E-Broking as a Tool for Marketing Financial Services in the Global Market

By Bhasin, Madan Lal | Journal of Services Research, October 1, 2005 | Go to article overview

E-Broking as a Tool for Marketing Financial Services in the Global Market


Bhasin, Madan Lal, Journal of Services Research


Over the last few centuries, human beings have experienced two major revolutions-the industrial and electronic. The former transformed our society from agriculture to industry based, whereas the latter transformed our society from being mechanical to electronics based. As we enter the 21st century, we are seeing the beginning of a new revolution, namely the network revolution. It interconnects different parts of the world, enabling the seamless flow of information. The Internet is the engine of this revolution and electronic commerce (e-commerce) is its fuel, (Turban et al 2000). In the mid-1990s, the term "Web economy" had not yet been coined; it is now a common phrase in business circles.

It is very unfortunate that the media has been as prompt in writing-off the Internet as it was in canvassing for it. However, the truth is that the Internet is neither a sweeping change that could change the face of business overnight, nor as banal a force as the media would now have us believe. Professor Hanson, in his classic book (2001) Principles of Internet Marketing, beautifully sums up the real situation as: " The Internet is definitely a force with potential to change the ways the world operates, though not overnight...It is slowly entering our lives and becoming as ubiquitous as electricity...It is improving cost-efficiencies, catalyzing disintegration, and increasing convenience for businesses and their consumers." With the advent of Internet technologies and advanced cryptographic techniques, it is now feasible to implement ecommerce and e-business over a public network-the Internet.

THE E-SERVICE (R) EVOLUTION

Perhaps nowhere else is the impact of the Internet felt as much as in the services sector. "The delivery of a service via the Internet to the consumer or other business can be referred to by the generic term of e Services, (Amor 1999)". However, the focus of the present article is on 'financial' services, with special reference to 'e-broking' of stocks. There are a wide-range of e-Services currently offered through the internet and these include banking, stock trading, jobs and career sites, travel, education, consultancy advice, insurance, real-estate, broker services, on-line publishing, and on-line delivery of media contents (such as, videos, computer games, etc.). This list is by no means an exhaustive and it is growing all the time.

E-Services can be broken in the following five categories:

1. Web-enabled Services: The primary purpose here is that these services help to save time and effort for the user, enhance convenience and improve the quality of life. In many cases, it can result in a reduced cost for the consumer. E-services that fall into this category include banking, stock trading, education, etc. In some cases, this may bring a new dimension to the original service, enhancing and altering it. E-education is an example of this. It may also bring in new groups of consumers.

2. Matchmaking services: These take a cue from an individual or business customer and provide mechanisms (from providers) for matching that need. E-services that fall into this category include jobs and employment sites, travel, insurance, real-estate sales, brokers, etc. The advantage of this kind of matchmaking through the Internet is an ability to search electronically over a wider area to satisfy the customer need.

3. Information-selling on the web: This group essentially sells information content of one sort or another and includes e-commerce sites that provide on-line publishing, such as web-based newspapers, consultancy advice, specialized financial or other information, etc.

4. Entertainment services: These provide internet-based access to videos, movies, electronic games, or theme sites. This e-entertainment sector is expected to grow rapidly in the next few years with a convergence of TV and Internet-based technologies.

5. Specialized services (such as, auctions): The use of auctions in the real-world is used by sellers to achieve the best possible price for items that they wish to sell. …

The rest of this article is only available to active members of Questia

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Note: primary sources have slightly different requirements for citation. Please see these guidelines for more information.

Cited article

E-Broking as a Tool for Marketing Financial Services in the Global Market
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen
Items saved from this article
  • Highlights & Notes
  • Citations
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA 8, MLA 7, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Search by... Author
    Show... All Results Primary Sources Peer-reviewed

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.