Conclusion

FinTech field began to develop rapidly since 2008, after the Global Financial Crisis. This was due to the fact that financial institutions could not quickly respond to consumer needs because of a number of regulatory and legislative restrictions that were implemented to overcome the consequences of the crisis. At the same time the main factors of FinTech development were technological evolution, emerging customer expectations, availability of funding and capital, and support from governments and regulatory authorities. FinTech makes traditional financial services more affordable, flexible and secure, and therefore FinTech is one of the main drivers of digital transformation of the whole financial sector and the development of financial accessibility in the world. The development of the FinTech industry has a huge influence on the financial sector. FinTech strives to make financial services more accessible for both consumers and businesses. FinTech companies are fast growing and attract a large amount of investment each year in their development. At the same time, traditional financial institutions feel threatened on their part, because with the increasing number of FinTech companies, competition in the financial services market is growing too. In order to stay on the market, traditional banks are forced to adapt to modern realities and develop cooperation with FinTech companies. FinTech companies can help banks provide financial products and services more effectively and strengthen their competitive advantages. For example, they can improve financial inclusion, enhance customer experience, increase transparency, improve security, and provide support and guidance. Thus, financial institutions in cooperation with FinTech companies are able to provide new financial products and services to groups of customers who previously did not have access to traditional financial services. In addition, thanks to new technologies, financial institutions can offer personalized services and communicate online with customers, which significantly increases their engagement and experience. Furthermore, FinTech companies can help financial institutions detect fraud and deal with cyber-attacks and other online risks. Keywords: FinTech, financial technologies, financial services, financial innovations, FinTech adoption.

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.

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 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.

This study provides an in-depth examination of the profound impact technological innovation has on the financial services industry, focusing on recent advancements in blockchain, artificial intelligence (AI), machine learning (ML), big data analytics, and fintech solutions. It delves into the nuanced ways these technologies revolutionize operational efficiency, enhance customer experience, facilitate the development of innovative financial products, and navigate the complex landscape of regulatory compliance. Through a combination of qualitative case studies and quantitative analysis of industry performance metrics, this research uncovers the nuanced dynamics between technological adoption and its effects on market competitiveness, security, and the democratization of financial services. Key findings highlight a dual-edged influence: while technological innovation drives unprecedented efficiencies and customer value creation, it also introduces challenges such as increased cybersecurity threats, privacy concerns, and a growing digital divide among consumers. Additionally, the study sheds light on the evolving role of human capital in an increasingly automated industry and the critical importance of strategic digital literacy and adaptive regulatory frameworks to foster sustainable growth.

Methods. The results are obtained through the use of the following methods: analysis – when studying and processing statistical data and determining the share of exports of financial services from total world service export; synthesis – when identifying essential signs of the impact of the pandemic on demand for financial services; generalization – when determining global trends in the global market of financial services and changes in the practical, legislative environment of Ukraine in the direction of modernizing the regulation of the Ukrainian financial services market. Results. It is determined, that the current stage of evolution of international financial services markets is characterized by the greatest intensification of financial flows. The composition of financial services in accordance with international norms and Ukrainian legislation is defined. It is emphasized that in recent decades, international trade in financial services has significantly intensified, becoming global in nature. The factors of intensification of international trade in financial services, which are becoming global, are determined. It is substantiated that 2020 was in many respects an unprecedented year for financial markets. The lockdowns because of the COVID-19 resulted in an aggressive monetary and fiscal reaction from the Central Bank and governments of developed markets. As a result, in 2020, the economy, production of goods and volume of services provided fell sharply due to the pandemic of the COVID-19 and related restrictions (about 38 countries have applied restrictive measures to trade in services). Financial services, on the contrary, continued to grow. The financial services market has reacted to the restrictions due to the COVID-19 pandemic by moving online rapidly. It is noted that technology in any form has always been the driving force of change, and in these uncertain times it is particularly relevant. The necessity of structuring the major trends of development of the world market of financial services is grounded. Novelty. The factors changing the conditions of functioning of the financial services market under Covid-19 pandemic are identified. Practical value. The authors have systematized the most current technological trends in the development of the global financial services market and changes in the practical, legislative environment of Ukraine in the direction of bringing it into compliance with the EU legislation.

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.

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.

Incorporating digital technologies, particularly artificial intelligence, into financial services operations is imperative for achieving critical sustainable development goals (SDGs) through digital financial inclusion. This paper examines the drivers behind AI adoption in South Africa's financial services landscape, given its highly advanced financial sector and rapidly evolving digitisation trends. Drawing on the Technological-Organizational-Environmental (TOE) framework, the study investigates the factors influencing AI adoption through a comprehensive analysis of existing literature, a survey of financial services professionals and binary logistic regression. The results of binary logistic regression indicated that technological, organisational and environmental improvements significantly enhance the likelihood of AI adoption in South Africa's financial services sector. Specifically, access to technological infrastructure, organisational leadership support, and regulatory clarity emerge as key determinants of AI adoption. Overall, this study underscores the need for companies in the financial sector to encourage a culture that welcomes innovation and the integration of AI technology, as well as the need for policymakers to develop comprehensive and unambiguous legislative frameworks that control AI use in financial services. Received: 13 March 2024 / Accepted: 31 August 2024 / Published: 05 September 2024

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.

This book is intended to lay out, in a clear and intuitive as well as comprehensive way, what we know - or think we know - about mergers and acquisitions in the financial services sector. It evaluates their underlying drivers, factual evidence as to whether or not the basic economic concepts and strategic precepts are correct. It looks closely at the managerial dimensions in terms of the efficacy of merger implementation, notably the merger integration process. The focus is on enhancing shareholder value creation and the execution of strategies for the successful management of mergers. It also has a strong public-policy component in this "special" industry where successes can pay dividends and failures can cause serious problems that reach well beyond the financial services industry itself. The financial services sector is about halfway through one of the most dramatic periods of restructuring ever undergone by a major global industry. The impact of the restructuring has carried well beyond shareholders of the firms and involved into the domain of regulation and public policy as well as global competitive performance and economic growth. Financial services are a center of gravity of economic restructuring activity. M A transactions in the financial sector comprise a surprisingly large share of the value of merger activity worldwide -- including only deals valued in excess of $100 million, during the period 1985-2000 there were approximately 233,700 M A transactions worldwide in all industries, for a total volume of $15.8 trillion. Of this total, there were 166,200 mergers in the financial services industry (49.7%), valued at $8.5 trillion (54%). In all of restructuring frenzy, the financial sector has probably had far more than its share of strategic transactions that have failed or performed far below potential because of mistakes in basic strategy or mistakes in post-merger integration. It has also had its share of rousing successes. This book considers the key managerial issues, focusing on M A transactions as a key tool of business strategy - "doing the right thing" to augment shareholder value. But in addition, the degree of integration required and the historic development of integration capabilities on the part of the acquiring firm, disruptions in human resources and firm leadership, cultural issues, timeliness of decision-making and interface management have co-equal importance - "doing it right."

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

Environmental change and the search for organizational congruency in the U.S.A. financial services industry