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Author: Maged Hassanien
Publisher: GRIN Verlag
ISBN: 3346326454
Category : Business & Economics
Languages : en
Pages : 47
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Book Description
Scientific Essay from the year 2018 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, , language: English, abstract: The information age is increasingly replacing the industrial age - this has greatly increased the importance of information for a successful and sustainable competitive advantage. This brings with it very far-reaching and complex challenges for companies. On the one hand, very large amounts of data will have to be processed and, on the other hand, the question arises as to how these data are to be processed - the focus here is on the issue of digitising work processes in operational banking business (corporate and retail banking) and their effects on the real banking workplace. International information - also known as global information channels - is causing the economic significance of material value creation to decline - the immaterial significance of value creation is thus steadily increasing. For only the right information, which must be made available at all times and geared to the company/bank, will pose a challenge that can result in the creation of value in the work process in the respective areas of the bank. This means that the intangible value added is transferred in the form of a transfer of data into so-called business information, thus leading to additional earnings. This business information must be exploited in and from electronic media in such a way that customer contacts can arise from it, information about it can be created and, for example, added value can be created for the bank customer as a service or for sale. The Internet and digitalisation are unconditional electronic supports that are revolutionising the banking sector. So-called FinTechs, companies which, with technical innovations in the financial services sector, will fundamentally change banking transactions with customers - this is also happening with the demands on the workplaces of bank employees. The FinTech sector (Financial Technology) is extremely innovative and has accordingly built up a dynamic and fast-moving environment. Digitalisation and the Internet with its social and business media have a significant role to play in the working environment of banks.
Author: Maged Hassanien
Publisher: GRIN Verlag
ISBN: 3346326454
Category : Business & Economics
Languages : en
Pages : 47
Get Book Here
Book Description
Scientific Essay from the year 2018 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, , language: English, abstract: The information age is increasingly replacing the industrial age - this has greatly increased the importance of information for a successful and sustainable competitive advantage. This brings with it very far-reaching and complex challenges for companies. On the one hand, very large amounts of data will have to be processed and, on the other hand, the question arises as to how these data are to be processed - the focus here is on the issue of digitising work processes in operational banking business (corporate and retail banking) and their effects on the real banking workplace. International information - also known as global information channels - is causing the economic significance of material value creation to decline - the immaterial significance of value creation is thus steadily increasing. For only the right information, which must be made available at all times and geared to the company/bank, will pose a challenge that can result in the creation of value in the work process in the respective areas of the bank. This means that the intangible value added is transferred in the form of a transfer of data into so-called business information, thus leading to additional earnings. This business information must be exploited in and from electronic media in such a way that customer contacts can arise from it, information about it can be created and, for example, added value can be created for the bank customer as a service or for sale. The Internet and digitalisation are unconditional electronic supports that are revolutionising the banking sector. So-called FinTechs, companies which, with technical innovations in the financial services sector, will fundamentally change banking transactions with customers - this is also happening with the demands on the workplaces of bank employees. The FinTech sector (Financial Technology) is extremely innovative and has accordingly built up a dynamic and fast-moving environment. Digitalisation and the Internet with its social and business media have a significant role to play in the working environment of banks.
Author: Milena Ratajczak-Mrozek
Publisher: Springer Nature
ISBN: 3030833607
Category : Business & Economics
Languages : en
Pages : 327
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Book Description
This book explores how digitalization and digital technologies influence markets, firms, financial institutions and organizations. Drawing on examples from Canada, Poland, France, Albania, Africa and Turkey this book takes a truly international perspective. It explores the technical aspects of digitalization, with chapters examining topics like how digitization creates value in a small company, how digital-driven business drives innovation, how import-exporting firms can increase productivity within the digital economy and how financial systems and institutions evolve due to new technologies. However, the book goes beyond this and, by adopting a holistic view, examines the social impact of digitalization, with the authors discussing how trade unions and employers present Industry 4.0 to employees and the general public. This book will be of interest to anyone studying digital innovation, digital management, digital strategy, Fin Tech, firm management, and Industry 4.0. Chapter 1 is available open access under a Creative Commons Attribution 4.0 International License via link.springer.com.
