scholarly journals Using blockchain technology to ensure information security

2020 ◽  
Author(s):  
P. P. Kostyuk ◽  
Keyword(s):  
Information Security ◽  
Financial Institutions ◽  
Financial Services ◽  
Global Economy ◽  
Financial Services Industry ◽  
Maritime Industry ◽  
Daily Lives ◽  
Blockchain Technology ◽  
Huge Impact ◽  
Traditional Industry

Blockchain technology is becoming one of the main drivers of innovation in the global economy. Its implementation will have a huge impact on how businesses and governments operate and on how people organize their daily lives. The financial services industry is currently under the greatest impact of the blockchain revolution, and financial institutions are among the earliest users of the technology. At the same time, the maritime industry, as a fairly traditional industry, does not yet have many examples of blockchain applications, but this technology can significantly change this industry.

scholarly journals Blockchain technology and its impact on financial and shipping services

2018 ◽  
Vol 2 (1) ◽  
pp. 51-63 ◽  
Author(s):  
Viktor Diordiiev
Keyword(s):  
Financial Services ◽  
Global Economy ◽  
Insurance Industry ◽  
Public Institutions ◽  
Consensus Algorithms ◽  
Blockchain Technology ◽  
Huge Impact ◽  
Services Industry ◽  
The One ◽  
Traditional Industry

Introduction. Blockchain technology is becoming one of the main drivers of innovation in the global economy. Its adoption will have a huge impact on how businesses and governments operate and on the way people organize their everyday lives. Financial services industry is the one experiencing the biggest impact of the blockchain disruption so far, while financial institutions are among the first adopters of the technology. At the same time, being a relatively traditional industry, shipping has not yet seen many use cases with blockchain, but the technology is able to change this industry dramatically. Aim and tasks. As the industries of finance and shipping have huge potential in the blockchain space and often interact, determining how the blockchain technology adoption can influence the industries of finance and shipping in the future was the main purpose of this article. Research results. To fulfill this purpose, it was important to describe the origins of the blockchain technology, its main characteristics, functioning principles and consensus algorithms. Supported by the recent hype, cryptocurrencies are the biggest use case for blockchain so far, therefore, the article analyzes the largest of them, including Bitcoin, Ethereum and some others, as well as the cryptocurrency market as a whole. The level of worldwide adoption of blockchain and the overall market size are defined further in the article. Various applications in finance are also mentioned, paying particular attention to the insurance industry. Based on this information, the key areas in which blockchain can disrupt finance and insurance are identified. As the number of blockchain companies increases rapidly, the two main fundraising channels for such companies, venture capital and initial coin offering, are analyzed and compared. The ways in which blockchain may impact the shipping services industry are identified further. Conclusion. Afterwards, the article describes a number of blockchain consortia formed by public institutions and private entities to research and test possible applications of the technology across various industries and countries. While the potential of blockchain is still largely undiscovered, all the gathered information and performed research help to make a conclusion that the blockchain technology will have a big impact on many different industries, including financial and shipping services. The coming years will definitely see an exponentially growing interest in blockchain in academic and business fields, as the technology becomes more and more mainstream.

Affluent and Nonaffluent Consumers′ Needs: Attitudes, and Information‐Seeking Behaviour in the Financial Services Marketplace

1990 ◽  
Vol 4 (4) ◽  
pp. 41-54 ◽  
Author(s):  
Edward G. Thomas ◽  
S.R. Rao ◽  
Rajshekhar G. Javalgi
Keyword(s):  
Statistical Analysis ◽  
Discriminant Analysis ◽  
Survey Data ◽  
Financial Institutions ◽  
Financial Services ◽  
Information Seeking ◽  
Financial Services Industry ◽  
Market Segments ◽  
Information Seeking Behaviour ◽  
Services Industry

Considers the proliferation of products and services in the financial services industry aimed at different market segments. Highlights the affluent and nonaffluent market segments. Employs statistical analysis of survey data to evaluate the financial services needs, attitudes, and information‐seeking behaviour of these segments. Suggests implications for the managers of financial institutions, based on the study findings. Includes appendices on methodology and discriminant analysis used in the study.

