Technological innovations in the banking sector in India: An analysis

2017 ◽  
Author(s):  
A Malini ◽  
Dileep G Menon
Keyword(s):  
Banking Sector ◽  
Technological Innovations

scholarly journals The Nexus between Mobile Money Regulation, Innovative Technology and the Promotion of Financial Inclusion in Zimbabwe

2021 ◽  
Vol 24 ◽  
pp. 1-33
Author(s):  
Howard Chitimira ◽  
Elfas Torerai
Keyword(s):  
Low Income ◽  
Rural Areas ◽  
Financial Services ◽  
Banking Sector ◽  
Regulatory Framework ◽  
Financial Inclusion ◽  
Innovative Technology ◽  
Technological Innovations ◽  
Mobile Money ◽  
The Poor

The advent of mobile money innovations has given people in rural areas, informal settlements and other poor communities an opportunity to participate in Zimbabwe's mainstream financial economy. However, the technology-driven money services have presented some challenges to the traditional banking sector in general and the regulation of financial services in particular. Firstly, most mobile money services are products of telecommunication corporations, which are not banks. Telecommunication companies use their network reach to provide mobile money services via mobile devices at a cheaper cost than banks across the country in Zimbabwe. As such, banks face unprecedented competition from telecommunications companies that are venturing into financial services. It also appears that prudential regulation of banks cannot keep up with the fast pace at which technological innovations are developing and this has created a disjuncture between the regulation and the use of technological innovations to promote financial inclusion in Zimbabwe. The Banking Act [Chapter 24:20] 9 of 1999, the Reserve Bank of Zimbabwe Act [Chapter 22:15] 5 of 1999 and the National Payment Systems Act [Chapter 24:23] 21 of 2001 have a limited scope in terms of the regulation of mobile money services in Zimbabwe. The Ministry of Finance and Economic Development launched the National Financial Inclusion Strategy (NFIS) 2016-2020 to provide impetus to the financial inclusion of the poor, unbanked and low-income earners in Zimbabwe. However, the NFIS appears to push more for bank-led financial inclusion than it does for innovation-driven initiatives such as mobile money services. This article highlights the positive influence of mobile money services in improving financial inclusion for the poor, unbanked and low-income earners in Zimbabwe. The article also seeks to point out gaps and flaws in the financial services regulatory framework that may limit the potential of mobile money services to reach more people so that they actively participate in the Zimbabwean economy. It is submitted that the Zimbabwean mobile money services regulations and the financial regulatory framework should be carefully amended in line with the recent innovations in mobile money to adequately regulate the use of mobile money services and innovative technology to address the financial exclusion of the poor, unbanked and low-income earners in Zimbabwe.

scholarly journals Technological Innovation as a Strategy for Competitive Advantage within the Namibian Banking Industry

2021 ◽  
Vol 8 (1) ◽  
pp. 68-72
Author(s):  
Dennis Tsanga ◽  
Christeline Januarie ◽  
Mekelaye Kamati ◽  
Asa Romeo Asa
Keyword(s):  
Competitive Advantage ◽  
Technological Innovation ◽  
Market Share ◽  
Quantitative Research ◽  
Design Methodology ◽  
Industrial Revolution ◽  
Banking Sector ◽  
Technological Innovations ◽  
Research Approach ◽  
Comprehensive Literature Review

Purpose – The purpose of this paper is to analyse the effectiveness of technological innovation as a strategy for driving competitive advantage and increasing market share in the Namibian banking sector. Design/methodology/approach – A comprehensive literature review was done with the collaboration of a quantitative research approach to draw data relating to technological innovations and their impact on competitive advantage. Employees at Nedbank and FNB in Windhoek were selected as respondents representing the entire Namibian banking sector population. Results – The findings revealed a positive correlation between technological innovations as a strategy and competitive advantage and increased market share. Conclusion – The current fourth industrial revolution (4IR) expects organisations, banks in particular to tailor make their strategies to technological advancements the revolutions brings with else risk losing market share to existing competitors and emerging challenger banks.

