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Three field studies and a laboratory experiment reveal racial discrimination in financial loan services. The results show that (1) service employees provide Black (vs. White) customers with inferior service outcomes (i.e., products offered), (2) Black (vs. White) customers experience inferior service processes (employees' warmth/competence), and (3) Black (vs. White) customers report lower loyalty intentions toward the firm. Such discrimination is not only morally wrong and illegal; it is also bad for business. Therefore, the authors also show when and why racial discrimination is mitigated: namely, when Black customers signal higher socioeconomic status, or a Black customer's company (for which they seek the loan) has a more complex and sophisticated legal structure (corporation vs. sole proprietorship). Exploring this mitigation effect further, the authors show that a more sophisticated business structure increases the employee's trust toward Black customers, which reduces the perceived default likelihood and increases the likelihood to offer a loan; yet, this process does not emerge for White applicants. The findings point to managerial and policy implications to mitigate racial discrimination. [ABSTRACT FROM AUTHOR]

Financial inclusion is a process of providing financial services to everyone at an affordable cost, particularly to weaker sections and low-income groups. The study analyses the level of awareness, usage of banking services and other financial benefits and explores the hindrances to financial inclusion faced by the informal workers in Delhi National Capital Region (NCR). An empirical survey is done, and 760 responses are evaluated to understand the level of financial inclusion using correlation, logit regression analysis, etc. Findings of the study indicate that level of financial awareness and inclusion increase with age, education and income for fixed salary workers. Major hindrances to financial inclusion are lack of savings for using financial services, lack of necessary documentation and lack of trust in the formal banking system. Therefore, the government needs to make more efforts to reach out to the urban poor and informal workers for all-around inclusiveness. JEL Codes: D14, E26, G2, J46, O1 [ABSTRACT FROM AUTHOR]

Researchers and practitioners in financial services utilize a wide range of empirical techniques to assess risk and value. In cases where known performance is used to predict future performance of a new asset, the risk of bias is present when samples are uncontrolled by the analyst. Propensity score matching is a statistical methodology commonly used in medical and social science research to address issues related to experimental design when random assignment of cases is not possible. This common method has been almost absent from financial risk modeling and portfolio underwriting, primarily due to the different objectives for this sector relative to medicine and social sciences. In this application note, we demonstrate how propensity score matching can be considered as a practical tool to inform portfolio underwriting outside of experimental design. Using a portfolio of distressed consumer credit accounts, we demonstrate that propensity score matching can be used to predict both account-level and portfolio-level risk and argue that propensity score matching should be included in the methodological toolbox of researchers and practitioners engaged in risk modeling and valuation activities of portfolios of consumer assets, particularly in contexts with limited observations, a large number of potential modeling features, or highly imbalanced covariates. [ABSTRACT FROM AUTHOR]

Behavioural risk management (BRM) helps to better prevent risk events that can hurt financial services firms, their customers, shareholders and society. Underpinned by methods and insights from across the behavioural sciences (such as organisational and social psychology, decision making and cognitive science, etc), this forward-looking risk management approach is increasingly encouraged by regulators and invested in by financial institutions globally. This paper provides a practical three-step approach to manage behavioural risk, illustrated with financial services case studies. Future developments are then discussed. The paper closes with common implicit beliefs that may hinder senior risk management professionals initiating BRM in their organisations and a manifesto for action to help get started. [ABSTRACT FROM AUTHOR]

Operational resilience is the preparedness and existence of resilient IT systems, processes and resources to provide services continuously during a disruption. This study examines the operational resilience implementation challenges and opportunities for UK building societies and wider financial institutions. The key challenges are resource constraints, understanding regulatory requirements, supplier concerns, domain knowledge, legacy systems and manual-driven processes. Some challenges are being addressed with awareness and training, improved governance and risk management, recruitment and industry support networks. The opportunities include realising the actual state of IT systems, adopting cloud solutions, resources and capabilities, as well as improved domain knowledge and a better understanding of services and markets. Regulators need to be more explicit about their expectations and requirements, while the industry needs to collaborate on setting up common frames of reference for operational resilience frameworks. Lastly, the study provides a holistic view of operational resilience, including its implementation and management challenges, control measures and emerging opportunities. [ABSTRACT FROM AUTHOR]

