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.

scholarly journals IMPACT OF FINANCIAL TECHNOLOGY IN INDIA ON BANKING SECTOR

2020 ◽  
pp. 44-50
Author(s):  
Mrs.G.Yasmin ◽  
M.A.S. Raja Mohammed
Keyword(s):  
Financial Services ◽  
Business Models ◽  
Banking Sector ◽  
Financial Industry ◽  
Middle Income ◽  
Technology Sector ◽  
New Business ◽  
City Of London ◽  
The Impact ◽  
Financial Technology

Technology has, to some degree, always been part of the financial world. The term fintech refers to the synergy between finance and technology, which is used to enhance business operations and delivery of financial services. Financial technology is the application of new technological advancements to products and services in the financial industry. It includes B2C (Business to Client), Crowdfunding Platforms, Block chain and Cryptocurrency, Mobile Payments, Insurance, Robo-Advising, Stock-Trading Apps, Budgeting Apps, Fintech Stocks. Fintech market in India is likely to expand to $31 billion in 2020," India is a dominant force in the financial technology sector globally with 29 per cent annual returns on investments, a report released by the City of London Corporation. The study is important to analyse the impact of fintech in banking sector through analyzing its performance and growth pattern. Implementation of new business models driven by technologies such as Artificial Intelligence and Machine Learning Wide middle-class expansion by 2030, India will add 140 million middle-income and 21 million high-income households which will drive the demand and growth on the Indian Fin Tech space. KEY WORDS: Fintech, Financial services, banking sector, India, technology

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 The Appleization of finance: Charting incumbent finance’s embrace of FinTech

2018 ◽  
Vol 4 (2) ◽  
pp. 159-80
Author(s):  
Reijer Hendrikse ◽  
David Bassens ◽  
Michiel Van Meeteren
Keyword(s):  
Data Mining ◽  
Information And Communication Technologies ◽  
Business Model ◽  
Financial Services ◽  
Business Models ◽  
Communication Technologies ◽  
Data Driven ◽  
Financial Industry ◽  
Information And Communication ◽  
Financial Technology

The rise of financial technology (FinTech) engenders novel business models through integrating financial services and information and communication technologies (ICT). Digital currencies and payments, data mining, and other FinTech applications threaten to radically overhaul the financial sector. This article argues that, while we are becoming aware of how technology giants such as Apple Inc. are making inroads into financial services, we need to become more sensitive to how financial incumbents mimick ICT firms while aiming to neutralize the FinTech challenge. Practices from Silicon Valley are spilling over into ‘traditional’ finance through a process we dub Appleization. We illustrate how incumbents aim to remain indispensable amidst rapid digitization. Mimicking tech strategies, financial incumbents resort to transforming legacy ICT systems into integrated platforms, cultivating entrepreneurial ecosystems where startups are ‘free’ to compete whilst effectively being locked into the incumbent's orbit. We illustrate this by comparing Apple’s business features (locking-in developers, customers and state into a hybrid business model based on a synergy between hardware, software and data-driven platform components) with emerging practices in the financial industry. Our analogy suggests that the Appleization of finance might radically transform, yet not undercut the oligopolistic position of financial incumbents.

scholarly journals Regulating Financial Services in an Era of Technological Disruption

2020 ◽  
Vol 36 (2) ◽  
pp. 1-24
Author(s):  
Louis De Koker ◽  
Nicholas Morris ◽  
Sue Jaffer
Keyword(s):  
Financial Services ◽  
Business Models ◽  
Controlled Environment ◽  
Innovative Products ◽  
New Business ◽  
Vehicles Emissions ◽  
Financial Regulatory ◽  
New Business Models ◽  
Financial Technology ◽  
Regulatory Challenges

Financial regulators are challenged to respond to the innovation opportunities presented by financial technology (fintech). Current rules are not necessarily sufficient or effective to adequately regulate new business models and new products relating to innovations such as crypto assets or digital financial services. Regulators that fail to respond in a timely manner may drive innovation offshore and deprive their markets and consumers of appropriate, new services. To respond to new financial innovation, regulators have been establishing innovation hubs and regulatory sandboxes. Innovation hubs enable them to engage innovators more effectively. Sandboxes allow the products to be tested in a controlled environment and enable to regulator to consider whether existing laws are appropriate to regulate such products and, of not, what measures may be required. Sandboxes are however resource intensive and they hold a number of risks. Financial regulators are, of course, not alone in having to address the regulatory challenges of innovation. This article therefore also considers other non-financial regulatory experiences of innovative products and services, namely automated vehicles; emissions trading in China; and Uber and its clones, to consider whether those experiences hold lessons for financial regulators.

