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Author: Malik Dakdaki
Publisher: GRIN Verlag
ISBN: 3668565341
Category : Business & Economics
Languages : en
Pages : 82
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Book Description
Bachelor Thesis from the year 2017 in the subject Business economics - Accounting and Taxes, grade: 1,3, University of applied sciences Frankfurt a. M. (FOM), language: English, abstract: The beginning of the digital revolution at the turn of the millennium has ushered in a structural change in many sectors. Due to the increased use of modern information and communication technologies (ICT), several sectors have already experienced existential economic implications. This is especially evident in the music, media and publishing industries. For example, music is not only purchased on CDs from local retail stores, but is also increasingly consumed via the Internet through streaming services such as Spotify. Videos store rentals compete with the comfortable video-on-demand services available in customers’ own homes. The Internet as a medium for information and consumption for products and services has established itself as a faster, more comfortable and more efficient channel in comparison to traditional sales channels. Stationary retail stores were also not spared from digital disruption. The market research institute Gesellschaft für Konsumforschung (GfK) predicts a doubling of the online share of retail sales from currently to 20% by the year 2025. At the same time, new and innovative market participants known as financial technology or FinTech companies are edging into the financial sector and trying to gain market share from established banks through customer-friendly products and services. Nevertheless, the banks do not seem to recognize the seriousness of the situation and therefore are reluctant to adapt to the new situation. However, experience has shown that ignorance of an industry’s digitization has already led to the fall of large and established companies. As a well-known example in the technology industry, Kodak is often referred to in this context. The company’s reaction to the digital disruption took place too late, whereas other companies had already recognized the trend towards digital photography at an earlier stage and prepared corresponding products. As a result, Kodak plummeted from the top of the photography technology industry. Evidence of ongoing digital disruption of the financial services sector has already been provided in the form of a new type of bank, the direct bank, which was first introduced in the early 1990s . FinTech companies seek to take advantage of this success and gain customers and market share by offering innovative solutions for financial products and services.
Author: Malik Dakdaki
Publisher: GRIN Verlag
ISBN: 3668565341
Category : Business & Economics
Languages : en
Pages : 82
Get Book Here
Book Description
Bachelor Thesis from the year 2017 in the subject Business economics - Accounting and Taxes, grade: 1,3, University of applied sciences Frankfurt a. M. (FOM), language: English, abstract: The beginning of the digital revolution at the turn of the millennium has ushered in a structural change in many sectors. Due to the increased use of modern information and communication technologies (ICT), several sectors have already experienced existential economic implications. This is especially evident in the music, media and publishing industries. For example, music is not only purchased on CDs from local retail stores, but is also increasingly consumed via the Internet through streaming services such as Spotify. Videos store rentals compete with the comfortable video-on-demand services available in customers’ own homes. The Internet as a medium for information and consumption for products and services has established itself as a faster, more comfortable and more efficient channel in comparison to traditional sales channels. Stationary retail stores were also not spared from digital disruption. The market research institute Gesellschaft für Konsumforschung (GfK) predicts a doubling of the online share of retail sales from currently to 20% by the year 2025. At the same time, new and innovative market participants known as financial technology or FinTech companies are edging into the financial sector and trying to gain market share from established banks through customer-friendly products and services. Nevertheless, the banks do not seem to recognize the seriousness of the situation and therefore are reluctant to adapt to the new situation. However, experience has shown that ignorance of an industry’s digitization has already led to the fall of large and established companies. As a well-known example in the technology industry, Kodak is often referred to in this context. The company’s reaction to the digital disruption took place too late, whereas other companies had already recognized the trend towards digital photography at an earlier stage and prepared corresponding products. As a result, Kodak plummeted from the top of the photography technology industry. Evidence of ongoing digital disruption of the financial services sector has already been provided in the form of a new type of bank, the direct bank, which was first introduced in the early 1990s . FinTech companies seek to take advantage of this success and gain customers and market share by offering innovative solutions for financial products and services.
Author: Thorsten Beck
Publisher: Cepr
ISBN: 9781907142475
Category : Business & Economics
Languages : en
Pages : 91
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Book Description
Banking is back in the headlines. From desperate efforts by governments to address the Eurozone crisis to the "Occupy Wall Street" movement that is currently spreading across the globe, banks are again at centre stage. This new VoxEU.org book presents a collection of essays by leading European and US economists that provide solutions to the financial crisis and proposals for medium- to long-term reforms to the regulatory framework in which financial institutions operate. Key proposals include: -- European Safe Bonds (ESBies): Critical of Eurobonds, the authors propose an alternative solution in the form of "European Safe Bonds" (ESBies) -- securities funded by currently outstanding government debt (up to 60\% of GDP) that would constitute a large pool of "safe" assets. The authors argue that ESBies would address both liquidity and solvency problems within the European banking system and, most critically, help to distinguish between the two. -- Capital and liquidity requirements -- risk weights are crucial: While ringfencing might be part of a sensible regulatory reform, it is not sufficient. Capital requirements with risk weights that are dynamic, counter-cyclical and take into account co-dependence of financial institutions are critical, and one size does not necessarily fit all. Similarly, liquidity requirements have to be adjusted to make them less rigid and pro-cyclical. While banks are currently under-taxed, the currently discussed financial transaction tax would not significantly affect banks' risk-taking behaviour and might actually increase market volatility; in addition, its revenue potential could also be overestimated. -- The need for a stronger European-wide regulatory framework: If the common European market in banking is to be saved -- and the authors argue that it should be -- then the geographic perimeter of banks has to be matched with a similar geographic perimeter in regulation, which ultimately requires stronger European-level institutions.
