scholarly journals IoT enabled Smart Banking System – A Technological Revolution

2019 ◽  
Vol 8 (2) ◽  
pp. 4313-4318
Keyword(s):  
Customer Loyalty ◽  
Value Chain ◽  
Financial Services ◽  
Cell Phone ◽  
Banking System ◽  
Value Added ◽  
Customer Data ◽  
Financial Products ◽  
System A ◽  
And Control

The main proposal of the Smart Banking System by using IoT is to develop a System that could be easy to use and accessible. IoT solutions make certain Banking & Financial Services (BFS) companies for improved tracking and analysis of client’s behaviors and requirements. In the dominion of interconnected "things", banks are testing better approaches for associating with clients to give them exhortation, and might exhibit money related offers through their cell phone as they stroll past specific stores. They could use a similar way to deal with give direction on sending a notice to "skip Starbucks" as the client overspent on sundries the current month's savings. In the coming future, banks will have an extensive task to perform in managing and control of payments. IoT helps banks in many ways ,ie: facilitating consumers by communicating with right information about different offers especially in banking/finance, and solve different day to day issues of consumers and retain them for longer period. The customer data available through the IoT will identify the financial needs of the client and its value chain that also helps banks provide the value added services and customized financial products to ensure Win-Win situation .This banking system enabled with IoT improves customer loyalty by playing as a powerful facilitator .It transforms the business in the future. Banks must convert IoT data into valuable information that helps in increases their market share and provides better solutions to their customers. As the banking system has become part of a human day to day activity, it efficiently offers many benefits, such as operating a payment system, granting loans, taking deposits and helping with investments etc

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 The key role of quoted spreads in financial services and transactions

2021 ◽  
Vol 10 (3) ◽  
pp. 208-216
Author(s):  
Guillermo Peña
Keyword(s):  
Financial Services ◽  
Investment Decisions ◽  
Value Added ◽  
Gravity Equation ◽  
Interesting Issue ◽  
Financial Products ◽  
The World ◽  
Intertemporal Decisions ◽  
Transaction Tax

Banking has driven the development of the world for centuries. An interesting issue to analyze is the optimal spread on financial products reflecting the value added that does not generate economic distortions for consumers in intertemporal decisions. Based on a gravity equation for these services, this paper examines the optimality of a modified Quoted Spread, the recently-proposed mobile-ratio, by assessing whether the pure interest expressed as a gravity equation between interests does not change after applying this spread. Results show that the mobile-ratio is the specification of the spread with no distortions on investment decisions. Regarding fiscal policy, this ratio plays a key role for both the Financial Transaction Tax and the VAT on financial services.

THE CURRENT STATE OF THE BANKING SYSTEM OF SAUDI ARABIA

2017 ◽  
Author(s):  
Maryna Korol ◽  
◽  
Olha Shumnegra ◽  
Keyword(s):  
Saudi Arabia ◽  
Financial Services ◽  
Banking Sector ◽  
Banking System ◽  
Scientific Publication ◽  
Islamic Banking ◽  
Historical Aspect ◽  
Current State ◽  
The Government ◽  
And Control

This scientific publication analyzes the current state of the banking system of the Kingdom of Saudi Arabia. The peculiarities of the functioning of the Islamic banking system, the main types of financial products provided by banks and the laws under which financial services are provided to Muslims are identified. The basic principles of Islamic banking, which are prescribed in the Sharia, are described, such as, for example, the exclusion of interest on all financial transactions. There is also a list of major Saudi banks and foreign affiliates operating in the country. The historical aspect of the formation of the banking sector is studied. The main financial indicators are analyzed: the dynamics of assets, liabilities, the number of loans to private and corporate clients, the share of Saudi assets in global Islamic finance. Attention is also paid to the prospects and success of the stock market. The issue of management and control over the activities of banks and its role are studied. a list of specialized credit institutions established by the government to provide highly specialized loans to citizens of the kingdom. The positive dynamics of all indicators even in the conditions of global crises, thanks to the well-laid foundation and the further strategy concerning functioning in the conditions of the world pandemic are allocated. The list of the main internal problems which can suspend growth in the future is considered. The issue of the country's dependence on oil prices, with further impact on financial diversification, is considered separately. The prospects of the banking system of Saudi Arabia in the near future, and the role of the Kingdom as a partner in financial relations for the domestic economy are determined. Conclusions are made on the basis of the conducted research and prospects of further strategic development in this direction.

