scholarly journals The Rising of Fintech - How the Tech Revolution in Financial Services Represents A Paradigm Shift

2021 ◽  
Keyword(s):  
Financial Literacy ◽  
Financial Services ◽  
Social Impact ◽  
Banking Sector ◽  
Point Of View ◽  
Economic Point ◽  
International Interaction ◽  
Long Term Impact ◽  
Globalized World

Finance is a field that shapes human relations not only from a purely economic point of view, but also has a strong influence on social structure, community development, prosperity, political or international interaction, which is even more relevant in a hyper-globalized world. The transformations began with the rising of the internet some decades ago and accelerated due to recent changes, such as increased computing power, the usage of financial apps etc. The scope of this paper is to present a short literature overview about the disruption brought in the finance sector by the recent technology developments. In addition to understand that technology is synonymous with innovation this paper shows examples of innovation drivers (including products and services). Finally, this paper highlights the long-term impact on social and geopolitical grounds with shifting power equilibriums, like the loosing banking monopoly of finances in favour of tech giants GAFA (Google, Amazon, Facebook, Apple) or the recent announcements of global and official cryptocurrencies, e.g. LIBRA by Facebook or CBDC (Central Banks Digital Currencies) from China government. The main findings of this paper are that FinTech has the chance to revolutionize the financial sector because it is more than just payment, new players (BigTech) could enter into the traditional banking sector and rise a new form of competition and FinTech has social impact on financial inclusion and financial literacy. Keywords: Technology, Management, FinTech, Tech Innovation, Financial Technology

scholarly journals Market transformations in the banking sector of Ukraine: a view through the prism of "non-economic" policy

2021 ◽  
Vol 2021 (2) ◽  
pp. 74-88
Author(s):  
Drobiazko Anatoliy ◽  
◽  
Keyword(s):  
Economic Policy ◽  
Banking Sector ◽  
Point Of View ◽  
Economic Losses ◽  
Ruling Elite ◽  
Economic Point ◽  
Economies In Transition ◽  
Negative Effect ◽  
The Impact

The author analyzes the processes occurring in the banking sector of Ukraine from the standpoint of "non-economic" policy, the theory of which is currently being discussed in modern economics. According to the author, the impact of such a policy does not allow Ukraine to find the optimal strategy for its development, in particular regarding the regulation in the banking sector. One of the reasons for this is the shortage of public administration, which is generally characteristic of countries with economies in transition. It is proved that the NBU's "settlement" of the banking market after 2014 was extremely unsuccessful from an economic point of view. Quantitative estimates of losses suffered by the Ukrainian economy as a result of the campaign to clean up the banking sector during 2014-2016 are presented and analyzed. Through the prism of the typology of "non-economic" policy, the author considers the processes of demonetization of Ukraine's economy and current problems of the national stock market. It is determined that during the reforms in the banking sector, the adoption by the ruling elite, as well as the by the judiciary, of a series of uncalculated and unconsidered decisions poorly consistent with Ukraine’s specific features led to destructive consequences, which affect the long-term development of the country's economy. In addition to economic losses (more than 10 billion USD) and the planting of a ticking bomb under the future lending, the "bankfall" brought about social damage, which is the loss, by the most active segment of the population, of the confidence in the economic strategy proposed by government officials. In recent years, after the crisis of 2014, no banking institutions have been registered, while the number of banks’ separate branches is rapidly declining, along with the corresponding number of jobs. The author concludes that the current practice of selling liquidation assets of bankrupt banks will have a long-term negative effect, because it benefited bad creditors who bought their overdue debt at a discount through third parties, while the most active part of the population (depositors "200+" and small and medium businesses) suffered losses and lost confidence in banks. It is noted that the main reason for Ukraine to choose the "non-economic" policy is the separation of the management decisions from real socio-economic needs. As a result, the economic decisions initiated in this area not only cause material damage, but also hinder this country’s civilizational advancement.

scholarly journals MARKET TRANSFORMATIONS IN THE BANKING SECTOR OF UKRAINE: A VIEW THROUGH THE PRISM OF "NON-ECONOMIC" POLICY

