Introduction of Financial Technologies in Digital Banking

2021 ◽  
Vol 9 (11) ◽  
pp. 614-617
Author(s):  
Kudratova Feruza Nasriddinovna
Keyword(s):  
Financial Services ◽  
Services Quality ◽  
Banking System ◽  
Financial Sector ◽  
Digital Economy ◽  
Financial Industry ◽  
Main Subject ◽  
Financial Products ◽  
Technology Startups ◽  
Financial Technology

Abstract: Presently, the whole world is concerning about digitalization that has affected all areas of people's lives, and financial sector is no exception. Today, Financial Technology (FinTech) is recognized as one of the most important and rapidly evolving innovations in the financial industry. FinTech has promised that technology startups will reduce costs, improve financial services quality and create a more diverse and sustainable financial outlook. Fintech services are indispensable part of every single financial products and services. In this regards, it is of great importance to consider carefully their services in banking system and opportunities provided by them in, which is the main subject of this article. Keywords: financial technologies, digital banking, digital economy.

scholarly journals INNOVATIONS IN THE GLOBAL DIGITAL FINANCIAL SECTOR: ESTIMATION OF TRANSFORMATIONS

2017 ◽  
pp. 89-110 ◽  
Author(s):  
M. Tarasyuk ◽  
A. Koscheyev
Keyword(s):  
Financial Services ◽  
Financial Sector ◽  
World Market ◽  
Digital Economy ◽  
Careful Study ◽  
Financial Products ◽  
Current State ◽  
Financial Infrastructure ◽  
Development Analysis ◽  
Study Development

The main trends and prerequisites for the transformation of the world market of innovative financial services are determined. The preconditions for the formation of qualitatively new elements of the global financial infrastructure of the digital economy, as well as the current state and forecasts of expanding the range of innovative electronic and mobile financial products are identified. Electronic financial innovation is today an urgent issue that requires careful study, development, analysis and further application in practice with the aim of improving the financial sector of the global digital economy. Developed some proposals and directions of the strategic priorities of innovative development of the market of financial services of Ukraine in the conditions of integration into world .

scholarly journals A Bibliometric Analysis of Fintech Trends and Digital Finance

2022 ◽  
Vol 9 ◽  
Author(s):  
Said Khalfa Mokhtar Brika
Keyword(s):  
Bibliometric Analysis ◽  
Financial Services ◽  
Current Knowledge ◽  
Future Research ◽  
Financial Industry ◽  
Research Gaps ◽  
Financial Products ◽  
Wide Range ◽  
Creative Research ◽  
Financial Technology

Digital finance has piqued the curiosity of academics, students, and institutions all around the globe for more than a decade. Innovative financial services companies are offering a wide range of new financial products and new ways of interacting with customers via digital finance (Fintech). Research on finance and information systems has thus examined these shifts as well as the implications of technological advancements on the financial industry. Through presenting a bibliometric analysis, the article summarizes how scientific research has developed on the connections between financial technology developments and digital finance during the previous years. According to the ScienceDirect database, we base this literature review on journals and articles that have been published. We conducted a content analysis of 343 articles based on the discovered clusters, finding research gaps and suggesting actionable areas for further study. The results offer a solid path for future research in this area. We discuss the significance of the aforementioned publications and articles as well as potential areas of future study. The next step is to analyze the citation linkages between the most important articles to identify how they are related to one another. For financial technology research, the study looks at the way they are organized. The research is concerned with the roles of Fintech and the limits of research in digital financing. We point out potential routes for researchers to take to expand on current knowledge while also seeking possibilities for new, interesting, and creative research that adds to the expansion of the topic of research.

scholarly journals The Development of Digital Economy in Indonesia

2020 ◽  
Author(s):  
Regina Joanita
Keyword(s):  
Financial Services ◽  
Small And Medium Enterprises ◽  
Digital Economy ◽  
Banking Services ◽  
Start Up ◽  
Rapid Changes ◽  
Strategic Role ◽  
Medium Enterprises ◽  
Selection Of ◽  
Financial Technology

Industrial Era 4.0 changed the entire chain and management of all branches of industry with various technologies. All financial-based services are developing rapidly in Indonesia marked by the emergence of many start-up companies. Rapid changes to digital banking and financial technology show that technology can play a strategic role in providing financial services that can be accessed quickly. The availability of digital banking services and products is highly valued by customers, both individuals and business people, especially in Micro, Small and Medium Enterprises (MSME). The large selection of digital banking products is certainly intended to motivate customers to love and be loyal customers and become part of the modern lifestyle. The presence of the digital economy is a new opportunity as well as a serious threat to the banking industry that is churning into digital banking in order to retain customers and attract new customers from millennials.

