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Category: Business and Industry
Date Submitted: 12/13/2011 11:30 PM
Evolving Issues in
On-Line Banking
Richard C. Owens
Centre for Innovation Law and Policy
University of Toronto Faculty of Law
78 Queen’s Park
Toronto, ON M5S 2C5
E-mail: richard.owens@utoronto.ca
october 29, 2002
I. INTRODUCTION 1
A. Banking and Poetics: a New Approach 1
B. Definitions 2
C. Market Changes and the Role of Banks 2
II. How Much per Transaction? 5
A. The Promise of Electronic Commerce 5
B. Banking Transaction Costs 6
III. Intellectual Property 8
IV. New Business, Old Regulations 9
V. Banks Cannot do it Alone—The Risks and Complexities of Strategic Alliances and Outsourcing 13
VI. Aggregation 14
VII. Commoditization 18
VIII. Models for Internal Competition for Technology Expenditures 19
IX. The Customer Base 19
X. Systems Vulnerabilities 21
XI. Consumer Protection 21
XII. Privacy and Data 22
XIII. Corporate Governance 24
XIV. My E-Bank: Business Model Selection 25
XV. Jurisdiction and E-Banking 26
XVI. Competition Law 27
XVII. Electronic Payments and Electronic Money 28
XVIII. Credit Cards 28
XIX. Credit Risk 29
XX. Funding 29
XXI. Taxation 29
XXII. Innovation and Risk 30
XXIII. Cowboys in our Midst 30
XXIV. Generally 31
Introduction
1 Banking and Poetics: a New Approach[1]
One of my areas of study before law was English literature. I have since been open to opportunities to marry the two. My expectations of such opportunities have been low, and they have never been exceeded, except when, as a research assistant, I helped create a law school course called Crime in Literature. Electronic banking is a rare and happy exception. The very uneasiness of the juxtaposition of the two words invites elaboration by way of the structural criticism to which the meaning of poetry yields, to elaborate by imaginative association on the inevitable tensions between a world of ancient lineage and institutional heft, on...