Designing the Architecture of a Blockchain Platform

2020 ◽  
Vol 16 (3) ◽  
pp. 34-48
Author(s):  
Javier W. Ibáñez ◽  
Salvatore Moccia
Keyword(s):  
Financial Institutions ◽  
Financial Services ◽  
Paradigm Shift ◽  
New Technologies ◽  
Financial Services Industry ◽  
Legal Compliance ◽  
Public And Private ◽  
Settlement Systems ◽  
Private Interests ◽  
Rare Phenomenon

The financial services industry is experiencing—or better said, is suffering—an enormous paradigm shift. New technologies, combined with new consumers, are redefining the way financial institutions design products and deliver services. Furthermore, Mastercard has filed four blockchain patents to improve settlement systems. The Alastria case, explored in this paper, is a still rare phenomenon of national blockchain as a country territorial and jurisdictional case of public permissioned blockchain oriented to combine the satisfaction of public and private interests with full legal compliance.

Affluent and Nonaffluent Consumers′ Needs: Attitudes, and Information‐Seeking Behaviour in the Financial Services Marketplace

1990 ◽  
Vol 4 (4) ◽  
pp. 41-54 ◽  
Author(s):  
Edward G. Thomas ◽  
S.R. Rao ◽  
Rajshekhar G. Javalgi
Keyword(s):  
Statistical Analysis ◽  
Discriminant Analysis ◽  
Survey Data ◽  
Financial Institutions ◽  
Financial Services ◽  
Information Seeking ◽  
Financial Services Industry ◽  
Market Segments ◽  
Information Seeking Behaviour ◽  
Services Industry

Considers the proliferation of products and services in the financial services industry aimed at different market segments. Highlights the affluent and nonaffluent market segments. Employs statistical analysis of survey data to evaluate the financial services needs, attitudes, and information‐seeking behaviour of these segments. Suggests implications for the managers of financial institutions, based on the study findings. Includes appendices on methodology and discriminant analysis used in the study.

Operational Process Management in the Financial Services Industry

2010 ◽  
pp. 1084-1105
Author(s):  
Diana Heckl ◽  
Jürgen Moormann
Keyword(s):  
Financial Institutions ◽  
Financial Services ◽  
General Framework ◽  
Process Management ◽  
Dynamic Environment ◽  
Insurance Companies ◽  
Financial Services Industry ◽  
Operational Process ◽  
Production Processes ◽  
Services Industry

The financial services industry faces significant competitive pressures. Economic and political influences, incessant regulation, and fast changing markets make for a highly complex and dynamic environment. Thus, banks and insurance companies are forced to permanently improve their performance – raising process performance represents one of the biggest levers for success. This chapter analyses the challenges of operational process management for banks and insurance companies. The involvement of customers in service processes of financial institutions make these not as easy to manage as production processes. In response to these challenges, cornerstones for a general framework for operational management of service processes will be developed. The aim of this chapter is to present a framework for structuring service processes which allows combining influences by customers and an operational process management. The concept is based on the modularisation approach and will be demonstrated using a loan process as an example.

The effects of IFRS adoption and firm size on audit fees in financial institutions in Ghana

2019 ◽  
Vol 32 (3) ◽  
pp. 436-453
Author(s):  
William Coffie ◽  
Ibrahim Bedi
Keyword(s):  
Financial Institutions ◽  
Firm Size ◽  
Financial Services ◽  
Audit Fees ◽  
Financial Services Industry ◽  
Content Type ◽  
Listed Firms ◽  
Ifrs Adoption ◽  
Services Industry ◽  
The Cost

