Functioning of the Fast Payment System in Russia

2021 ◽  
pp. 23-28
Author(s):  
A. Zverev ◽  
Viktoria Valerievna Mandron ◽  
A. Sereda
Keyword(s):  
Customer Service ◽  
Financial Services ◽  
Payment System ◽  
Financial Industry ◽  
Banking Services ◽  
Customer Base ◽  
Market Participants ◽  
New Information ◽  
Banking Business ◽  
Remote Interaction

Digital transformation is the main direction of development of the national financial industry. Traditional banking services are being transferred to online services, especially in the context of the rapid growth of e-commerce. The introduction of new information channels of remote interaction allows credit institutions to reduce their costs, improve the quality and speed of customer service, balance active and passive operations, expand the «line» of banking products and financial services, stabilize and expand the customer base. The development of the banking business based on the introduction of a fast payment system is becoming a necessity for all categories of retail and corporate clients. The creation and development of the infrastructure of the fast payment system is a priority project of the Bank of Russia for the development and expansion of non-cash payments. This project is aimed at developing the availability of financial services in remote regions of Russia and reduces the costs of market participants.

Recent Development of Information Technology in Japanese Banks

2006 ◽  
pp. 24-38
Author(s):  
Nobuyoshi Yamori ◽  
Kozo Harimaya ◽  
Yoshihiro Asai
Keyword(s):  
Information Technology ◽  
Financial Institutions ◽  
Financial Services ◽  
Internet Banking ◽  
Banking Services ◽  
New Information ◽  
Banking Business ◽  
European Banks ◽  
It Usage ◽  
Internet Banking Services

Although Japanese banks have suffered from huge, non-performing loans since the burst of the bubble, they have invested as much as possible in information technology. However, due to the shortage of available funds, each bank has felt that its investment was not high enough to compete with leading U.S. and European banks. This is one important reason why major Japanese banks have been merging with each other in recent years. Information technology has now become a key issue in the Japanese banking business. This chapter discusses the recent development of information technology in Japanese banks in detail. The section titled Changing in the Business Model provides a brief explanation of the current Japanese banking environment. In The Steady Progress of New Information Technology in Financial Institutions, we discuss how Japanese financial institutions, mainly banks, have dealt with new information technology. The section on Internet Banking provides a detailed discussion of new Internet banks and the Internet banking services of existing banks. As information investment has an external effect, the market will fail without government assistance. Therefore, in Government Efforts: E-Japan Strategy, we explain what the Japanese government has done in terms of IT usage in financial services. Finally, the Conclusions section concludes this chapter.

scholarly journals Customers’ Intentions to Switch to Internet-Only Banks: Perspective of the Push-Pull-Mooring Model

2021 ◽  
Vol 13 (14) ◽  
pp. 8062
Author(s):  
Cheolho Yoon ◽  
Dongsup Lim
Keyword(s):  
Financial Services ◽  
Structural Equation ◽  
Information Technologies ◽  
Business Models ◽  
Internet Banking ◽  
Equation Modeling ◽  
Research Model ◽  
Financial Industry ◽  
Banking Services ◽  
New Business

The advent of fintech is blowing a new wind into the financial industry. New business models have been created and consumers’ access to financial services is higher than ever. Internet-only banks based on advanced information technologies have emerged as a leader in the fintech industry, and these banks are fiercely competing with large banks using internet banking as a weapon to attract new customers. The purpose of this study is to explore the factors that influence customers’ intention to switch to internet-only banking services from traditional internet banking services in Korea. To this end, a research model was developed based on the push-pull-mooring model (PPM), which is a migration theory. The research model was analyzed using partial least squares structural equation modeling (PLS-SEM). The findings will provide the practitioners of the new internet-only bank with strategic guidance for attracting new customers and help practitioners of traditional banks to retain current customers.

scholarly journals Innovative financial technologies as a factor of competitiveness in the banking

2019 ◽  
Vol 69 ◽  
pp. 00043
Author(s):  
Marina Glushchenko ◽  
Naila Hodasevich ◽  
Natalia Kaufman
Keyword(s):  
Financial Market ◽  
Asset Management ◽  
Financial Services ◽  
Business Models ◽  
Business Processes ◽  
Banking Services ◽  
Currency Exchange ◽  
Banking Business ◽  
Money Transfers ◽  
High Level

The models for the implementation and development of financial services and services are changing due to the global transformation of the financial and economic sphere, which is caused by the emergence of innovative financial technologies. This leads to a fundamental change in the financial market and the factors that determine the leading positions of its participants. Only the use of innovative technologies in the banking business ensures a high level of competitiveness in the market and further expansion of the client base. Banks are rebuilding traditional financial business models through cooperation with FinTech-industry, reforming business processes in areas such as banking services for individuals, lending and financing, payments, money transfers, asset management, currency exchange, insurance, blockchain transactions. The purpose of the article is to identify the main trends in the development of new financial technologies of banking. The authors identify the most important technologies that ensure the dynamic development of the global financial market and the fundamental transformation of the banking business in the past decade. In the article, the authors investigate the degree of their prevalence and the main areas of application in the field of banking, consider the successful practices of implementing of FinTech in the development of financial services.