TOOLS FOR IMPROVING THE ACTIVITY OF A COMMERCIAL BANK IN THE CONDITIONS OF DIGITAL TRANSFORMATION

2018 ◽  
Author(s):  
Olena Yermoshkina ◽  
◽  
Daria Bukreieva ◽  
Anton Putrov ◽  
◽  
...  
Keyword(s):  
Commercial Bank ◽  
Commercial Banks ◽  
Public Services ◽  
Banking Sector ◽  
Digital Transformation ◽  
Technological Innovations ◽  
Topical Issue ◽  
Financial Innovations ◽  
Efficiency And Effectiveness ◽  
Innovative Tool

The article is devoted to the topical issue of improving the activities of commercial banks in the context of digital transformation. The factors that predetermine the development of technological innovations in the financial sector are determined. Based on the analysis of foreign experience in increasing the efficiency and effectiveness of commercial banks in the context of digitalization, it is proposed to develop and introduce a universal electronic card as an innovative tool for improving the bank's activities. It has been proven that the card will allow issuing banks to expand the range of services for the client - the cardholder, will contribute to the image of the issuing bank as a reliable partner, which in turn will increase the customer flow to the branch of the issuing bank. The approaches to assessing the effectiveness of financial innovations in the banking sector are investigated and the following main types of effect are identified: financial, technological, market, the effect of products and services, transparency. A list of main tasks has been established, the solution of which will ensure the successful introduction of a universal electronic card as a multifunctional means of obtaining public services and at the same time a means of payment.

scholarly journals DETERMINANTS OF POVERTY AND CHANNELS OF POVERTY ALLEVIATION: A POWERFUL ANALYTICAL TOOL KIT

2019 ◽  
pp. 1-2
Author(s):  
Kumaraswamy Manepalli ◽  
M. Ramkumar
Keyword(s):  
Financial Services ◽  
Rural Population ◽  
Poverty Alleviation ◽  
Banking Sector ◽  
Urban Society ◽  
Internet Banking ◽  
Financial Inclusion ◽  
Technological Innovations ◽  
Automated Teller Machines ◽  
Powerful Analytical Tool

With the progress of the Indian economy,especially when the focus is on the achievement of sustainable development, there must be an attempt to include maximum number of participation from all the sections of the society.But the lack of awareness among the rural population is hindering the growth of the economy.In order to overcome such barriers,the banking sector emerged with some technological innovations such as automated teller machines, credit and debit cards,internet banking,etc.Though introduction of such banking technologies brought a change in the urban society,a majority of the rural population is still unaware of these changes and is excluded from formal banking. Financial inclusion is considered crucial from the viewpoint of developing a conceptual framework and identifying the underlying factors that lead to low level of access to the financial system. This paper aims to focus on the objective of financial inclusion, its availability of financial services which allows maximum investment in business opportunities, education, save for retirement,insurance against risks,etc.by the rural individuals and firms

scholarly journals Research of the possibilities of the national innovative environment for the implementation of financial technologies

2021 ◽  
Vol 83 (1) ◽  
pp. 460-465
Author(s):  
N. A. Serebryakova ◽  
T. S. Kolmykova ◽  
E. A. Grivachev ◽  
S. V. Klykova
Keyword(s):  
Practical Problem ◽  
Banking Sector ◽  
Regulatory System ◽  
Digital Technologies ◽  
Technological Innovations ◽  
Biometric System ◽  
System A ◽  
Innovative Environment ◽  
Rapid Spread ◽  
Financial Environment