Author: MissEstelle X Liu
Publisher: International Monetary Fund
ISBN: 1513570056
Category : Business & Economics
Languages : en
Pages : 42
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Book Description
The latest advancement in financial technology has posed unprecedented challenges for incumbent banks. This paper analyzes the implications of these challenges on bank competitveness, and explores the factors that could support digital advancement in banks. The analysis shows that the traditionally leading role of banks in advancing financial technology has diminished in recent years, and suggests that onoing efforts to catch up to the digital frontier could lead to a more concentrated banking industry, as smaller and less tech-savvy banks struggle to survive. Cross-country evidence has suggested that banks in high-income economies appear to have been the digital leaders, likely benefiting from a sound digital infrastructure, a strong legal and business environment, and healthy competition. Nonetheless, some digital leaders may fall behind in the coming years in adopting newer technologies due to entrenched consumer behavior favoring older technologies, less active fintech and bigtech companies, and weak bank balance sheets.
Author: El Bachir Boukherouaa
Publisher: International Monetary Fund
ISBN: 1589063953
Category : Business & Economics
Languages : en
Pages : 35
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Book Description
This paper discusses the impact of the rapid adoption of artificial intelligence (AI) and machine learning (ML) in the financial sector. It highlights the benefits these technologies bring in terms of financial deepening and efficiency, while raising concerns about its potential in widening the digital divide between advanced and developing economies. The paper advances the discussion on the impact of this technology by distilling and categorizing the unique risks that it could pose to the integrity and stability of the financial system, policy challenges, and potential regulatory approaches. The evolving nature of this technology and its application in finance means that the full extent of its strengths and weaknesses is yet to be fully understood. Given the risk of unexpected pitfalls, countries will need to strengthen prudential oversight.
Author: Volker Liermann
Publisher: Springer Nature
ISBN: 3030237192
Category : Business & Economics
Languages : en
Pages : 424
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Book Description
This book demystifies the developments and defines the buzzwords in the wide open space of digitalization and finance, exploring the space of FinTech through the lens of the financial services professional and what they need to know to stay ahead. With chapters focusing on the customer interface, payments, smart contracts, workforce automation, robotics, crypto currencies and beyond, this book aims to be the go-to guide for professionals in financial services and banking on how to better understand the digitalization of their industry. The book provides an outlook of the impact digitalization will have in the daily work of a CFO/CRO and a structural influence to the financial management (including risk management) department of a bank.
Author: Volker Liermann
Publisher: Springer Nature
ISBN: 3030788148
Category : Business & Economics
Languages : en
Pages : 349
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Book Description
This book, one of three volumes, showcases the effective transformation of companies providing banking and insurance services. This first volume gives a business-oriented introduction to the setting and the current challenges of fintech, regtech, and insurtech and provides an outlook on what will be needed in the future. Specific sub-departments in financial services are examined with a view to accounting, risk, and regulatory segments. The book also addresses the importance of cultural aspects of the coming digital transformation with an eye to requirements that will enable a digital bank or insurance company to thrive in 2025. The angle shifts over the volumes from a business-driven approach in “Disruption and DNA” to a strong technical focus in “Data Storage, Processing and Analysis”, leaving “Digitalization and Machine Learning Applications” with the business and technical aspects in-between.
Author: Claudio Scardovi
Publisher: Springer
ISBN: 3319669451
Category : Business & Economics
Languages : en
Pages : 242
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Book Description
This book analyzes the set of forces driving the global financial system toward a period of radical transformation and explores the transformational challenges that lie ahead for global and regional or local banks and other financial intermediaries. It is explained how these challenges derive from the newly emerging post-crisis structure of the market and from shadow and digital players across all banking operations. Detailed attention is focused on the impacts of digitalization on the main functions of the financial system, and particularly the banking sector. The author elaborates how an alternative model of banking will enable banks to predict, understand, navigate, and change the external ecosystem in which they compete. The five critical components of this model are data and information mastering; effective use of applied analytics; interconnectivity and “junction playing”; development of new business solutions; and trust and credibility assurance. The analysis is supported by a number of informative case studies. The book will be of interest especially to top and middle managers and employees of banks and financial institutions but also to FinTech players and their advisers and others.
