The Use of the Internet and Electronic Commerce in the Canadian Banking and Insurance Industry

Abstract

The Internet is the defining technology of the information society. By reducing the cost and increasing the speed at which the information can be collected, stored and analyzed, it is creating a new business environment, changing the nature of the firm and extending the boundaries of the marketplace. The Internet is a highly efficient sales and delivery channel and offers vast opportunities to introduce new products (goods or services) and better substitutes for existing products. And it is becoming more efficient, more accessible and easier to use, making it an increasingly more attractive place to transact business, connect with suppliers, customers and partners, mine information, innovate and create wealth. The non-proprietary nature of the system and its global architecture invite and attract continued improvement and growing applications to accommodate new ideas and products.