Purpose This study aims to investigate the effects of international financial reporting standards (IFRS) adoption and firm size on auditors’ fees determination in the Ghanaian financial industry. Design/methodology/approach The authors use the annual report of 52 listed and non-listed firms spanning from 2003 to 2014. Guided by the hypotheses, the authors conditioned audit fees on IFRS adoption and firm size and execute robust fixed effects panel regression. Findings The results show that IFRS adoption has a positive coefficient with audit fees suggesting that the adoption of IFRS, indeed, increases the audit fees paid by banks and insurance firms, as well as the industry as a whole. The results are consistent with the idea that IFRS adoption increases auditor efforts with respect to time and complex nature of some aspect of the standards. Again, as expected, the coefficient of size is positively and significantly related to audit fees. This indicates that the size of the auditee plays a vital role in determining audit fees. Research limitations/implications The study is limited by industry (i.e. the financial services industry) and geography (i.e. Ghana). The authors propose further research that will widely consider other sectors and countries to improve the current scanty literature in this area. Besides, theoretically, the study is limited to the lending credibility theory and feels compelled to reiterate the importance of considering alternative theoretical perspective(s) in future research. Practical implications This study is significant to practitioners as it demonstrates the importance of the determinants of the auditors’ fees. It helps auditors to apply the relevant charging formula when determining audit fees, while it helps managers to improve upon the quality of reporting to control audit bill and forecasting their audit expenditure. Originality/value The results of the study extend the literature on the cost side of IFRS adoption by investigating the financial services industry and non-listed firms in a new context, i.e. a developing country where this research is uncharted. The existing studies based their analysis on either cross-section or pooled analysis and shorter post-adoption period (Cameran and Perotti, 2014). However, using an extended post-adoption period data, the authors base the study on analytical panel model, which directly examine the cost side of IFRS adoption with size as joint key explanatory variables with emphasis on financial institutions and external auditors.

scholarly journals ANALYSIS OF MOBILE SERVICES IN THE FINANCIAL SECTOR / MOBILIŲJŲ PASLAUGŲ ANALIZĖ FINANSŲ SEKTORIUJE

2019 ◽  
Vol 11 (0) ◽  
pp. 1-6
Author(s):  
Evelina Zigmantavičiūtė ◽  
Irma Šileikienė
Keyword(s):  
Financial Services ◽  
Empirical Investigation ◽  
New Technologies ◽  
Financial Sector ◽  
Mobile Services ◽  
Financial Services Industry ◽  
Key Factors ◽  
Financial Applications ◽  
Know How ◽  
Mobile Financial Services

Extensive research of mobile financial services has been conducted in digital finance, FinTech, blockchain and cryptocurrencies. These new technologies and products are changing the financial services industry. It is critically important to know how customers will accept these changes. This article aims to discuss the inclusion of Mobile services in the financial sector and how users are likely to adopt mobile financial applications (MFA). Empirical investigation was conducted into what a customer considers to be most important when using MFA and the correlation between level of income of the user and adoption of MFA in Lithuania and in Germany. The findings show that income influences the adoption of MFA in Lithuania, but has no effect in Germany. Also, the key factors of using MFA are: security, comfortability, fast performance and cost. In addition to analysing results, new recommendations are proposed to improve future mobile financial services.

scholarly journals Using blockchain technology to ensure information security

2020 ◽  
Author(s):  
P. P. Kostyuk ◽  
Keyword(s):  
Information Security ◽  
Financial Institutions ◽  
Financial Services ◽  
Global Economy ◽  
Financial Services Industry ◽  
Maritime Industry ◽  
Daily Lives ◽  
Blockchain Technology ◽  
Huge Impact ◽  
Traditional Industry

Blockchain technology is becoming one of the main drivers of innovation in the global economy. Its implementation will have a huge impact on how businesses and governments operate and on how people organize their daily lives. The financial services industry is currently under the greatest impact of the blockchain revolution, and financial institutions are among the earliest users of the technology. At the same time, the maritime industry, as a fairly traditional industry, does not yet have many examples of blockchain applications, but this technology can significantly change this industry.

Cooperation and Collaboration

2017 ◽  
Author(s):  
Gordon L. Clark ◽  
Ashby H. B. Monk
Keyword(s):  
Organizational Change ◽  
Financial Institutions ◽  
Financial Services ◽  
Financial Services Industry ◽  
Senior Managers ◽  
Changing Environment ◽  
Space And Time ◽  
Services Industry

Chapter 10 explains how and why new modes of cooperation and collaboration between, rather than within, institutions have become important. It summarizes the distinctive attributes of the global financial services industry. Critically, it looks at the value of cooperation and collaboration as a means of giving senior managers opportunities to adapt or extend the capacities of their institutions in a changing environment. This characterization of cooperation and collaboration is applied to the design of investment platforms bringing together financial institutions across space and time to invest in opportunities beyond inherited capabilities and resources. Findings relevant to the literature on organizational change are explored as a way to better understand the nature and shape of global financial services. The limits of cooperation and collaboration are identified with respect to the capacity of senior managers to make commitments on behalf of their organizations.