scholarly journals Presenting a Conceptual Model to Explain the Role of Strategic Management and Planning in Islamic Banking Competitiveness

2014 ◽  
Vol 37 ◽  
pp. 46-56
Author(s):  
Seyed Reza Seyed-Javadin ◽  
Reza Raei ◽  
Mohammad Javad Iravani ◽  
Mohammad Safari
Keyword(s):  
Strategic Management ◽  
Financial Services ◽  
Local Level ◽  
Banking System ◽  
Business Environment ◽  
Superior Performance ◽  
Islamic Banking ◽  
And Control

Financial system is the heart of any economy. To superior performance in the national and local level it is essential to have an efficient and convenient banking system. What this study aimed to discuss is that strategic management principles, content and benefits should be considered in order to achieve a higher successfulness in the Islamic banking planning, implementation and control. In today financial services market lack of strategic and long term visions and planning is one of the challenges and problems related to the Islamic banking. Thus this paper aimed at present the theoretical framework to illustrate the key role of strategic management and planning in the Islamic banking successful management and implementation. In order to present the framework this study using qualitative method, based on the detailed literature review and previous researches according to the identified models of both strategic management and competitive advantage final theoretical model has been provided. Strategic management with its unique features is primary designed to help the organization operate successfully in dynamic, complex environment especially in the financial and banking markets. Strategic management links the basic elements of an organization so integrated that breakthrough in turbulent business environment can be achieved.

scholarly journals Revisiting Determinants of Financial Development? The Role of Financial and Monetary Freedom: Empirical Evidence from the Asia-pacific Region

2021 ◽  
Vol 15 (2) ◽  
pp. 151-175
Author(s):  
Wajid Ali ◽  
Asif Javid ◽  
Shakeel Ahmad ◽  
Nauman Ahmad ◽  
Aamir Khan
Keyword(s):  
Financial Development ◽  
Financial Services ◽  
Government Regulation ◽  
Banking System ◽  
Asia Pacific ◽  
Pacific Region ◽  
Asia Pacific Region ◽  
Long Run ◽  
Dynamic Estimation ◽  
And Control

This study aims to assess what determines/improves the overall multidimensional nature of the financial development index and its sub-indices. For this purpose, we use data over the period 1998 to 2017 for 9 countries from the Asia-Pacific region. The hypothesis of no long run relationship between variables is tested via the three-panel co-integration test i.e. Kao test, the Pedroni test, and the Johansen test. We also examine the impact of these variables on each index through long-run dynamic estimation. We utilize FMOLS and DOLS for this purpose. All the three-panel co-integration tests suggest a long-run relationship among variables. Findings from long-run dynamic estimation indicate that efficient regulation of financial services and control over prices by the government significantly influences the financial depth, financial efficiency, and financial access indices. The financial freedom index measured by regulation of financial services negatively influences the indices, suggest that too much government regulation could distort the market. Also, an increasing probability of default of the country's banking system adversely affects the sub-indices of financial development. These findings suggest that too much government regulation of financial services and control over prices along with default of country banking system could worsen the country's financial development situation and vice versa. The promulgation of prudent regulatory policies by financial regulatory institutions is the need of the time to ensure full access to financial services, soundness, and stability of the financial sector.

Mobile Banking and Payment System

2018 ◽  
pp. 66-82
Author(s):  
Aijaz A. Shaikh ◽  
Payam Hanafizadeh ◽  
Heikki Karjaluoto
Keyword(s):  
Financial Services ◽  
Banking System ◽  
Value Added ◽  
Payment System ◽  
Future Research ◽  
Mobile Banking ◽  
Microfinance Institutions ◽  
Payment Systems ◽  
Services Sector ◽  
Future Research Directions

This study conceptualizes and proposes a well-regulated and designated mobile banking and payment system (MBPS) with the potential to strengthen the banking system, foster the regulatory framework, and to be integrated across various platforms and mobile devices. Unlike other mobile payment systems that lack convenience, scalability, and usability, the proposed MBPS contains several important functionalities and it has the potential to bring together hitherto unconnected industries—banking, Fintech and telecoms—to offer value-added services to their existing and potential customers. The ownership of the MBPS shall remain with the financial services sector including the banking and microfinance institutions. The paper concludes with a discussion on the implications and limitations of the study and proposes future research directions.

