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Purpose--This purpose of this paper is to provide an overview of the status of e-finance and discuss related issues and challenges. Provides data about growth of e-finance in the last decade. Introduces advances and innovations in e-finance and challenges facing the financial services and IT industries. Design/methodology/approach--The paper employs the archival method of reviewing related literature (theoretical, applied and empirical) and organizing and presenting the topics to provide an overview of e-finance status. Findings--The major contributions and finding of this paper include all areas of e-finance, application of technology to e-finance, growth of the e-finance in the financial services industry. Research limitations/implications--The paper provides areas of e-finance that face many different challenges and calls for further research in a number of areas related to e-finance technology and the interface of financial services and IT. Practical implications--The paper brings all scattered information and data about e-finance under one umbrella that would make scholars and practitioners aware of advances in e-finance and applications of innovations and new technology to financial services provided. Originality/value--The main value or contribution of this paper is bringing together most of available literature, advances, innovations, application of IT in the financial services industry and showing how organizations could benefit from such innovations. It also provides ideas to scholars for further research in this area. Keywords Communication technologies, Electronic commerce, Financial services Paper type Research paper

The changes that have taken place in the business environment following the increase in electronic transactions during the 1990s are discussed, with focus on accountants being the best qualified people to understand the new systems.

A growing number of banks are exploring the potential of the Internet as a marketing channel in addition to its current role as a service delivery vehicle. The banks' entry into Internet marketing has occurred in three phases: from brochure-ware to transactional sites to personalized marketing. During the brochure-ware phase, the banks created static Web sites that simply provide information about themselves, their products, services and locations. During the second phase, they deployed transactional Web sites that allowed customers to transfer funds, pay bills and ask about their accounts. During the third phase, banks have started using personalization engines that tailor the content of the Web site to the particular needs of customers. This phase may be followed by the use of neural networks that could learn customer behavior and preferences.

Electronic commerce has changed the way businesses operate. Just as e-mail is replacing the memo, electronic commerce is taking the place of corporate procurement paperwork. Over the past few years, [...]

Nonbank technology firms are developing electronic payment systems designed to eliminate some banking functions by acting as intermediaries between banks and clients and by handling the information created by bank transactions. Moreover, new technologies may further erode the role of banks in cash management and disbursement programs. Banking institutions have responded to these issues in two ways: by forming alliances or merging with nonbank technology companies or software developers and by creating a huge database that contains information on merchants that accept noncash payments. However, other electronic data interchange service providers are creating new threats to existing payment systems.

Tesco Hindustan Service Centre (THSC) of Bangalore is helping its parent company, Tesco of UK, the world's third largest retailer, in going global with its e-commerce rollout. Tesco is planning [...]

If you spend even a few minutes with Jeffrey L. Sampler, you'll discover he's got a one-track mind. And you'd be well advised to follow his train of thought, which [...]

Imagine walking up to a vending machine, punching a few numbers on a mobile phone, and seeing a can of soda emerge. How about checking flight information from a Palm [...]

After several false starts, smart card technology is beginning to live up to its early promise The smart card market continues to advance rapidly, driven by a growing population of [...]

Identrus and bolero.net announced their joint co-operation early last month. The alliance will allow secure keys issued by Identrus participants to be valid within the bolero.net online global trade system. [...]

Digital certificates are sort of like smart cards: They are both cool technologies that may some day come in handy, but there is still very little you can do with [...]

MasterCard International has introduced a free electronic wallet that people can use at 1,400 Internet merchants. Using the e-wallet, which was developed by Brodia, cardholders may store their credit card [...]

Scott Hunter describes how Intel and TheBeast.com have joined forces to develop the next generation of e-business solutions If J Pierpont Morgan, the great banking innovator of the Industrial Age, [...]

MIAMI - A fledgling stored value system has managed to edge its way into choice payment slots on well-known merchant Web sites next to the big-leaguers American Express, MasterCard, and [...]

TECHNOLOGY HAS SHORTENED THE TIME it takes to complete the mortgage process, making the process more seamless than ever before. Before the birth of the PC some 15 years ago, [...]

Keystroke Financial Inc , Seattle, has just finished testing a universal lending platform for the Morgan Stanley Dean Witter websites www.msdw.com and www.discoverloancenter.com. The platform will allow MSDW to originated [...]

'It isn't worth a hill of beans.' American Aphorism Before your very eyes, banks' role as being the chosen instrument to maintain monetary stability is being undermined...by such currency as [...]

Intuit Inc.'s Quicken.com last week became the first Internet financial portal site to deliver electronic bills. Quicken.com, which offers financial services from multiple banks, insurance companies, and brokerages, is offering [...]

USAccess Bank of Louisville, Ky., has joined the select ranks of banks that are promoting themselves as Internet-based. A division of Central Bank USA Inc., USAccess is part of the [...]

On the face of it, New York-based Citibank's [C] CitiWallet pilot is just oneform of the issuer's electronic commerce strategy that has become reality. With a few clicks on the [...]

After the conclusion of a pilot in six test markets, Houston-based TeleCheck Services Inc. announced the availability of electronic check acceptance (ECA) at all its merchants as of June, according [...]

The achievements of Richard Noble, holder of the land speed record and creator of the ThrustSSC car, are discussed. His plans to design and build carbon-fibre aircraft to run a taxi service for business people throughout Europe are described.

Technical and social issues have hobbled the development of smart cards as a transaction medium. On the technical front, concerns about hacking and interoperability among interfaces have led many institutions to worry about the safety of smart cards. On the social front, issues related to privacy continue to serve as a hindrance to public acceptance of smart card technology. Observers believe, however, that multi-function smart cards may eventually speed up the use of chip cards since these can be used to allow customers to engage in electronic commerce services., There are issues which need to be addressed if smart cards are to take off in the same way as credit cards. Given all the potential benefits and conveniences that [...]

Wells Fargo Bank has taken a 30% stake in Mondex USA, marking the bank's commitment the Mondex electronic money system. Mondex is the only system cheap enough to serve as electronic cash, according to Wells president William Zuendt. It is also the only electronic money system that works over communications networks and, as a stored-value card, in the consumer's hand. Mondex USA represents 39% of Mondex International's equity., Though perplexed by chicken-and-egg questions, technology strategists find one pattern repeats itself: Creation (as in the horseless carriage, or the digital computer) tends to be a small part of a [...]

A biotechnology company uses it as a kind of on-line employee handbook that provides information on everything from human resources and benefits policies to corporate announcements. An aircraft maker employs [...]

Electronic money and smart cards were major topics at the Cardtech/Securtech program in May 1996. Alvin Toffler, Martin Mayer, and Jeffrey Ritter were among speakers who gave presentations on social changes and innovations in money and banking. Payment system privatization, regulation of electronic commerce, printing of money, bank services, data security and ease of access are some of the issues which need to be faced with these innovations., Smart cards and electronic money have barely begun to make their mark, but they already have some deep thinkers waxing philosophical. Witness the Cardtech/Securtech program last week in Atlanta, where [...]

The insurance industry is viewed as ripe for renovation by accelerating advancements in Internet and e-commerce technologies. One of the front-running companies in the e-insurance sector, ECoverage, is profiled.

MOUNTAIN VIEW, Calif. - Valicert Inc. said its validation technology for digital certificates will be incorporated in the security architecture of Digital Signature Trust Co. Digital Signature Trust, an affiliate [...]