scholarly journals critical analysis of the job instability in platform economy

2021 ◽  
Vol 11 (2) ◽  
pp. 122-144
Author(s):  
Rocío Gallego Losada
Keyword(s):  
Business Models ◽  
Pension System ◽  
Protective Action ◽  
Legal Framework ◽  
Social Rights ◽  
Public Pension System ◽  
New Business ◽  
Labour Legislation ◽  
Job Instability ◽  
Platform Economy

This article reflects on the vulnerability of the new digital platform workers regarding their social rights, a highly controversial issue at the doctrinal and jurisprudential levels. Firstly, we analyse the greater job instability and lack of protection experienced by the workers in this type of platforms, and the labour legal framework that derives from these new business models. In this sense, the current doctrine can be grouped into two positions: a first one which defends that these workers should be considered employees and, therefore, remain under the umbrella of the general labour legislation; and a second one, that proposes a legal transformation to include these special workers. Secondly, we analyse the effects derived from the growing development of the platform economy for the Spanish Social Security system. This analysis focuses both on the effects of the protective action of the welfare state for their workers, as well as on its impact on the financing of the public pension system. The article draws a series of final conclusions warning about the possible crash of the fundamental social rights of platform workers.

scholarly journals THE ROLE OF COLLABORATION VALUE CHAIN DESIGN AT REWARD-BASED CROWDFUNDING PLATFORMS AND MUSIC INDUSTRY IN INDONESIA

2019 ◽  
Vol 4 (1) ◽  
pp. 1
Author(s):  
Octadila Laily Anggraeni ◽  
Elvia Shauki
Keyword(s):  
Value Chain ◽  
Business Models ◽  
Music Industry ◽  
Creative Industries ◽  
Value Chain Analysis ◽  
Design Collaboration ◽  
Funding Model ◽  
Chain Analysis ◽  
New Business ◽  
Financial Technology

<em>Industry 4.0 has brought many changes, in the financial sector there is financial technology. One form of financial technology is crowdfunding. Creative industries are quite high sectors that use crowdfunding as a funding model. This research includes collaboration between crowdfunding and the music industry. In the process of collaboration between the crowdfunding and the music industry, the parties need to conduct a value chain analysis and find out their competitive advantages to maximize fundraising. The consequence of collaboration between the crowdfunding and the music industry is the presence of new business models accompanied by changes in the value chain. This study aims to determine value chain design collaboration between reward-based crowdfunding and the music industry. This research is based on the value network theory, using a qualitative approach with multi-cases study design. This research was conducted by gathering information through interviews with crowdfunding and the music industry. The results show that collaboration leads to changes in value chain design. Crowdfunding has changed the pattern of production in the music industry with its involvement in funding, sales, and distribution. Other forms of crowdfunding and other creative industries require further investigation. This study aims to help practitioners understand how reward-based crowdfunding is changing the music industry.</em>

Research on financial innovations: an interdisciplinary review

2022 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Mohammad G. Nejad
Keyword(s):  
Financial Services ◽  
Business Models ◽  
Academic Research ◽  
Research Literature ◽  
Future Research ◽  
Breeding Ground ◽  
Financial Industry ◽  
Content Type ◽  
New Era ◽  
Financial Innovations

PurposeThe financial industry offers a unique setting to study innovations. Financial innovations have fueled the growth of economies, markets and societies. The financial industry has successfully become the breeding ground for innovative services, processes, business models and technologies. This study seeks to provide a holistic view of the literature on financial innovations, synthesize the research findings and offer future directions for research in light of three market developments that are disrupting the industry and opening up a new era for the financial services industry. Disruptions from within and outside the industry offer new generations of radically innovative services. Moreover, new generations of consumers differ from previous generations in their needs and wants and look for innovative ways to handle their financial needs. Finally, significant developments related to financial innovations have emerged in Asia and developing countries.Design/methodology/approachThis study systematically reviews the academic research literature on financial innovations in two phases. The first phase provides a quantitative review of 546 journal articles published between 1990 and 2018. In the second phase, the study synthesizes the extant research on financial innovations and maps them in five research areas: firms' introduction and adoption of FIs, financial innovation development, the outcomes of financial innovations, regulations and intellectual property, and consumers.FindingsThe analysis found that disciplines differ with regard to the employed research methodologies, the units of analysis, sources of data and the innovations they examined. A positive trend in the number of published articles during this period is observed. However, studies have primarily focused on the USA and Europe and less so on other parts of the world. The literature synthesis further identifies research gaps in the available research that highlight future research opportunities in light of the three market disruptions. The financial services industry is on the brink of a new era due to disruptions from within and outside the industry and the entrance of new generations of consumers. Moreover, the financial industry has successfully become the breeding ground for innovative services, processes and business models. Therefore, financial innovations offer promising opportunities for bridging the gap between research on product and service innovations.Research limitations/implicationsThe work provides a holistic and systematic overview of extant research on financial innovations and highlights future research opportunities in light of the three disruptive market developments. It helps researchers take advantage of the opportunities in studying financial innovations while maintaining industry relevance.Originality/valueThe study is the first to review and synthesize the academic research literature on financial innovations across marketing, finance and innovation disciplines. In addition, the study highlights three primary disruptive forces in the financial industry and identifies future research directions in light of these disruptive forces.

