Does Professionalism in Financial Services Have a Future?

The paper is devoted to the issue of Ukraine’s integration into the innovation space of the European Union, in which a special role belongs to venture business, which differs from other forms of innovation in terms of capital mobilization, source structure and investment conditions, as well as the use of new financial instruments. It is argued that the pace of Ukraine’s approaching with the EU in the field of innovation is not satisfactory: there are some positive changes, but many problems have been identified, in particular with venture financing of innovation. An analysis of venture agreements of asset management companies among mutual investment institutions (MIIs) shows that venture funds do not invest in high-tech industries, with the exception of some branches of financial services and ICT. The most common cases of financial support from venture capital in Ukraine relate to such economic activities as: construction, trade, hotel and tourism business, processing of agricultural products, insurance, publishing. In recent years, there has been a trend of moderate and extensive growth in the Ukrainian asset management sector, mainly due to the activity of new funds. The development of venture capital funds in Ukraine concentrates on the leading regions in measuring their contribution to the country’s economic development. As before, the level of concentration of venture business funds is growing, mainly in the capital and Kyiv region. The paper substantiates the need and proposes measures to overcome the regional asymmetry in the provision of MIIs financial services, based on strengthening the interaction between mutual investment institutions, on the one hand, and investors and issuers of securities, on the other hand. These measures will help ensure investment efficiency and reduce transaction costs related to this process. To this end, it is important to create an appropriate ecosystem of innovative investment, which will provide access to financial services provided by MIIs to all potential investors in the securities market (citizens and the business community of the country), regardless of regional affiliation. In recent years, there has been a trend of moderate and extensive growth in the Ukrainian asset management industry, mainly due to the activity of new funds. The development of venture investment funds in Ukraine focuses on the leading regions in terms of contribution to the country’s economic development. As before, the level of concentration of venture industry funds is growing, mainly in the capital and Kyiv region. The article substantiates the need and proposes measures to overcome the regional asymmetry in the provision of CII financial services, based on strengthening the interaction between mutual investment institutions, on the one hand, and investors and issuers of securities, on the other hand, which will help ensure investment efficiency and reduce related to this process transaction costs. To this end, it is important to create an appropriate ecosystem of innovative investment, which will provide access to financial services provided by CII to all potential investors in the securities market (citizens and the business community of the country), regardless of regional affiliation.

The face of the mature market for financial services has been changing. Because of the increase in life expectancy, today’s consumers at retirement age are likely to have different needs for financial services than previous generations. When it comes to marketing financial services to older adults, financial service providers should be cognizant of the diversity of older consumer needs, although their needs for convenience and personal relationships with financial vendors’ representatives are of outmost importance regardless of type of service or vendor. The importance of providing a diversity of traditional and nontraditional financial services along with membership and loyalty programs is also highlighted as gateways to cross-selling more profitable services. In order to capitalize on developments that affect the market for financial services as they relate to the aging population, financial marketers need information about the needs, preferences and habits of older Americans as they apply to financial services. This chapter presents research on older consumers’ attitudes and habits with regard to financial products and services.. Based on this information, as well as information presented in the first four chapters of this book, marketing strategies are suggested for efficient and effectual delivery of financial services to satisfy older consumers financial needs and help promote their long-term well-being.

Financial inclusion is a critical driver of economic development, particularly among unbanked populations. In the Philippines, despite the widespread use of mobile phones, the adoption of mobile financial services remains low among low-income earners, especially among rank-and-file personnel such as janitors and security staff in State Universities and Colleges (SUCs) in the National Capital Region (NCR). This study investigates the relationship between the level of awareness of digital technology and the frequency of financial mobile service usage among these personnel. Using a quantitative descriptive research design, data were collected from 286 respondents across seven SUCs. The study measured awareness through indicators of digital technology knowledge, engagement, and decision-making, while financial service usage focused on payment transactions, money transfers, and remittances. Statistical analysis using Pearson correlation revealed a significant positive relationship between awareness of digital technology and financial service usage. The findings underscore the need for targeted digital literacy programs and policy reforms to enhance financial inclusion for underserved segments. This research contributes to the growing body of knowledge on the digital transformation of financial services and offers practical implications for educational institutions, financial service providers, and policymakers.

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.

As competitive liberalisation and the application of technology in the creation and distribution of financial services have increased consumer choice in the UK personal financial service industry, so consumer choice in the UK personal financial services industry, so consumer behaviour has assumed a greater role in determining the strategic environment in which financial service providers operate. This paper explores the reltionship between consumer behaviour and the strategic choices facing financial consumer behaviour and the strategic choices facing financial service firms by developing a framework of consumer behaviour and linking the forms of behaviour and type of financial service instrument that determines the strategic environment within which financial service providers operate. Based on that interaction the paper develops a contingency view of financial services strategy and argues that to be successful, financial service providers will need to move away from broad service provision and adopt more focused strategies that reflect far more closely the strategic environment in which they operate.

