scholarly journals Artificial Intelligence in FinTech

2021 ◽  
Vol 12 (1) ◽  
pp. 48-65
Author(s):  
Farida S. Rasiwala ◽  
Bindya Kohli
Keyword(s):  
Financial Services ◽  
Service Providers ◽  
Research Paper ◽  
Senior Executive ◽  
It Professionals ◽  
Financial Industry ◽  
Investment Bank ◽  
Expected Return ◽  
Bank Managers ◽  
Digital Disruption

The recent increase of robo-advisory services (RAs) in various financial domains has caused a threatening alarm to the traditional fund and wealth management industry. There has been a remarkable growth in RAs' assets under management (AUM) due to their ability to provide better expected return by being competitive on pricing, transparency, and services. The research paper is designed to explore the various experts in the financial industry (which includes VP and AVPs of investment bank, managers and senior executive at bank, IT professionals and executives, and FinTech entrepreneurs and CEOs) and perceive the digital disruption that is going to affect the traditional financial services industry. Secondly, it is to explore the various strategies that are being adopted by the financial service providers to withstand competition from the disruption caused by FinTech challengers. Moreover, the purpose of this research paper is also to understand the extent and effect of the disruption as well as the strategies adopted by financial industry players to face these disruptions from FinTech.

scholarly journals “THE DEVELOPMENT OF DIGITAL ECONOMY IN INDONESIA”

2021 ◽  
Author(s):  
Made Bagoes Pradhana
Keyword(s):  
Financial Services ◽  
Service Providers ◽  
New Technology ◽  
Information Service ◽  
Financial Information ◽  
Financial Industry ◽  
Savings And Loans ◽  
The World ◽  
Money Transfer ◽  
Financial Technology

Currently the world has entered the industrial era 4.0 which is based on new technology and is able to change the entire chain and management in every branch of industry, including the financial industry known as financial technology and digital banking. Infrastructure financial services are growing rapidly in Indonesian services, computation with startup companies, such as payment and money transfer systems, savings and loans, insurance, financial information service providers, capital markets, crowdfunding, and wealth management.

scholarly journals Financial volatility and public scrutiny as institutional determinants of financial industry firms' CSR

2019 ◽  
Vol 21 (2) ◽  
pp. 240-266 ◽  
Author(s):  
Adam William Chalmers ◽  
Onna Malou van den Broek
Keyword(s):  
News Media ◽  
Financial Services ◽  
Global Financial Crisis ◽  
Service Providers ◽  
Debt Crisis ◽  
Economic Hardship ◽  
Public Image ◽  
Financial Industry ◽  
Institutional Determinants ◽  
Public Scrutiny

AbstractThis article examines the relationship between the global financial crisis and Corporate Social Responsibility reporting of financial services firms. We challenge the view in existing studies that firms, when faced with economic hardship, tend to jettison CSR commitments. Instead, and building on insights regarding the institutional determinants of CSR, we argue that firms are constrained in their ability to abandon CSR by the extent to which they are subject to intense public scrutiny by regulators and the news media. We test this argument in the context of the European sovereign debt crisis drawing on a unique dataset of 170 firms in 15 different countries over a six-year period. Controlling for a battery of alternative explanations and comparing financial service providers to firms operating in other economic sectors, we find considerable evidence supporting our argument. Rather than abandoning CSR during times of economic hardship, financial industry firms ramp up their CSR commitments in order to manage their public image and foster public trust in light of intense public scrutiny.

scholarly journals Fifth Harvard University Forum Islamic Finance

2002 ◽  
Vol 19 (3) ◽  
pp. 156-162
Author(s):  
Zaid AJbarzinji
Keyword(s):  
Financial Institutions ◽  
Financial Services ◽  
Service Providers ◽  
Middle Eastern ◽  
Professor Emeritus ◽  
Islamic Finance ◽  
Development Bank ◽  
Financial Industry ◽  
Finance Industry ◽  
Past Experiences

Each year, the Harvard Islamic Finance Information Program (HIFIP) of the Center for Middle Eastern Studies organizes this forum. This year's forum had an international flavor, thanks to participants from Malaysia, South Africa, the Middle East, and Europe. Participants were mainly finance industry representatives from the Islamic Development Bank, the Kuwait Finance House, HSBC Amanah Finance, the Dow Jones Islamic Index, Bank Indonesia, Freddie Mac, and others. In addition, several experts in Islamic economics and finance, such as Monzer Kahf, M. Nejatullah Siddiqi, Nizam Yaquby, and Frank E. Vogel participated. Many other participants sought to educate themselves about the principles of Islamic finance and the availability of lslamically approved financial products. Overall, the forum was more of an opportunity for those interested in Islamic finance to meet each other, network, and present some of their latest lslamically approved financial instruments and contracts. The forum fea­tured a few research papers and many case studies. Most presentations and panel discussions focused on current and past experiences in the Islamic finance industry, challenges facing the development of new financial instru­ments, effective marketing and delivery of products to end-users, and areas where applying jjtihad is most needed and promising. Participants also dis­cussed the need to develop relevant financial institutions to strengthen the stability and perfonnance of Islamic financial service providers ( e.g., man­aging liquidity and risk). Thomas Mullins, HIFIP's executive director, welcomed the guests. He stressed the Islamic finance industry's important role in creating a dialogue between I slam and the West - a role made especially relevant after Septem­ber 11. Forum chairperson Samuel Hayes, Jacob Schiff Professor Emeritus at Harvard Business School, used his opening remarks to commend the industry on its many accomplishments during the past decade and outlined areas for improvement. In his introduction, Saif Shah Mohammed, presi­dent of the Harvard Islamic Society, suggested that the industry should prer vide relevant services to students, such as Shari'ah-compliant educational loans and young professional programs. Ahmad Mohamed Ali, president of the Islamic Development Bank (IDB), delivered the keynote address: "The Emerging Islamic Financial Architecture: The Way Ahead." He discussed the infrastructure required to strengthen the Islamic financial industry, which is in a process of evolution. Some recent major initiatives include the Accounting and Auditing Organ­ization for Islamic Financial Institutions, the Islamic Financial Services Organization, an international Islamic financial market with a liquidity management center, and an Islamic rating agency. Currently, there are ...