The article is devoted to the study of an important scientific and practical problem on the disclosure of factors and conditions that stimulate the introduction of innovations in the financial sector. It has been studied that the processes of introducing digital technologies are relevant in all spheres of the economy. The financial environment is highly receptive to digital adoption. The emphasis is made on the fact that the Bank of Russia as a mega-regulator is implementing a number of projects that stimulate the introduction of financial technologies in the country's banking sector. The main infrastructure projects of the Bank of Russia aimed at stimulating the development of fintech are considered. Among them: a unified biometric system, a system of fast payments, a marketplace of the Bank of Russia, a system for transmitting financial messages. The study revealed the weakness of the national regulatory system for the creation and implementation of digital technologies in the financial environment. The urgency of adapting the norms of financial law to the rapid spread of digital technologies has been substantiated. It has been proven that the acceleration of the pace of implementation of technological innovations not only opens up new opportunities for business improvement, but also carries obvious and hidden risks. Analysis of the research materials made it possible to structure the main potential threats that accompany the spread of digital technologies. It is concluded that it is necessary to develop systemic measures to create a favorable national innovation environment that stimulates financial innovation.

scholarly journals XBRL Implementation in the Banking Sector in Montenegro

2017 ◽  
Vol 6 (2) ◽  
pp. 5-22 ◽  
Author(s):  
Vladan Martić ◽  
Ana Lalević-Filipović ◽  
Milivoje Radović
Keyword(s):  
Financial Reporting ◽  
Banking Sector ◽  
Theory And Practice ◽  
Technological Innovations ◽  
Integration Process ◽  
Eu Integration ◽  
Modern Methods ◽  
Unexplored Area ◽  
In The Beginning ◽  
The Eu

Abstract The EXtensible Business Reporting Language – XBRL appeared in the beginning of the 21st century and it represents one of the most important technological innovations in financial reporting, collecting and exchanging data since the introduction of electronic spreadsheets. However, although the XBRL standard is globally accepted, and it has been proved to be a standard sui generis, the implementation of the standard has not yet become a reality in Montenegro and the region. In this context, the goal of this article is to evaluate a new and, for our conditions unexplored, area from the point of application of modern methods of accounting theory and practice, highlighting both positive and negative aspects. This research is getting prominence having in mind that the EU integration process which Montenegro has already started would affect all areas of socioeconomic life and development, especially in terms of accounting practices harmonization.

scholarly journals Status of Financial Inclusion in India, Persisting Challenges and Way Forward

2019 ◽  
Vol 8 (2S10) ◽  
pp. 268-272
Keyword(s):  
Informal Economy ◽  
Banking Sector ◽  
Financial Inclusion ◽  
Technological Innovations ◽  
Inclusive Growth ◽  
Indian Government ◽  
Direct Benefit ◽  
Remote Areas ◽  
Policy Interventions ◽  
Policy Measures

Financial inclusion is a critical pillar of development and has been a major policy thrust for the Indian Government over the decades. However some of the major policy impetuses were received the last one decade resulting in some of the biggest policy interventions for financial inclusion in the world. Pradhan Mantri Jan Dhan Yojana, Direct Benefit Transfer under Digital Banking and Aadhar has been significant interventions in this area. Despite these and several areas policy measures as well as technological innovations adopted by RBI and banking sector, even though encouraging, is much less than satisfactory when it comes to their extent and penetration when it comes to usage by marginalized sections, people in the informal economy and those living in remote areas. The significant barriers for achieving inclusive growth are Financial illiteracy, lack of convenience, technology issues and viability. This study aims at integrating some of the results of existing literature on financial inclusion and role played by Government, RBI and the other banks in promoting inclusive growth. It also attempts to analyze the key persisting challenges on the demand as well as supply aspects of financial inclusion. On the basis of its findings the paper proposes a set of preliminary recommendations to strengthen and support financial inclusion in India. It has been observed that the financial sector has still not been able to design appropriate products in a sustainable way that can address the needs of the poor, those who are in the informal economy or to identify key gaps in a huge and diverse country like India where social security is very low for most of population. Technology obviously is playing and still needs to play a far greater role in addressing some of these challenges which the traditional banking models have failed to address.

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