Assessing Certification Authorities: Guarding the Guardians of Secure E‐commerce?

This book examines the world of finance and the role of gender within it. It looks at the financial services industry, arguably the most powerful and remunerative sector that exists, and shows how it was created by men for men. The author explains how historically women were excluded, how minimal progress has been made, and outlines how the sector still needs to change  to function effectively in a modern, equal opportunities world. Addressing gender inequality in financial services is of utmost urgency and importance because of the extent to which it affects women in all stages of life. Women’s exclusion in financial services is also mirrored by how men have been excluded from parenting through a similar set of societal expectations, government legislation and corporate policies. The author maintains that to succeed, we need to address both financial services and parenting. To do so we need regulatory support. Because of its power and dominance, the financial services industry has the opportunity to lead this change and to champion gender equal practices. These practices are economically beneficial to all participants, not only female employees and consumers. We all need these benefits as we rebuild our economies following the COVID-19 pandemic. The book makes an important contribution to the critical and increasing awareness of gender concerns. It presents insights drawn from original research and data about gender biases. The book is an essential secondary text for a range of university courses, including economics, finance and accounting, business studies and gender related courses, as well as MBAs and Executive Education programmes that focus on gender in business. It is also a must read for policy makers, managers in financial services institutions and any other businesses that seek to attract the growing market of female consumers, employees and business leaders.

The crux of this conceptual study throws a lime light on repercussion of Financial Technology (FinTech) on the agility of India’s financial services Industry. This study also provides a snapshot of how financial and payment services provided with the support of financial technologies and tools by financial services firms in India. This conceptual study clearly highlights potential growth of India’s FinTech industry in the light of digital India. As FinTech continues to evolve, we can expect these technologies to further shape the means the banking and financial services and products are delivered, with even more innovative solutions on the horizon. The agility of the FinTech industry comes from a combination of strategic and technological factors. The key strategic factors that enhance the agility of FinTech firms are cross-functional teams, smaller workforce, flat organizational structure, agile leadership, workforce diversity, collaborative mindsets, customer-orientation mindsets, etc. The key technologies in the FinTech industry that are driving a paradigm shift in customer experiences are emerging technologies such as Machine Learning (ML), Artificial Intelligence (AI), Blockchain, Cryptocurrencies, Robotic Process Automation, Open Banking and APIs, Biometric Authentication, Cloud Computing, etc. The rapid adoption of evolving technologies in FinTech sectors have significantly transformed the way the financial and banking services are experienced by the customers and effectively delivered by the FinTech firms. These technologies collectively improve customer experiences by ensuring the accessibility, security and personalization of financial services, which in turn fosters greater customer loyalty and satisfaction.

Not all financial consumers are equipped with the necessary knowledge of the products and services that they are using. A wide gap exists between the level of financial inclusion (76.19%) and financial literacy (38.03%) in Indonesia. Low level of financial literacy could lead consumers to make poorly-informed financial decisions, incur too much debt, or even fall victim to illicit investment products. In the long run, these problems may damage consumer trust in financial services, which could hamper growth in the financial sector. In addition to organizing various financial literacy programs, Indonesia’s Financial Authority Services (Otoritas Jasa Keuangan, or OJK) has mandated financial services institutions (FSIs) to run at least one initiative to improve financial literacy and one initiative to improve financial inclusion every year. This has significantly increased the number of literacy programs in Indonesia. Programs from both OJK and FSIs have contributed to increasing financial literacy in Indonesia, but overall levels of financial literacy remain relatively low (OJK, 2019) compared to the level of financial inclusion. Efforts by FSIs to improve financial literacy through product-related information, the introduction of new products and services, and reducing barriers to entry for some financial products are often omitted when discussing about efforts to increase financial literacy. However, despite the risk, they can positively contribute to increase user’s financial understanding. Regulators could therefore explore the potentials of this approach, with emphasis on ensuring that consumers understand the products that they are buying. Financial literacy gaps, such as those between urban and rural populations, also need further attention from both OJK and FSIs. In the long run, mandatory reporting and the national repository of financial education programs maintained by OJK should be treated not as a mere formal requirement, but as a useful tool to improve the quality and benefits of financial literacy. OJK and FSIs must create and implement comprehensive and systematic evaluation methods for their programs and establish which have the largest benefits and are most cost-effective as they seek to address these challenges.

The Fatal Flaw of Proposals to Federalize Insurance

With the increasing aging population, it has had a profound impact on the financial services industry and economy. This study aims to explore the effect of population aging on the financial service industry and economy and propose corresponding countermeasures and suggestions. The aging population has brought challenges to the financial services industry. The increase in the elderly population has led to a rise in demand for financial products and services. Financial institutions innovate and develop financial products and services that meet the needs of older people. At the same time, the financial literacy of older people is relatively low, and financial institutions need to strengthen financial education and improve their financial knowledge level. Secondly, the aging population has had multiple economic impacts, with decreased labor supply and increased elderly care expenses putting pressure on economic growth. Financial institutions must pay attention to this trend, adjust loan policies, and support the development of emerging industries to promote sustainable economic growth. In addition, the change in the consumption needs of older adults has also brought new opportunities to the economy. Financial institutions can meet the consumption needs of older people and promote economic development through innovative products and services.

