scholarly journals Collaboration of digital payment usage decision in COVID-19 pandemic situation: Evidence from Indonesia

2021 ◽  
Vol 5 (4) ◽  
pp. 557-568
Author(s):  
John Tampil Purba ◽  
Sylvia Samuel ◽  
Sidik Budiono
Keyword(s):  
Mobile Phones ◽  
Digital Technology ◽  
Financial Services ◽  
Large Scale ◽  
Business Opportunities ◽  
New Business ◽  
Technology Applications ◽  
Surrounding Areas ◽  
Smart Mobile ◽  
Financial Technology

This study aims to provide an attempt by raising a framework for assessing the digital technology perspective in the application of Financial Technology by consumers, especially in the era of the Covid19 pandemic in 2020 in Indonesia. Digital technology in Fintech in collaboration with online transportation is utilized by quite a few big firms in Indonesia to meet the needs of consumers during strict, large-scale restrictions but not lockdown. This paper mainly acknowledged the problem related to digitizing solid digital technology which prioritizes technology 4.0. Digital technology applications, especially among the millennial generation regarding the accessibility, pace and value of financial services are increasingly in demand. This research spent 5.5 months with millennial respondents who are accustomed to using everyday technology applications in Jakarta, Depok and Tangerang and surrounding areas. The method of analyzing data in a quantitative way to find findings is complemented by discussion. The findings prove that; All variables have positive strong effect on driving the choice of digital FinTech technology in ordering food and others to survive during the pandemic of COVID-19. The existence of digital-based technology applications related to the internet, big data, smart mobile phones, safe and comfortable technology power has motivated consumers to use them. In conclusion, there are several new business opportunities open to newcomers in the digital financial sector and other accessories using information systems and information ecosystems.

scholarly journals Financial technology and the future of banking

2021 ◽  
Vol 7 (1) ◽  
Author(s):  
Daniel Broby
Keyword(s):  
Financial Services ◽  
Empirical Investigation ◽  
Analytical Framework ◽  
Shadow Banking ◽  
Customer Acquisition ◽  
Market Participants ◽  
Digital World ◽  
The Future ◽  
Technology Applications ◽  
Financial Technology

AbstractThis paper presents an analytical framework that describes the business model of banks. It draws on the classical theory of banking and the literature on digital transformation. It provides an explanation for existing trends and, by extending the theory of the banking firm, it illustrates how financial intermediation will be impacted by innovative financial technology applications. It further reviews the options that established banks will have to consider in order to mitigate the threat to their profitability. Deposit taking and lending are considered in the context of the challenge made from shadow banking and the all-digital banks. The paper contributes to an understanding of the future of banking, providing a framework for scholarly empirical investigation. In the discussion, four possible strategies are proposed for market participants, (1) customer retention, (2) customer acquisition, (3) banking as a service and (4) social media payment platforms. It is concluded that, in an increasingly digital world, trust will remain at the core of banking. That said, liquidity transformation will still have an important role to play. The nature of banking and financial services, however, will change dramatically.

scholarly journals Digitalization of Financial Services in Albania Under Restricted Measures Covid-19

2020 ◽  
Vol 3 (2) ◽  
pp. 17
Author(s):  
Rezana Balla
Keyword(s):  
Financial Services ◽  
Business Models ◽  
Legal Framework ◽  
Financial Industry ◽  
Technology Innovations ◽  
Markets And Institutions ◽  
New Business ◽  
Job Challenges ◽  
Digital Transactions ◽  
Financial Technology

