The first edition of this book was published at a time when only a few banks (mostly foreign) provided Internet banking services in India. Today many banks offer these facilities to their customers and even some medium sized cooperative banks are venturing into adopting core banking solutions with the promise of migration to the internet.
The second edition of E-Finance focuses on system improvements, marketing, customer services, security and legal remedies, amongst others. While issues like web design are briefly touched upon, the emphasis is on the integration of this new channel with the established 'brick-click' model. The book surveys the spread of internet facilities and the use of mobile phones with internet connectivity; it takes a look at the economic basis for important decisions like pricing, price discrimination and marketing services as well as changes in routine administration, particularly back office functioning. The book also examines the working of e-banking, e-insurance and e-broking. Developments in alternate systems of trading in areas like treasuries and foreign exchange are discussed. Security aspects and legal means available for dealing with crimes are critically examined. Marketing of these services, a comparatively neglected area, along with recent experiences and efforts of some banks are looked at. Finally, the work examines the difficult issues relating to regulation.
While world over the Financial Services Industry is faced with problems as never before, Indian banks (particularly public sector banks) have not suffered significantly and are quite secure. This is an opportunity to show the world that this business model can be used sensibly and with a social purpose. Indian banks can offer services at prices not possible elsewhere. As the author says, "The future is here! May financial institutions exploit it!"