The paper conducts a comprehensive review based on the topic of experience in financial services. The paper presents the evolution and structure on the topic. A bibliometric analysis of literature is performed around the key components using Bibliometrix of R package and VOSviewer. The analysis is based on 137 articles, which are published in 73 leading journals between the years 1985 to 2021. Using the dimensions database, research articles on experience in financial services are extracted and analysed to uncover this topic's intellectual development and key themes through a mixed-methods approach of quantitative bibliometric and qualitative content analyses. More specifically, descriptive statistics, Lotka's law, co-occurrence networks, thematic maps, and bibliometric coupling are used for the analysis. The bibliometric analysis facilitates technical examination and visualization of the scholarly financial service experience research. Based on grounded theory, content analysis is successively conducted to establish theoretical building blocks of financial service experience, providing a conceptual model of this concept. Using bibliometric coupling, nine significant clusters are identified: experience and related constructs, experience in the digital and social media era, experience and quality, experience and customer journey, brand and digital financial services experience, experience and financial institutions, experience and employees, experience and financial literacy, and customer experience management. The study employs more updated and relevant analysis techniques and provides a critical review of the topic. The bibliometric analysis enabled scientific investigation and visualization of the scholarly financial services experience literature providing a holistic understanding of the concept, illustrated topic's scholarly evolution, and revealed key directions for future research. [ABSTRACT FROM AUTHOR]

Financial institutions are increasingly turning to artificial intelligence (AI) to improve their decision-making processes and gain a competitive edge. Due to the iterative process of AI development, it is mandatory to have a structured process in place, from the design to the deployment of AI-based services in the finance industry. This process must include the required validation and coordination with regulatory authorities. An appropriate dashboard can help to shape and structure the process of model development, e.g., for credit assessment in the finance industry. In addition, the analysis of datasets must be included as an important part of the dashboard to understand the reasons for changes in model performance. Furthermore, a dashboard can undertake documentation tasks to make the process of model development traceable, explainable, and transparent, as required by regulatory authorities in the finance industry. This can offer a comprehensive solution for financial companies to optimize their models, improve regulatory compliance, and ultimately foster sustainable growth in an increasingly competitive market. In this study, we investigate the requirements and provide a prototypical dashboard to create, manage, compare, and validate AI models to be used in the credit assessment of private customers. [ABSTRACT FROM AUTHOR]

The article examines the supervision of the activities of non-banking financial institutions based on current legislation. The object of the study is the set of relationships that arise in the process of financial control over the activities of non-banking financial institutions. The subject is the laws and regulations of the National Bank of Ukraine regulating the activities of non-banking financial institutions. The methodological basis of the research is general scientific and private scientific methods of cognition. It is noted that effective control and supervision of the activities of non-banking financial institutions is an integral condition for ensuring the stability and development of the financial market, protecting the rights and legitimate interests of consumers of financial services. Supervision of non-banking financial institutions is characterized by the use of: a risk-oriented approach, which assumes that supervisory measures are carried out with different frequency, intensity and concentration on the identified risks of a non-banking financial institution depending on its risk profile. Risk-based supervision arises as a supplement to formal compliance supervision. Supervision of the activities of non-banking financial institutions includes: macro prudential supervision aimed at ensuring the safety and stability of the financial market; oversight of the judgment-based regulatory model; proportional (selective) regulation and supervision; behavioral supervision; a combination of forms of supervision based on a balanced combination of various forms of control and supervision activities of the National Bank of Ukraine. Expanding the powers of non-banking financial institutions to combine types of activities will lead to the development of the market by reducing the costs of its participants and introducing new digital technologies into the practice of non-banking financial institutions. One of the most urgent tasks facing the National Bank of Ukraine today is to overcome the approach to regulation exclusively by types of legal entities by moving to a more progressive model of regulation by types of activity. [ABSTRACT FROM AUTHOR]

The article is devoted to a comprehensive analysis of the process of implementation of the European Union (EU) acts in the field of capital markets into Ukrainian legislation. The author examines the international legal basis of this process and describes the main stages of Ukraine’s relations with the EU in relation to the approximation of Ukrainian legislation to the EU acquis. The author also examines the key documents that define the relations between Ukraine and the EU in the context of European integration, including the 1994 EU-Ukraine Partnership and Cooperation Agreement and the 2014 EU-Ukraine Association Agreement. The article analyses in detail the reports of the European Commission on Ukraine’s progress in approximating its legislation to the EU acquis in the field of capital markets. The main achievements and areas requiring further improvement are highlighted. In particular, the author examines the issues of capital market supervision, rating of financial instruments, and such mechanisms for raising funds as securitisation and covered bonds. The author examines the internal aspects of bringing Ukrainian legislation in line with EU requirements, including legislative plans and current draft laws. Particular attention is paid to the analysis of recently adopted laws aimed at bringing Ukrainian legislation closer to the EU acquis in the field of capital markets. The article also examines the priority areas for further work on the implementation of EU acts, including improving legislation on combating capital market abuse, creating a mechanism for compensation to investors in securities, strengthening the supervisory powers of the National Securities and Stock Market Commission, and introducing certain types of collective investment institutions that operate in the EU but are not currently provided for in Ukrainian legislation, such as European long-term investment funds, venture capital funds, and other types of collective investment institutions. Based on the analysis, the author formulates recommendations for improving the implementation process, including strengthening coordination between various government agencies, attracting international technical assistance and holding broad consultations with market participants [ABSTRACT FROM AUTHOR]