Under the restricted measures due to the global pandemic Covid-19, like all other services, financial services had difficulties in performing their financial activities. These difficulties are stronger at countries where financial services are denied for a long time. Financial services denial is an issue that has affected not only Albania but small Balkan countries as well. The reasons for this denial are many, but among them we can distinguish the lack of credit experience, as one of the common reasons to be excluded in these countries from the development of the financial sector. Currently, one of the reasons for the financial denial is the emergency created by Covid-19, where physical distancing and other measures taken by governments to restrict movement and services make financial service impossible. Thus, one of the most effective ways to perform financial services remotely is financial technology. Financial technology refers to the possibilities of financial innovation through technology that can result in new business models, applications, processes, or products with an effectiveness related to financial markets and institutions and the provision of financial services. This paper aims to present the challenges of the legal framework and regulatory institutions, to provide recommendations for its improvement, to enable the development of financial technology in the financial market in Albania. The paper address issues such as the Bank of Albania's consideration on the Directive (EU) 2015/2366 On Payment Services (PSD II). What benefits or challenges would its implementation bring? How is the financial industry projected after the implementation of PSD II? What are the biggest job challenges with payment institutions that have not been to the market before or that bring technology innovations? The paper addresses the issue of money laundering through online digital transactions as well.

scholarly journals Regulating Financial Services in an Era of Technological Disruption

2020 ◽  
Vol 36 (2) ◽  
pp. 1-24
Author(s):  
Louis De Koker ◽  
Nicholas Morris ◽  
Sue Jaffer
Keyword(s):  
Financial Services ◽  
Business Models ◽  
Controlled Environment ◽  
Innovative Products ◽  
New Business ◽  
Vehicles Emissions ◽  
Financial Regulatory ◽  
New Business Models ◽  
Financial Technology ◽  
Regulatory Challenges

Financial regulators are challenged to respond to the innovation opportunities presented by financial technology (fintech). Current rules are not necessarily sufficient or effective to adequately regulate new business models and new products relating to innovations such as crypto assets or digital financial services. Regulators that fail to respond in a timely manner may drive innovation offshore and deprive their markets and consumers of appropriate, new services. To respond to new financial innovation, regulators have been establishing innovation hubs and regulatory sandboxes. Innovation hubs enable them to engage innovators more effectively. Sandboxes allow the products to be tested in a controlled environment and enable to regulator to consider whether existing laws are appropriate to regulate such products and, of not, what measures may be required. Sandboxes are however resource intensive and they hold a number of risks. Financial regulators are, of course, not alone in having to address the regulatory challenges of innovation. This article therefore also considers other non-financial regulatory experiences of innovative products and services, namely automated vehicles; emissions trading in China; and Uber and its clones, to consider whether those experiences hold lessons for financial regulators.

Leveraging Technologies to Redefine Business: Technology Perspective

2018 ◽  
Vol 1 (3) ◽  
pp. 1-3
Author(s):  
B. Vijaya Lakshmi ◽  
B. Ravi Kumar
Keyword(s):  
Digital Technology ◽  
Financial Services ◽  
New Technology ◽  
Big Data Analytics ◽  
Financial Services Industry ◽  
Financial Products ◽  
Services Industry ◽  
Business Technology ◽  
Financial Technology

The disruptors in the financial services industry are rewriting the rules, banks used to perform operations traditionally. The financial services industry known for conservative and resistant to change has been challenged by financial technology (fintech) companies that compete by combining digital technology, social media, and big data analytics to replace traditional models with financial products and services enabled by new technology. The present study is an attempt to portray the Role of Fin Techs, Challenges etc.

scholarly journals Financial Technology and Disruptive Innovation in Business

2020 ◽  
Vol 11 (4) ◽  
pp. 29-43
Author(s):  
Muhammad Anshari ◽  
Mohammad Nabil Almunawar ◽  
Masairol Masri
Keyword(s):  
Financial Services ◽  
Business Models ◽  
Case Analysis ◽  
Disruptive Innovation ◽  
Comparative Assessment ◽  
Local Market ◽  
Financial Products ◽  
Smart Mobile ◽  
User Friendly ◽  
Financial Technology

