Abstract
The aim of the paper is to show that e-commerce holds the potential to transform banking and financial systems. First, banks and financial firms can use the technology and business practice of e-commerce to market their products to the customers. Second, e-commerce provides a business opportunity for banks to offer new products and services to serve the needs of e-commerce. Third, the new business environment associated with e-commerce provides opportunity for institutional innovations in banking and finance, which can help to lay a sounder foundation for the international financial system. The paper focuses on the second and third aspects.
Chapter PDF
Similar content being viewed by others
Keywords
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.
References
Applegate, L. M. et al 1996. Electronic commerce: building blocks of new business opportunity. Journal of Organizational Computing and Electronic Commerce, vol.6, no. 1, p.1–10
Bauer, P. 1991. The development frontier: essays in applied economics. Cambridge, MA: Harvard University Press
Bodie, Z. and Merton, R. C. 1998. Finance London: Prentice-Hall
Braudel, F. 1985. Civilization and capitalism volume 2 — the wheels of commerce. London: Fontana Press
Choi, S. Y. et al 1997. The economics of electronic commerce. Indianapolis: Macmillan
Classens, S., Glaessner, T. and Klingebiel, D. 2000. Electronic finance: reshaping the financial landscape around the world. Presented at the joint conference of the World Bank, the IMF and International Finance 11 July 2000 Washington DC, available at www.worldbank.org/research/interest/conf/upcoming/papersjuly11/papjuly11.htm
Clough, S.B. and Cole, C. W. 1968, Economic history of Europe, 3rd edition. Boston: DC Heath and Company
Dalton, G. 1999. Wells Fargo turns to web hosting. Information Week Sept 20
De Roover, R. 1948. Money, banking and credit in mediaeval Bruges. Cambridge, MA: The Mediaeval Academy of America
Drucker, P. 1999. Innovate or die. The Economist, 25 Sept.
Eichengreen, B. 1999. Toward a new international financial architecture: a practical post-Asia agenda. Washington, DC: Institute of International Economics
Evans, P. and Wurster, T. S. 1999. Getting real about virtual commerce. Harvard Business Review Nov–Dec, p.85–94
Friedman, T. 1999a. The Lexus and the olive tree. London: HarperCollins
Friedman, B. 1999b. The future of monetary policy. International Finance Vol.2, no.3 p.321–338
Grassby, R. 1970. English merchant capitalism in the late seventeenth century. Past & Present, vol. 46, p.87–107
Hayek F.A. 1945. “The use of knowledge in society,” American Economic Review, vol. 35, no. 4, (Sept), 1945 p.519–530.
Heng, S. H. and Peters, S. C. A. 2001. The Internet and an Opportunity to Re-invent the Banking System. Unpublished research paper, Vrije Universiteit Amsterdam
Kalakota R. and Robinson, M. 1999. e-Business: Roadmap for success. Reading, MA: Addison Wesley
Keen, P. G. W. 2001. Relationships: the electronic commerce imperative. In G. W. Dickson and G. De Sanctis (eds.) Information Technology and the Future Enterprise. Upper Saddle River, NJ: Prentice Hall, p. 163–185
King, M. 1999. Challenges for monetary policy: new and old. Paper prepared for the Symposium on New Challenges for Monetary’ Policy. Jackson Hole, Wyoming.
Lane, F. and Mueller, R. 1985. Money and banking in medieval and Renaissance Venice, Baltimore: John Hopkins University Press
Lawrence, E. et al 1998. Internet commerce. New York: Wiley.
Long, S. 2000. Survey of on-line finance. The Economist, 20 May 2000
Micklethwait, J. and Wooldridge, A. 2000. A future perfect. London: Heinemann.
Pan, S. L., Hsieh, M. H. and Chen, H. 2000. Managing knowledge in electronic commerce era: a case study of online learning centre. Proc. Of 4 th Pacific Asia Conference on Information Systems 1–3 June Hong Kong
Roberts, J. M. 1996. A history o f Europe. Oxford: Helicon
Summer, William G. (ed.) 1971. A history of banking in all the leading nations volume 1. New York: Kelley Publishers
Turban, E., Lee, J., King, D. & Chung, H.M. 2000. Electronic Commerce: a managerial perspective. Prentice Hall, New Jersey
Wenninger, J. 2000. The emerging role of banks in e-commerce. Current Issues in Economics and Finance, vol.6, no.3, p.1–6
Wilder, C. 1999. Wells Fargo provides procurement — banks to offer web buying for business customers. Information Week Aug 10
Author information
Authors and Affiliations
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 2001 IFIP International Federation for Information Processing
About this chapter
Cite this chapter
Heng, M.S.H. (2001). Implications of e-Commerce for Banking and Finance. In: Schmid, B., Stanoevska-Slabeva, K., Tschammer, V. (eds) Towards the E-Society. IFIP International Federation for Information Processing, vol 74. Springer, Boston, MA. https://doi.org/10.1007/0-306-47009-8_22
Download citation
DOI: https://doi.org/10.1007/0-306-47009-8_22
Publisher Name: Springer, Boston, MA
Print ISBN: 978-0-7923-7529-6
Online ISBN: 978-0-306-47009-7
eBook Packages: Springer Book Archive