Financial technology (Fintech) has influenced business by helping create better services for consumers and businesses. Fintech, however, brings new challenges for regulators, who struggle to keep pace with the constant evolution of technology and the resulting disruption. The progress of technology and regulations in the Fintech industry has been uneven across developed and developing countries, resulting in numerous opportunities and challenges. Considerable progress has recently been made in the adoption of Fintech and the subsequent development and implementation of regulations in the US, the UK, and India. While the United States (US) and the United Kingdom (UK) are global leaders in Fintech innovation, India has shown fast-paced growth in adopting and utilizing Fintech services. This paper examines the growth and evolution of Fintech in the US, the UK, and India and also explores how the regulatory agencies across these countries have responded to the evolution of Fintech. This paper finds that economies should work towards improving digital infrastructure, financial inclusion, and financial literacy and enhance the collaboration among regulators, Fintech firms, and other stakeholders. [ABSTRACT FROM AUTHOR]

Deep neural network (DNN) architectures such as recurrent neural networks and transformers display outstanding performance in modeling sequential unstructured data. However, little is known about their merit to model customer churn with time-varying data. The paper provides a comprehensive evaluation of the ability of recurrent neural networks and transformers for customer churn prediction (CCP) using time-varying behavioral features in the form of recency, frequency, and monetary value (RFM). RFM variables are the backbone of CCP and, more generally, customer behavior forecasting. We examine alternative strategies for integrating time-varying and non-variant customer features in one network architecture. In this scope, we also assess hybrid approaches that incorporate the outputs of DNNs in conventional CCP models. Using a comprehensive panel data set from a large financial services company, we find recurrent neural networks to outperform transformer architectures when focusing on time-varying RFM features. This finding is confirmed when time-invariant customer features are included, independent of the specific form of feature integration. Finally, we find no statistical evidence that hybrid approaches (based on regularized logistic regression and extreme gradient boosting) improve predictive performance—highlighting that DNNs and especially recurrent neural networks are suitable standalone classifiers for CCP using time-varying RFM measures. [ABSTRACT FROM AUTHOR]

This commentary discusses the relationship between the UK Labour Party and the financial services sector in the context of an approach to economic policy and growth. It highlights the historical scepticism of the Labour Party towards financial services, rooted in ideology and practical experience alongside a recognition of the need to engage with the sector to promote economic growth and investment. The Labour Party's evolving stance towards financial services is outlined, which has oscillated between support in the 1990s and early 2000s, to a more critical view in the 2010s, with a more recent return to advocacy. The commentary draws attention to a tension in the party's encouragement of an industry that can provide economic growth at home, while at the same time being wary of developing policies designed to provide necessary growth in other areas, such as in green technologies, but that might incur the disapproval of global financial investors. Labour's dilemmas are illustrative of the contemporary problems of policy formation in a relatively small but open economy, where options to promote growth and green investment are constrained in the face of the disciplinary power of global financial capital. [ABSTRACT FROM AUTHOR]