Author: Ms.Ratna Sahay
Publisher: International Monetary Fund
ISBN: 1513512242
Category : Business & Economics
Languages : en
Pages : 83
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Book Description
Technology is changing the landscape of the financial sector, increasing access to financial services in profound ways. These changes have been in motion for several years, affecting nearly all countries in the world. During the COVID-19 pandemic, technology has created new opportunities for digital financial services to accelerate and enhance financial inclusion, amid social distancing and containment measures. At the same time, the risks emerging prior to COVID-19, as digital financial services developed, are becoming even more relevant.
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: Mr.Amadou N Sy
Publisher: International Monetary Fund
ISBN: 1484385667
Category : Business & Economics
Languages : en
Pages : 61
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Book Description
FinTech is a major force shaping the structure of the financial industry in sub-Saharan Africa. New technologies are being developed and implemented in sub-Saharan Africa with the potential to change the competitive landscape in the financial industry. While it raises concerns on the emergence of vulnerabilities, FinTech challenges traditional structures and creates efficiency gains by opening up the financial services value chain. Today, FinTech is emerging as a technological enabler in the region, improving financial inclusion and serving as a catalyst for the emergence of innovations in other sectors, such as agriculture and infrastructure.
Author: Introbooks
Publisher:
ISBN:
Category :
Languages : en
Pages : 50
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Book Description
In these highly competitive times and with so many technological advancements, it is impossible for any industry to remain isolated and untouched by innovations. In this era of digital economy, the banking sector cannot exist and operate without the various digital tools offered by the ever new innovations happening in the field of Artificial Intelligence (AI) and its sub-set technologies. New technologies have enabled incredible progression in the finance industry. Artificial Intelligence (AI) and Machine Learning (ML) have provided the investors and customers with more innovative tools, new types of financial products and a new potential for growth.According to Cathy Bessant (the Chief Operations and Technology Officer, Bank of America), AI is not just a technology discussion. It is also a discussion about data and how it is used and protected. She says, "In a world focused on using AI in new ways, we're focused on using it wisely and responsibly."
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1498321860
Category : Business & Economics
Languages : en
Pages : 73
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Book Description
The paper finds that while there are important regional and national differences, countries are broadly embracing the opportunities of fintech to boost economic growth and inclusion, while balancing risks to stability and integrity.
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: Janos Barberis
Publisher: John Wiley & Sons
ISBN: 1119362172
Category : Business & Economics
Languages : en
Pages : 970
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Book Description
The Regulatory Technology Handbook The transformational potential of RegTech has been confirmed in recent years with US$1.2 billion invested in start-ups (2017) and an expected additional spending of US$100 billion by 2020. Regulatory technology will not only provide efficiency gains for compliance and reporting functions, it will radically change market structure and supervision. This book, the first of its kind, is providing a comprehensive and invaluable source of information aimed at corporates, regulators, compliance professionals, start-ups and policy makers. The REGTECH Book brings into a single volume the curated industry expertise delivered by subject matter experts. It serves as a single reference point to understand the RegTech eco-system and its impact on the industry. Readers will learn foundational notions such as: • The economic impact of digitization and datafication of regulation • How new technologies (Artificial Intelligence, Blockchain) are applied to compliance • Business use cases of RegTech for cost-reduction and new product origination • The future regulatory landscape affecting financial institutions, technology companies and other industries Edited by world-class academics and written by compliance professionals, regulators, entrepreneurs and business leaders, the RegTech Book represents an invaluable resource that paves the way for 21st century regulatory innovation.
Author: Mr.Dong He
Publisher: International Monetary Fund
ISBN: 1484303776
Category : Business & Economics
Languages : en
Pages : 49
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Book Description
A new wave of technological innovations, often called “fintech,” is accelerating change in the financial sector. What impact might fintech have on financial services, and how should regulation respond? This paper sets out an economic framework for thinking through the channels by which fintech might provide solutions that respond to consumer needs for trust, security, privacy, and better services, change the competitive landscape, and affect regulation. It combines a broad discussion of trends across financial services with a focus on cross-border payments and especially the impact of distributed ledger technology. Overall, the paper finds that boundaries among different types of service providers are blurring; barriers to entry are changing; and improvements in cross-border payments are likely. It argues that regulatory authorities need to balance carefully efficiency and stability trade-offs in the face of rapid changes, and ensure that trust is maintained in an evolving financial system. It also highlights the importance of international cooperation.
