way to leapfrog? 40 Box 13.' Moltgage fnance.' The im,pact of the Internet 41 Box 14. Insurance. E-fAanceable? 42 Box 15' E-flnance for small and medlum-size enterorises 43 Box 16. Microflnance and e-finance-a vlable match? 44 Box 17' FinNet' Toward a paperless infrastructure backbone for flnanclal sel/ices 45 vii Abstract
Electronic finance: a new perspective and challenges
New information technology (IT), especially the internet, have revolutionised the finance industry with the rapid growth of electronic finance. E-finance activities include all types of financial activities carried out over the internet or other public networks, such as online banking, electronic trading, the provision and delivery of various financial products and services (for instance insurance, mortgage and brokerage), electronic money, electronic payment and communication of financial information.
New information technology (IT), especially the internet, have revolutionised the finance industry with the rapid growth of electronic finance. E-finance activities include all types of financial activities carried out over the internet or other public networks, such as online banking, electronic trading, the provision and delivery of various financial products and services (for instance insurance, mortgage and brokerage), electronic money, electronic payment and communication of financial information.
Electronic Markets, 2012
The banking industry has been a pioneer in adopting electronic markets with exchanges, clearinghouses, and multilateral trading facilities having become the backbone of today's globally integrated financial transactions. While most banks use the services of these electronic markets to handle interbank processes, they still strive for bilateral relations in the field of customer-facing processes. This position paper argues that the financial crises, the changing behavior of customers, upcoming innovations based on information technology (IT) and financial services offered by non-banks are strong drivers towards more customerorientation in the financial industry. A large variety of banking IT innovations has emerged and illustrates that traditional banks are expected to have less power to impede competition at the customer interface and in consequence need to re-position themselves. Building on these developments on the one hand and existing electronic market infrastructures in the banking industry on the other, the concept of a customeroriented financial market infrastructure is proposed as a possible future solution. The impact is illustrated using a competitive analysis of the banking industry and analogies to the media industry where new entrants from the computing industry have caused disruptive changes. Besides describing the threat to existing banks, the position paper also discusses the perspectives for banks.
Technology and e-finance in Japan
Rapid progress in information and communication technology (ICT) is an important factor changing the financial sector in many countries. Although its effects are visible in many industries, for several reasons they are particularly strong in finance. Financial services are intangible; progress in ICT has drastically reduced the cost of providing them and is a driving force for structural change in conjunction with globalisation and deregulation.
E-commerce for financial services
Computer Law & Security Review, 2003
Some implications of e-Commerce financial services firms are becoming clear. The web drives transparency, and increases the information endowment of all market participants. It is harder to manipulate customers' behavior, or to overcharge them. Transparency drives differential pricing. Not all customers can or should be charged the same prices. Transparency reduces the viability of crosssubsidies between customers can or between products. The differential pricing enabled by the web transforms distribution channels, and enables direct distribution and alternative forms of distribution. Some intermediateraries may be bypassed altogether, while others may rapidly lose their best, most profitable, and previously most loyal customers.