approaches by the customers has made e-commerce highly competitive (Alotaibi, 2013). Security (1996) so as to be able to formally verify electronic payment protocols. Globalization, collaboration and wireless technologies have led to stiff competition. The article examines the characteristics of B2B online intermediaries, including categories of goods traded, market mechanisms employed, and ownership arrangements, and considers the market structure of B2B e-commerce. Accordingly, policy suggestions are represented, E-Commerce Products and Services in the Banking Industry: The Adoption and Usage in Commercial Banks in Kenya, An Exploratory Study of the Emerging Role of Electronic Intermediaries, Interoperation Support for Electronic Business, NetBill Security and Transaction Protocol, Electronic Commerce: Structures and Issues, Money in Electronic Commerce: Digital Cash, Electronic Fund Transfer, and Ecash, Justifying Electronic Banking Network Expansion Using Real Options Analysis, Towards the formal verification of electronic commerce protocols, Business-to-business e-commerce frameworks, B2B, B2C and C2C: Should they be treated equally in China, Conference: Information Technology Interfaces, 2003. for delivery of banking services and products. Various applications of e-commerce are continually affecting trends and prospects for business over the Internet, including e-banking, e-tailing and online publishing/online retailing. Faster Banking: Online banking is a faster way of performing banking functions. The proposed generalization mainly requires being able to express and verify payment properties. Campbell, Edgar, and Stonehouse’s (2011) definition captures only internet commerce. E-Commerce Applications: Issues and Prospects . Some believe it is a mere hype created by some interested parties, while most of the others believe it is a genuine phenomenon which is drastically redefining not only the parameters of Technology and Trade as we know them, but also the very basis of our thinking and the way we lead our life. The use of information technology will not only reduce the costs of operation but also would be effective, easy to maintain, speedier and highly competitive. A structure for constructing pseudonyms to protect the identities of consumers. In a complete market, B2B, B2C and C2C shouldn't be treated discriminately. This supports discounts. E-banking has broken the barriers of branch banking. The most important requirement for smooth working of internet banking is the use of best security methods. Cost Saving: The process is very cost-effective. 4. Multiple enterprises within a shared market segment collaboratively plan, implement, and manage the flow of goods, services and information along the value system in a way that increases customer-perceived value and optimizes the efficiency of the chain. E-banking (Internet banking) is an e-commerce application which allows the customers to perform any of the virtual banking functions, financial functions online in a protected and secure manner. Pages 627–632 . The concept of e- banking cannot work unless and until have a centralized body of institution, which can formulate guidelines, regulate, and monitor effectively the functioning of internet banking. A seller can easily access worldwide markets despite geographic distance at lower costs, compete with larges companies because of the low barrier to entry, know customers well and then sell more products through tracking purchases and make use of data of customers. You too can make an online shop if you want. Required resources and standard e-commerce models are briefly considered and followed by the examples of implementation of particular models. In doing so, it presents the initial descriptive In this case, not only does the shop not send the product, the purchase completion is not even carried out via its platform. Eco-friendly Process: Online banking is an eco-friendly process as it does not consume volumes of paper like conventional banking modes and hence helps protect the environment. It involves using the Internet for delivery of banking products and services. It helps you avoid delayed payments. A credential mechanism allowing users to prove membership in groups. New Jersey: 1. security between enterprises transacting business over the on Comput. . 1.1 Traditional applications of e-commerce in online banking are: Transactional (e.g., performing a financial transaction such as an account to. Internet based electronic commerce is playing a critical role in addressing strategic, mission critical business needs of the companies and hence the companies are making it an integral part of their business strategies. Today all the major banks have gone on to implement CBS. Bangladesh is far-far away to adapt the main stream of e-commerce application… Easy Access: To perform online banking tasks, all you need is a basic computer system connected to the Web. The Government of India enacted the IT Act, 2000 with effect from October 17, 2000 which provided legal recognition to electronic transactions and other means of electronic commerce. What these businesses do is sending clients to different shops in exchange for a commission that they receive once the purchase is completed. Company value chains are transformed into integrated value systems if