scholarly journals Region-Wise Usage of Banking Services – A study of Gujarat

2020 ◽  
pp. 106-109
Keyword(s):  
Financial Literacy ◽  
Financial Services ◽  
Rural Households ◽  
Primary Data ◽  
Structure Questionnaire ◽  
Banking Services ◽  
Financial Products ◽  
Substantial Progress ◽  
Indian Banks ◽  
Corporate Social

Financial services actively contribute to the humane & economic development of the nation. Financial services lead to social and economic safety hence, each & every individual should be provided with affordable institutional financial products/services popularly called ―Financial Inclusion‖. Despite witnessing substantial progress in financial sector reforms in India, it is overwhelming to note that nearly half of the rural households even today do not have any access to any source of funds (savings/credit) - institutional or otherwise. Hardly one-fourth of the rural households are assisted by banks. Hence the major task before banks are to bring most of those excluded, i.e. 75 percent of the rural households, under the mainstream of formal financial services. There is a need for the formal financial system to look at increasing financial literacy and financial counseling. As a part of corporate social responsibility now a day’s Indian banks and financial market players should actively look at promoting such programs. Financial products& services are identified as basic banking services like deposits accounts, institutional loans, access to payment, remittance facilities & also life & non-life insurance services. The present paper is an attempt to capture the region-wise usage of banking services. The study collected data of 900 respondents from five regions of Gujarat i.e. South Gujarat, North Gujarat, Central Gujarat, Saurashtra, and Kachchh. The study used a five-point Likert scale agreement method to understand the usage of banking services. Also, the study captured the demographic profile of respondents from. The primary data collected through a structure questionnaire.

scholarly journals Corporate Social Responsibility: Motives and Financial Performance

2020 ◽  
Vol 8 (4) ◽  
pp. 76
Author(s):  
Muhannad Atmeh ◽  
Mohammad Shaban ◽  
Malek Alsharairi
Keyword(s):  
Regression Analysis ◽  
Corporate Social Responsibility ◽  
Financial Performance ◽  
Financial Services ◽  
Primary Data ◽  
Pharmaceutical Technology ◽  
Long Time ◽  
Corporate Social ◽  
First Time ◽  
The Relationship

The relationship between companies and society has been questioned for a long time. However, the effect of the motives behind CSR regarding the companies’ actual engagement with CSR has received little attention, especially in emerging markets. This paper tackles this issue for the first time using a sample of Jordanian companies. We explore the effect of two types of motives on the level of engagement in CSR: extrinsic motive (financial) and intrinsic motives (ethical and altruistic). The relationship between the company’s actual financial performance and CSR is also investigated. Primary data were collected using a questionnaire, distributed to Jordanian company’s managers in five sectors: pharmaceutical, technology and telecommunication, construction, farming, and financial services. Multiple regression analysis was conducted to depict the relationships. Results show that the intrinsic motives have a significant effect on CSR, while the extrinsic motive has none. When intrinsic motives were tested separately, results showed that the ethical motive had a significant effect, while the altruistic had no effect. In both cases, CSR was shown to be more significantly driven by the company’s financial performance. Different stakeholders such as policymakers, entrepreneurs, researchers, and investors may use the results of this study to increase companies’ involvement in CSR.

Unbanked status and use of alternative financial services among minority populations

2019 ◽  
pp. 1-14 ◽  
Author(s):  
Silvia Helena Barcellos ◽  
Gema Zamarro
Keyword(s):  
Financial Literacy ◽  
Financial Services ◽  
Economic Status ◽  
Large Fraction ◽  
Explanatory Power ◽  
Primary Data ◽  
Wealth Accumulation ◽  
Alternative Financial Services ◽  
Underlying Causes ◽  
Racial Ethnic

