Electronic Banking Systems Term Paper

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E-Finance: An Introduction" by Franklin Allen, James McAndrews and Philip Strahan (2002)

In sum, e-finance involves providing some type of financial services online or through other modern digital means. The journal article by Allen et al. provides a review of various types of research issues (e.g., the use of electronic payment systems, the operation of financial firms, and the operation of financial markets) related to e-finance that warrant further studies in the future. The authors describe the fundamental transformations that have taken place in the financial services industry and emphasize that a growing number of providers are operating online without a physical brick-and-mortar presence. In addition, a description concerning the respective impact of the Internet and other electronic banking systems on different sectors competing in the financial services industry (e.g., online banking, insurance companies, and electronic brokerage services).

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The authors also make the point that electronic banking is not a new trend, but rather dates back nearly a century to a period when banks settled payments using the telegraph. In fact, by 1918, the Federal Reserve leased telegraph lines across the country to link all of the accounts held at the 12 Federal Reserve Banks in the United States. Likewise, the NASDAQ exchange was using electronic stock trading as early as 1971. The point is also made that electronic banking systems have gained in popularity since that time and a growing number of countries have made the transition to electronic banking systems. Moreover, a number of stock trading platforms have transitioned to electronic systems with the New York Stock Exchange and the bond market….....

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