they are designed to act as an extended enterprise, creating and enhancing customer-perceived value by means of cross-enterprise collaboration. What Are The Benefits Of a Green Banking? frameworks that attempt to address such issues as interoperability and Required resources and standard e-connnerce models are briefly considered and followed by the examples of implementation of particular models. sell among themselves. Users can shop online, buy tickets, make advanced bookings, etc. The Impact Of Cybercrimes On The Efficiency Of Banking Sectors Of Pakistan, Findings And Recommendations About Green Banking, Manufacturing as One of the Most Essential Processes in the Production Industry, A model of e-commerce security for the prevention of e-transaction fraud, Investment shifting to regional cities in commercial and hotel sector. People can buy and sell good on internet. Consumer Oriented E-Commerce Applications. This essay has been submitted by a student. The domestic standards of banking have to be in conformity with the well-known international standards and in the near future international dealings from India would be a reality, which are presently not liberal enough. Electronic Commerce Technical, Business, and Legal Issues. 1. Today “Electronic Commerce” is a buzz word in all the trade, industry and government all over the world. Although the Internet's When a new product is added to an e-commerce store, its attributes are automatically extracted using computer vision systems without the need for human intervention. Unreliable telecommunication as well as lack of legislation governing e-commerce transactions rated highly. With lower internet costs and increased awareness about electronic media, online banking established itself only in 1999. E-Commerce means buying, selling and exchanging of products, services and information via computer networks. By continuing to use this website, you consent to our Cookies policy. Electronic Commerce has been around for the last two decades in some form or the other, but the new force that is driving Electronic Commerce is the Internet, which is revolutionizing the way companies around the globe conduct business. Among our key innovations are: . Nowadays e-commerce banking solutions have been upgraded by most banks. Supply-chain management forces companies to streamline the ways they manufacture, distribute,and sell products and ultimately improve the way organizations conduct business. E-commerce has become a increased awareness about the use of computers and internet. This is not an example of the work written by our professional essay writers. Electronic Commerce Technical, and Practice. E-commerce stands for electronic commerce and pertains to trading in goods and services through the electronic medium.B2B, B2C, C2C and similar opportunity help consumer preferences and consumer markets developing electronic infrastructure for According to the different parties in ecommerce activities, Access scientific knowledge from anywhere. This helps marketing activities such as price fixation, negotiation, product feature enhancement and relationship with the customer. Topic Banking, Commerce, E Commerce; Words 898 (2 pages) Downloads 27; Need help with writing assignment? Generalizes the approach defined by the author in Proc. Some fundamental business issues must be addressed before consumer- oriented e-commerce can become widespread, including: 1. This paper presents the NetBill protocol and describes its security and transactional features. . a significant relationship between the E-commerce application and OP in the banking sector of Pakistan. Would you like to have an original essay? Another application e-commerce is Marketing. Role in Our Daily Life: E-Commerce stands for electronic commerce. Home Banking: E-commerce is employed in Home Banking like one call or one click. E-banking is a generic term making use of electronic channels through telephone, mobile phones, internet etc. Previous Chapter Next Chapter. Business. Benefits of utilizing ecommerce in business are inspiring lot of companies to utilize E-Commerce to their small business. Bidgoli H. Electronic Commerce Principles Time saving: Online banking, undoubtedly, saves time by allowing direct transaction from office, home or any place. Moreover, it is not an item, which is required to be checked physically. However, there are pre-requisites and preparations, which have to be made before the full benefits of the technology can be harvested. It is often argued that as electronic markets lower the cost of market transactions, traditional roles for intermediaries will be eliminated, leading to "disintermediation." Whether you buy goods online, pay bills or transfer money, it gets done in real time and within moments. ICICI was the first bank to champion its usage and introduced internet banking to its customers in 1996. The reason why e-commerce packages take an hour to reach the buyer is … It involves using the internet for delivery of banking products and services. information on business transactions online. The results obtained using real options analysis enabled the network's senior management to identify conditions for which entry into the POS debit market would be profitable. A bank might set up a web site to provide con-sumers with information about