Copyright of Revista de Ciencias Sociales (13159518) is the property of Revista de Ciencias Sociales de la Universidad del Zulia Venezuela and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Financial inclusion is widely recognized as a crucial driver of economic and social development in modern societies. However, achieving financial inclusion presents various economic and social challenges, particularly in developing countries. To address these challenges, many governments have adopted digital transformation as a strategic tool to expand access to financial services. Digital transformation enables the provision of financial resources that help individuals manage personal finances, establish businesses, and take advantage of a wide range of financial opportunities. This study explores the role of digital transformation in promoting financial inclusion in Algeria. A comprehensive literature review on digital transformation and financial inclusion serves as the foundation for developing a conceptual model. A simple linear regression model was constructed based on data collected from a sample in 2024, using the least squares method to estimate regression coefficients. The model posits digital transformation as an independent variable encompassing six key elements: infrastructure, trust and security in electronic transactions, governmental commitment to digital transformation, qualified human resources, legislative and legal frameworks, and institutional development in electronic transactions. It also incorporates three internationally recognized dimensions of financial inclusion: access to financial services, usage of financial services, and quality of financial services. A survey was conducted across 840 individuals from 48 provinces in Algeria. The results indicate the robustness of the model, with a Fisher test value of 877 and a significance level below 0.05. Additionally, the findings reveal a strong positive correlation between digital transformation and financial inclusion, with a correlation coefficient of 0.71. Nevertheless, Algeria's digital transformation faces numerous technical, economic, and social challenges, as the majority of the average scores for digital transformation dimensions were low. This is primarily due to inadequate electronic infrastructure. Moreover, the advancement of digital transformation is further impeded by outdated legal frameworks, which negatively affect trust and security in electronic transactions. This deficiency is reflected in the quality of financial services offered by commercial banks and the Algerian Post, despite ongoing efforts to expand the networks of bank branches and post offices. Therefore, enhancing Algeria's electronic infrastructure is crucial for fostering better financial inclusion nationwide. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this paper is to estimate the effect the five different generations and the key financial inclusion indicators of gender, education and location (rural–urban) in exacerbating disparities in financial inclusion in Kenya. This paper considers whether the five generational cohort groups in Kenya differ on the financial inclusion determinants and behaviour as predicted by common generational stereotypes. Design/methodology/approach: The authors applied a multinomial logistic regression approach to nationally representative household survey data from Kenya to estimate the effect that key financial inclusion indicators have on belonging to one of the five generations: Z, Y, X, baby boomers and traditionalists. Findings: The authors found significant links between all tested variables and financial inclusion. The authors found an access gap between Generations X and Y, with the latter being more prone to access and use financial services and products. These differences are compounded by gender and rurality. People in rural locations and women generally were found to have less access to financial services and products, thus causing significant exclusion of a large proportion of the population. Practical implications: The research has important implications for governments, financial institutions and educational providers, notably on targeted policies and programmes that strategically aim to eliminate disparities and promote greater financial inclusion, denoting the value of such variables as generational differences and gender inclusivity. Originality/value: This paper deepens the understanding of differences that can divide generations on financial inclusion. [ABSTRACT FROM AUTHOR]

The Covid-19 pandemic has transformed the needs of consumers of goods and services. As a result, there was an increase in the volume of BigTech activity. At the same time, BigTech took into account the expectations of consumers in obtaining complementary services. This led to the growth of BigTech's offerings of financial services to its clients. The purpose of the article is to clarify the place of financial services in the BigTech ecosystem and to identify the priority areas of activation of the provision of financial services by BigTech firms. The article describes the BigTech ecosystem from an institutional point of view. The study presents the composition of participants of the BigTech ecosystem, which are connected by a digital platform and the use of information technologies that contribute to the sale of goods and the provision of services, including financial ones. The technical, economic, legal, and marketing prerequisites for providing BigTech financial services have been identified. This made it possible to substantiate the influence of consumer needs on the formation of the policy of providing BigTech financial services. It has been confirmed that BigTech implements a policy of providing financial services that meet customer expectations. The weaknesses and strengths of BigTech financial services are identified. The threats and opportunities of providing BigTech financial services are substantiated. The conducted research made it possible to formulate geographical, product, and client directions for the development of the provision of BigTech financial services. [ABSTRACT FROM AUTHOR]

We discuss the geoeconomics of the Single Market in financial services in the European Union (EU). We examine three case studies that concern the EU and other major jurisdictions and that range from incipient geoeconomic use to outward weaponisation of the Single Market in finance. These cases are (1) the post‐2008 crisis transatlantic tug of war, whereby the EU leveraged its Single Market vis‐à‐vis the United States, seeking to set the rules for global finance; (2) the Brexit negotiations, when the EU acted as a bloc against the United Kingdom and successfully safeguarded the integrity of the Single Market; and (3) the fulsome war in Ukraine, during which the EU 'weaponised' its Single Market through the adoption of financial sanctions against Russia. We argue that a combination of external and internal factors accounts for this pattern: the evolution of the international economic and political system, in particular, the increasing challenges to the liberal international order, and intra‐EU developments, namely, the EU's ability to deploy its Single Market geoeconomically. [ABSTRACT FROM AUTHOR]