Financial technology (FinTech) expands financial services to many people that are currently lacking access where customers enjoy using banking products and services provided by non-banking providers. FinTech changes the way people pay, send money, borrow, lend, and invest. FinTech enables financial solutions and innovative business models resulting the fusion of finance and smart mobile technology. The emergence of FinTech-related products causes major disruptions in financial services. Though it is yet far from replacing current financial services, it offers financial products and services by non-financial sectors into automation, user-friendly, efficient, and transparent just like banking and financial sectors. The paper discusses its concept, characteristics, and some case studies of local FinTech in Indonesia. In addition, the study deployed text mining analysis to find out the correlation and patterns of FinTech's characteristics. Then the case analysis highlights a comparative assessment between local FinTech in Indonesia versus global FinTech players within local market-based completion. The findings suggest that local FinTech organizations can be resilient competing with an international FinTech players.

Financial Technology and Innovative Financial Inclusion

2020 ◽  
pp. 119-129 ◽  
Author(s):  
Sumarsono ◽  
Abdullah Al-Mudimigh ◽  
Muhammad Anshari
Keyword(s):  
Southeast Asia ◽  
Mobile Devices ◽  
Financial Services ◽  
Credit Card ◽  
Financial Inclusion ◽  
Financial Transaction ◽  
The Past ◽  
Internet Users ◽  
Smart Mobile ◽  
Financial Technology

A portmanteau of financial technology (FinTech) centralizes on the innovative use of smart mobile devices to design and deliver financial services and products, elevating an innovative way of delivering financial services. The chapter mainly focuses on the definition and the importance of FinTech to the financial ecosystem especially in the Southeast Asia region. It focuses on how financial technology (FinTech) came to be, how transactions in the past mostly use cash, and then shifted to credit card and then shifted to a cashless transaction, for example using e-wallet or simply using smartphone for any financial transaction. The research found out how the huge percentage of internet users in the Southeast Asia region were the cause of the development of FinTech companies in the region for FinTech startups. It also showed how FinTech helped to provide solutions for financial inclusion, especially unbanked population.

Financial Technology and Innovative Financial Inclusion

2021 ◽  
pp. 142-149
Author(s):  
Sumarsono ◽  
Abdullah Al-Mudimigh ◽  
Muhammad Anshari
Keyword(s):  
Southeast Asia ◽  
Mobile Devices ◽  
Financial Services ◽  
Credit Card ◽  
Financial Inclusion ◽  
Financial Transaction ◽  
The Past ◽  
Internet Users ◽  
Smart Mobile ◽  
Financial Technology

A portmanteau of financial technology (FinTech) centralizes on the innovative use of smart mobile devices to design and deliver financial services and products, elevating an innovative way of delivering financial services. The chapter mainly focuses on the definition and the importance of FinTech to the financial ecosystem especially in the Southeast Asia region. It focuses on how financial technology (FinTech) came to be, how transactions in the past mostly use cash, and then shifted to credit card and then shifted to a cashless transaction, for example using e-wallet or simply using smartphone for any financial transaction. The research found out how the huge percentage of internet users in the Southeast Asia region were the cause of the development of FinTech companies in the region for FinTech startups. It also showed how FinTech helped to provide solutions for financial inclusion, especially unbanked population.

scholarly journals IMPACT OF FINANCIAL TECHNOLOGY IN INDIA ON BANKING SECTOR

2020 ◽  
pp. 44-50
Author(s):  
Mrs.G.Yasmin ◽  
M.A.S. Raja Mohammed
Keyword(s):  
Financial Services ◽  
Business Models ◽  
Banking Sector ◽  
Financial Industry ◽  
Middle Income ◽  
Technology Sector ◽  
New Business ◽  
City Of London ◽  
The Impact ◽  
Financial Technology