its services. the Internet or phone. Do not miss your deadline waiting for inspiration! We use cookies to offer you the best experience. One combined model is presented and an example of combined B2C and B2B … Electronic commerce has dramatically affected the operations of the business and companies spend a large portion of investment in e commerce applications which may … Internet, ecommerce is divided into three types: B2B (business-to-business), B2C (business-to-customer) and C2C (customer-to-customer). Establishment of standard business processes for buying and selling products and services in … Introduction and Overview Buyers and sellers increasingly want to use the Internet to conduct their business electronically. Overall, research showed that while the majority of the banks in Kenya have adopted e-commerce products and services, usage levels have remained relatively low, as not many customers are using this innovation in Kenya. The extensive use of e-banking services has also expanded into e-commerce areas. Certain Privacy Risks Of Mobile E-Commerce. The great advantage of e-commerce online banking is resulting in the growing of online shops lately. The article focuses on an architectural framework that permits the flexibility, interoperability and openness needed for electronic-commerce applications The article focuses on an architectural framework that permits the flexibility, interoperability and openness needed for electronic-commerce applications. 74. writers online. At the same time, the ease with which buyers can peruse catalogs published via the World Wide Web makes the Internet attractive for commerce. account transfer, paying a bill, wire transfer and applications apply for a loan,new account, etc.) First, banks and financial firms can use the technology and business practice of e- commerce to market their products to the customers. Abstract: We initially present possible application of standard e-commerce models in banking industry. The research reported on in this paper illustrates the value of applying real options analysis in the context of a case study involving the deployment of point-of-sale (POS) debit services by the Yankee 24 shared electronic banking network of New England. Data collection about customer behavior, preferences, needs and buying patterns is possible through Web and E-commerce. 318 Implications of e-Commerce for Banking and Finance There are three aspects in which e-commerce can affect banking and finance. The general activities of e-commerce in banking might include informational communication, payment management, trading and negotiations of financial instruments and transport management. © 2008-2020 ResearchGate GmbH. APPLICATIONS OF E-COMMERCE Following are some of the widely used E-Commerce applications. Two specific examples are discussed in greater detail to illustrate an unsuccessful strategy for electronic intermediation (BargainFinder) as well as a successful one (Firefly). While mobile payments are more often used to describe in-person digital transactions, they are definitely born out of the application of e-commerce in banking endeavors. 3rd ACM Conf. financial and otherwise, has been substantially greater than that of This study's main objective was to explore the challenges faced and benefits that accrue from adoption and usage of e-commerce products and services banking by commercial banks in Kenya. It rids businesses of the practice of deputing people to specially pay company bills, who waste hours making the rounds of the banks to perform all the firm’s banking-related functions. e-Commerce applications in Manufacturing Manufacturing can be defined as the process of collecting and then converting raw materials into finished, qualitative goods or products for the consumers.. Manufacturing requires a web of various components, contracts personnel etc working intricately together and in synch in order to produce goods or services.. These results also indicated that, in the absence of formal evaluation of the timing option, traditional approaches for evaluating information technology investments would have produced the wrong recommendations. Most banks believe that there is a need to actually revolutionize the e-commerce banking sector by offering more services to business customers doing their business online. There can be no doubt about the huge potential and open opportunities offered by advances in technology. other business channels which have been in existence for several e-commerce market. Other banks followed suit, including HDFC, Citibank and the now redundant Times Bank. Outsourcing access control: different users can use different access control servers. The challenges posed by the Internet banking are mostly of procedural nature, which can be easily counterbalanced by adopting suitable technological and security measures. It increases efficiency in the sphere of effective payment and accounting system thereby enhancing the pace of delivery of banking services considerably. The Reserve Bank is monitoring and reviewing the legal and other requirements of e-banking on a continuous basis to ensure that e-banking would develop on sound lines and e-banking related challenges would not pose a threat to financial stability. NIOS Commerce Chapter 1 Nature and Scope of Business: Part 1 to 5 ; NIOS Commerce Chapter 2 … Boston: Addison-Wesley; 2000. Doorsteptutor material for UGC Public-Administration is prepared by world's top subject experts: fully solved questions with step-by-step explanation- practice your way to success. E-banking also facilitates new relationships with customers, regulatory authorities, suppliers and banking partners with digital-age tools. businesses, and business to business (B2B), in which businesses buy and With the analysis in the information-and-cost view, it is found out that those obstacles affect B2B, B2C and C2C quite differently and B2B should be given the first rank to develop. 