scholarly journals Corporate culture and frauds: a behavioral finance analysis of the Barclays-LIBOR case

2013 ◽  
Vol 11 (1) ◽  
pp. 447-463 ◽  
Author(s):  
Enrico Maria Cervellati ◽  
Luca Piras ◽  
Matteo Scialanga
Keyword(s):  
Corporate Culture ◽  
Behavioral Finance ◽  
Financial Services ◽  
Financial Industry ◽  
Department Of Justice ◽  
Dominant Culture ◽  
Futures Trading ◽  
Market Participants ◽  
The Us ◽  
Commodity Futures Trading Commission

The aim of this paper is to use behavioral finance to explain the factors that brought Barclays Plc. to face a £290 million fine (about $440 million), having deliberately tried to manipulate the LIBOR (London Interbank Offered Rate). This sums to the £59.5 million fined by the British Financial Services Authority (FSA) – the highest fine ever imposed by this organization – and respectively £102 million and £128 million by the US Department of Justice and by the Commodity Futures Trading Commission (CFTC). We analyze the reports issued by the U.S. and the British regulatory agencies, and those of financial analysts. Even though the focus of analysis are Barclays’ actions, we compare them with what other market participants did at the time of the analyzed events, to offer a comprehensive look at the financial industry and its dominant culture. In particular, after describing LIBOR rate determination methodology and the behavior of Barclays personnel when violations occurred, we present Barclays’ failures in organizing its own control systems and establishing a proper corporate culture. Finally, we analyze the behavior of market participants and supervisory authority in evaluating Barclays’ financial and ethical performance.

scholarly journals Banking Ecosystems: Development Specifics

2021 ◽  
Vol 11 (3) ◽  
pp. 47-60
Author(s):  
V. D. Smirnov
Keyword(s):  
Customer Service ◽  
Qualitative And Quantitative Analysis ◽  
Scientific Publications ◽  
Technological Transformation ◽  
Banking Services ◽  
Qualitative And Quantitative ◽  
The Face ◽  
Banking Business ◽  
Banking Institutions ◽  
Credit Institutions

The topic of the research is the phenomenon of ecosystems created by banks, as well as related technological innovations introduced by credit institutions in order to increase their efficiency and obtain new opportunities for cooperation with non-financial organizations. One of the strategically important management decisions which affect the bank's business model is to determine the specifics of ecosystem growth. The study's goal is to figure the optimal balance between traditional activities and non-banking services of credit institutions. This suppose to strengthen their position in the face of penetration of digital competitors into banking operations (Internet banks, financial and large technology companies, telecoms). The theoretical and methodological basis of the research was formed by the scientific works of foreign scientists and experts on improving the efficiency of banking institutions. There were used methods of qualitative and quantitative analysis of scientific publications, analytical materials of well-known consulting companies, statistical data. As a result, the author found a technological transformation is required using such approaches to customer service (retail and corporate) that reflect their needs in banking with the intensive use of relevant competencies in cash management, means and risks. That will cause to protect the banking business from digital competitors and increase its market capitalization. All these measures will be able to induce clients to use more extensively the banks opportunities and help them to increase investments in their core business, thereby contributing to its growth. The author concludes that being developed ecosystems, it is advisable for banks to focus on services close to their core work, as well as on increasing the efficiency of their own activities and providing new services. Meanwhile, the marketplaces development within the banking ecosystems does not give the latter advantages in the competition in the banking services market.

scholarly journals KEY TRENDS IN EUROPEAN RETAIL BANKING AND PROSPECTS FOR THEIR DEVELOPMENT IN UKRAINE

2019 ◽  
pp. 140-153
Author(s):  
Serhiy KYRYLENKO
Keyword(s):  
Financial Services ◽  
Western Europe ◽  
Banking Sector ◽  
Retail Banking ◽  
New Information ◽  
Banking Business ◽  
European Banking ◽  
Marketing Tool ◽  
Domestic Banks ◽  
Further Development

The modern banking sector of Ukraine is subject to technological influences from the financial services market of Western Europe. The article identifies key strategic directions for banking business development in the conditions of rapid technological change and transformation of the financial service consumption model. The study aims to identify the modern tendencies in banking and the prospects for implementing separate models and instruments in view of the realities of the domestic retail banking practice. The study reveals the main principles of building customer-oriented strategies in European banking. The author studies practical aspects of using new information technology as a marketing tool in the context of sales growth in the retail banking sector. In having performed the analysis of the world experience and its impact on the marketing models of domestic banks, the author identifies and suggests main directions for further development of the domestic banks that are focused on providing services to private individuals and population in general.

scholarly journals Digital transformation of the banking sector of the economy of Ukraine

2021 ◽  
Vol 2021 (3) ◽  
pp. 84-98
Author(s):  
Viktoriia KOVALENKO ◽  
Keyword(s):  
Information And Communication Technologies ◽  
Financial Services ◽  
Banking Sector ◽  
Banking System ◽  
Financial Education ◽  
Internet Banking ◽  
Digital Transformation ◽  
Banking Services ◽  
Banking Business ◽  
Self Service