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.

Industrial Internet of Things

2021 ◽  
pp. 133-148
Author(s):  
Sam Goundar ◽  
Akashdeep Bhardwaj ◽  
Safiya Shameeza Nur ◽  
Shonal S. Kumar ◽  
Rajneet Harish
Keyword(s):  
Internet Of Things ◽  
Value Chain ◽  
Smart Cities ◽  
Value Added ◽  
Traffic Patterns ◽  
Industrial Internet Of Things ◽  
Industrial Internet ◽  
The Difference ◽  
Human Operators ◽  
And Control

This chapter focused on the importance and influence of industrial internet of things (IIoT) and the way industries operate around the world and the value added for society by the internet-connected technologies. Industry 4.0 and internet of things (IoT)-enabled systems where communication between products, systems, and machinery are used to improve manufacturing efficiency. Human operators' intervention and interaction is significantly reduced by connecting machines and creating intelligent networks along the entire value chain that can communicate and control each other autonomously. The difference between IoT and IIoT is that where consumer IoT often focuses on convenience for individual consumers, industrial IoT is strongly focused on improving the efficiency, safety, and productivity of operations with a focus on return on investment. The possibilities with IIoT is unlimited, for example, smarter and more efficient factories, greener energy generation, self-regulating buildings that optimize energy consumption, smart cities that can adjust traffic patterns to respond to congestion.

scholarly journals Mobile Banking and Payment System

2017 ◽  
Vol 13 (2) ◽  
pp. 14-27 ◽  
Author(s):  
Aijaz A. Shaikh ◽  
Payam Hanafizadeh ◽  
Heikki Karjaluoto
Keyword(s):  
Financial Services ◽  
Banking System ◽  
Value Added ◽  
Payment System ◽  
Future Research ◽  
Mobile Banking ◽  
Microfinance Institutions ◽  
Payment Systems ◽  
Services Sector ◽  
Future Research Directions

This study conceptualizes and proposes a well-regulated and designated mobile banking and payment system (MBPS) with the potential to strengthen the banking system, foster the regulatory framework, and to be integrated across various platforms and mobile devices. Unlike other mobile payment systems that lack convenience, scalability, and usability, the proposed MBPS contains several important functionalities and it has the potential to bring together hitherto unconnected industries—banking, Fintech and telecoms—to offer value-added services to their existing and potential customers. The ownership of the MBPS shall remain with the financial services sector including the banking and microfinance institutions. The paper concludes with a discussion on the implications and limitations of the study and proposes future research directions.

scholarly journals Restoring Confidence in Consumer Financial Protection Regulation in Australia: A Sisyphean Task?

2019 ◽  
Vol 47 (1) ◽  
pp. 91-120 ◽  
Author(s):  
Andrew Schmulow ◽  
Karen Fairweather ◽  
John Tarrant
Keyword(s):  
Financial Services ◽  
Banking System ◽  
Financial System ◽  
Financial Protection ◽  
Effective Solution ◽  
Financial Products ◽  
The Poor ◽  
Australian Economy ◽  
Financial Scandals ◽  
Regulatory Failure

Consumer financial protection and the integrity of the Australian financial system are critical to the Australian economy in many ways, including the provision of an effective banking system, and the security of Australia’s significant superannuation savings. This is especially the case in an environment where financial products have become more complex and difficult for consumers to understand. In recent years there have been several scandals in Australia’s financial sector that have undermined confidence in the financial system, and exposed regulatory failure. The authors argue that there needs to be a more effective oversight of the key regulators in the Australian financial system to maintain confidence in the system, and prevent capture of the regulators by the financial services industry. The authors contend that the recommendation of the Financial System Inquiry for the establishment of an Assessment Board to provide continuous oversight of the financial regulators is an effective solution to the poor regulatory outcomes encountered in Australia in recent years. The consequences of not having such oversight are likely to be more financial scandals, and further instability in the financial system. These deficiencies must be addressed as a matter of urgency.

Sign in / Sign up

Export Citation Format

Share Document