E-Broking As A Tool For Marketing Financial Services In The Global Market
For any organization to thrive in today’s business environment, it must deal effectively with global competition and the rapid pace of technological change. The Internet has played a vital role in transforming business in the new millennium. As an innovative tool, the Internet is gradually entering our lives and improving cost effectiveness, catalyzing disintegration, and increasing convenience for businesses and their consumers. Perhaps, nowhere else is the impact of the Net felt as much as in the marketing of services sector”—it has— opened new channels for service delivery, shortened turnaround times, and offered unprecedented convenience to customers. The focus of this paper is on the “marketing of financial services,” with special emphasis on ‘e-broking’. The paper discusses e-service revolution. It also summarizes distinct phases in the development of e-broking and the mechanism of e-trading. The “Six ‘S’ Model”, which provides a framework for analyzing the potential e-enablement of a service is also discussed. The benefits for users and brokers are also enumerated. Some problems caused by switching over to an e-broking system are deliberated. For any e-trading system to be successful, one should provide for foolproof security, reliability and confidentiality of data. The key success factors, various security models that are adopted by the e-broking industry are elaborated. The paper portrays the prospects for an e-broking industry around the globe.