2021 ◽  
Vol 2021 (2) ◽  
pp. 85-100
Author(s):  
Anatoliy Drobiazko ◽  
◽  
Keyword(s):  
Economic Policy ◽  
Banking Sector ◽  
Point Of View ◽  
Economic Losses ◽  
Ruling Elite ◽  
Economic Point ◽  
Economies In Transition ◽  
Negative Effect ◽  
The Impact

The author analyzes the processes occurring in the banking sector of Ukraine from the standpoint of "non-economic" policy, the theory of which is currently being discussed in modern economics. According to the author, the impact of such a policy does not allow Ukraine to find the optimal strategy for its development, in particular regarding the regulation in the banking sector. One of the reasons for this is the shortage of public administration, which is generally characteristic of countries with economies in transition. It is proved that the NBU's "settlement" of the banking market after 2014 was extremely unsuccessful from an economic point of view. Quantitative estimates of losses suffered by the Ukrainian economy as a result of the campaign to clean up the banking sector during 2014-2016 are presented and analyzed. Through the prism of the typology of "non-economic" policy, the author considers the processes of demonetization of Ukraine's economy and current problems of the national stock market. It is determined that during the reforms in the banking sector, the adoption by the ruling elite, as well as the by the judiciary, of a series of uncalculated and unconsidered decisions poorly consistent with Ukraine’s specific features led to destructive consequences, which affect the long-term development of the country's economy. In addition to economic losses (more than 10 billion USD) and the planting of a ticking bomb under the future lending, the "bankfall" brought about social damage, which is the loss, by the most active segment of the population, of the confidence in the economic strategy proposed by government officials. In recent years, after the crisis of 2014, no banking institutions have been registered, while the number of banks’ separate branches is rapidly declining, along with the corresponding number of jobs. The author concludes that the current practice of selling liquidation assets of bankrupt banks will have a long-term negative effect, because it benefited bad creditors who bought their overdue debt at a discount through third parties, while the most active part of the population (depositors "200+" and small and medium businesses) suffered losses and lost confidence in banks. It is noted that the main reason for Ukraine to choose the "non-economic" policy is the separation of the management decisions from real socio-economic needs. As a result, the economic decisions initiated in this area not only cause material damage, but also hinder this country’s civilizational advancement

scholarly journals WORLD EXPERIENCE: COMMERCIAL BANK CREDIT AND ECONOMIC GROWTH RELATIONSHIP

2020 ◽  
pp. 6-19
Author(s):  
Davit Aslanishvili
Keyword(s):  
Economic Growth ◽  
Large Scale ◽  
Banking Sector ◽  
Point Of View ◽  
Bank Credit ◽  
Main Function ◽  
Economic Point ◽  
Market Factors ◽  
Credit Portfolio ◽  
The Impact

This research focuses on the problem of large scale disproportion of success in the development of the banking sector and mostly unsuccessful development of the real sector of the economy. It should be noted that this disproportion is a subject of consideration in contemporary economic literature and our research is an attempt to broaden the issue and share ideas inside the international scientific circles. The main problem in the research is the impact of the banking sector's credit portfolio and the functioning of credit markets on the economic growth of the country. In this regard, it is very important to identify, study the macroeconomic stabilization and accelerated economic growth of the country and analyse the impact mechanisms of the credit market factors on economic growth. The conclusion that combines many of the research and opinions given in the survey can be as follows: From the economic point of view, the main function of banks is to increase the financing/lending of funds as the core point to increase investments in the economy. Thus, the development of the country in economic terms depends on the increase of investments. At present, it is in the hands of the banking sector whether to lead us to economic immobility or to accelerate the country's economic development through efficient allocation of resources.

scholarly journals A Framework for Assessing the Social and Economic Impact of Sustainable Investments

2016 ◽  
Vol 7 (3) ◽  
pp. 79-86 ◽  
Author(s):  
Minna Räikkönen ◽  
Susanna Kunttu ◽  
Teuvo Uusitalo ◽  
Josu Takala ◽  
Shah Rukh Shakeel ◽  
...  
Keyword(s):  
Sustainable Development ◽  
Case Studies ◽  
Affordable Housing ◽  
Social Impact ◽  
The Sustainable Development ◽  
The Social ◽  
New Construction ◽  
Long Term Impact ◽  
Sustainable Investments