The article considers the main digital transformational changes in the banking business. The current state of banks' use of financial digital technologies is analyzed, and the factors of digital transformation that affect their financially stable development are singled out. It is determined that the digitalization of the world economy over the past decade has posed new challenges to the banking system, which are caused by increased competition in the financial services market. The factors of emergence of financial intermediaries of the new generation and the need for digital transformation of contemporary banks are described. It is proved that the digital transformation of the banking sector of the economy is due to the development of financial technologies, digital marketing channels and innovation. Three main holistic proposals for FinTech development have been identified. The digital transformation of the banking business is changing not only the supply to customers. It is changing the contours of the business and staffing requirements. Such tools as ATMs and self-service terminals, telephone banking, SMS banking, Internet banking and mobile banking represent the evolution of customer access channels to banking services based on the use of information and communication technologies. The article considers the basic scheme of transformation of a classical bank into a dynamic system of a digital bank by gradually forming the directions of digital distribution. Further digital transformational changes in the banking business should be aimed at the vectors of financial education of consumers of banking services, regulation of the cryptocurrency market in Ukraine, definition of common standards of regulation and supervision of banks and non-banking institutions in the area of digital financial services.

scholarly journals Critical Review: Future of Block Chain Economy in Financial Services

2020 ◽  
pp. 9-15
Author(s):  
Lim Hong Hin
Keyword(s):  
Energy Consumption ◽  
Critical Review ◽  
Financial Services ◽  
Smart Contracts ◽  
Legal Regulations ◽  
Financial Industry ◽  
Trade Finance ◽  
Market Participants ◽  
Crypto Currency ◽  
Block Chain

This research paper is based on the future of block chain economy in financial sectors and its significant usage. The researcher emphasized that the block chain technology has the potential to disrupt financial services and it can change the current face of financial Industry. The researcher focused on the significant usage of block chain economy to fraud detection, to maintain the customer’s history, trade finance, and smart contracts. There are some challenging faces of block chain economy towards adoption in financial sectors such as interoperability, privacy, energy consumption, security, scalability, and legal regulations. The researcher also stated that block chain economy is a scenario and potential future environment in which crypto currency replaces current monetary systems on a global basis to become an autonomous market participants in financial sectors. The researcher also highlights the key challenges of block chain economy adoption in financial sectors with current statistics of future analysis.

scholarly journals PENILAIAN KINERJA TELLER DALAM UPAYA MENINGKATKAN PELAYANAN NASABAH PT. BPR OPHIRPASAMAN BARAT

2020 ◽  
Author(s):  
Merina Wati ◽  
Elva Dona
Keyword(s):  
Data Collection ◽  
Customer Service ◽  
Financial Services ◽  
Financial Institution ◽  
Financial Industry ◽  
The Public ◽  
Descriptive Qualitative

Banking is one business entity that seeks in the field of financial services. PT. BPR Ophir Pasaman Barat is a financial institution that raises savings and distributes funds to the public. The spearhead of the financial industry is service, at PT. BPR Ophir Pasaman Barat main service is at the teller. The formulation of the problem taken is how the performance of teller PT. BPR Ophir Pasaman Barat. The purpose of this study to determine the performance of tellers in improving customer service PT. BPR Ophir Pasaman Barat.Reseorch methods descriptive qualitative in which judgement sampling, in data collection to conduct research on customers of PT. BPR Ophir Pasaman Barat from the twenty-fifth to the twenty-seventh of January 2018. The researcher interviewed thirty customers at that time was the customer who had transacted with the teller. The ratings assessed by the customer are five indicators or aspects (Tangible, responsiveness, assurance, reliability, and Emphaty). Conclusions drawn from customer ratings about teller service at PT. BPR Ophir Pasaman Barat is good.

scholarly journals A Study on the Positive Potential of Demonetization and Digital Payment System to improve Service Quality of Indian Banks

2017 ◽  
Vol 7 (1) ◽  
pp. 1
Author(s):  
Sumanta Mukhopadhyay
Keyword(s):  
Service Quality ◽  
Customer Service ◽  
Financial Services ◽  
Banking Sector ◽  
Payment System ◽  
Positive Potential ◽  
Loyal Customer ◽  
Customer Delight ◽  
Private And Public ◽  
Indian Banks

<div><p><em>The present wave of Demonetization and Digital Payment System towards a Cashless Economy demands that our Commercial banks provide superior customer service as one of the biggest provider of banking and financial services in our urban and rural hinterland. Loyal customer base can only be created through delivering Customer Delight. But the crux of the matter is that to achieve better performance, the Indian banks, both private and public, need to provide Service Quality. Different authors in India have tried for introspection of the service quality through different constructs and dimensions in the banking sector in India. Here in this paper, we will try to investigate different works related to banking done in India, the different dimensions researched so far and the positive potential of Demonetization and Digital to make SERVQUAL Dimensions more effective towards delivering better customer satisfaction.</em></p></div>

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