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Financial services and the Internet ‐ what does cyberspace mean for the financial services industry?

David Birch (Director of the IT Management Consultancy, Hyperion, Surrey, UK. He is a Visiting MBA Lecturer in Information Technology Management at the City University Business School and lectures on the impact of new information and communications technologies for the Nortel/Aspen Institute for Information Studies)
Michael A. Young (Consultant at Hyperion Systems Ltd, Surrey, UK)

Internet Research

ISSN: 1066-2243

Article publication date: 1 June 1997

Abstract

Financial services is undergoing a period of unprecedented change ‐ new products, new entrants, mergers and acquisitions, downsizing … and now another new delivery channel: the Internet. The performance attributes of the Internet are related to both the needs of consumers and the nature of financial services products. Suggests loans, cross‐border services, payments and “knowledge/advice” as areas of opportunity in the early development of this new marketplace. Explores scenarios for the future development of “bancassurer” offerings and for electronic commerce as a whole. Draws on some of Hyperion’s recent experience in helping to launch electronic commerce services on the Internet, reengineering of financial institutions and electronic cash, to suggest approaches for organizations wishing to participate in this new “marketspace.” While businesses can now begin to develop strategies for exploiting cyberspace, argues that existing organizational structures may be inappropriate.

Keywords

Citation

Birch, D. and Young, M.A. (1997), "Financial services and the Internet ‐ what does cyberspace mean for the financial services industry?", Internet Research, Vol. 7 No. 2, pp. 120-128. https://doi.org/10.1108/10662249710165262

Publisher

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MCB UP Ltd

Copyright © 1997, MCB UP Limited