Banker's Hours

Technology is also driving profound changes in the trade-finance area, which is incredibly paper intensive and isn't standardized. But as trade finance begins to move online, the paper documentation will be digitized, making it easier to move, store, and access documents. And as trade-finance documents, risk calculations, and credit instruments are standardized, commercial banks will securitize these complex transactions. So instead of carrying a letter of credit on a balance sheet, a creditor will securitize it and sell it on the open market. That's pretty revolutionary, because it makes the trade-finance market incredibly liquid and incredibly robust.

Looking ahead, I am convinced that the Internet will exceed our expectations. The dotcom explosion proved that technology matters -- big time. But the fallout proves that old-economy rules haven't been completely repealed -- that depth of knowledge and experience still matter.

I guess you could say that we're entering a new phase. This isn't the new economy. This isn't the old economy. It is a combination of the two. This is the hybrid economy. And the challenge for every e-commerce strategist is to meld hybrid strategies from both economies that will thrive in this new era.