Implications of e-commerce for banking and finance

Michael S.H. Heng

Research output: Working paperProfessional

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Abstract

The aim of the paper is to show that e-commerce holds the potential totransform banking and financial systems. There are three aspects in which e-commercecan affect banking and finance. First, banks and financial firms can use thetechnology and business practice of e-commerce to market their products to thecustomers. Second, e-commerce provides a business opportunity for banks to offernew products and services to serve the needs of e-commerce. Third, the new businessenvironment associated with e-commerce provides opportunity for institutionalinnovations in banking and finance, which can help to lay a sounder foundation forthe international financial system. The paper focuses on the second and third aspects.The second and third aspects have a precedent in the history of banking. If history canserve as a reliable guide, then it is likely that e-commerce can act as an enablingfactor to transform banking and finance in a radical manner
Original languageEnglish
Place of PublicationAmsterdam
PublisherFaculty of Economics and Business Administration, Vrije Universiteit Amsterdam
Publication statusPublished - 2001

Publication series

NameResearch Memorandum
No.2001-6

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