Purpose: The research aims to understand the co-existence of nimbleness and resilience in a continuous digital transformation, along with the dynamic capabilities needed to balance the challenges of their co-existence. Design/methodology/approach: The current study draws on dialogical action design research (D-ADR) to investigate interactions among practitioners and executives. Data are collected from a major Australian financial services organisation (FSO) and many international experts. Findings: The study presents a framework, the continuous transformation model (CTM), to describe digital transformation within an FSO context, emphasising nimbleness and resilience as its foundational pillars. This framework facilitates the identification of the critical role of organisational capabilities in managing continuous digital transformation, supported by dynamic IT capabilities. More importantly, the findings underscore how these capabilities enable managers to effectively balance the coexistence of nimbleness and resilience. Research limitations/implications: The CTM contributes to the enterprise information systems literature by offering a coherent understanding of balancing resilience and nimbleness to succeed in digital transformation. In particular, the research model elucidates the relationship between dynamic capabilities and continuous digital transformations. Practical implications: Digital transformations are not a one-off exercise. Managers in the FSO context must cultivate their organisational capabilities to achieve nimbleness and resilience during their digital transformation journey. Originality/value: The relationship between dynamic capabilities and continuous digital transformation sheds light on establishing successful management processes within FSOs. [ABSTRACT FROM AUTHOR]

Wealth management now a days having very importance. Evidences prove that the wealth management industry in Asia pacific region is emerging into massive opportunity. In India, wealth management is evolving along with a positive regulatory environment, changing demographics and income. With increasing number of HNWI's, financial services institutions now offer a wider range of product portfolios targeted at wealthy customers in the form of investments in art, structured finance and insurance. Considering long-term high value business proposition, number of banks and niche players has started offering full range of wealth management services targeted to HNWIs and emerging affluents. Banks play important role in providing premium services to affluent clients. [ABSTRACT FROM AUTHOR]

The present research aims at analysing the regulation of debt advice at European level contained in Directive 2023/2225. The research reveals, at this date, at the national level, the lack of express regulation for the conduct of independent, impartial counselling of people in debt or about to become in debt. The research also identifies that the only category of counselling known and regulated at the national level, where credit is the main source of indebtedness, is consumer counselling by creditors and credit intermediaries. The regulation of independent debt advice under Directive 2023/2225 has yet to be transposed at the national level. The challenge of identifying the entity/entities that will provide independent debt advice is the one to which this study responds, and has profound social-economic implications, as this category of advice is a solution to prevent over-indebtedness. [ABSTRACT FROM AUTHOR]

The present study investigated the importance of psychological capabilities to support financial product salespeople in overcoming challenges and sustaining motivation and work performance during and after COVID-19 pandemic. Furthermore, this study suggests useful ways to develop the psychological capabilities. By using an interpretive phenomenological approach as the methodology, twenty financial product salespeople have been interviewed. The findings reveal that positive mindset, belief-in-oneself and not-giving-up are crucial psychological capabilities for salespeople's sustainable work performance. These psychological capabilities match with the elements in the Psychological Capital Model. Positive mindset is associated with hope and optimism; belief-in-oneself is associated with self-efficacy, and not-giving-up is associated with resilience. The study also found approaches that help develop these psychological elements, including being proactive in seeking help and guidance, setting personal goal, and continuous learning. The findings contribute to the financial services and sales literature by providing a better understanding of how psychological capabilities help motivate financial product salespeople toward positive and sustainable work outcomes, and the ways to develop the psychological capabilities. [ABSTRACT FROM AUTHOR]

The customer visits the financial institution's secure website, and enters the E-banking facility using the customer number and credentials previously set up. The types of financial transactions which a customer may transact through E-banking are determined by the financial institution, but usually includes obtaining account balances, a list of the recent transactions, electronic bill payments and funds transfers between a customer's or another's accounts. Most banks also enable a customer to download copies of bank statements, which can be printed at the customer's premises (some banks charge a fee for mailing hard copies of bank statements). Some banks also enable customers to download transactions directly into the customer's accounting software. The facility may also enable the customer to order a cheque book, statements, report loss of credit cards, stop payment on a cheque, advise change of address and other routine actions. Today, many banks are internet-only institutions. These "virtual banks" have lower overhead costs than their brick-and-mortar counterparts. In the United States, many online banks are insured by the Federal Deposit Insurance Corporation (FDIC) and can offer the same level of protection for the customers' funds as traditional banks. [ABSTRACT FROM AUTHOR]

