Abstract
Digital enterprise transformation facilitates financial services organizations via enabling them to be more secure, compliant, as well as being digital. It modifies the experience of employees, partners, customers, and stakeholders. The contemporary world is changing very rapidly as information technology has redefined e-commerce. In its simplest sense, a baseline definition of e-commerce can be the performing of business by engaging computer networks and telecommunication aspects. In a narrow sense, e-commerce is pertinent to the commercial sphere involving transactions and people relate it to buying and selling via the internet. On a broader spectrum, it has a wider range of multiple activities. The specific definition thus used in this research curtails it as being an activity performed via a telecommunication network or the internet, which is a component of business model that generates profits and also involves selling. It might be any one of the following: information, products (physical or digital), and services.
TopBackground
E-commerce has brought a universal access of the internet to the core business processes of buying and selling goods as well as services (Figueroa-Armijos & Veiga, 2019). It has helped in generating a demand for products and services along with improved order management, payment, and other support related functions (Gao et al., 2019). The overall goal is to cut expenses by reducing transaction costs and streamlining all types of processes (Awad, 2004).
Allen (2019) is of the view that those organizations which utilize Digital Enterprise Transformation can possibly attain competitive advantages to a great extent:
- 1.
It unleashes innovation at scale and speed level as internet speed keeps on improving.
- 2.
Customer’s upcoming needs are fulfilled as they can now avail the e-portal much conveniently and can be easily aware of upcoming products as well as services.
- 3.
Changing marketplace expectations are met by operational agility, as operational agility is a company's ability or capacity to find and seize opportunities to improve operations and processes, within a focused business model.
TopBackground Of Foreign Remittance
According to Merriam Webster Dictionary (2020), remittance is the transmittal of money (i.e. to a distant place), in accordance with Cambridge Dictionary (2020) “An amount of money that you send to someone”. While, according to Collins Dictionary (2020) “A remittance is a sum of money that you send to someone”.
In a general sense, it is a money transfer by a foreign worker usually to his family in their country of origin. In case of developing countries, the sent money by respective migrants also contend with international economic aid as being one of the largest financial inflows (Vezina, & Belanger, 2019; Al-Assaf & Al-Malki, 2014). With regard to labor-exporting countries, these remittances are an important component of international capital flows (Edo, 2019).
Key Terms in this Chapter
E-Commerce: Transactions conducted on the internet.
ICTs: Technologies that provide access to information through telecommunications.
E-Banking: Online banking (i.e., via the internet).
Transformation: A marked change in form, nature, or appearance. over significant distances by electronic means.
Digital Enterprise Transformation: Strategies by which organizations take advantage of information technology to develop digital capabilities.
Banking: The services offered by a bank.
Strategy: A plan of action designed to achieve a long-term or overall aim.
Enterprise: A business or company.
Perceived Risks: Uncertainty a consumer has while using electronic services.
Remittance: A transfer of funds by an expatriate to his country of origin.
Telecommunications: It is the exchange of information over significant distances by electronic means.