The provision of financial services by property consultants will obviously vary according to the expertise of the firm, its clients and any niche market in which the firm is operating. This section relies heavily on the study of the operation of Chesterton Financial, the financial services company of Chesterton International, international property consultants. Chesterton Financial deal mainly with: debt finance; joint ventures; equity participation; professional advice; tax-based leasing. Most activity is in the area of debt finance.

Primer on Suitability for Consumer Data Use and Product Design

In today's world, financial technology (FinTech) has become an integral part of everyday life, significantly changing the way people interact with financial services. One of the most dynamically developing industries is mobile payment services. They provide a fast, convenient and secure way to carry out financial transactions through mobile devices. However, despite the rapid spread of mobile payment services, there are a number of problems and challenges associated with their development and promotion on the market. The purpose of the study is to analyze the development of mobile payment services in the context of FinTech, as well as to develop effective marketing strategies for promoting these products on the market. The object of the study is mobile payment services as an innovative segment of FinTech and their marketing in the modern market, namely aspects related to the development, implementation, promotion and use of mobile payment services. Scientific publications and monographic editions, magazine articles and materials of scientific and practical conferences became the methodological basis of the research. Content analysis of scientific periodicals was used during the research; comparative critical analysis of existing approaches and methods of analysis of financial stability and tax burden; statistical methods of analysis. The main hypothesis of the research is that effective marketing strategies focused on technological innovation, personalization of user experience and taking into account the cultural characteristics of markets significantly increase the adoption and use of mobile payment services among consumers. Summary of the main material. Innovative technologies and platforms based on the concept of embedded finance and their potential to change and transform the financial sphere are highlighted. The technological, economic and regulatory aspects of the use of embedded finance are analyzed, and the key challenges and opportunities associated with their application are identified. As a result of the study, it is established that integrated finance can become a significant factor in accelerating the innovative development of the financial sector, improving the quality of financial services, and ensuring greater accessibility and efficiency in the provision of financial products and services. Originality and practical significance. The originality of the scientific article lies in the comprehensive approach to the study of mobile payment services through the prism of marketing strategies in the FinTech sector. Despite the considerable interest in the technological aspects of mobile payments, the issues of effective marketing of these products remain less studied. The practical significance of the article is that the research results can be used by both FinTech companies and marketing specialists to improve their strategies and increase the efficiency of mobile payment services. Conclusions and prospects for further research. The analysis showed that the introduction of the latest technologies, such as blockchain, artificial intelligence and biometric authentication methods, significantly increases the security and convenience of mobile payment services, which contributes to their popularization among consumers. The combination of technological innovation, personalization and cultural adaptation in marketing strategies is the key to successful promotion of mobile payment services. Further research is needed to assess the long-term consequences of introducing new technologies into mobile payment services. Particular attention should be paid to data security and confidentiality.

With the deregulation of the financial services sector in many countries and the proliferation of different channels of distribution for financial services products, non-traditional providers have sought to enter what they perceive as this lucrative market. Retailers are amongst those non-traditional providers who have sought to enter the market for financial services, using their brand strength and ever widening consumer proposition, to enable them to so do. This article discusses why and how leading European retailers and in particular, those based in the United Kingdom, have diversified into retailing financial services to their customers. It questions whether financial services really are a good fit with mass-market retailing and considers the case both for and against retailers diversifying into financial services. The article concludes by arguing that such diversification may leave retailers in a strategically ambiguous position, both co-operating with, whilst at the same time competing with the traditional banks and that this new source of competition is only likely to be successful for a limited range of financial services.

As far as our economic growth is concerned, we are growing rapidly .This statement is easily supported by GDP growth. Is this the growth of our whole economy? Ours is an agrarian economy and if people living in those rural areas are not being taken into account properly, then, it will be wrong to say that we are growing rapidly. A major portion of India lives in villages and that area is being excluded by the financial service providers. This article talks about the potential areas i.e. states regarding financial inclusion. This article tries to look into the problems faced by the bankers while opening up a branch in rural areas and problems the faced by customers. Ultimately, financial service providers have to foray into that field. This article gives an insight regarding financial inclusion. An attempt is being made by RBI , they have given some policies in which it is written clearly that Financial inclusion should be there. But it will be worth while to see the supply barriers in this field. The paper talks about those aspects too. This article discusses the issues raised in Andhra Pradesh recently, which should already be avoided by financial service providers. After all, the efforts of financial service providers should be more target oriented and packed with some strategy regarding financial inclusion and this paper just focuses upon some strategies. A survey of a rural area in Bareilly district was made to know the concerns of rural people regarding financial services. This paper is an attempt to peep into the different facets of financial inclusion but it will become effective only then, when policymakers show their required concern over it.