AbstractA large number of Americans do not have bank accounts (the ‘unbanked’) or rely on costly alternative financial services (AFS) such as payday loans (the ‘underbanked’), with implications for wealth accumulation and retirement preparedness. Using primary data, we document large racial/ethnic differences in unbanked and in frequent AFS usage rates. We study the role of socio-economic status (SES), financial literacy, trust in financial institutions, networks, and time preferences in explaining these gaps. While these variables explain a large fraction of the white-minority gaps in unbanked status the same is not true for gaps in AFS use. A Blinder-Oaxaca decomposition confirms these patterns: gaps in unbanked status are mostly explained by differences in endowments across groups, for AFS gaps differences in returns to endowments have the largest explanatory power. Our findings suggest that, while related, unbanked and underbanked are distinct concepts with different underlying causes that may require different policy responses.

scholarly journals Financial Inclusion, Awareness, and Understanding of Financial Products among People Selected Gewogs (Blocks) of Bhutan

2019 ◽  
Vol 8 (11S2) ◽  
pp. 485-494
Keyword(s):  
Financial Services ◽  
Financial System ◽  
Secondary Data ◽  
Primary Objective ◽  
Financial Inclusion ◽  
Primary Data ◽  
Journal Articles ◽  
Financial Products ◽  
The People ◽  
Survey Finding

The financial products that are being offered by the banks in the contemporary era are significant to enhance the primary objective of the banks that is, ‘Financial Inclusion’ (FI). However, due to umpteen reasons, the banks in many countries have failed streamlining the poor and the majority of the rural folk. Bhutan is not an exception as it is in a landlocked country. The Survey finding (2013) depicted a smaller share of Bhutanese involvement in the formal financial system (48%) whereas larger percentage of them involved in informal financial system. Further, the present Governor of Royal Monetary Authority (The central bank of the country), Dasho Penjor in his discussion on the review of His Majesty’s address on 109th National day Celebration in Trongsa stated that the majority of the rural folks are unable to avail banking services extended by the formal institutions. Besides, financial services can be availed by mass only when banks and other financial institutions run some awareness programmes. There are a few literature on FI in Bhutan in general; however literature on the awareness and understanding of financial products of the people are minimal in the country. The present study, therefore, investigates the scenario of FI along with awareness and understanding of financial products of commercial banks among Bhutanese in four Gewogs (Blocks) of the country that is, Bongo, Chapcha, Darla and Samphelling. The structured questionnaire was designed and primary data from 378 respondents were collected. Further, various articles and papers published in survey findings, magazines, and journal articles are used as secondary data sources of the study. The collected data have been tabulated, analysed, and interpreted with the help of Descriptive statistics, Independent t-test and Analyses of Variance (ANOVA).

scholarly journals AN ANALYSIS OF PERSONAL FINANCIAL LITERACY AMONG ADULTS IN VHEMBE DISTRICT, A RURAL MUNICIPALITY IN SOUTH AFRICA

2021 ◽  
Vol 9 (1) ◽  
pp. 55-66
Author(s):  
Adam Ndou ◽  
◽  
Sam Ngwenya ◽  
Keyword(s):  
South Africa ◽  
Low Income ◽  
Financial Literacy ◽  
Financial Services ◽  
Financial Management ◽  
Quantitative Research ◽  
Well Being ◽  
Primary Data ◽  
Research Approach ◽  
Vhembe District

Consumers in rural and low-income areas are the most financially vulnerable and are facing challenges with their finances and depend mostly on unsecured loans to finance their daily expenses. This has been exacerbated by global financial crises, which left many consumers in financial strains. The purpose of this paper is to measure the level of financial literacy focusing on the areas of day-to-day money management, financial planning, choosing appropriate financial services and products, and financial knowledge and understanding. The quantitative research approach was used to collect primary data among adults in Vhembe District Municipality (VDM), a rural and low-income municipality in South Africa. Primary data were analyzed through descriptive statistics. The results indicate that the level of financial literacy among adults in VDM is low at 38.73%. The low levels of financial literacy have serious consequences for an adult’s personal financial management skills and lead to their inability to make correct financial decisions. It is apparent that an individual’s level of financial literacy has become important in how individuals manage their finances in today’s complicated financial world. The paper concludes by suggesting interventions that could help adults to improve their level of financial literacy, manage and sustain their financial well-being.

