Transformation of the financial services industry under the influence of fintech: global and regional dimensions

The article defines the concept of fintech as an innovative industry and as a financial product. The processes and possibilities of using innovative technologies, in particular blockchain, artificial intelligence, Big Data, cloud technologies, artificial neural networks, and machine learning technologies for the financial services industry are generalized. The author notes the promise of the application of such innovative technologies for the expansion of crediting, reduction of credit, investment and other risks, personalization of financial offers for the client, trading, money transfers, insurance business, etc. The world investments in fintech in the period from 2013 to 2019 are analyzed. The author points out the increase in total investment and average value of one transaction over the past two years. Analyzed the application of fintech for local markets and in various areas of the financial services industry, in particular investments in InsurTech. The author shows the opportunities of the introduction of fintech in the regional section. It is concluded that the coverage of the population with fintech services is higher in the countries where the market of traditional financial services is less developed. Countries with developed financial markets have a conservative approach and a certain lag in the introduction of financial technologies. At the same time, the author points out a high level of concentration of investments in developed markets. It is concluded that digitalization in the financial and other sectors in Ukraine is promising; in particular, it concerns non-cash payments of insurance companies, remittances and services related to RegTech. Highlighted the priorities for fintech in Ukraine in terms of improving digital literacy, cash economy, and development of fintech ecosystems. The positive and negative effects of the introduction of fintech are considered. It is emphasized that the problems that need to be addressed relate to the risks associated with personal security, privacy, loss of personal data, cybersecurity, job cuts, and various other aspects.

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Operational Process Management in the Financial Services Industry

Information Resources Management ◽

10.4018/978-1-61520-965-1.ch409 ◽

2010 ◽

pp. 1084-1105

Author(s):

Diana Heckl ◽

Jürgen Moormann

Keyword(s):

Financial Institutions ◽

Financial Services ◽

General Framework ◽

Process Management ◽

Dynamic Environment ◽

Insurance Companies ◽

Financial Services Industry ◽

Operational Process ◽

Production Processes ◽

Services Industry

The financial services industry faces significant competitive pressures. Economic and political influences, incessant regulation, and fast changing markets make for a highly complex and dynamic environment. Thus, banks and insurance companies are forced to permanently improve their performance – raising process performance represents one of the biggest levers for success. This chapter analyses the challenges of operational process management for banks and insurance companies. The involvement of customers in service processes of financial institutions make these not as easy to manage as production processes. In response to these challenges, cornerstones for a general framework for operational management of service processes will be developed. The aim of this chapter is to present a framework for structuring service processes which allows combining influences by customers and an operational process management. The concept is based on the modularisation approach and will be demonstrated using a loan process as an example.

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Operational Process Management in the Financial Services Industry

Handbook of Research on Complex Dynamic Process Management ◽

10.4018/978-1-60566-669-3.ch023 ◽

2010 ◽

pp. 529-550 ◽

Cited By ~ 1

Author(s):

Diana Heckl ◽

Jürgen Moormann

Keyword(s):

Financial Institutions ◽

Financial Services ◽

General Framework ◽

Process Management ◽

Dynamic Environment ◽

Insurance Companies ◽

Financial Services Industry ◽

Operational Process ◽

Production Processes ◽

Services Industry

The financial services industry faces significant competitive pressures. Economic and political influences, incessant regulation, and fast changing markets make for a highly complex and dynamic environment. Thus, banks and insurance companies are forced to permanently improve their performance – raising process performance represents one of the biggest levers for success. This chapter analyses the challenges of operational process management for banks and insurance companies. The involvement of customers in service processes of financial institutions make these not as easy to manage as production processes. In response to these challenges, cornerstones for a general framework for operational management of service processes will be developed. The aim of this chapter is to present a framework for structuring service processes which allows combining influences by customers and an operational process management. The concept is based on the modularisation approach and will be demonstrated using a loan process as an example.

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A consideration of the impact of the Companies and Allied Matters Act (1990) and the Insurance Act (2003) on the board of insurance companies in Nigeria. Part 1

International Journal of Law and Management ◽

10.1108/17542430910988928 ◽

2009 ◽

Vol 51 (5) ◽

pp. 336-358 ◽

Cited By ~ 4

Author(s):

Fidelis Ogbuozobe

Keyword(s):

Corporate Governance ◽

Financial Services ◽

Insurance Companies ◽

Financial Services Industry ◽

Content Type ◽

Governance Practices ◽

Effective Performance ◽

The Usa ◽

Services Industry ◽

The Impact

PurposeThis paper (which is Part 1 of 2) seeks to explore the development and implementation of good corporate governance in the financial services industry in Nigeria.Design/methodology/approachThe paper reflects upon the identification of current problems and official legislative responses in Nigeria and tests the policy and theory against actual responses and practices.FindingsWith the collapse of such mega companies as Enron in the USA and the near‐collapse symptoms observed in such a relatively big company as Cadbury Nigeria, such research as this, on the issue of compliance or otherwise with corporate governance practices by organizations, could not have been undertaken at a more appropriate time than now. Considering the ever‐increasing scope and complexity of the subject, which cannot be covered by a single project, the particular focus here is on the impact of the Companies and Allied Matters Act (1990) and the Insurance Act (2003) on the Boards of insurance companies in Nigeria. In other words, do the said statutes contain sufficient provisions and sanctions to ensure effective performance by Boards of insurance companies in Nigeria?Originality/valueWhile this research paper may not claim to fill this gap completely, it is hoped that it will create sufficient awareness to serve as a springboard for effective entrenchment and enforcement of corporate governance practices in the Nigerian financial services industry (including insurance) in particular and the economy in general.

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Mutuality and regulation: The transition from mutual to public in the South African longterm insurance industry

Journal of Economic and Financial Sciences ◽

10.4102/jef.v5i2.300 ◽

2012 ◽

Vol 5 (2) ◽

pp. 567-590 ◽

Cited By ~ 1

Author(s):

Grietjie Verhoef

Keyword(s):

South Africa ◽

South African ◽

Financial Services ◽

Structural Changes ◽

Insurance Companies ◽

Financial Services Industry ◽

The South ◽

Organisational Form ◽

Services Industry ◽

Building Societies

The mutual structure of various financial institutions has changed internationally, especially during the late 1980s and early 1990s. Various explanations have been offered. Some commentators argue the mutual organisational form has become redundant, others consider structural changes in the financial services industry as the main reason for organisational changes. In the United Kingdom the stronger emphasis on profitability had a profound impact on the decision to demutualise many building societies. In the USA the failure of mutual savings and loan associations resulted in demutualisation as a rescue strategy. This paper will explore the specific circumstances in South Africa of the changes in the mutual organisational form of building societies and insurance companies. The mutual form of organisation has a long history in South Africa. This paper will explore the reasons for the early choice of mutuality and the recent forces leading to the demutualisation of companies in order to list as public entities on stock exchanges, both in South Africa and abroad. South Africa experienced varying degrees of international isolation and sanctions, but, in the financial services industry, a strong international connection was sustained. The South African experience will be considered against the international changes in the financial services industry as well as the regulatory changes in South Africa. The paper will explain the peculiar South African conditions as the context for the organisational changes in South African mutual.

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