Abstract Investments towards sustainable development are vital for the future and they must be carefully planned to deliver immediate and long-term benefits. Hence, the ability to communicate the forms of impact of sustainable investments to local societies, people, investors and other stakeholders can provide a competitive advantage. However, the assessments are often under pressure to demonstrate short-term effects rather than emphasise the long-term impact. In addition, indirect and intangible forms of impacts should not be measured solely in economic terms. This paper proposes an assessment framework to support the integrated economic and social impact assessment of sustainable investments aimed at improving physical and socio-economic wellbeing. The framework is demonstrated in two case studies: new construction and renovation investments in affordable housing and social impact investment in sustainable development. The investments in the case studies are evaluated, selected and prioritized not only in terms of money but also with regard to sustainability, social acceptability and their overall impact on society, as a whole. The results indicate that a systematic integrated assessment of monetary and non-monetary factors can be successfully combined with the sustainable development decisions.

scholarly journals On BRT Spread around the World: Analysis of Some Particular Cities

2020 ◽  
Vol 5 (10) ◽  
pp. 88
Author(s):  
Salvatore Trubia ◽  
Alessandro Severino ◽  
Salvatore Curto ◽  
Fabio Arena ◽  
Giovanni Pau
Keyword(s):  
Public Transport ◽  
Autonomous Vehicles ◽  
Social Impact ◽  
High Efficiency ◽  
Civil Engineering ◽  
Road Transport ◽  
Point Of View ◽  
Transport Systems ◽  
Economic Point

The goal of civil engineering has always been the research and implementation of methods, technologies, and infrastructures to improve the community’s quality of life. One of the branches of civil engineering that has the strongest effect on progress is transport. The quality of transport has a profound economic and social impact on our communities regarding trade (freight transport) and city livability (public transport systems). However, innovation is not the only way to improve the features above-mentioned, especially public transport, considering that it is usually beneficial to enhance and repurpose vehicles with appropriate adjustments to offer more efficient services. Other perspectives that influence public transport systems are the costs and times of design and construction, maintenance, operating costs, and environmental impact, especially concerning CO2 emissions. Considering these issues, among the various types of existing public transport systems, those of the so-called Bus Rapid Transit (BRT) offer worthwhile results. The BRT system is a type of public road transport operated by bus on reserved lanes, and it is significantly profitable, especially from an economic point of view, in areas where there are existing bus routes. Nonetheless, for the construction of works minimization, it is closely linked to other features that improve its usefulness, depending on the vehicles’ quality such as capacity, but above all, the propulsion or driving autonomy that would guarantee high efficiency. This paper introduces an analysis of some BRT systems operating worldwide, presenting the background, general technical features, and the correlation with autonomous vehicles.

scholarly journals The role of Twitter in the life cycle of a scientific publication

2013 ◽  
Author(s):  
Emily S Darling ◽  
David Shiffman ◽  
Isabelle M. Côté ◽  
Joshua A Drew
Keyword(s):  
Social Media ◽  
Life Cycle ◽  
Social Impact ◽  
Scientific Publication ◽  
Decision Makers ◽  
New Ideas ◽  
Media Platform ◽  
Long Term Impact

Twitter is a micro-blogging social media platform for short messages that can have a long-term impact on how scientists create and publish ideas. We investigate the usefulness of twitter in the development and distribution of scientific knowledge. At the start of the 'life cycle' of a scientific publication, twitter provides a large virtual department of colleagues that can help to rapidly generate, share and refine new ideas. As ideas become manuscripts, twitter can be used as an informal arena for the pre-review of works in progress. Finally, tweeting published findings can communicate research to a broad audience of other researchers, decision makers, journalists and the general public that can amplify the scientific and social impact of publications. However, there are limitations, largely surrounding issues of intellectual property and ownership, inclusiveness and misrepresentations of science ‘sound bites’. Nevertheless, we believe twitter is a useful social media tool that can provide a valuable contribution to scientific publishing in the 21st century.