This article investigates the contribution of Islamic banks to enhancing access to financial services by looking at their unique method of offering Shariacompliant goods and services. Islamic banking principles, the study claims, encourage profit-and-loss sharing and forbid riba (interest), which increases access to financial services, particularly for devout Muslims. In particular, this paper looks at how Islamic banks affect financial inclusion in Southeast Asia, the Middle East, and North Africa. This is accomplished by assessing academic literature, industry reports, and statistical data. It looks at potential substitutes, including mobile banking and microfinance, to reach those who need access to traditional banking services and delves into the difficulties Islamic banks have, such as a lack of knowledge about money and location. Data indicate that Islamic banks support economic development and stability by establishing trust via Sharia governance structures. In its last part, the report offers some suggestions on how governments may utilize Islamic banking to increase public access to financial services and promote social change. [ABSTRACT FROM AUTHOR]

Copyright of Sinergia Académica is the property of Editorial Tecnocientifica Americana (ETECAM) and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Drawing on techniques more commonly used to study changes within families over time, this paper highlights how holistic life course methods can help scholars conceptualize the dynamic nature of local built environments and measure impacts for families and communities. I use a novel dataset on the historical availability of banks, credit unions, and alternative financial services (AFS) between 2003 and 2015 to classify neighborhoods by their financial service trajectories using sequence and cluster analyses. I identify six distinct trajectories of financial service availability over the 13-year period; neighborhoods in these trajectories differ in terms of their socioeconomic and demographic characteristics. Descriptive multivariate analyses confirm that trajectories are linked to community outcomes at the end of the period; tracts exposed to AFS at some point over the 13 years are associated with higher predicted end-of-period poverty rates compared to both tracts that are only exposed to banks and credit unions and tracts that are chronic financial service deserts. Extensions of this approach to other aspects of the built environment are discussed. [ABSTRACT FROM AUTHOR]

This paper explores the role of 'informal' financial practices in shaping the resilience of immigrant urban communities, many of which are centered around families—nuclear, extended, and chosen. It looks at financial transactions and services, with particular attention to Rotating Credit and Savings Associations (ROSCAs), whose members are frequently related to each other through ties of kinship, especially in Hispanic circles. In a pioneering study documenting ROSCAs, they were defined as associations where members agree to make regular contributions of money to a fund that is given to each contributor in rotation. Because of their presence in various cultures and geographies, researchers from various disciplines have studied them, mostly in developing countries and immigrant communities within the United States. It is argued that such mechanisms substitute or complement formal financial services that do not fulfill their needs and play a key role in the infrastructures of immigrant communities to be resilient in the face of adverse circumstances. Findings from the present study's fieldwork, conducted in one neighborhood in New York City's South Bronx, show that these kinds of groups address the members' short-term safety and resilience needs. However, given their low returns and unclear procedures to address wrongdoings, they entail higher risks for long term planning and social mobility. Nevertheless, given their persistent and organic nature across cultures and borders, they provide important insights to address those gaps and shed light on the contributions of family dynamics to the public domain. [ABSTRACT FROM AUTHOR]

Innovation is decisive as it drives the efficiency, security and convenience of banking operations. Ultimately, this will reshape the manner in which financial institutions interact with their consumers. Marketing strategies, and innovation approaches, are critical in improving quality in a competitive environment. This investigation analyses the influence of innovations extended mix marketing elements on the quality of financial services in Algeria. This study focuses on innovative banking research. It aimed to identify measures of financial mix marketing innovation that affect the quality of service using structural equation modelling (SEM) with a Partial Least Squares (PLS) approach. Data were collected from a convenience sample of 584 respondents to evaluate the properties of the measurement tool and validate the seven hypotheses that were formulated and tested. The study findings reveal that the dimensions of "Mix Marketing Innovation" positively impact financial service quality, except for two specific aspects. The rejection of the two hypotheses indicates no direct relationship between "Price and Promotion Innovation" and "Service Quality" in the Algerian financial industry. The study provides a fairly stable model and a framework for other industries and regions to assess the impact of marketing mix innovations on the perception of financial service quality. Similarly, professionals can utilise the results to inspire the development of an innovative and coherent marketing mix that enhances service quality. Additionally, the methodology can be adapted for use in other research studies, covering all or some of the variables in different contexts. Further research could examine the impact of external factors, such as regulatory changes and economic conditions, on the relationship between marketing mix innovations and service quality, as well as explore the effect of cultural and psychological factors, where studies could provide deeper insights and interpretations regarding customer perceptions and experiences. [ABSTRACT FROM AUTHOR]