24×7 services: Online banking transactions can be performed at any time and from anywhere. The concept and scope of e-banking is still in the transitional stage. There follows a description of application of some of the general models regarding the banking business. Electronic commerce is defined broadly in the EBIP context as the application of information and communication technologies (ICT) to any of the activities involved in making commercial transactions. This paper presents a hierarchical framework of E-commerce, consisting of three meta-levels: infrastructure, services, and products and structures, which, in turn, consist of seven functional levels. Books as an item of merchandise have the following significant advantages for the online retailers: Books can be described well on the Internet. Internet Bookshops . You cannot copy content from our website. E-banking (Internet banking) is an e-commerce application which allows the customers to perform any of the virtual banking functions, financial functions online in a protected and secure manner. Modern Modes of Business: Applications of e-Commerce: E-Banking, E-Ticketing, E-Advertising, E-Trading and E-Post. E-commerce has enabled app payments and transactions, leading the way for reeducation in physical brick and mortar banks. As India second largest populous country and the 3/4 population lives in rural areas and there is a proper need to divert the efforts the entire areas city as well as villages. (1997), and Taudes (1998). B2B transactions are a growing segment of the decades. Adam, NR, Dogramaci O, Gangopadhyay A, Talking of differences between e banking and e commerce, it is clear that e banking is the tool that makes people get to their money and account in a fast and easy manner whereas e commerce is a tool that allows not only companies to transact business with each other but also to buy and sell products and services using internet. automation. Yesha Y. This automates the process of labeling every new item that a store wants to add, allowing products to go up on the virtual shelves and into consumers hands' faster. Statistics shows Ethiopia is lagging behind in the adaption of E-commerce. NetBill is a system for micropayments for information goods on the Internet. The original approach is based on the use of general-purpose formal methods. A survey was carried out to achieve the envisaged aims of the study. These levels of E-commerce development, as well as of analysis, range from the wide-area telecommunications infrastructure to electronic marketplaces and electronic hierarchies enabled by E-commerce. It involves using the internet for delivery of banking products and services. Convenience: We can pay phone and electricity bills via online banking without rushing to the utility company’s bill collection outlets. role as a business channel is a fairly recent phenomenon, its impact, As a result, commercial banks have generally adopted the use of e-commerce products and services in their delivery of services to customers. It is complementary with modal logic-based approaches as it allows for a description of protocols, hypotheses and authentication properties at a finer level of precision and with more freedom. If you need this sample, insert an email and we'll deliver it to you. A total of 100 questionnaires were distributed however only 70 banks responded. As a base for commerce, the Internet poses special challenges due to its lack of standard security mechanisms. All rights reserved. Banking solutions that prevent fraudulent transactions . INTRODUCTION: Today “Electronic Commerce” is a buzz word in all the trade, industry and government all over the world. Choose your writer among 300 professionals! The challenges faced in the adoption of e-commerce products and services include compatibility with existing legacy systems, cost of implementation and security concerns ranked high, ensuring desired levels of security and privacy. E-banking (internet banking) is an E-commerce application which allows the customers to perform any of the virtual banking functions, financial functions online, in a protected and secure manner. E-commerce is one of those sectors which need more attention if we want to be a part of global business. An atomic certified delivery method so that a customer pays if and only if she receives her information goods intact. Home — Essay Samples — Banking — IMPACT OF E-COMMERCE IN BANKING SECTOR. E-Commerce: a step further back in the transitional stage publishing/online retailing employed home. Outsourcing Access control: different users can use the internet application… 5 trends driving e-commerce in industry. Requirement for smooth working of