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 BANKING SECTOR ORIENTED FINANCIAL INCLUSION IN INDIA: A LONG TERM PERSPECTIVE

2020 ◽  
pp. 42-59
Author(s):  
Sana Pathan ◽  
Archana Fulwari
Keyword(s):  
Financial Services ◽  
Banking Sector ◽  
Financial Inclusion ◽  
Inclusive Growth ◽  
Long Run ◽  
Reserve Bank ◽  
The Government ◽  
Improve Access ◽  
Reserve Bank Of India

Financial Inclusion is an emerging concept. The objective of the government behind 100 percent Financial Inclusion is to have inclusive growth in India. Several initiatives have been taken by the Government of India and the Reserve Bank of India to improve access to financial services. To measure the effectiveness of these initiatives there is need to measure the extent of Financial Inclusion. Financial Inclusion can be measured by gauging the progress in access to and usage of a range of products and services of financial institutions over time. The present study sought to propose an index to measure the extent of banking sector oriented Financial Inclusion in India over a period of time rather than a cross-section study which has been the focus of many a studies. The study used more specific indicators of banks-centric financial inclusion dimensions to gauge the long run trend in Financial Inclusion in India. The results indicate that there is much improvement in Financial Inclusion in India since the implementation of financial sector reforms.

scholarly journals STRUCTURAL FIRE SAFETY OF EXISTING STEEL BUILDINGS, Possible general approach and application to the case of the intumescent coatings

2016 ◽  
Author(s):  
Antonio Bilotta ◽  
Donatella De Silva ◽  
Emidio Nigro
Keyword(s):  
Fire Safety ◽  
Structural Damage ◽  
Social Impact ◽  
Point Of View ◽  
Existing Buildings ◽  
Steel Buildings ◽  
Civil Structures ◽  
Economic Point ◽  
Existing Structures ◽  
Intumescent Coatings

The fire safety of the existing structures is very important from the socio-economic point of view and has high social impact for civil, industrial, and commercial buildings. The verification of the minimum fire resistance of civil structures is done through some regulations, drafted to ensure occupant and rescue teams safety as well as a limited structural damage. These national fire rules are not always easily applicable to existing buildings. The purpose of this paper is to provide guidance about the structural analysis of existing buildings exposed to fire, with particular reference to steel buildings protected with intumescent coatings.

scholarly journals Ecological and Economic Sustainability in Olive Groves with Different Irrigation Management and Levels of Erosion: A Case Study

2019 ◽  
Vol 11 (17) ◽  
pp. 4681 ◽  
Author(s):  
Antonio Alberto Rodríguez Sousa ◽  
Jesús M. Barandica ◽  
Alejandro Rescia
Keyword(s):  
Labour Force ◽  
Irrigation Management ◽  
Point Of View ◽  
Soil Parameters ◽  
Economic Point ◽  
Erosion Processes ◽  
Olive Groves ◽  
Impacts Of Climate Change

In the last 50 years, both the agricultural labour force and irrigated land area have increased almost eightfold in Spain. The main objective of irrigation, in the short term, is to increase agricultural production. However, in the long term, the environmental externalities of irrigation and its direct relationship with soil erosion processes are more uncertain and still poorly studied. In this study, in an olive-growing region of Andalusia, Spain, the variation of several soil parameters related to irrigation and erosion levels was analysed. The results showed that irrigation, while increasing the productive level of the olive groves, entails a progressive alteration of the soil, modifying physical aspects (greater compaction and humidity of the soil together with lower gravel content, porosity and soil weight) and chemical aspects (reduction of the organic matter of the soil and the content of nitrates) that can aggravate the consequences of the erosive processes. In the long term, the productive benefit attributed to irrigation could be unsustainable from an ecological and, consequently, economic point of view. In addition, the lack of sustainability of olive irrigation agroecosystems could be exacerbated by the future restrictive impacts of climate change on water resources in Mediterranean environments. This situation demands spatial planning and alternative management based on soil conservation and rational and efficient forms of irrigation to ensure the sustainability of olive groves and their economic viability.

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