Author: Volker Liermann
Publisher: Springer Nature
ISBN: 3030788296
Category : Business & Economics
Languages : en
Pages : 362
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Book Description
This book, the second one of three volumes, gives practical examples by a number of use cases showing how to take first steps in the digital journey of banks and insurance companies. The angle shifts over the volumes from a business-driven approach in “Disruption and DNA” to a strong technical focus in “Data Storage, Processing and Analysis”, leaving “Digitalization and Machine Learning Applications” with the business and technical aspects in-between. This second volume mainly emphasizes use cases as well as the methods and technologies applied to drive digital transformation (such as processes, leveraging computational power and machine learning models).
Author: Piotr Łasak
Publisher: Taylor & Francis
ISBN: 1000993280
Category : Business & Economics
Languages : en
Pages : 245
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Book Description
The book provides deep insight into the processes of digital transformation of banking according to economic, institutional, and social dimensions. Together with the transformation of incumbent banks, the processes result in changes in the scope of existing banking services. Moreover, new entities (FinTech firms) partner with incumbent banks and reshape the banking sector and its financial environment. The far-reaching transformation of banks and the banking sectors is accompanied by some institutional and socioeconomic processes. Regarding institutional processes, the book provides insight into the digitalization of the banking sector from a legal point of view. Traditionally, banking is strongly regulated by norms and rules and this status should be maintained when new entities are entering the sector and/or when new technological solutions contribute to the provision of banking services. Regarding socioeconomic processes, it must be highlighted that digitalization is exerting a powerful impact on societies. One significant example, among others, is the increase in the financial inclusion of disadvantaged groups (especially customers either underserved by the traditional financial sector or unbanked). The socioeconomic aspect, however, has a much greater dimension and its selected aspects are described in this book. The principal audience of the book will be scholars in the fields of banking and finance, but also other related disciplines in the social sciences that are of particular relevance to the banking sector’s digital transformation. This includes legal science, management, and psychology. The book also targets professionals in the financial industry interested in the impact of new financial technologies on banking sectors and bank services, particularly with a main focus on legal and socioeconomic dimensions.
Author: Supriya Sehgal
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
Business Process Re-engineering (BPR) is a drastic and transformative means to help organizations rethink their existing processes from the fundamentals to totally re-engineer or to transform or to improve them. The aim is to achieve big cost reductions and a strategically differentiating and better customer service. Banking business processes are differentiated into three key elements: Customer inquiries or requests which form the Inputs, the Processing of data through some stages and various necessary internal channels and the delivery result as expected by bank and customer forming the Outputs. BPR predominantly mediates in the data processing part to alter it to become time and cost effective. Information technology has been regarded as the key enabler for the radical changes as seen after BPR exercises. A digital revolution of the processes is the most important goal for nearly all banks across the world. Use of Information Technology tools promises to deal with the numerous external and internal threats and pressures that the banks face. The mounting costs of multiple regulations and difficult customers who continuously seem to prefer more and more expediency and a coolness quotient are a few challenges that are overwhelming the banking sector. The hub of banks' digital makeover is Information Technology, coupled with customized products, enabled by simplifying the processes to the maximum and ensuring offering as much convenience to the customers as possible by developing multiple delivery channels.As the banking picture moved more towards the customers' orientation from the bankers' perspective, banks started offering a host of services like mobile banking, loans, internet banking, credit/debit card facilities, stock broking, and investment options among the vast pool of other services. The majority banks in India, particularly the large private sector lenders - HDFC Bank, AXIS Bank and ICICI Bank are now at different stages of digital promptness. HDFC Bank, ICICI Bank and AXIS Bank are the biggest private sector banks in India by Market Capitalization and proud members of the Big 4 banks of India - the 4th being the State Bank of India (SBI). These banks have adopted technology advancements swiftly enough to be called the Market Leaders of BPR projects in the Indian banking sector. These banks have re-imagined and re-engineered their processes using the latest tech-tools and software viz. Chat Bots, Artificial Intelligence (AI) led engines and Robotics Software. Even though these may be in their embryonic stages, these technologies would fundamentally alter the banking