The purpose of this paper is to critically examine the corporate social responsibility (CSR) initiatives of multinational oil companies (MOCs) in Nigeria. Its special focus is to investigate the impact of the global memorandum of understanding (GMoU) on enhancing rural women's financial inclusion in the areas of access to credit, insurance, propensity of women to save and the widening of economic opportunities in the Niger Delta. A total of 800 rural women were sampled across the Niger Delta region of Nigeria. Results from the use of a combined propensity score matching and logit model indicate that the GMoU model has made significant impact on closing the gaps in financial services, thereby removing women's constraints on their efforts to enhance their financial literacy. The results also confirm that innovative delivery channels and social networks of the GMoUs have reduced some costs in the areas of access to credit, insurance, propensity to save and the widening of economic opportunities of rural women in the oil host communities. However, a further look at the rural women's participation in the CSR activities using SCOTDI shows that even though the involvement of the women is appreciable, it is insignificant when compared with their male counterparts. [ABSTRACT FROM AUTHOR]

This study investigates the influence of economic factors in ensuring access to financial services. Financial service accessibility is assessed using metrics such as the number of bank branches and ATMs per 100,000 people, as well as an index derived from these indicators. Drawing from existing literature, a set of economic variables - namely, employment, inflation, gross domestic savings, remittances, bank credit to deposits, and urbanization - are examined using data from 179 countries over eighteen years spanning from 2004 to 2021, with projections extending to 2023. The findings indicate that employment, remittances, bank credit to deposits, and urbanization exert statistically significant effects on access to financial services. These results are robust across alternative definitions of financial access, subsamples categorized by economic development, and exercises addressing endogeneity concerns. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this study is to identify the elements that can enhance financial inclusion (FI) in a nation, which in turn promotes economic development and growth. Need for the Study: FI is crucial in providing people with the skills and resources to manage their money effectively and make informed financial decisions. Accessible, reliable and secure financial services play a significant role in achieving sustainable development goals (SDGs) and fostering economic progress. Methodology: Data from 571 respondents were collected for analysis. The study utilises Statistical Package for Social Sciences SPSS and Analysis of Moment Structures AMOS software to analyse data and achieve the study's objectives. The researchers employ these tools to obtain substantial results. Findings: The findings indicate that FI contributes to economic growth (84%) and helps in accomplishing SDGs. Access, usage, affordability, technology, availability and technology adoption all play a vital role in increasing FI in the nation. Practical Implications: The study's outcomes have practical implications for policymakers and stakeholders, emphasising the importance of promoting FI through various measures such as enhancing access, affordability and technological advancements in financial services. [ABSTRACT FROM AUTHOR]

This article analyzes the implementation of the National Financial Inclusion Strategy (NFIS) and its alignment with Sustainable Development Goal (SDG) I: Eradicate poverty. Despite the progress achieved, structural gaps persist and substantially limit the NFIS's contribution to poverty reduction, especially among rural, indigenous, extreme poverty, and other vulnerable groups. The article employs a mixed methods approach combining qualitative and quantitative techniques. On the qualitative side, a hermeneutic documentary analysis of the NFIS and related regulations was carried out, with a critical textual interpretation supported by specialized software. Quantitatively, descriptive statistical techniques were applied to analyze official financial inclusion indicators—methodological integration was achieved through analytical triangulation under a concurrent mixed methods approach. The progress of initiatives under the NFIS was evaluated, identifying limitations such as the digital divide in rural areas, limited financing for Micro and Small Enterprises, gaps in financial education, and growing exposure to digital fraud. Although the NFIS promotes greater access to financial services, it does not explicitly focus on the poorest and most excluded populations. Therefore, it is recommended that the objectives and indicators of the NFIS be reformulated to focus on universal access and effective use of financial services by the population in extreme poverty and chronic exclusion. In addition, a strategic articulation with social protection policies is necessary, as well as promoting culturally relevant microfinance and inclusive finance models, strengthening consumer protection, and consolidating public–private alliances in high-poverty areas. Finally, strong monitoring and accountability are also key. [ABSTRACT FROM AUTHOR]