scholarly journals Analysis of Sources and Mechanisms of Financing Innovative Activity in the Conditions of Digital Economy

2020 ◽  
Vol 16 (2) ◽  
pp. 36-41
Author(s):  
Yekaterina N. Bykovskaya ◽  
Yuliya N. Kafiyatullina ◽  
Gocha P. Kharchilava
Keyword(s):  
Financial Services ◽  
Innovation Process ◽  
Financial Sector ◽  
Developed Countries ◽  
The United States ◽  
Internet Banking ◽  
Digital Economy ◽  
Innovative Activity ◽  
Technological Innovations ◽  
Stage Of Development

The Object of the Study. Innovative activity The Subject of the Study. Sources of financing innovation The Purpose of the Study is identifying of optimal sources of innovation in the digital economy. The Main Provisions of the Article. The most important elements of a system that ensures the smooth functioning of the innovation process are the sources and mechanisms of financing technological innovation. At the present stage of development, such an adequate and effective holistic system in the Russian Federation has not been created. The key conditions for creating a favorable economic environment are: the effective functioning of financing mechanisms, the quality and condition of investment sources, which determine the ability and potential of creating and implementing technological innovations. The digital economy is currently opening up conceptually new sources of funding. The dynamic development of digital solutions and technologies in the financial sector enables organizations to reduce the time spent on searching and making decisions about the source, mechanism and procedures for financing operational and strategic activities. The innovative activity carried out on an ongoing basis allows organizations to dynamically develop, meet business trends, or even create them. As you know, innovation requires serious investment and, as a rule, the more risky the innovation, the greater the profitability it has. In foreign practice of financing innovation, crowdfunding platforms have become widespread. Currently, the United States and individual EU representatives are the undisputed leaders in the development of financial technologies, payment systems, digitalization of financial services. In terms of the penetration of digital technologies in the financial sector (it reaches 85% according to experts), such countries also occupy the first positions. One of the main trends of the financial sector in developed countries is the creation of virtual banks and the Internet banking service. The article analyzes and evaluates the structure of sources of financing technological innovations, carries out a comparative analysis of financing research and development in Russia and developed countries, and considers the possibilities of using digital tools and sources to finance innovation.

scholarly journals Digitalization of Financial Services in Albania Under Restricted Measures Covid-19

2020 ◽  
Vol 3 (2) ◽  
pp. 17
Author(s):  
Rezana Balla
Keyword(s):  
Financial Services ◽  
Business Models ◽  
Legal Framework ◽  
Financial Industry ◽  
Technology Innovations ◽  
Markets And Institutions ◽  
New Business ◽  
Job Challenges ◽  
Digital Transactions ◽  
Financial Technology

Under the restricted measures due to the global pandemic Covid-19, like all other services, financial services had difficulties in performing their financial activities. These difficulties are stronger at countries where financial services are denied for a long time. Financial services denial is an issue that has affected not only Albania but small Balkan countries as well. The reasons for this denial are many, but among them we can distinguish the lack of credit experience, as one of the common reasons to be excluded in these countries from the development of the financial sector. Currently, one of the reasons for the financial denial is the emergency created by Covid-19, where physical distancing and other measures taken by governments to restrict movement and services make financial service impossible. Thus, one of the most effective ways to perform financial services remotely is financial technology. Financial technology refers to the possibilities of financial innovation through technology that can result in new business models, applications, processes, or products with an effectiveness related to financial markets and institutions and the provision of financial services. This paper aims to present the challenges of the legal framework and regulatory institutions, to provide recommendations for its improvement, to enable the development of financial technology in the financial market in Albania. The paper address issues such as the Bank of Albania's consideration on the Directive (EU) 2015/2366 On Payment Services (PSD II). What benefits or challenges would its implementation bring? How is the financial industry projected after the implementation of PSD II? What are the biggest job challenges with payment institutions that have not been to the market before or that bring technology innovations? The paper addresses the issue of money laundering through online digital transactions as well.

Blockchain Technology in China's Digital Economy

2022 ◽  
pp. 132-157
Author(s):  
Poshan Yu ◽  
Ruixin Gong ◽  
Michael Sampat
Keyword(s):  
Local Governments ◽  
Digital Economy ◽  
Institutional Setting ◽  
Human Society ◽  
Financial Industry ◽  
New Production ◽  
Blockchain Technology ◽  
Production Factors ◽  
Production Organization ◽  
Financial Technology

