The Emergence of Non-Banks: E-Commerce Driven Competition in the Financial Sector

Carl Adams

Chapter 7 in Corporate and Social Transformation of Money and Banking, 2011, pp 121-132 from Palgrave Macmillan

Abstract: Abstract This chapter explores the growing importance of non-bank entities within the traditional banking system. There are two sides to this development. The first covers the increased use of technology within the banking sector, that has resulted in more expertise and functionality being used from outside. Many banking functions are now provided by non-bank institutions providing business for computer hardware or software companies, telecommunication companies, call centres and other intermediaries. The second is the growing competition to the banking sector core business by non-bank entities, including electronic payment systems, retailers, credit companies, technology companies, telecommunications companies and intermediaries. We have labeled these developments corporafinance and they are supported and enabled by the capabilities of electronic commerce infrastructures and practices within the information revolution. The evolution and adoption of these e-commerce technologies has even made it possible to now consider alternatives to the existing financial system, which may provide more stability.

Keywords: Banking Sector; Payment System; Retail Sector; Financial Innovation; Internet Banking (search for similar items in EconPapers)
Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:pal:pmschp:978-0-230-29897-2_7

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DOI: 10.1057/9780230298972_7

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