scenario sooner than anyone expects. Numerous banking experts foresee these technologies to take maximum five years to digitize all banking and trade ecosystems but Blockchain technology - the new kid on the block - has the latent to be the real game changer and may disrupt the complete financial systems. Of late, several Indian banks are feeling vulnerable and face a dangerous competition from the fresh bank licensees which are indisputably extremely digitally savvy competitors. Digital technology, per se, is not proving to be difficult to either procure - it is usually delivered to the client (banks) which work in partnership with external tech-based firms. The Software and Apps are being developed rapidly and being installed efficiently for example, digital tools like the Mobile apps are very convenient to use. The main point that concerns the banks and customers in a similar way is Cyber-security. Technology, by its very nature, remains permeable and over a period of time reaches one and all. It is at this point that we realize that IT based tools are 'enablers' of BPR projects or Digitization of banks. The 'strategic differentiators' are and will be the people - since any such project also affects the banks' culture, behavior, structure and work-processes.Digitization of a traditional bank is considered to be akin to redesigning an airliner while it is flying. The top level management and senior managers of the organization ought to have a towering degree of belief in the digital technologies, digital future and fortitude to see it through major surgical changes while continuing to deliver their quarterly performances. More importantly, the whole organization needs to be completely involved. Line managers need to defend the redesign and its completion with tremendous willpower. As digital technology throws up opportunities for sweeping new ways to run a process, it challenges prevailing paradigms. The new processes may or not be permissible under regulations and may pose new risks that may not have been anticipated earlier - another area that needs utmost care. Banks are going about digitization by crafting multidisciplinary teams that are jointly responsible end to end - from the design stage to full-scale roll-out of the new process. Since a completely new set of metrics needs to be measured, employee key result areas (KRAs) are being re-calibrated. The front-end executives dealing with bank customers now have customer-centric KRAs. The performance management systems are being changed. People who have gone through a successful digitization have felt the environment during the project to be as stressful as that during a post-merger integration - in terms of commitment of efforts required and engagement of the bank employees at all levels. Many banks continue to find it extremely challenging to drum up this level of vigor and enthusiasm for the on-going digital programs. Hence, it becomes vital to understand the importance of the 'human' role in these changes.Despite the astonishing growth and achievements witnessed by the banking sector in India, most banks are now discovering that, of late, they have been pushing themselves to the extremes. There is a kind of saturation sneaking in the banking industry. Difficult consumers, the anxiety to develop more and more business and amplify profits, hostile rivals and the need of a strong mechanism to detect and prevent banking frauds while delivering growth is making the banks take a rational view of their operations post the technological changes and realize that organization factors and people issues are the core issues - they can either be strategic assets or the real stumbling blocks. It seems, even in the digital world, it is the human angle that makes all the difference. Keeping this perspective in mind, it becomes important to explore and evaluate whether the Human Resource Division of banks has an important role to play in the BPR programs and in what capacity. A comprehensive review of literature points out that HR's roles in BPR programs has been largely perfunctory and restricted to being a facilitator of BPR centric training programs. Nevertheless, the literature reviewed emphasizes upon the banks to mull over a more strategic role for the HR to achieve remarkable improvement in the outputs derived from BPR programs.The purpose of this paper is to empirically analyze bank employees' perception regarding HR's role in BPR programs and their expectations from the HR division. The objectives of this research are: to analyze the perception of and expectations of other bank employees from the role of their bank's HR personnel in BPR programs and to compare the selected banks vis-à-vis the gap between perception and expectations from the role played by HR personnel in BPR programs. A questionnaire was designed and mailed to the Operations and Front-line executives of the selected Indian Private Sector banks. Suitable hypothesis were developed to assess and evaluate the perceptions and expectations of bank employees. The data obtained from the responses was used to perform the empirical analysis. Various parametric, non-parametric tests and descriptive statistics formed the parts of the extensive empirical analysis. The empirical analysis reveals that even though there is a strong perception of HR playing an important role in BPR programs, the expectations from HR remain very high. This study is subject to the characteristic limitations of a survey research. The research findings can make a very significant contribution to banks and other stakeholders.