Six Sigma is considered to be an important management philosophy to obtain satisfied customers. But financial service organisations have been slow to adopt Six Sigma issues so far. Despite the extensive effort that has been invested and benefits that can be obtained, the systematic implementation of Six Sigma in financial service organisations is limited. As a company wide implementation framework is missing so far, this paper tries to fill this gap. Based on theory, a conceptual framework is developed and evaluated by experts from financial institutions. The results show that it is very important to link Six Sigma with the strategic as well as the operations level. Furthermore, although Six Sigma is a very important method for improving quality of processes others such as Lean Management are also used This requires a superior project portfolio management to coordinate resources and projects of Six Sigma with the other methods used. Beside the theoretical contribution, the framework can be used by financial service companies to evaluate their Six Sigma activities. Thus, the framework grounded through literature and empirical data will be a useful guide for sustainable and successful implementation of a Six Sigma initiative in financial service organisations.

In the recent past, especially over the last decade, the financial services industry has been revolutionary, mainly caused by Fintech. This paper discusses the importance of automating and implementing Fintech systems of RPA, BPM, CRM, and ERP in achieving optimization and improved internal and external regulatory, customer satisfaction, and achievements in financial services. These technologies aim to automate repetitive activities and combine diverse financial processes, which provide operational advantages, including cost minimization, accurate decision-making, and customer satisfaction. However, Fintech systems integration has some challenges, such as implementation complexity, data security issues, capital intensity, and change management challenges. The growing integration trends of BI and Analytics are equally discussed in this paper alongside the best practices that, when implemented, would facilitate the successful integration of BI and Analytics, including strategic planning, compliance with relevant regulations, data security, and employee training. Moreover, it explores new paradigms such as AI, blockchain, and cloud computing and new technological advancements that will potentially transform the financial sector. Globalization and crossing borders are discussed, as well as how Fintechs interact across borders, both the pros and cons of this, and how to adhere to the many forms of regulation globally. Based on the analysis provided in this paper, the argument can be made that financial institutions that effectively incorporate Fintech systems will be in a favorable position to achieve a sustainable competitive advantage across the globally integrated economy’s multiple fronts and meet emergent client needs in the digital age.

Background: A review of the literature revealed that the demanding and often challenging nature of work increases the turnover intention of employees. This trend is especially evident within the South African financial services industry.Aim: The research goal was to explore and empirically test a theoretical model identifying the most salient causes of turnover intention among sales employees employed by financial organisations operating in the South African financial service industry.Setting: The study was conducted on employees operating within the financial service industry in South Africa.Methods: The current study collected quantitative data from 102 employees of insurance or banking or investment companies, using a web-based compilation of standardised questionnaires. This followed a previous study by the research group that collected quantitative and qualitative data from 122 employees operating in an insurance environment, using a combination of an open-ended questionnaire and standardised instruments.Results: The results of the current study confirmed the significance of the paths between turnover intention and employee engagement, time wasted on non-core activities, perceived career development opportunities, and perceived supervisor support, mediated by perceived employee engagement.Conclusion: A replication of this study using a longitudinal research design is recommended in order to overcome the methodological limitations of the current study. The conceptual model developed in this study identified relationships that could be used as guidelines to effectively manage the retention of personal financial advisors in the financial service industry in South Africa

Background: The financial services industry in South Africa has undergone many changes that have given birth to fintechs. Most of these changes are driven by the advent of technology and evolving customer expectations. Fintechs have led to process disruptions and business model transformations, yet their implications have yet to be sufficiently studied. Therefore, it is essential to close this knowledge gap by investigating the impact of fintechs on this industry.Objectives: This research aimed to investigate the impact of fintechs in the financial services industry in South Africa.Method: A qualitative study was conducted in which 18 industry experts were interviewed using semi-structured interviews. The interviews were audio-recorded and transcribed for data analysis. ATLAS.ti 22 was used to organise and analyse data.Results: Fintechs increase competition for the incumbents, reduce profits, expose the inability of the incumbents to be agile and introduce new regulatory risks in the financial services industry. In contrast, fintechs have also brought some positive changes into the industry: financial inclusion, new growth opportunities, increasing choices for consumers and making the industry more competitive, reducing costs, customising financial services, bringing convenience and forcing incumbents and regulators to become more innovative.Conclusion: This study uncovered the positive and negative effects of fintechs in financial services in South Africa.Contribution: The study will benefit academia by expanding the body of knowledge about fintech research and improving the holistic understanding of this field in emerging economies, which can inspire future research on fintech and its application.

Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”) establishes the Consumer Financial Protection Bureau (“the Bureau”). Dodd-Frank defines a broad mission for the Bureau. According to the legislation, the Bureau will “implement and, where applicable, enforce federal consumer financial law consistently for the purpose of ensuring that all consumers have access to markets for consumer financial products and services and that markets for consumer financial products and services are fair, transparent, and competitive.” The Bureau has produced considerable anxiety in the consumer finance industry. Most of the anxiety has focused on two issues – who will head the Bureau and what will the Bureau do with the newly created power to ban “abusive” products. This article suggests that the financial services industry should be focused on a third question – what will the Bureau do with its power to regulate the disclosure of consumer financial services.

Financial services industry has always been a data-intensive industry, generating large quantities of customer data from millions of transactions conducted every day. Vast explosion of data and the surge in technological complexities is transforming the way the financial sector operates, and thus, Big Data management of various financial products and services is emerging as a potential field of study. The application of Big Data in financial services has abundant advantages for the financial institutions: improved customer engagement, better fraud detection, and enhanced market trading analysis. This chapter presents applications of Big Data stimulating various financial sectors and highlights its influence on financial markets, financial institutions, fraud detection, risk analysis, etc. The association between Big Data and finance-related mechanisms is analyzed through an exploratory literature assessment. This chapter also describes real world, contemporary case studies on the applications of Big Data in the financial world. The findings demonstrate that there are many technological research challenges at all levels of Big Data chain that need to be developed to provide more competitive and effective solutions. Since Big Data is a relatively new concept in the field of finance, this study also provides directions for future research.

Financial services industry is rapidly changing due to technological developments, increasing customer expectations and the shocks such as the pandemic. Digital platforms, cryptocurrencies and decentralisation of financial systems have become conspicuous features. The financial services landscape is rapidly evolving in response to changing customer expectations, technological developments and the shock of worldwide events like the Covid-19 pandemic. Blockchains and cryptocurrencies are being used to pay for financial transactions without paper money or credit cards, and some central banks are starting to offer or are at least thinking about using national digital currencies. The Target Group, a business services provider in financial services, believes that technological changes will enhance customer experience in two main ways. First, virtual platforms will become a more important medium for consumers to access financial products and services. Secondly, it is believed that the platforms will not only serve as a one-stop shop but also offer people personal solutions.

Cybercrime routinely targets financial services, which in kind spend lavishly to protect themselves — with notable success, as cyberattacks are often less successful against financial service industries (FSI) than other sectors. Yet the excessive costs of cyber security could be less, and not all FSIs have the resources to pursue an escalating cybercrime conflict. There are several areas that FSIs can focus on to improve their cyber security posture while keeping budgets in check. They can look beyond compliance checks as an acceptable level of protection. They can police access to their networks by supply chain providers with more nuance. They can use prevention to curtail successful attacks that can create astronomical remediation costs. Lastly yet perhaps most crucially, they can encourage board participation by articulating security issues as strategic business considerations. FSIs must look beyond the checks and balances of traditional compliance and governance, and risk questionnaires. They should avoid construing unknown risks due to a lack of IT visibility as acceptable risks, and they must consider creating space for technology and security experts at the highest levels of management, such as mandatory board seats. At a technical level, they should adopt the zero trust security framework of ‘Never Trust, Always Verify’, enhanced monitoring of all IT areas, and unplanned audits to encourage compliance as a continual project. This paper focuses on where FSIs face security risks and how to address them.

Since the world's first ATM was unveiled in London in 1967, the deployment of digital financial services has exploded. However, the issue of access for vulnerable groups such as elderly people, people with disabilities, financially less well off people and the unbanked, has never been fully addressed. Then, in 2020, the COVID-19 lockdown threw a glaring spotlight on accessibility. For millions of vulnerable people, a trip outdoors to make a financial transaction could have life-threatening consequences. Digital financial services were vital lifelines for millions in the lockdown, but those unable to access them were severely disadvantaged. Financial services providers, deluged with requests for help from customers unable to access digital services, were brought face to face with the problem of poor accessibility. That makes this an excellent time to ask: “What problems do vulnerable people face in accessing digital financial services and what can UK financial services providers do about them?” This paper addresses that issue, drawing on in-depth qualitative and quantitative research carried out in 2018–2019 and selectively updated in June 2020. Data, interviews with organisations representing vulnerable people, and comments from vulnerable people themselves, provide a picture of the access problems that they face. The main finding is that financial services institutions still have insufficient knowledge about accessible systems and processes, and about user-demand for them. More work is expeditiously needed. This paper aims to help inform that work, so that financial services providers can offer services that turn a problem into an opportunity for both vulnerable people and service providers.

The financial services industry is one that is being transformed by technological advances and structural change. The consolidation of financial services – so-called ‘Allinance’ or ‘Bancassurance’ activities – is one example of these trends. The financial services industry is of crucial importance for the Swiss economy, representing more than 10 per cent of GDP. It thus contributes substantially to prosperity in our country. And it helps create good operating conditions for industry: I am thinking of low interest rates, a stable currency, and excellent financial services. Switzerland therefore has every interest in providing and maintaining a favourable business environment for providers of financial services on a global scale. This requires a continual examination of the appropriateness of our legal and institutional framework.