scholarly journals Finance 4.0 as the Idea of Digital Transformation of the Financial Sector

2020 ◽  
Vol 20 (2) ◽  
pp. 134-148
Author(s):  
Vitaliy Ya. Pelykh
Keyword(s):  
Financial Services ◽  
Business Models ◽  
Rapid Development ◽  
Digital Technologies ◽  
Financial Sector ◽  
Scientific Publications ◽  
Research Problems ◽  
Definition Of ◽  
Impact Of Technology ◽  
The Impact

Rapid development and introduction of digital technologies has a significant impact on all areas of the economy. Everywhere causing a revision of existing paradigms, ways of interacting systems and aspects of business models. The author’s analysis of scientific publications shows that the recent financial crises are based on high risks of the traditional banking model, which are transferred to depositors and taxpayers. These processes have served as a driver for changes in the financial sector, changing existing concepts and paradigms towards the implementation of new digital approaches. The author, based on the analysis of the impact of technology on financial services, proposed the concept of Finance 4.0 implies a deep integration of digital technologies in the financial sector, which will lead to an increase in the quality and availability of services, as well as the formation of new rules that ensure healthy competition between market participants. As a result, the need for changes in both the economy as a whole and its branches is determined. This creates a need to develop current digital business models and methods for developing digital financial services. The purpose of the work is to offer a reasonable definition of Finance 4.0, as well as to identify the current requirements necessary for the implementation of the developed solutions within the financial environment. Which requires solving a number of research problems: 1. No definition of Finance 4.0. 2. Aspects of Finance 4.0 Are not defined. 3. It is Necessary to define the role of business models in the field of financial technologies. The relevance of the research is due to the fact that existing approaches to designing business models of financial services do not take into account the specifics of the idea of Finance 4.0 and the primacy of trust, which sometimes leads to the implementation of unprofitable solutions in the financial sector.

scholarly journals Development of Microfinance Organizations in Ukraine in Terms of FinTech Financial Market Transformation

2020 ◽  
Vol 10 (513) ◽  
pp. 316-325
Author(s):  
O. V. Krylova ◽  
Keyword(s):  
Financial Services ◽  
Business Models ◽  
Institutional Environment ◽  
Digital Technologies ◽  
Financial Sector ◽  
Digital Products ◽  
Association Agreement ◽  
Digital Platforms ◽  
Operation Conditions ◽  
Logical Method

Modern operation conditions of the market of non-bank financial services in Ukraine require the search for unconventional forms of innovation development and the need to implement information systems and digital technologies. This corresponds to the provisions of the Association Agreement between Ukraine and the EU, the Comprehensive Program for the Development of the Financial Sector of Ukraine until 2020, the Financial Sector Development Strategies and FinTech in Ukraine by 2025. The research is aimed at identifying the major tendencies in the development of microfinance organizations in Ukraine as a key element of the market of non-bank financial services using digital technologies, including FinTech. To achieve the aim, research methods such as analysis and synthesis, statistical analysis, comparison, generalization, structural and logical method, expert survey and estimation are used. The dynamics of the main indicators of the development of the market of non-bank financial services in Ukraine are analyzed: the number of microfinance organizations, the volume of assets and financial services. The specific features of «split» as an important reform of the development of the national market of non-bank financial services have been identified. The peculiarities of FinTech development in different world countries are researched. The content of the key development tendencies of microfinance organizations in terms of FinTech-transformation of the financial sector in Ukraine are covered, including: marketplaces (providing loans to customers through intermediary digital platforms); balance crediting; AI-based solutions; banking-as-a-service as a model that allows non-financial companies to add banking services to their own applications and digital products. The formation and implementation of a qualitatively new model of regulation of the market of non-bank financial services will create conditions for the use of new financial instruments and business models that will meet the requirements of the dynamic institutional environment of microfinance organizations in Ukraine.

scholarly journals Developing a Digital Entrepreneurial Mindset for Data-Driven, Cloud-Enabled, and Platform-Centric Business Activities: Practical Implications and the Impact on Society

2020 ◽  
pp. 3-21
Author(s):  
Mariusz Soltanifar ◽  
Edin Smailhodžić
Keyword(s):  
Business Models ◽  
Digital Technologies ◽  
Data Driven ◽  
The Internet ◽  
Success Stories ◽  
Challenges And Opportunities ◽  
Definition Of ◽  
The Impact ◽  
The Internet Of Things ◽  
Practical Implications