scholarly journals “THE DEVELOPMENT OF DIGITAL ECONOMY IN INDONESIA”

2021 ◽  
Author(s):  
Made Bagoes Pradhana
Keyword(s):  
Financial Services ◽  
Service Providers ◽  
New Technology ◽  
Information Service ◽  
Financial Information ◽  
Financial Industry ◽  
Savings And Loans ◽  
The World ◽  
Money Transfer ◽  
Financial Technology

Currently the world has entered the industrial era 4.0 which is based on new technology and is able to change the entire chain and management in every branch of industry, including the financial industry known as financial technology and digital banking. Infrastructure financial services are growing rapidly in Indonesian services, computation with startup companies, such as payment and money transfer systems, savings and loans, insurance, financial information service providers, capital markets, crowdfunding, and wealth management.

The Price Is Not Right

2017 ◽  
Author(s):  
Robert Tillman
Keyword(s):  
Case Studies ◽  
Financial Services ◽  
Economic Trend ◽  
Electrical Energy ◽  
Financial Crime ◽  
Financial Services Industry ◽  
Energy Prices ◽  
Financial Industry ◽  
Investment Bank ◽  
Services Industry

This chapter presents the argument that financialization, as a broad economic trend, has increased the opportunities for financial crime among firms both within and outside the financial services industry. The growth of the financial services industry, increasing dependence of many economies on financial services, increasing focus on share value by firms, and dramatic increases in compensation within the financial services industry have all contributed to increases in the frequency and scale of financial crime in recent years. To illustrate these trends, three case studies are reviewed: (1) the manipulation of electrical energy prices by investment bank subsidiaries; (2) the deliberate rigging of the London Interbank Offered Rate (Libor); and (3) the fixing of foreign exchange rates by investment bank traders. The case studies involve efforts by financial industry insiders to profit by manipulating the infrastructure of those markets, tinkering with the mechanisms by which prices and rates are set.

scholarly journals Emergence of Non-Traditional Financial Service Providers in the Market - A Threat or An Opportunity for the Georgian Banking Industry

2021 ◽  
Vol 4 (2) ◽  
pp. 97
Author(s):  
Tea Kasradze
Keyword(s):  
Financial Services ◽  
Banking Sector ◽  
New Technologies ◽  
Service Providers ◽  
Banking Industry ◽  
Secondary Data ◽  
Financial Service ◽  
Retail Banking ◽  
Financial Industry ◽  
The Impact

Each banking institution has a customer-oriented strategic plan, although the sudden emergence of competition does not allow them to relax. The explosion of new technologies and the rise in consumer demand have been putting pressure on banks since the 2008 recession. Retail banking customers are constantly expecting new, improved, affordable, convenient continuous service from the bank. In an environment of increasingly competitive, innovative financial services, banks need to be able to maintain not only customers but also brand awareness. The emergence of non-traditional financial service providers in the market such as FinTech, NEO Banks, Challenger Banks, BigTech, which reduces the relationship between banks and their customers, completely changes the banking industry. Today we face a new open ecosystem of consumers, traditional banks, FinTech and BigTech companies, regulators, developers, non-banking firms and other players, with customers at the center. Banks will have to significantly change their commercial and operating models to retain customers and remain active players in the market. The presented paper examines the development trends of new players in the financial industry - non-traditional financial service providers and the readiness of the banking industry to respond to these trends. The paper is a study of the impact of digitalization of financial services on the banking sector based on the study and analysis of reports of the various international organizations, local policy documents, reports and regulations of the National Bank, the papers of various researchers and their secondary data. Based on the research, suggestions have been made on how Georgian banks should strategically approach non-traditional providers of financial services to avoid losses, withstand competition and remain active market players.

scholarly journals Robotic Process Automation: Concept, Benefits, Challenges in Banking Industry

2019 ◽  
pp. 17-25
Author(s):  
Asmita Pramod Pokharkar
Keyword(s):  
Financial Services ◽  
Data Privacy ◽  
Banking Industry ◽  
Personal Data ◽  
Process Automation ◽  
Financial Industry ◽  
Robotic Process Automation ◽  
It Systems ◽  
Digital Disruption

The banking and financial industry is in the midst of digital disruption. The industry is further challenged by the need to optimize cost, build scale and deliver swift responses to service requests. However, banks are not able to innovate due to fragmented processes and multiple legacy IT systems that manage these processes. In addition, banks also have to be compliant to regulatory requirements and maintain data privacy while processing a large number of documents and personal data. Robotic process automation (RPA) or "automation" describes logic driven robots that execute pre-programmed rules on mostly structured and unstructured data to some extent. The concepts have been around for nearly a decade, and they have advanced quickly. In financial services, insurance carriers have used RPA in claims processing for quite a while. Capital market firms are now turning to automation to reduce costs, provide better service, and even make complex regulatory implementations work more efficiently. Financial institutions can reduce cost, improve quality of service and scale the existing resources to the major population. All services will be available and operate 24/7 basis. This paper explains the basic concept, advantages, challenges of Robotic process automation in banking with the help of case study method in banking industry.

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