This research examines the breadth of Indonesia's banking sector and financial service providers, focusing on their contributions to national economic development. The research methodology employed involves comprehensive literature review through examination of pertinent academic and industry sources related to Indonesia's traditional banking sector. The findings reveal that Indonesia's financial banking framework comprises two primary segments: traditional commercial banks and Shariah-compliant banking institutions, distinguished by their core operating philosophies, profit-sharing mechanisms, and regulatory oversight structures. Shariah-based banking has demonstrated remarkable expansion, achieving approximately 15% annual asset growth rates, indicating growing consumer confidence and market acceptance. Indonesia's financial service landscape encompasses two distinct categories: Banking Financial Service Providers (LKB) and Non-Banking Financial Service Providers (LKBB), where each category fulfills essential functions in facilitating financial intermediation processes. The digital revolution has fundamentally transformed financial service delivery models, promoting greater financial inclusion and accessibility across diverse population segments. The research findings indicate that effective collaboration among different categories of financial institutions is crucial for maintaining overall financial system stability while fostering sustainable national economic expansion.

The article reviews the risk assessment system of insurance broker activity in Ukraine, compares the current norms of risk assessment of insurance broker activity, namely the Regulations "On the approval of Methodological recommendations on the organization of corporate governance in financial service providers and non-bank financial groups" and "On the approval of the Regulations on the organization risk management systems in financial service providers and non-banking financial groups" with prospective changes to this process promoted by the regulator, the National Bank of Ukraine, taking into account the strategic goals of the development of the financial sector of Ukraine. It is noted that any participant in the market of non-banking financial services faces problems of resource fulfillment of essential requirements regarding risk management criteria. Moreover, the significant expansion of the quantitative and qualitative indicators of the risk assessment of the insurance broker itself emphasizes the need to narrow the calculations, taking into account the scale of activity of a participant in the market of non-banking financial services. It is proposed to optimize the determined overload of indicator calculations and reporting on risk management of the insurance broker by applying the expert method. In order to optimize the risk assessment of the insurance broker's activity, it is proposed to change the significance of each component of the process. Thus, when assessing the risk of an insurance broker's activity, preference is given to mandatory regulations – 40% of the total risk factor, 30% to activity indicators, and the weight of risk management and corporate governance was 20% and 10%, respectively. The recommended weighting coefficients were determined by conducting an expert evaluation of the opinion of 24 insurance market specialists, who identified the priority component of the risk assessment as meeting the standards of capital adequacy, liquidity and solvency. On the other hand, corporate governance and internal audit, which the regulator pays attention to, for an insurance broker corresponds to a less significant 20% of the total volume of risk assessment indicators of its activity.

The article analyzes the conceptual foundations of the formation of a system of protection of the rights and legitimate interests of consumers. With the help of the dialectical method, a complex of general and special scientific methods, the essence of civil legal protection of consumer rights and organizational, legal and economic aspects of consumer protection have been clarified. The necessity of development and approval of unified standards for rendering financial services to consumers has been demonstrated. The main directions of formation and implementation of the policy of consumer rights protection in the field of trade and provision of financial services, with emphasis on digitalization of relevant legal relations, have also been determined. In the conclusions, the desirability of developing and consolidating, at the normative level, the Comprehensive Program for the Implementation of the State Policy on the Protection of the Rights of Financial Services Consumers for 2023-2027 is substantiated. Finally, arguments were presented to complement the legislation in the field of consumer relations with other normative legal acts in order to guarantee the protection of consumers’ rights.

The article is aimed at studying the evolutionary development of the financial system of Ukraine. The sustainability of a well-regulated and well-controlled financial system is essential for both domestic and international economic and financial stability. The study examined the development of Ukraine’s financial system, reflected important links between financial stability, financial depth, financial accessibility and the importance of managing the financial system in Ukraine. Problems in financial systems can affect the efficiency of monetary policy, reduce economic downturn, require capital financing and influence the exchange rate, as well as create significant financial costs associated with saving troubled financial institutions. Moreover, with the increasing interrelations between financial institutions, as well as the emergence of financial companies along with more developed financial and trade relations between financial structures in one jurisdiction, it is possible to quickly block the movement of funds across national borders. Prospects for further explorations in this direction are the study of the development of innovative technologies in accordance with changes in the preferences of financial services consumers; distribution of virtual service channels, personalized financial services and mobile solutions; development of open banking and expanding cooperation between traditional financial institutions and FinTech companies, which will facilitate provision of better satisfaction of clients’ needs. Adoption of comprehensive changes to regulations on depository activities, securities, as well as the activities of stock exchanges will give professional stock market participants more opportunities to introduce innovations in the provision of financial services.

SUMMARY Pablo Zbinden?>We consider the drivers and implications of the growth of ‘BigTech’ in finance – i.e. the financial services offerings of technology companies with established presence in the market for digital services. BigTech firms often start with payments. Thereafter, some expand into the provision of credit, insurance and money management products, either directly or in cooperation with financial institution partners. Focusing on credit, we show that BigTech firms lend more in countries with less competitive banking sectors and less stringent bank regulation. Analysing the case of Argentina, we find support for the hypothesis that BigTech lenders, by acquiring a vast amount of non-traditional information, have an advantage in credit assessment relative to a traditional credit bureau. They also serve unbanked borrowers, and may have an advantage in contract enforcement. It is too early to judge the extent of BigTech’s eventual advance into the provision of financial services. However, the early evidence allows us to pose pertinent questions that bear on their impact on financial stability and overall economic welfare.