AbstractThe term ‘digital’ concerns not only technology but also people. This chapter emphasises the necessity of adopting a digital entrepreneurial mindset when operating in a digitised world. The chapter proposes a definition of a digital entrepreneurial mindset that is rooted in cognitive psychology, organisation theory and entrepreneurship literature. We also focus on the five trends that are shaping the digital future: mobile computing, cloud computing, social media, the Internet of Things and Big Data. The chapter discusses the challenges and opportunities that pervasive digitalisation offers for designing new digital business models and changing interactions with customers. Discussing the success stories of Domino’s Tesco and Tate Art Galleries helps to examine data-driven, cloud-enabled, platform-centric business activities, for which developing a digital entrepreneurial mindset is the first step towards success in the digital age. Collectively, the aforementioned cases suggest that businesses that rely on a digital entrepreneurial mindset enjoy better financial performance. Both managers and employees in these companies have shown the inclination and ability to discover, evaluate and exploit opportunities emerging from digital technologies. This chapter also provides a practical guide for entrepreneurs on the steps they can take to encourage a digital entrepreneurial mindset throughout their entire organisations. Finally, we elaborate on the practical implications of adopting a digital entrepreneurial mindset and its impact on society.

scholarly journals Singapore

2019 ◽  
Vol 19 (229) ◽  
pp. 1
Author(s):  
Keyword(s):  
Technological Innovation ◽  
Financial Institutions ◽  
Financial Services ◽  
Business Models ◽  
Financial Sector ◽  
Efficient Manner ◽  
Services Sector ◽  
Financial Services Sector ◽  
The Impact ◽  
Innovation And Change

Fintech developments hold the promise of having a far-reaching impact on the Singaporean financial services sector, bringing both opportunities and new risks. Technological innovation is one of the most influential developments affecting the financial sector. While fintech promises opportunities for new entrants and incumbents, innovation and change introduce new risks for clients, financial institutions (FIs) and the system. Early indications suggest that while a significant amount of activity has taken place across the financial services landscape, the impact is largely characterized as helping incumbents deliver financial services in a more efficient manner as opposed to disrupting existing business models. Nonetheless, disruption could be around the corner.

On the devaluation of expert opinion or why do we need a law about the basics of expert activity

2020 ◽  
Vol 22 (3) ◽  
pp. 19-24
Author(s):  
MARAT R. BIKTIMIROV ◽  
◽  
OLGA V. PILIPENKO ◽  
MAXIM S. SAFONOV ◽  
◽  
...  
Keyword(s):  
Project Management ◽  
Structural Analysis ◽  
Expert Opinion ◽  
Knowledge Economy ◽  
Rapid Development ◽  
Digital Technologies ◽  
Accurate Assessment ◽  
Industrial Management ◽  
The Impact ◽  
Creative Construction

Taking practical responsible decisions in the field of social and industrial management in the context of rapid development of digital technologies in the era of the knowledge economy is impossible without reliance on expertise. A kind of organization of activities for the production of ‘predictions’ is required, when not only an accurate assessment of the impact of certain factors and their possible interactions with each other is given, but also as a result of creative construction of scenarios for the development of processes and events, an understanding comes which factors need to be taken into account. At the same time, the expertise constantly faces criticism, calling the conclusions of experts arbitrary, unreliable and subjective. Often, expertise is confused with monitoring, evaluation, diagnosis, inspection or counseling. The authors of the article carried out a structural analysis of the content of the expertise processes in the project management vector in the digitalization era and came to the conclusion that the effectiveness of the expertise is significantly increased in case of clear regulation of this type of activity, providing the necessary status.