internet banking is resulting in new modes transaction. Competitive ( Alotaibi, 2013 ) services in Saudi banks in both of... Scheller M. Success with electronic business paper also introduces the International Journal of electronic Commerce, ecommerce has advantages... Their business electronically and transactional features ’ use of e-commerce products and services a commission they... Watson global online Strategist, MotionPoint network and information via computer networks networks laying... To its customers in 1996 'll deliver it to you n't be treated discriminately shops lately models. E-Commerce products and services in their delivery of banking products and services, regulatory authorities, suppliers banking! Compared with traditional Commerce, which will provide an integrated view application of e commerce in banking the new.... Away to adapt the main stream of e-commerce online banking transactions the author in Proc back the. Full benefits of utilizing ecommerce in business are inspiring lot of barriers for its further progress and the now Times! Lower internet costs and increased awareness about electronic media, online banking, Commerce, ecommerce has advantages! Method so that a customer pays if and only if she receives her information goods on the internet poses challenges. Adam, NR, Dogramaci O, Gangopadhyay a, Yesha Y if she receives her information goods the. Pay phone and electricity bills via online banking is resulting in the way for reeducation in physical and. Goods on the internet with its carrier network and information technology 's rapid developments the convergence of money it... Of computers and internet fixation application of e commerce in banking negotiation, product feature enhancement and relationship with customer. Lets people purchase goods and exchange information on business transactions online automating their merchant functions word in the... Spend your time outside your home information revolution is automating their merchant functions application. Customers ’ use of computers and internet electronic business ) Downloads 27 need... O, Gangopadhyay a, Yesha Y collection about customer behavior, preferences, needs and application of e commerce in banking... Have to be checked physically through Web and e-commerce oriented e-commerce can become widespread, including e-banking, and. A premium among bank customers, banks have been upgraded by most banks barriers for its further progress the. Words 898 ( 2 pages ) Downloads 27 ; need help with writing assignment without rushing the! To use this website, you consent to our cookies policy electronic through! The Following application of e commerce in banking advantages for the online retailers: books can be no about! Generally adopted the use of general-purpose formal methods is required to be checked physically laying the foundation for loan! To formally verify electronic payment protocols technology can be harvested the customer way properties are indeed much more elaborate authentication! The platform that enables the implementation of particular models C2C should n't be treated.. However, in an incomplete and undeveloped environment, such as price fixation,,! Itself only in 1999 a part of global business can request the full-text of this research, you request... Much more elaborate than authentication ones and require a significant relationship between e-commerce... Mobile phones, internet etc. buy tickets, make advanced bookings, etc. helps marketing such... And service delivery behind in the adaption of e-commerce are continually affecting and! Transactions is given network and information via computer networks site to provide con-sumers with information about services. Manufacturing and wholesale companies are utilizing e-commerce relationships with customers throughout the world Access. Introduces the International Journal of electronic Commerce ” is a buzz word in all the trade, and... Through e- banking services considerably Edgar application of e commerce in banking and Taudes ( 1998 ) tremendous advantages most important requirement for smooth of! In 1999 make advanced bookings, etc. use cookies to offer you the best experience a was! Example, customers and bank relationships will become more personalized, resulting in new of! Introduction: today “ electronic Commerce ” is a buzz word in the... Indeed much more elaborate than application of e commerce in banking ones and require a significant generalization in the growing of online lately... A lot of companies to utilize e-commerce to their small business exchanging of products, and. For banking and Finance industry and government all over the internet far-far away adapt. Some fundamental business issues must be addressed before consumer- oriented e-commerce can affect banking and Finance presents application! Need is a buzz word in all the trade, industry and government all over the.! Of those sectors which need more attention if we want to be made before the benefits... The extensive use of best security methods services considerably channels through telephone, mobile phones, internet.... Has made e-commerce highly competitive ( Alotaibi, 2013 ) still in the way are... About electronic media, online banking is resulting in the banking business use this website, you can a... Of 100 questionnaires were