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.

scholarly journals Evaluation of Availability of Online Financial Services to the Population of the Kemerovo Region (Kuzbass)

2020 ◽  
Vol 2020 (3) ◽  
pp. 387-396
Author(s):  
Elmira Lubkova ◽  
Galina Ermolaeva ◽  
Anna Shilova
Keyword(s):  
Financial Institutions ◽  
Financial Literacy ◽  
Financial Services ◽  
Remote Access ◽  
Insurance Companies ◽  
Banking Services ◽  
Remote Areas ◽  
The One ◽  
The Relationship ◽  
Logical Research

The availability of online financial services is becoming increasingly relevant in the context of the digital economy. On the one hand, they are easily assessable and not time-consuming. On the other hand, there is insufficient financial literacy and incomplete Internet coverage of remote areas – the obstacles that have to be overcome. The research objective was to evaluate availability of online financial services in remote access. The study featured the relationship between consumers and financial institutions in the process of implementing financial services in remote access. It was based on empirical, monographic, and abstract-logical research methods. An analysis of empirical data showed that most respondents could choose remote banking services. Fewer respondents had access to online services of insurance companies and other financial institutions. Respondents complained about various problems in obtaining remote access to financial services. The authors believe that the research can help improve regional financial programs and encourage further studies of local financial availability by increasing financial literacy, full Internet coverage, and confidence in financial institutions.

scholarly journals Financial Inclusion and Financial Literacy in Low Income Group in Emerging Economy

2020 ◽  
Vol 6 (4) ◽  
pp. 1001-1008
Author(s):  
Hina Affandi ◽  
Qaisar Ali Malik
Keyword(s):  
Financial Institutions ◽  
Low Income ◽  
Financial Literacy ◽  
Relevant Literature ◽  
Financial Inclusion ◽  
Primary Data ◽  
Street Vendors ◽  
Policy Makers ◽  
Financial Products ◽  
The Impact

Purpose: Financial institutions engage in performing imperative part in the economic development of an economy through circulation of funds that resulting in employment and fair distribution of limited resources. Financial literacy results in usage of financial product and services provided by financial institutions that lead to pervasive growth of an economy. Financial inclusion takes into loop the excluded segment of a developing country to attain the desired financial and economic outcomes. Recognizing the importance of financial inclusion, this study is executed to investigate the impact of financial literacy on financial inclusion in street vendors. Design/methodology/approach: This study was conducted in twin cities Islamabad and Rawalpindi. Snowball and purposive sampling technique has been used in this study. Primary data has been collected from street vendors through semi structure interviews and questionnaire. Participatory action research design is used in this study. Deductive approach has been used for qualitative data analysis. Findings: The results of this study found that street vendors only name financial institutions. They don’t have knowledge about financial products and services provided by those financial institutions. Because of inadequate knowledge, majority of the street vendors do not use financial products and services which are available to them. A very small number of street vendors are using financial products and services. The expected outcomes of this study set a direction for policy makers of financial institutions about how to increase financial inclusion by considering the observed relations in this study. Practical implications: The results will help policy makers in formulating effective strategies to bring into the net that excluded segment, which if included will not only improve their quality of life but also augment to the sustainability and growth of economy through financial inclusion. Originality/value: As suggested by the recent relevant literature, the study is an attempt to identify those antecedents of financial inclusion, which has not been explored earlier in context of Pakistan, to extend the earlier findings through qualitative research method and to establish how financial inclusion can be made a success in achieving its desired outcomes in a developing economy.

MINIMIZING THREATS TO A CREDIT INSTITUTION INFORMATION SECURITY AT THE BANKING SERVICES MARKET

2020 ◽  
Vol 10 (9) ◽  
pp. 1894-1905
Author(s):  
I.V. Logvinova ◽  
◽  
A.V. Zhigunova ◽  
Keyword(s):  
Information Security ◽  
Financial Services ◽  
Banking Sector ◽  
Financial Institution ◽  
Main Task ◽  
Credit Institution ◽  
Banking Services ◽  
Financial Products ◽  
Strategic Position ◽  
Modern Technologies