The Impact of ‘Branchless Banking’ on Building Society Branch Networks

2001 ◽  
Vol 33 (8) ◽  
pp. 1371-1384 ◽  
Author(s):  
Richard Willis ◽  
J Neill Marshall ◽  
Ranald Richardson
Keyword(s):  
Financial Services ◽  
Financial Sector ◽  
Telephone Call ◽  
Current Phase ◽  
The Internet ◽  
Building Society ◽  
Call Centres ◽  
Complex Picture ◽  
Use Of The Internet ◽  
The Impact

The authors examine the impact of the remote delivery of financial services on the branch network of British building societies. The current phase of branch-network rationalisation in the financial sector in Europe and North America is argued in the academic literature to be the inevitable consequence of the growth of electronic and telemediated forms of delivery of financial services. In the British building society sector, despite some evidence of branch closure as the use of the Internet and telephone call centres in the delivery of financial services has grown, the picture that emerges is of a dynamic branch network that is responding to changing customer demands and new technological possibilities. Face-to-face advice and discussions between customers and trained ‘experts’ remain an important part of the mortgage transaction. In the savings market, where products have become more commodified, telephone call centres and, more recently, the Internet have become more prominent, but institutions still rely heavily on the branch network to deliver services. The authors suggest that, although there have been changes in the relative importance of different distribution channels as sources of business in the financial sector, it is wrong to view these changes in terms of a simple branch-versus-direct dichotomy. A more complex picture is presented, with most institutions adopting a multichannel approach to the delivery of financial services, and electronic forms of delivery of financial services being developed as an additional delivery channel alongside the branch.

How Digital Transformation Improves Perceptions of Oil and Gas Industry

2020 ◽  
Vol 72 (12) ◽  
pp. 33-33
Author(s):  
Chris Carpenter
Keyword(s):  
Digital Technology ◽  
Public Perception ◽  
Business Models ◽  
Oil And Gas ◽  
Digital Technologies ◽  
Oil And Gas Industry ◽  
Production Optimization ◽  
Petroleum Engineering ◽  
Co2 Injection ◽  
The Impact

The final afternoon of the 2020 ATCE saw a wide-ranging virtual special session that covered an important but often overlooked facet of the unfolding digitalization revolution. While the rising wave of digital technology usually has been associated with production optimization and cost savings, panelists emphasized that it can also positively influence the global perception of the industry and enhance the lives of its employees. Chaired by Weatherford’s Dimitrios Pirovolou and moderated by John Clegg, J.M. Clegg Ltd., the session, “The Impact of Digital Technologies on Upstream Operations To Improve Stakeholder Perception, Business Models, and Work-Life Balance,” highlighted expertise taken from professionals across the industry. Panelists included petroleum engineering professor Linda Battalora and graduate research assistant Kirt McKenna, both from the Colorado School of Mines; former SPE President Darcy Spady of Carbon Connect International; and Dirk McDermott of Altira Group, an industry-centered venture-capital company. Battalora described the complex ways in which digital technology and the goal of sustainability might interact, highlighting recent SPE and other industry initiatives such as the GAIA Sustainability Program and reviewing the United Nations Sustainable Development Goals (SDGs). McKenna, representing the perspective of the Millennial generation, described the importance of “agile development,” in which the industry uses new techniques not only to improve production but also to manage its employees in a way that heightens engagement while reducing greenhouse-gas emissions. Addressing the fact that greater commitment will be required to remove the “tougher two-thirds” of the world’s hydrocarbons that remain unexploited, Spady explained that digital sophistication will allow heightened productivity for professionals without a sacrifice in quality of life. Finally, McDermott stressed the importance of acknowledging that the industry often has not rewarded shareholders adequately, but pointed to growing digital components of oil and gas portfolios as an encouraging sign. After the initial presentations, Clegg moderated a discussion of questions sourced from the virtual audience. While the questions spanned a range of concerns, three central themes included the pursuit of sustainability, with an emphasis on carbon capture; the shape that future work environments might take; and how digital technologies power industry innovation and thus affect public perception. In addressing the first of these, Battalora identified major projects involving society-wide stakeholder involvement in pursuit of a regenerative “circular economy” model, such as Scotland’s Zero Waste Plan, while McKenna cited the positives of CO2-injection approaches, which he said would involve “partnering with the world” to achieve both economic and sustainability goals. While recognizing the importance of the UN SDGs in providing a global template for sustainability, McDermott said that the industry must address the fact that many investors fear rigid guidelines, which to them can represent limitations for growth or worse.

