scholarly journals Digital Transformation of World Finance

2020 ◽  
Author(s):  
Darina Saxunova ◽  
Corlise Liesl Le Roux
Keyword(s):  
Artificial Intelligence ◽  
Quantum Computing ◽  
Capital Flows ◽  
Banking Industry ◽  
Financial Institution ◽  
Banking System ◽  
Digital Transformation ◽  
Third Party ◽  
Future Success ◽  
Advanced Visualization

The boundary between the physical and a virtual world is not clearly visible nowadays, the 4.0 industry utilizes artificial intelligence, distributed ledger technology, quantum computing, advanced visualization and other advanced technologies. The surge of capital flows in financial technology is visible wherever we look. Classical businesses face a challenge to connect and create partners with the companies that are technology savvy because this may impact their future success. The strategy for digital business must be thought over very thoroughly since it represents the success threshold in contemporary digital environment. The classic banking system faces the threat or opportunity of an open banking system and banks are forced to be prepared to offer next generation services benefiting from third party channels. The short history on the banking industry including digital banking along, with fintech as a financial institution showing its power to compete sophistically, will shift the studied digital transformation phenomenon into a dilemma whether we indeed face a cashless society challenge, whether the governments should start to accelerate their decisions on Central Bank Digitalized Currency – CBDC or how far several countries already are to become a cashless society. At last, potential security, trust and fraud issues will close this chapter.

Advancing Cybersecurity for Digital Transformation

2021 ◽  
pp. 1-17
Author(s):  
Kamaljeet Sandhu
Keyword(s):  
Artificial Intelligence ◽  
Quantum Computing ◽  
Business Process ◽  
Case Analysis ◽  
Identity Theft ◽  
Digital Transformation ◽  
Public Utilities ◽  
The Internet ◽  
Confidential Information ◽  
Scale Size

Advancing cybersecurity for digital transformation provides opportunities and challenges. Many enterprises are accelerating the digital transformation to reach their customers, suppliers, and other parties over the internet; at the same time cybersecurity has become a serious concern. Cyberattacks have exponentially increased globally. While digital transformation makes the business process more efficient and effective, and increased cyberattacks pose obstacles, threats, and risks on the way. Cyberattacks consist of different types such as political, financial, accessing private and confidential information, ransomware, identity theft, destruction to essential infrastructure and public utilities such as energy, water, telecommunication, transportation, health, and others. This chapter presents case analysis from recent cyberattacks to show the scale, size, and type of impacts within and outside the enterprise. Newer technologies to counter cyberattacks are introduced such as quantum computing, nanotechnologies, artificial intelligence, blockchain that have the capabilities to eliminate cyberattacks.

scholarly journals Soundness of Ethiopian Banks

2015 ◽  
Vol 4 (2) ◽  
pp. 29-37 ◽  
Author(s):  
Hamu Kedir Mohammed ◽  
Yonas Mekonnen Wetere ◽  
Mikael Shibru Bekelecha
Keyword(s):  
Banking Industry ◽  
Financial Institution ◽  
Banking System ◽  
Secondary Data ◽  
Annual Reports ◽  
Real Economy ◽  
Continuous Assessment ◽  
Great Role ◽  
Policy And Procedure ◽  
Best Fit

A well-functioning financial institution will sustain a countries economic development and play a great role in reduction of poverty. One of the major participants in the financial institution is the banking industry.  However, the mal-functioning of the banking system can be extremely costly to the real economy. As Bank is one of the participants and major key player in the financial institutions, it needs a continuous assessment by its supervisory and management. Mere ratio analyses are commonly used Performance measurement among the banking industry in Ethiopia. Nonetheless, these financial ratios are more of traditional as well as partial measurements. As such this study conducted using CAMEL framework set by bank for international settlement. The study takes secondary data which are gathered from audited annual reports of all banks. The result shows CAMEL framework is the best fit measurement for Ethiopian Banks and it give a comprehensive result which is very helpful for the governor to set a well determined policy and procedure.

scholarly journals PRAKTIK GOVERNANCE PERBANKAN INDONESIA DITINJAU DARI ASPEK RISIKO

2016 ◽  
Vol 1 (2) ◽  
Author(s):  
Erwin Harinurdin ◽  
Asti Setiawati ◽  
Wahyu Nofiantoro
Keyword(s):  
Banking Industry ◽  
Good Governance ◽  
Banking System ◽  
Internal Audit ◽  
Third Party ◽  
Bank Loan ◽  
Risk Governance ◽  
Government Bonds ◽  
External Auditors ◽  
The Government