Policies and Innovations of Financial Technology Business Models in the Digital Economy Era on the E-Business Ecosystem in Indonesia

2022 ◽  
pp. 22-42
Author(s):  
Ahmad Budi Setiawan ◽  
Amri Dunan ◽  
Bambang Mudjianto
Keyword(s):  
Business Model ◽  
Financial Services ◽  
Business Models ◽  
Rapid Development ◽  
Group Discussions ◽  
Business Ecosystem ◽  
Utilization Of Technology ◽  
The Government ◽  
Financial Transactions ◽  
Financial Technology

The rapid development of technology and information systems continues to give birth to various innovations, especially those related to financial technology to meet the various needs of the community, including access to financial services and processing of financial transactions. Financial technology (FinTech) is the implementation and utilization of technology to improve financial and banking services. The development of financial technology in Indonesia itself is growing rapidly, along with the development of existing technology. FinTech is developed by utilizing the latest software, internet, and computing technologies. Based on this, this study examines the development of innovation and policies for the fintech business model in the e-business ecosystem in Indonesia. This research is a qualitative research with data collection methods through focus group discussions, in-depth interviews, and literature studies. This chapter recommends that the government develop and make policies for fintech business model innovation in the e-business ecosystem in Indonesia.

Cooperation in the financial services sector

2019 ◽  
pp. 417-428
Author(s):  
John Child ◽  
David Faulkner ◽  
Stephen Tallman ◽  
Linda Hsieh
Keyword(s):  
Strategic Alliances ◽  
Financial Services ◽  
Business Models ◽  
Modern Technology ◽  
Services Sector ◽  
Financial Services Sector ◽  
Software Companies ◽  
New Business ◽  
Cooperative Relationship ◽  
Relationship Of

Chapter 19 examines alliances in the financial services sector, focusing on banks as the major players. It describes how banks have traditionally formed strategic alliances with other banks and established deep networks. As such they have made themselves into the sector’s banking blocks. However, since the financial crisis of 2008 the terrain has changed and banks are facing the need to digitize and adopt modern technology to a greater degree than previously. The chapter considers the impact of digitization leading to cooperation between banks and software companies and the development of new business models based on the efficiencies digitization offers. It also looks at the cooperative relationship of banks with the new area characterized as Fintech and the emergence of new financial tools like cryptocurrencies and blockchain.

Digitalisation of the Global FinTech Industry

2020 ◽  
pp. 431-449 ◽  
Author(s):  
Muhammad Waleed Butt ◽  
Usman Javed Butt
Keyword(s):  
Developing Countries ◽  
Digital Media ◽  
Financial Services ◽  
Business Models ◽  
Banking Industry ◽  
Digital Technologies ◽  
Value Proposition ◽  
Goods And Services ◽  
Digital Disruption ◽  
Financial Technology

The digitalisation of global financial technology and marketing is central for the success of many banking organisations across the globe. Digital disruption is a change that occurs when new emerging digital technologies and business models affect the value proposition of existing goods and services for low end demanding customers or for new market customers. Digital banking or online or virtual banking is leading to the digitization of all the traditional banking activities, products, process, or services. It is needless to state that mere adaptation of digital media to comply with trends does not guarantee success. The digital trends in the banking industry has seen banks focusing on digitalization core processes, increasing awareness, financial inclusions, and undertaking sustainable practices. FinTech (i.e., financial technology) is competing with traditional financial methods in the delivery of financial services and reaching the unbanked segment of society, particularly in developing countries. There is a strong need to understand drivers and trends in the FinTech industry.

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