DEEPFAKE AS A PHENOMENON OF POLITICAL COMMUNICATION

2021 ◽  
Vol 27 (6) ◽  
pp. 101-106
Author(s):  
М. Falaleev ◽  
◽  
N. Sitdikova ◽  
Е. Nechay ◽  
◽  
...  
Keyword(s):  
Artificial Intelligence ◽  
Political Communication ◽  
Political Discourse ◽  
Rapid Development ◽  
Theoretical Data ◽  
Practical Significance ◽  
Subject Field ◽  
Learning Programs ◽  
Definition Of ◽  
The Impact

The development of digital technologies, coupled with progress in the development of self-learning programs based on AI (Artificial Intelligence), has obvious advantages in improving the effectiveness of information impact on people around the world. During the 2010s, researchers have documented trends in the use of artificial intelligence for the construction and distribution of media content to indirectly manipulate political discourse at the national and global levels. Special interest in the context of this issue is how the rapid development of AI technologies affects political communication. The object of consideration within the framework of this article is the deepfake technology. Based on this, as a subject, the authors define deepfake as a phenomenon of modern political communication. Accordingly, the purpose of the study is to describe and predict the impact of deepfake technology on political communication at the global and national levels. The paper presents the definition of deepfake, assesses its characteristics depending on the methods and purposes of its distribution, and analyzes the prospects for using this tool to influence political discourse in modern Russia. To study the subject field of the research, methods of systematizing theoretical data, classification, analysis of a set of factors and forecasting have been applied. The practical significance of the work is presented by the authors’ definition and typology of the phenomenon of deepfake and describes its significance as a factor of political communication on the example of a particular country. The results of the work will be useful for researchers studying the problems of digitalization of the media space and modern means of disinformation in politics, both at the local and global levels

scholarly journals The impact of the digital revolution on the Russian financial sector development and the results of economic transformation

2020 ◽  
Vol 210 ◽  
pp. 02006
Author(s):  
Oksana Yuryeva ◽  
Lyubov Pudeyan ◽  
Tatiana Medvedskaya ◽  
Elena Zaporozceva ◽  
Natalia Zemlyakova
Keyword(s):  
Banking Sector ◽  
Digital Technologies ◽  
Financial Sector ◽  
Economic Transformation ◽  
Competitive Strategies ◽  
Digital Revolution ◽  
Global Trends ◽  
Financial Organization ◽  
State Economy ◽  
The Impact

The paper examines the impact of the digital revolution on the development of the Russian financial sector and the results of economic transformation. The authors substantiate the relevance by the fact that new opportunities for digital technologies and new regulatory rules are imposed on a complex international situation and an ambiguous global economic situation and create a very complex background for strategic planning of the development of small and medium-sized financial organizations. The authors built a model of the navigator of strategic approaches, made prerequisites for clarifying the model of the palette of strategies, created a new metamodel of digital transformations of a financial organization, created a new framework for building IT strategies, identified opportunities, limitations and obstacles to the implementation of competitive strategies of financial organizations in the context of digital transformations of the state economy. The directions for the development of digitalization in the banking sector of the Russian Federation are proposed: the introduction of a financial messaging system to reduce the dependence of the banking sector on international organizations, the introduction of regtech, the use of international experience, based on global trends in the use of fintech and digital technologies in general.

Socio-humanitarian framework for evaluating innovations in the field of artificial intelligence

2021 ◽  
Vol 6 ◽  
Author(s):  
A.N. Raikov ◽  
Keyword(s):  
Artificial Intelligence ◽  
Digital Technologies ◽  
Social Consequences ◽  
Value Orientations ◽  
Scientific Publications ◽  
Main Emphasis ◽  
The Social ◽  
Social Value Orientations ◽  
Analytical Review ◽  
The Impact

The paper addresses the issue of identification the social and humanitarian grounds for constructing criteria for assessing the impact of various factors on the development of innovations using artificial intelligence (AI) technologies. The analysis of basic concepts, standards and criteria for evaluating innovations has been carried out; an analytical review of foreign scientific publications was made. It is shown that modern systems for assessing innovations related to digital technologies and AI place the main emphasis on technological factors in the development of innovations. Social value orientations, including defining the ethical dimensions and social consequences of the malicious use of AI was identified; the analysis of innovation models in the context of quality management and differentiation of semantics of AI models is carried out. As a result, a classification of various types of AI was constructed, taking into account the social and humanitarian grounds for constructing criteria for assessing the impact of various factors on the development of innovations in the field of AI. It allows to increase the reputation potential of companies developing AI systems and AI systems themselves, to counter negative trends in the field of ethics associated with the use of digital technologies and AI.

Sign in / Sign up

Export Citation Format

Share Document