COVID -19 and Indian Financial Markets: A Review

2020 ◽  
Vol 16 (02) ◽  
pp. 1-8
Author(s):  
Kamaldeep Kaur Sarna
Keyword(s):  
Financial Markets ◽  
Financial Institutions ◽  
Financial Services ◽  
Stock Markets ◽  
Global Economy ◽  
Banking Sector ◽  
Global Financial Crisis ◽  
Negative Impact ◽  
Management Strategies ◽  
The Impact

COVID-19 is aptly stated as a Black Swan event that has stifled the global economy. As coronavirus wreaked havoc, Gross Domestic Product (GDP) contracted globally, unemployment rate soared high, and economic recovery still seems a far-fetched dream. Most importantly, the pandemic has set up turbulence in the global financial markets and resulted in heightened risk elements (market risk, credit risk, bank runs etc.) across the globe. Such uncertainty and volatility has not been witnessed since the Global Financial Crisis of 2008. The spread of COVID-19 has largely eroded investors’ confidence as the stock markets neared lifetimes lows, bad loans spiked and investment values degraded. Due to this, many turned their backs on the risk-reward trade off and carted their money towards traditionally safer investments like gold. While the banking sector remains particularly vulnerable, central banks have provided extensive loan moratoriums and interest waivers. Overall, COVID-19 resulted in a short term negative impact on the financial markets in India, though it is making a way towards V-shaped recovery. In this context, the present paper attempts to identify and evaluate the impact of the pandemic on the financial markets in India. Relying on rich literature and live illustrations, the influence of COVID-19 is studied on the stock markets, banking and financial institutions, private equities, and debt funds. The paper covers several recommendations so as to bring stability in the financial markets. The suggestions include, but are not limited to, methods to regularly monitor results, establishing a robust mechanism for risk management, strategies to reduce Non-Performing Assets, continuous assessment of stress and crisis readiness of the financial institutions etc. The paper also emphasizes on enhancing the role of technology (Artificial Intelligence and Virtual/Augmented Reality) in the financial services sector to optimize the outcomes and set the path towards recovery.

Is Turkey ready for the Post COVID-19 World Order?

2021 ◽  
Vol 23 (Summer 2021) ◽  
pp. 117-140
Author(s):  
Bora Bayraktar
Keyword(s):  
International Relations ◽  
Global Economy ◽  
Political System ◽  
Eastern Mediterranean ◽  
Eastern Mediterranean Region ◽  
World Order ◽  
New World Order ◽  
Daily Lives ◽  
Huge Impact ◽  
The Impact

The COVID-19 outbreak has had a huge impact on the global economy and politics. Closures and lockdowns stopped international trade resulting in an economic slowdown. It has changed the daily lives of people and the way business takes place. Politics has also been affected by the pandemic. Discussions about the changing world order have gained a new dimension and momentum. In this article, the impact of the COVID-19 pandemic in international relations is analyzed. Has COVID-19 triggered a change in the world order? If it has, what are the nature, scope, and content of this change? As a rising regional power in the Eastern Mediterranean region, how has Turkey been affected by this, and how did it respond to the changing situation? Signs of deteriorating world order, declining U.S. leadership, escalating geopolitical competition amongst global powers were in the air before the pandemic. Turkey’s adaptation to this new world order pre-dates the pandemic, when it changed its political system, and invested in its security and cohesion.

Operational Process Management in the Financial Services Industry

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.

Relationships between Information Security Concerns and National Cultural Dimensions

2011 ◽  
pp. 134-153
Author(s):  
Princely Ifinedo
Keyword(s):  
Information Security ◽  
Financial Services ◽  
Cultural Dimensions ◽  
Future Research ◽  
Financial Services Industry ◽  
Current Effort ◽  
Corporate Managers ◽  
Security Issues ◽  
Services Industry ◽  
Security Concerns

This study investigates the relationships between the contextual factor of national culture and information security concerns in the global financial services industry (GFSI). Essentially, this study attempts to expand the breath of information provided in the recent 2009 Deloitte Touche Tohmatsu (DTT) survey, which reported such issues in the financial services industry. The inference from the 2009 DTT survey was that information security concerns across GFSI are being informed solely by industry-related standards or imperatives. As such, perceptions and attitudes towards such issues were thought to remain unchanged in differing contexts. Results from this study’s analysis showed that the perceptions of information security concerns in GFSI compared reasonably well, but also varied by some national cultural attributes to debunk such a claim. Corporate managers in the industry may benefit from this research’s findings as they formulate country-wide information security policies and strategies. As well, insights from this current effort indicate that it would be erroneous for practitioners to accept that entities in the financial services hold exactly the same view on information security issues in their industry. Future research avenues are discussed.