Compared with the traditional industrial economy, the Chinese digital economy uses brand-new production factors and production organization methods to bring changes to human society and promote the transformation of the economy. This chapter aims to explore the practical problems of adopting blockchain technology in China's digital economy and study how different cities (managed by various local governments) enhance their unique financial technology ecosystem's economic performance and promote RegTech policy in order to improve the digital economy under the central government's institutional setting. This chapter in turn analyzes the recent cases of blockchain in China's financial industry, compares the application and development of the latest financial technology related policies in major cities, and demonstrates how these regulations can promote the development of blockchain technology in the transformation of China's digital economy.

scholarly journals Банки и финансови иновации – теоретични основи (Theoretical Foundations of Innovation in Banking and Finance)

2020 ◽  
pp. 92-104
Keyword(s):  
Financial Services ◽  
Banking System ◽  
Financial Innovation ◽  
Crucial Importance ◽  
Financial Industry ◽  
Important Place ◽  
Theoretical Concepts ◽  
Banking And Finance ◽  
Key Factor ◽  
Theoretical Foundations

The present article aims to give a short overview of the theoretical concepts of innovation in the financial industry. It shows that innovation holds an important place and is seen as a major factor in the evolution of financial services, economic and social development. The goal of the article is to point out the crucial importance of financial innovation for the future of the banking system, the economic development, as well as the development of society as a whole. The conclusion is that, based on the theoretical foundations, financial innovation is a key factor of choice of practical approaches for increasing the profitability and efficiency of banking

scholarly journals “THE DEVELOPMENT OF DIGITAL ECONOMY IN INDONESIA”

2021 ◽  
Author(s):  
Made Bagoes Pradhana
Keyword(s):  
Financial Services ◽  
Service Providers ◽  
New Technology ◽  
Information Service ◽  
Financial Information ◽  
Financial Industry ◽  
Savings And Loans ◽  
The World ◽  
Money Transfer ◽  
Financial Technology

Currently the world has entered the industrial era 4.0 which is based on new technology and is able to change the entire chain and management in every branch of industry, including the financial industry known as financial technology and digital banking. Infrastructure financial services are growing rapidly in Indonesian services, computation with startup companies, such as payment and money transfer systems, savings and loans, insurance, financial information service providers, capital markets, crowdfunding, and wealth management.

scholarly journals The level of financial inclusion in Ukraine: Measuring access, quality, and usage of financial products and services

2021 ◽  
Vol 16 (2) ◽  
pp. 59-67
Author(s):  
Yuliia Shapoval ◽  
Andrii Shkliar ◽  
Oleksii Shpanel-Yukhta ◽  
Kateryna Gruber
Keyword(s):  
Financial Literacy ◽  
Financial Services ◽  
Banking Sector ◽  
Global Financial Crisis ◽  
Banking System ◽  
Financial Inclusion ◽  
Clear Understanding ◽  
Financial Products ◽  
Medium Level ◽  
The Global Financial Crisis

While financial inclusion is seen as a goal of socio-economic development, there is still no clear understanding of how to measure it. Following this concern, the paper deals with the computation of the financial inclusion index of the Ukrainian economy using an annual dataset spanning from 2008 to 2020 and following the Sarma methodology. The object of the study is a set of indicators of usage, access and quality of financial products and services. The obtained results demonstrate the medium level of financial inclusion. The improvement of financial inclusion is observed in 2012, 2013, 2020 (namely 0.55 – 0.56 in the range of 0 and 1). From 2015 (0.38) till 2018 (0.39), the revealed downward trend affirms that the withdrawal of banks from the market has deteriorated the level of quality and usage of financial products and services. Financial inclusion declined during the cleaning up of the banking system in 2014–2016, just as it did after the global financial crisis in 2009–2010. Despite the development of the payment infrastructure, there is a need to diversify access, increase quality, and quicken the usage of financial products and services due to existing distrust in national financial institutions. Improving financial literacy and consumer protection, and closing regulatory gaps in the non-banking sector are seen as ways to enhance financial inclusion. Thus, financial regulators should establish an upward trend in financial inclusion that will ensure full access to formal financial services and will not adversely affect the stability of financial system.

INFLUENCE OF THE DIGITAL ERA 4.0

2021 ◽  
Author(s):  
Vachry Arfansyah Imang
Keyword(s):  
Financial Services ◽  
Industry 4.0 ◽  
New Technology ◽  
Financial Industry ◽  
Face To Face ◽  
Digital Era ◽  
Finance Company ◽  
The World ◽  
Strategic Role ◽  
Financial Technology

The era of industry 4.0 which is based on new technology and can change the entire chain and management in every branch of the industry including the financial industry which is commonly known as financial technology and digital banking has been experienced by the world today. Changes towards Financial Technology and digital banking show that technology is capable of playing a strategic role in providing accessible financial services. This is in accordance with the behavior of consumers who want service without having to be face-to-face at the bank, insurance office, or finance company.

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