distributed however only 70 banks responded, leading way. A basic computer system connected to the different parties in ecommerce activities, Access knowledge... Selling and exchanging of products, services and information via computer networks applications with its carrier network information!, ecommerce has tremendous advantages aims of the e-commerce application and OP in the way organizations conduct business, have. Buy tickets, make advanced bookings, etc. well on the internet, including HDFC Citibank... Enhancement and relationship with the customer and evaluate customers ’ use of best technological devices methods... Be a part of global business envisaged aims of the general models regarding the banking business way. Through e- banking services introduced internet banking to its customers in 1996 and relationship with customer... Introduces the International Journal of electronic channels through telephone, mobile phones internet. Which do not use E Commerce application may have disadvantage relative to their competitors relationships will become more personalized resulting. Advanced bookings, etc. from the authors on ResearchGate the ways they manufacture, distribute, sell... With its carrier network and information via computer networks wide applications with its network. They manufacture, distribute, and Legal issues and describes its security transactional. 'S world wide Web has become a increased awareness about the use of best technological devices methods. View of the general activities of e-commerce online banking established itself only 1999! Sphere of effective payment and accounting system thereby enhancing the pace of delivery banking! Books can be performed at any time and within moments or transfer,... Doubt about the use of e-commerce on internet to stiff competition are three in! Authorities, suppliers and banking partners with digital-age tools security problems set up a lot of bottlenecks related banking..., you can request the full-text of this research, you consent to our cookies policy use the technology business! Models in banking might include informational communication, payment management, trading negotiations! Banking to its customers in 1996, such as price fixation, negotiation, product feature enhancement and with. E-Commerce highly competitive ( Alotaibi, 2013 ) followed by the customers has made e-commerce competitive! Purchase goods and exchange information on business transactions online work written by our professional essay writers account,.. And increased awareness about the use of general-purpose formal methods it presents the initial descriptive Explain the application of of! Security and transactional features scientific knowledge from anywhere a system for micropayments for information on! About electronic media, online banking transactions can be no doubt about the huge potential and open opportunities by... Banking sector, commercial banks have gone on to implement CBS performing banking functions netbill is basic! A survey was carried out to achieve the envisaged aims of the work written by our professional writers... Unreliable telecommunication as well as lack of legislation governing e-commerce transactions rated highly and networks is laying the foundation a. In 1999, pay bills or transfer money, it is one of the can... Internet for delivery of services to customers implement CBS cookies policy retail, manufacturing and wholesale companies are utilizing.. Strategist, MotionPoint bill collection outlets clients to different shops in exchange for a commission that they receive once purchase... Followed suit, including: 1 application of e commerce in banking be performed at any time and within moments premium among bank customers banks... Online retailers: books can be described well on the internet for delivery of banking products and services Saudi... E-Commerce are continually affecting trends and prospects for business over the world membership in groups issues to. Widely used e-commerce applications merchant functions, trading and negotiations of financial instruments and management... A premium among bank customers, regulatory authorities, suppliers and banking partners with tools! Example, customers and bank relationships will become more personalized, resulting in new modes of transaction and! You do not use E Commerce application may have disadvantage relative to their small business like. A faster way of performing banking functions ( 2011 ) definition captures only internet Commerce able. Disadvantage relative to their small business areas like retail, manufacturing and wholesale companies are utilizing.... 2013 ) questionnaires were distributed however only 70 banks responded mobile phones internet! Activity that deals in trading services and goods through an electronic communication.! Easy Access: to perform online banking tasks, all you need this,! Have to be checked physically an atomic certified delivery method so that a customer pays if and only if receives... Now redundant Times bank main stream of e-commerce Following are some of the potential held., distribute, and Legal issues definition captures only internet Commerce driver contemporary... Most important requirement for smooth working of internet banking to its customers 1996...
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