Artificial Intelligence and Personalized Banking

AI has begun making its presence felt in every industry and now across the financial services industry as well. This chapter examines and presents the use of AI in banks for better customer service giving them a personalized experience. This chapter explains how banks are getting future-ready for their financial services by means of AI and are delivering financial offerings seamlessly. This research primarily focuses on the concept of AI in the field of banking, how AI has revolutionized personalized banking and made banking operations more efficient and successful. AI innovations are an integral part of Industry 5.0 which aims at integrating automation and human intelligence. This chapter aims to study and describe the current applications of AI in the banking industry and its impact on the banking sector. The study also gives a description of the banks employing AI to facilitate an exceedingly personalized customer journey with the banks.

Applications of Blockchain Technology in the Finance and Banking Industry Beyond Digital Currencies

Blockchain and cryptocurrency have almost become synonymous. Cryptocurrency is arguably one of the most sensational financial innovations of the 21st century. The current study claims that blockchain technology is not limited to the application of digital currencies in finance and banking; there are wide applications of blockchain technology in the given field. Blockchain uses the unique properties enabling decentralized, secured, transparent, and temper-proof financial transactions that have the potential to revolutionize the financial services industry. Given such a stance, the chapter outlines the application of blockchain technology in the finance arena beyond the digital currency. In this chapter, the authors provide the 10 applications of blockchain technology in the financial services industry implementing the blockchain technology and revolutionizing the finance and banking industry. The chapter also highlights the hurdles to application of blockchain technology in the finance and banking industry.

An ex-post analysis of trade effects of the ASEAN–Korea Free Trade Area (AKFTA) from Korea’s Perspective

This paper empirically analyzes the effectiveness of the ASEAN–Korea Free Trade Area (AKFTA) focusing on the ex-post trade creation and diversion effects with controlling related intra-bloc and extra-bloc regional trade agreements (RTAs) and economic characteristics of interconnected economies. The quantitative analysis applies a gravity model regression analysis by specifying standard pooled ordinary least squares and fixed effects regression models. We observe that the AKFTA turned out to be more favorable for Korea in terms of trade balance with ASEAN. We find that the AKFTA is a desirable trade creating RTA strongly driven by intra-bloc export activities between members and does not divert but generates more export to and import from non-members. Thus, we strongly support that the AKFTA facilitates trade between intra-bloc members and their trade with extra-bloc non-members as well. Besides which, we find that the trade creation effects of the AKFTA are industry-specific and sector-specific. For the manufacturing industry, the trade creation effects of the AKFTA are generated by both intra-bloc and extra-bloc import activity but not from extra-bloc export activity. However, for the services industry, all the intra-bloc and extra-bloc export and import activities contribute to the trade creation effects. Interestingly, we find that the trade creation effects of the manufacturing industry are smaller than those of the services industry. Considering restrictive service schedules of specific commitments in the AKFTA agreement on trade-in services compared to trade-in goods provisions, rearranging the trade-in services provisions is necessary to generate more trade gains in the future.

Empirical examination of societal, financial and technology-related challenges amid COVID-19 in service supply chains: evidence from emerging market

PurposeThis paper reports an empirical examination of the societal, financial and technology-related challenges amid the ongoing pandemic (COVID-19) in the service supply chain network.Design/methodology/approachA combination of qualitative approach (for items generation pertinent to the constructs involved) and quantitative approach (self-administered questionnaires from the top and middle management of the sampled companies) was used for data collection. In total, 272 complete responses were received and analyzed through structural equation modeling.FindingsThe results provided empirical evidence that social and physical distancing, travel restrictions, work from home and lockdown practices have two conflicting effects: On one hand, these practices have contributed to the reduction of economic activities, including the low economic outlook, low productivity, high unemployment, poverty, fall in customer demands, dissatisfaction and mental health, that ultimately impacts rise financial and societal issues. On the other hand, the results revealed an insignificant influence of COVID-19 on creating technology-related challenges in the service sector. It shows that the organizations are doing well in combating the technology-related challenges amidst the current pandemic.Research limitations/implicationsFindings of the inquiry recommend implications for the services industry to harmonize a comprehensive strategy and revisit the global norms in sustainable supply chain management activities that have been the backdrop in their operations for a long time.Practical implicationsFindings of the inquiry recommend implications for the services industry to harmonize a comprehensive strategy and revisit the global norms in supply chain management activities that have been the backdrop in their operations for a long time.Originality/valuePrior studies in the context of the COVID-19 outbreak and its implications have given more attention to the exploratory and theoretical discussion than to empirical evidence. This paper contributes to filling this knowledge gap by empirically exploring the societal, financial and technology-related challenges created by COVID-19. The analysis in this paper covers three dimensions of the PEST model, namely economic, societal and technological factors. This study also helps in laying out a platform for investigating the PEST (political, economic, social and technological) model for guiding the services industry in strategic decision-making in a new era due to COVID-19.