Operational Process Management in the Financial Services Industry

2010 ◽  
pp. 529-550 ◽  
Author(s):  
Diana Heckl ◽  
Jürgen Moormann
Keyword(s):  
Financial Institutions ◽  
Financial Services ◽  
General Framework ◽  
Process Management ◽  
Dynamic Environment ◽  
Insurance Companies ◽  
Financial Services Industry ◽  
Operational Process ◽  
Production Processes ◽  
Services Industry

The financial services industry faces significant competitive pressures. Economic and political influences, incessant regulation, and fast changing markets make for a highly complex and dynamic environment. Thus, banks and insurance companies are forced to permanently improve their performance – raising process performance represents one of the biggest levers for success. This chapter analyses the challenges of operational process management for banks and insurance companies. The involvement of customers in service processes of financial institutions make these not as easy to manage as production processes. In response to these challenges, cornerstones for a general framework for operational management of service processes will be developed. The aim of this chapter is to present a framework for structuring service processes which allows combining influences by customers and an operational process management. The concept is based on the modularisation approach and will be demonstrated using a loan process as an example.

Identity and Access Management

2011 ◽  
pp. 208-239
Author(s):  
Nick Pullman ◽  
Kevin Streff
Keyword(s):  
Financial Institutions ◽  
Financial Services ◽  
Financial Services Industry ◽  
Access Management ◽  
Broad Concept ◽  
Services Industry

This chapter discusses the role of identity and access management in the financial services industry. Identity and access management is a very broad concept that has far reaching rewards or consequences within an organization. This chapter provides a survey of the topics within identity and access management so that managers and security administrators of financial institutions can gain an understanding of the issues and possible solutions.

scholarly journals Application of Artificial Intelligence in Investment Banks

2018 ◽  
Vol 11 (2) ◽  
pp. 131-136 ◽  
Author(s):  
R. Vedapradha ◽  
Hariharan Ravi
Keyword(s):  
Artificial Intelligence ◽  
Money Laundering ◽  
Financial Institutions ◽  
Financial Services ◽  
Investment Banks ◽  
Data Driven ◽  
Financial Services Industry ◽  
Smart Contracts ◽  
Customer Journey ◽  
Functional Areas

AbstractBanks are automating their processes, migrating their infrastructure and applications to the cloud to create a seamless customer journey. Transformative technology has enabled banks and financial institutions to automate their operations based on advanced data-driven. Banks are adopting AI based anti-money-laundering, anti-fraud, compliance, credit-underwriting and smart contracts technology in their operations. These applications have been embraced by the investment banks as regulatory framework are failing to combat conventional way in combating against money laundering. Artificial Intelligence will focus on cognitive application in functional areas of business along with investment and compliance sectors of financial services industry. Adopting AI based anti-money-laundering, anti-fraud, compliance, credit-underwriting and smart contracts technology in their operations.

A 3D involvement comprehension model for the digital innovation fostering initiatives of the financial services industry.

2021 ◽  
Vol 9 (4) ◽  
pp. 83-90
Author(s):  
Dimitrios S. Stamoulis
Keyword(s):  
Financial Institutions ◽  
Financial Services ◽  
3D Model ◽  
Financial Services Industry ◽  
Entrepreneurial Success ◽  
Strategic Positioning ◽  
Digital Innovation ◽  
Industry Sector ◽  
Services Industry ◽  
Innovation Support

The financial services industry word-wide is active not only in financing the innovation, but also in creating opportunities for digital innovation take-up that will ultimately lead to economic growth and entrepreneurial success. By analyzing the activities of the four major financial institutions in Greece in the area of innovation support activities, a 3D model is constructed that clearly demonstrates the strategic area that is shaped for initiatives that foster innovation in the financial services industry sector. This model is also useful as a strategic positioning tool as well as a comprehension model for those actors that would like to enter into this area and gain an understanding of the projects and activities already run by the actors in this field.

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