ABSTRACT - Performance -based banking structures Indonesia does not have a normal life charactersbanking and still largely determined by the ideological and political policies of the government. Bankingrecovery by using a very protective manner, such as from the purchase of government bonds with limited ormargin lending and guaranteed withdrawal. Various indicators such as bank loan-deposit ratio ( LDR ) andthe structure of third-party funds that are still dominated by short-term funds such as checking and savingsshows that the bank has not been able to carry out its primary function in the economic system, intermediation.In the framework of the restructuring and recovery of the national banking industry, Bank Indonesia hastaken some of the policies that are considered necessary. Some of these policies include the implementation of theprinciples of risk management (according to Bassel Accor) and Know Your Customer principles. Overall, thepolicy is structured in parent programs are often known as the Indonesian Banking Architecture (API). APIis expected to be the blue print as well as a reference for the Indonesian banking industry structure that isconsidered ideal for BI.Determine the number of actors performing the banking system, such as regulators, supervisors,shareholders, directors, management, internal audit, external auditors, rating agencies and owners of customerfunds. The role of each differ according to the position, accountability mechanisms and social expectations. ButPraktik Governance Perbankan IndonesiaDitinjau dari Aspek RisikoErwin H, Asti S, Wahyu NVolume 1, Nomor 2, pp 1-142the articulation of good governance as a protrusion of the mission, capacity and relationships to be aprerequisite for growth and stability.The method used is descriptive qualitative approach. Based on the results of the study concluded that thepractice of governance in the Indonesian banking system has not been implemented optimally.Keywords: Keywords: Banks, Risk, Governance.

scholarly journals Innovative approaches to the assessment of banking competition in ukraine in terms of digital transformation

2021 ◽  
pp. 181-195
Author(s):  
Ganna Karcheva ◽  
Natalia Shvets ◽  
Karina Dalgic ◽  
Nataliya Dalevska
Keyword(s):  
Banking Sector ◽  
Banking Industry ◽  
Banking System ◽  
Digital Transformation ◽  
Comprehensive Assessment ◽  
Banking Competition ◽  
Banking Market ◽  
Competition Level ◽  
Structural Methods ◽  
Innovative Approaches

The article considers the issues on banking competition interaction, the banking system's stability and efficiency. This research aims to conduct a comprehensive assessment of the banking competition that consists of structural and non-structural methods under the institutional changes' impact. The paper presents how this influences the banking system of Ukraine through its reformation in the banking competition level and how it interacts with indicators of stability and efficiency of the banks. In this study's frame, the authors applied a developed approach to the modified model of Panzar-Rosse regarding the banking activity in Ukraine after it has been rebooted and «cleansed of». The systematization of the scientific background and approaches to assessing the level of banking competition in Ukraine noted that, generally, native authors used only one of the methods to assess the level of competition in the banking industry of Ukraine. Besides, their studies focused on the pre-crisis period, when these innovations hadn't significantly affected the banks' activity changes. The importance of solving this scientific problem is identifying problems in the banking system and taking measures to eliminate them, using the comprehensive assessment of the banking competition level, considering the explanatory indicators of the banks' stability. This issue became critical after a significant reduction in the number of banking institutions in Ukraine and the change in the institutional structure of the banking system of Ukraine under the influence of financial innovations. The study into assessing the level of competition in the banking market of Ukraine is carried out in the following logical sequence: 1) considering the studies on the given subject; 2) describing the existing methods for assessing competition in the banking industry; 3) describing the proposed modified methods of the assessing the level of banking competition; 4) providing proposals regarding the improving banking competition in Ukraine. The study's period is 2015-2019. The research object is the banking system of Ukraine. The article presents an empirical analysis of the current level of competition in the banking market of Ukraine. The findings showed that the banking sector of Ukraine is characterized by monopolistic competition, which is characterized by increasing concentration in the market of the state-owned banks. The study empirically confirms and theoretically proves that some Ukrainian banks have increased their market share due to a decrease in the number of banks in recent years due to the influence of digital transformation. The results of this study could be beneficial for the use of proposed innovative approaches to assessing the level of banking competition in Ukraine in the future, for the bank owners (including small ones), also on proposals for the perspective development of neo-banks in Ukraine, in which there is a need not only for the banking system but also for the users of banking services.