Technology has, to some degree, always been part of the financial world. The term fintech refers to the synergy between finance and technology, which is used to enhance business operations and delivery of financial services. Financial technology is the application of new technological advancements to products and services in the financial industry. It includes B2C (Business to Client), Crowdfunding Platforms, Block chain and Cryptocurrency, Mobile Payments, Insurance, Robo-Advising, Stock-Trading Apps, Budgeting Apps, Fintech Stocks. Fintech market in India is likely to expand to $31 billion in 2020," India is a dominant force in the financial technology sector globally with 29 per cent annual returns on investments, a report released by the City of London Corporation. The study is important to analyse the impact of fintech in banking sector through analyzing its performance and growth pattern. Implementation of new business models driven by technologies such as Artificial Intelligence and Machine Learning Wide middle-class expansion by 2030, India will add 140 million middle-income and 21 million high-income households which will drive the demand and growth on the Indian Fin Tech space. KEY WORDS: Fintech, Financial services, banking sector, India, technology

scholarly journals URGENSI PENGATURAN FINANCIAL TECHNOLOGY DI INDONESIA

2020 ◽  
Vol 28 (3) ◽  
pp. 444
Author(s):  
Elvira Fitriyani Pakpahan ◽  
Kristina Chandra ◽  
Anderson Tanjaya
Keyword(s):  
Digital Technology ◽  
Financial Services ◽  
Government Regulation ◽  
Qualitative Data ◽  
Electronic Systems ◽  
Electronic Information ◽  
The Public ◽  
Descriptive Research ◽  
The Government ◽  
Financial Technology

Fintech is a combination of a financial system with digital technology. Fintech's goal is to provide financial services by making use of modern software and technology. This type of research is normative juridical research. The nature of descriptive research. Qualitative data analysis. Based on the results of the research that the existence of urgency will provide clarity on the competitive space and legal Fintech climate. The existing Fintechs really understand the problems they are facing. For this reason, the clarity of the urgency of Fintech regulation can further convince the public that their interests are well protected. Therefore, the government issued the urgency of regulating Financial Technology in Indonesia, including the Financial Services Authority Regulation (POJK), Law Number 8 of 1999 concerning Consumer Protection (UUPK), Law Number 21 of 2008 concerning Banking, Law Number 19 2016 Amendments to Law Number 11 of 2008 concerning Electronic Information and Transactions, Government Regulation Number 71 of 2019 concerning Electronic Systems and Transactions.

PROSPEK USAHA INOVASI SPEAKER DAN PAJANGAN UNIK UPAYA PEMANFAATAN LIMBAH GULUNGAN KERTAS

2019 ◽  
Vol 2 (2) ◽  
pp. 171
Author(s):  
Saputri Rizki Ramadhanti ◽  
Joti Dina Kartikasari ◽  
Alfian Muttoqim Muttoqim ◽  
Umi Farida Farida ◽  
Amanda Oktaviani Amanda
Keyword(s):  
College Students ◽  
Social Media ◽  
Economic Value ◽  
Waste Paper ◽  
Direct Selling ◽  
Paper Waste ◽  
Entrepreneurial Spirit ◽  
Surrounding Environment ◽  
Business Opportunities ◽  
New Business

The amount of paper waste, especially paper waste of yarn rolls in the socks manufactured factory and the convection industry that has not been used to get high economic value is an opportunity to open a new business, especially in the electronic and art craft product. SEPIK PANIK (Speaker of Music and Unique Display of Waste Paper Rolls) is an innovation from processing paper waste to be a unique speaker. The purposes of this program are: 1) Utilizing paper waste to get high selling value. 2) Creating handmade products from paper waste into speakers as well as unique creative display. 3) To accommodate the desire of college students who have entrepreneurial spirit and artistic creations to open new business opportunities. The method of make this SEPIK PANIK product includes 1) Making paper tube of speaker and 2) Making a Unique Display. The Sales of this product have been carried out during May to August 2019, products that have been sold are 34 units, obtained a profit of Rp. 1.170,000. Sales and promotion methods are carried out both online through social media and offline, namely direct selling and consignment. Based on these results, this business is very profitable and can benefit the surrounding environment.

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