Internet Finance

Internet Finance

Marta Vidal (Complutense University of Madrid, Spain), Javier Vidal-García (University of Valladolid, Spain) and Stelios Bekiros (European University Institute, Italy)
DOI: 10.4018/978-1-5225-2234-8.ch009
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Abstract

New developments in the Information and Communications Technology industry have substantially increased the importance of the internet over the last decade. As a result, the finance sector has developed its technological capability to be able to compete in an online marketplace with other financial services providers and to be able to serve their customer. This chapter examines the use of technology in the financial industry and the various factors associated with it, as well as introducing the reader to the main types of project initiators-contributor business relations in online crowdfunding.
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Background

In the late 1970’s home banking was the only way of offering financial products without the customer being present at the banking hall (Xu, Wikes, & Shah., 2006, p. 19). Financial institutions call this service home banking; however banks offer this service through phones.

Banking customers were able to transfer money, pay their invoices or check their account credit through touch-tone telephone while they were at home. New software was created that permitted connecting customer to the bank through a dial-up connection. Although in the late 1980s this service was not very popular for several reasons. First, home banking was only allowed for some services agreed by the bank. Second, this new service needed an important investment in technology, and only few financial institutions could afford this cost.

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