Risk Assessment of Core Banking System Replacement based on ISACA Framework

2014 ◽  
Vol 1 (1) ◽  
pp. 35-45
Author(s):  
Fenty Simanjuntak ◽  
Bobby Suryajaya
Keyword(s):  
Risk Assessment ◽  
Banking System ◽  
Residual Risk ◽  
Project Teams ◽  
Third Party ◽  
Project Delivery ◽  
Business Growth ◽  
Regulatory Requirements ◽  
The Core ◽  
Medium Risk

Many banks are looking for a better core banking system to support their business growth with a more efficient and flexible core banking system to improve their sales and services in the competitive market and to fulfill regulatory requirements. The decision of replacing the legacy core banking system is difficult due to the high IT investment cost required for banks because they are also trying to cut costs. But maintaining the legacy system is costly in terms of upgrade. Changing the core banking system is also a difficult process and increases risks. To have a successful Core Banking System implementation, risk assessment is required to be performed prior to starting any activities. The assessment can help project teams to identify the risks and then to mitigate the risks as part of the plan. In this research the Core Banking System replacement risks were assessed based on ISACA Framework for IT Risk. Fourteen risk scenarios related to Core Banking System Replacement were identified. The high and medium rated inherent risks can become medium and low residual risk after assessment by putting the relevant control in place. The result proves that by adding mitigation plan it will help to mitigate the Residual Risk to become low risk. There are still three residual risk which categorized as medium risk and should be further mitigated they are Software Implementation, Project Delivery and Selection/Performance of Third Party Suppliers. It is also found that COBIT 5 has considered some specific process capabilities that can be used to improve the processes to mitigate the medium risks.

About digital transformation of the transport industry in Russia

2020 ◽  
Vol 19 (3) ◽  
pp. 95-105
Author(s):  
Natalia V. Vysotskaya ◽  
T. V. Kyrbatskaya
Keyword(s):  
Artificial Intelligence ◽  
Business Model ◽  
Data Science ◽  
Digital Transformation ◽  
Digital Culture ◽  
Blockchain Technology ◽  
Community Approach ◽  
Non Linear ◽  
Transport Industry ◽  
Artificial Intelligence Systems

The article is devoted to the consideration of the main directions of digital transformation of the transport industry in Russia. It is proposed in the process of digital transformation to integrate the community approach into the company's business model using blockchain technology and methods and results of data science; complement the new digital culture with a digital team and new communities that help management solve business problems; focus the attention of the company's management on its employees and develop those competencies in them that robots and artificial intelligence systems cannot implement: develop algorithmic, computable and non-linear thinking in all employees of the company.

EMERGING TRENDS IN BANKING SECTOR - ITS CHALLENGES AND OPPORTUNITIES

2018 ◽  
Vol 6 (26) ◽  
Author(s):  
Karigoleshwar .
Keyword(s):  
Banking Sector ◽  
Banking Industry ◽  
Banking System ◽  
Major Change ◽  
Commercial Banking ◽  
Foreign Banks ◽  
Emerging Trends ◽  
Reserve Bank ◽  
Challenges And Opportunities ◽  
Multiple Regions

In financial sector the banking industry is the largest player, has also been undergoing a major change. Today the banking industry is stronger and capable of withstanding the pressures of competition. Today, we are having a fairly well developed banking system with different classes of banks – public sector banks, foreign banks, private sector banks – both old and new generation, regional rural banks and co-operative banks with the Reserve Bank of India as the fountain Head of the system. In the banking field, there has been an unprecedented growth and diversification of banking industry has been so stupendous that it has no parallel in the annals of banking anywhere in the world. The banking industry has experienced a series of significant transformations in the last few decades. Among the most important of them is the change in the type of organizations that dominate the landscape. Since the eighties, banks have increased the scope and scale of their activities and several banks have become very large institutions with a presence in multiple regions of the country.' The paper examines the new trends in commercial banking. The present era the cashless transactions, E-cheques, mobile wallets. The paper attempts to present the emerging trends and its challenges that recently emerged in the banking sector with special emphasis on digitization. It will be useful to the academicians, banking and insurance personnel, students and researchers. Common readers also know the latest innovations in banking sector

scholarly journals Blockchain Disrupting Fintech and the Banking System

Proceedings ◽  
2021 ◽  
Vol 74 (1) ◽  
pp. 24
Author(s):  
Eduard Alexandru Stoica ◽  
Daria Maria Sitea
Keyword(s):  
Artificial Intelligence ◽  
Machine Learning ◽  
Big Data ◽  
Financial Institutions ◽  
New World ◽  
Great Part ◽  
Banking System ◽  
Daily Activities ◽  
Blockchain Technology ◽  
Almost All

Nowadays society is profoundly changed by technology, velocity and productivity. While individuals are not yet prepared for holographic connection with banks or financial institutions, other innovative technologies have been adopted. Lately, a new world has been launched, personalized and adapted to reality. It has emerged and started to govern almost all daily activities due to the five key elements that are foundations of the technology: machine to machine (M2M), internet of things (IoT), big data, machine learning and artificial intelligence (AI). Competitive innovations are now on the market, helping with the connection between investors and borrowers—notably crowdfunding and peer-to-peer lending. Blockchain technology is now enjoying great popularity. Thus, a great part of the focus of this research paper is on Elrond. The outcomes highlight the relevance of technology in digital finance.

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