The effects of IFRS adoption and firm size on audit fees in financial institutions in Ghana

2019 ◽  
Vol 32 (3) ◽  
pp. 436-453
Author(s):  
William Coffie ◽  
Ibrahim Bedi
Keyword(s):  
Financial Institutions ◽  
Firm Size ◽  
Financial Services ◽  
Audit Fees ◽  
Financial Services Industry ◽  
Content Type ◽  
Listed Firms ◽  
Ifrs Adoption ◽  
Services Industry ◽  
The Cost

Purpose This study aims to investigate the effects of international financial reporting standards (IFRS) adoption and firm size on auditors’ fees determination in the Ghanaian financial industry. Design/methodology/approach The authors use the annual report of 52 listed and non-listed firms spanning from 2003 to 2014. Guided by the hypotheses, the authors conditioned audit fees on IFRS adoption and firm size and execute robust fixed effects panel regression. Findings The results show that IFRS adoption has a positive coefficient with audit fees suggesting that the adoption of IFRS, indeed, increases the audit fees paid by banks and insurance firms, as well as the industry as a whole. The results are consistent with the idea that IFRS adoption increases auditor efforts with respect to time and complex nature of some aspect of the standards. Again, as expected, the coefficient of size is positively and significantly related to audit fees. This indicates that the size of the auditee plays a vital role in determining audit fees. Research limitations/implications The study is limited by industry (i.e. the financial services industry) and geography (i.e. Ghana). The authors propose further research that will widely consider other sectors and countries to improve the current scanty literature in this area. Besides, theoretically, the study is limited to the lending credibility theory and feels compelled to reiterate the importance of considering alternative theoretical perspective(s) in future research. Practical implications This study is significant to practitioners as it demonstrates the importance of the determinants of the auditors’ fees. It helps auditors to apply the relevant charging formula when determining audit fees, while it helps managers to improve upon the quality of reporting to control audit bill and forecasting their audit expenditure. Originality/value The results of the study extend the literature on the cost side of IFRS adoption by investigating the financial services industry and non-listed firms in a new context, i.e. a developing country where this research is uncharted. The existing studies based their analysis on either cross-section or pooled analysis and shorter post-adoption period (Cameran and Perotti, 2014). However, using an extended post-adoption period data, the authors base the study on analytical panel model, which directly examine the cost side of IFRS adoption with size as joint key explanatory variables with emphasis on financial institutions and external auditors.

Cooperation and Collaboration

2017 ◽  
Author(s):  
Gordon L. Clark ◽  
Ashby H. B. Monk
Keyword(s):  
Organizational Change ◽  
Financial Institutions ◽  
Financial Services ◽  
Financial Services Industry ◽  
Senior Managers ◽  
Changing Environment ◽  
Space And Time ◽  
Services Industry

Chapter 10 explains how and why new modes of cooperation and collaboration between, rather than within, institutions have become important. It summarizes the distinctive attributes of the global financial services industry. Critically, it looks at the value of cooperation and collaboration as a means of giving senior managers opportunities to adapt or extend the capacities of their institutions in a changing environment. This characterization of cooperation and collaboration is applied to the design of investment platforms bringing together financial institutions across space and time to invest in opportunities beyond inherited capabilities and resources. Findings relevant to the literature on organizational change are explored as a way to better understand the nature and shape of global financial services. The limits of cooperation and collaboration are identified with respect to the capacity of senior managers to make commitments on behalf of their organizations.

Operational Process Management in the Financial Services Industry

2010 ◽  
pp. 529-550 ◽  
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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