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Cyberfinance: Lessons and prospects Charles Goldfinger Finance for Development Monterey, March 19, 2002

GEF . Cyberfinance: Lessons and prospects Charles Goldfinger Finance for Development Monterey, March 19, 2002. www.gefma.com. www.fininter.net. Finance and Internet. Cyberfinance Financial services is the domain where Internet impact has been the strongest. E-commerce market share

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Cyberfinance: Lessons and prospects Charles Goldfinger Finance for Development Monterey, March 19, 2002

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  1. GEF Cyberfinance: Lessons and prospectsCharles GoldfingerFinance for Development Monterey, March 19, 2002 www.gefma.com www.fininter.net

  2. Finance and Internet • Cyberfinance Financial services is the domain where Internet impact has been the strongest E-commerce market share (in % of total turnover)

  3. Cyberfinance • Ubiquitous reach Financial markets Wholesale banking Asset management RetailBanking Insurance Financial Data

  4. Cyberfinance • New networks B2B banking E-markets Wealth management E-Banking Riskmanagement Financial Portals

  5. Cyberfinance • Global phenomenon E-finance penetration (end 1999) Source: World Bank, 2001

  6. E-payments: disappointing progress • Road kills and hard slogs • Digicash • Kleline • CyberCash • SET • Cyber-comm • Principal lessons • Critical success factors • Consumer behaviour and attitudes • …NOT technological wizardry • Limited room for new entrants • Respect the incumbents !

  7. E-payments • Radical value shift

  8. Financial business services • Electronic trade finance • Bolero • TradeCard High potential Early days • Credit information and management • Dun and Bradstreet • @ratings High barriers to entry Incumbents dominate Innovative approaches

  9. Cyberfinance • Lessons of experience • Four common misconceptions • Cost reduction potential • Iceberg costs • Ease of implementation • Complexity • Revolutionary impact • Systemic evolution • Disintermediation • Growing demand for intermediation • Leapfrogging potential • Selective • Complex framework conditions

  10. Cyberfinance • Lessons of experience • Cyberfinance is only beginning • Blurring boundaries • Finance Technology • Information Transaction • Financial institutions Technology providers • Technological integration imperative Mobiles Smart Card Internet All finance is becoming cyberfinance

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