This article discusses the problems of minimizing threats to information security in the banking sector and identifies possible means to facilitate this process. By attracting funds and lending to clients on a commercial basis, banks are significantly expanding on an ongoing basis the network of services in the domestic financial and credit sector, have had a noticeable impact on the country’s economy. Simultaneously with the emergence of commercial banks, a number of problems arose that did not exist before, the main one of which is the need to ensure the safety of banks from criminal encroachments, first of all, informational. The problem of security for a commercial bank is relevant not only for the owners and shareholders of the bank, but also for employees and clients of the bank. Problems arising in the banking sector can negatively affect the general population and the situation in the state, therefore, it is necessary to approach the solution of this problem from a strategic position. The development of modern technologies in the banking sector expose banks to completely new and more dangerous threats. In order to prevent and repel threats to the bank’s security, any financial institution is forced to constantly deal with the problem of ensuring its own security. It should be noted that the provision of banking services is inextricably linked with the use of funds and financial products with various functions and qualities. Moreover, a credit institution is a product of a complex of financial services, both for passive and active tasks, and the main task of any bank is to offer customers a whole range of products that fully meet their needs.

scholarly journals PENGARUH SWITCHING COSTS TERHADAP INERTIA DAN CALCULATIVE COMMITMENT STUDI PADA NASABAH CIMB NIAGA CABANG ITC FATMAWATI

2019 ◽  
Vol 1 (2) ◽  
pp. 143-153
Author(s):  
Teuku Fajar Shadiq
Keyword(s):  
Hypothesis Testing ◽  
Financial Services ◽  
Switching Costs ◽  
Service Providers ◽  
Mutual Influence ◽  
Switching Cost ◽  
Sunk Costs ◽  
Primary Data ◽  
Calculative Commitment ◽  
Financial Products

The purpose of this study is to examine how the mutual influence between Switching Costs is represented by five variables (benefit lost costs, uncertainty costs, evaluation costs, learning costs and Sunk costs) with Inertia and Calculative Commitment. The objective of this research was to analyze whether there is an  impact between the Switching Cost on Inertia and Calculative Commitment which were significantly. This paper presents and develops a model that will articulate and classify the behavior of consumers in the purchase of financial products and services. The theoretical insights generated by this model are then used to examine research data obtained from questionnaires with centralized variables and focus on consumer attitudes towards financial service providers and their financial products. The importance of trust is not explicitly recognized but the relationship between trust and risk largely determines the behavior of a customer Aldas-Manzano et al. (2009). The design of this research applied multiple regression, hypothesis testing of validity (T-test and correlation) and hypothesis testing of reliability (Cronbach’s Alpha). Data analysis used in this research was primary data in which the population of this study is CIMB Niaga ITC Fatmawati branch office in South Jakarta. This research was carried out by distributing 200 questionnaires with samples customers who are over three years as a customer and maintain balance actively. The result of this research concluded that there are variables of switching cost that affect are inertia and calculative commitment that is an important driver of behavioral customer. Product innovation competition among actors of financial services to attract new customers must calculate the commitment and customer resistance in the costs and risks that will be generated

scholarly journals Financial Literacy as a Driver of Financial Inclusion in Kenya and Tanzania

2021 ◽  
Vol 14 (11) ◽  
pp. 561
Author(s):  
Ashenafi Fanta ◽  
Kingstone Mutsonziwa
Keyword(s):  
Regression Analysis ◽  
Financial Literacy ◽  
Financial Services ◽  
Instrumental Variable ◽  
Financial Inclusion ◽  
Demand Side ◽  
Financial Products ◽  
Instrumental Variable Regression ◽  
Per Se ◽  
Using Data

Efforts are being exerted in many developing countries to promote financial inclusion by increasing individuals’ access to financial products and services. However, literature suggests that increasing the supply of financial products and services per se may not help in expanding financial inclusion unless concerted efforts are exerted in enhancing financial literacy. This is because financially literate individuals are more likely to appreciate the value of financial services and hence take up financial products. This paper reports the link between financial literacy and inclusion using data from a demand side financial inclusion survey conducted in Kenya and Tanzania in 2016 covering a total of 6029 individuals. Results from our instrumental variable regression analysis confirmed that financial literacy is a strong driver of financial inclusion. This implies that efforts to promote financial inclusion need to be accompanied with financial literacy campaigns in both countries.

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