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Implications of e-commerce for banking and finance

Author

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  • Heng, Michael S.H.

    (Vrije Universiteit Amsterdam, Faculteit der Economische Wetenschappen en Econometrie (Free University Amsterdam, Faculty of Economics Sciences, Business Administration and Economitrics)

Abstract

The aim of the paper is to show that e-commerce holds the potential to transform banking and financial systems. There are three aspects in which e-commerce can affect banking and finance. 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. The second and third aspects have a precedent in the history of banking. If history can serve as a reliable guide, then it is likely that e-commerce can act as an enabling factor to transform banking and finance in a radical manner

Suggested Citation

  • Heng, Michael S.H., 2001. "Implications of e-commerce for banking and finance," Serie Research Memoranda 0006, VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics.
    • Handle: RePEc:vua:wpaper:2001-6
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    File URL: http://degree.ubvu.vu.nl/repec/vua/wpaper/pdf/20010006.pdf
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    Cited by:

    1. Xiaoxu Chen & Peng Xu & Guoqiang Yang, 2019. "Incentive Contract between Banks and B2B Platform in Online Agricultural Product Supply Chain Finance," Business and Management Research, Business and Management Research, Sciedu Press, vol. 8(2), pages 20-26, June.
    2. Qiang Lin & Ying Peng, 2021. "Incentive mechanism to prevent moral hazard in online supply chain finance," Electronic Commerce Research, Springer, vol. 21(2), pages 571-598, June.

    More about this item

    Keywords

    e-commerce; banking; finance; Internet; innovation; history; modern commerce;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

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