The main purpose, presented in this article is to investigate and identify the key financial aspects and problematic issues of digital marketing ecosystems' formation in the sphere of information and communication technologies. Taking into account structural market transformations, it has been defined that the marketing ecosystem is a digital platform where the consumer can purchase goods and financial services from different manufacturers, enhancing the effect of their simultaneous use. It is justified that on the basis of mutually effective functioning, the ecosystem gathers, researches and obtains information, financial services, e-commerce services, public services, and social interaction. In the structure of the ecosystem, it is worth highlighting that financial and socio-economical services are the most important components of the digital ecosystem, as the urgency of their use requires flexibility from the point of view of defining financial services as a crucial indicator in the medium and long run for the full strategic development of ICT enterprises by direct obtaining of financial and other licenses, which exists on the current market environment. It is determined that the main goal of the digital marketing ecosystem formation is to provide financial services to clients in real-time, and also the development of a clientcentric approach not only to attract the target audience with various services, but also to attract them to purchase products and receive services within the digital ecosystem and, as a result, to extend the duration of the target audience's stay in the ecosystem due to focusing attention on his needs, increasing his loyalty and providing the potential consumer with favourable conditions for using a complex of digital products and financial services. It was defined that to solve the issue of increasing the profitability level of ICT enterprises should be a comprehensive promotion of the digital marketing ecosystem's development by the participants of the target market. [ABSTRACT FROM AUTHOR]

Purpose: Set within the context of International Financial Services (IFS), this research aims to considers the demographic profile of IFS apprenticeship candidates in relation to gender equality and social mobility in Ireland. This study also offers valuable insights as to the gendered nature of these "new" apprenticeships and examine whether these programmes provide opportunities for social mobility. Design/methodology/approach: Implementing a quantitative approach, underpinned by a positivist stance, this study analyses Irish national apprenticeship data relating to IFS programmes (n = 1118). Non-parametric tests were applied in the analysis of the gender dimension, while to analyse social mobility, the socio-economic status and spatial profile of candidates were compiled and analysed using the Pobal HP Deprivation Index (SA). Findings: The findings revealed more women are undertaking non-traditional apprenticeship programmes as compared with traditional craft apprenticeships. Within the IFS context, while female participation was seen to be growing, gender divergence was observed in terms of programme level, with a greater number of men, as compared with women, engaging in higher-level degree apprenticeship programmes. The findings also show that IFS apprentices are primarily from socio-economic areas that are above average. This trend indicates a distinctive candidate who is more aligned with the sectoral profile of IFS than that of traditional apprenticeship programmes. Such findings reveal that the "widening participation" aim of IFS apprenticeships is not yet fully realised with issues of gender inequality and social mobility persistent within the wider IFS sector. Originality/value: This study provides an important dimension to both academic and practitioner literature concerning apprenticeships. To date, there has been a proliferation of publications concerning the beneficial impact of skills and vocational-led apprenticeships. However, limited attention has been directed to non-traditional apprenticeships and even less still within the setting of IFS. This research initiates the process of addressing that gap within an Irish context. This study also adds to the existing apprenticeship discourse regarding issues of gender and social mobility by examining the gendered nature of IFS apprenticeships and well as assessing whether these apprenticeships aid social mobility. [ABSTRACT FROM AUTHOR]

This study was conducted to identify the determinants of fintech adoption in UAE financial service firms, specifically in the banking sector. Towards this direction, the study identified a set of factors such as performance expectancy, effort expectancy, facilitating conditions, perceived trust, and perceived risk as the factors affecting fintech innovation adoption. The data for this study was primary in nature; the sample used consisted of 330 managers from UAE financial services firms. Factor analysis and regression analysis were performed to arrive at the study results, which confirmed that fintech adoption has a significant positive impact on performance expectancy, effort expectancy, and perceived trust, but it has a significant negative impact on perceived risk. The results of the study recommend training employees and engaging customers for better adoption of fintech technology. [ABSTRACT FROM AUTHOR]

Digital financial technologies create a basis for forming new concepts for studying the prerequisites for the emergence of the shadow economy, the search for mechanisms to counteract illicit financial flows, and ensuring financial stability in the country. The article aims to assess the degree of connections between the shadow economy, financial stability and finance digitalization using the principles of cognitive modelling. The empirical study proved that the current status of development of digital finance and financial strength in Ukraine is sufficient for a significant reduction of shadow operations in the economy, namely to the level of 14.43% of GDP, which is 55.8% less compared to the average annual value for the period 2005-2021 years. It is advisable to implement a set of measures aimed at increasing the volume of the cashless economy; reducing nonperforming loans; optimization of banking infrastructure; encouraging citizens to use online banking; reduction in the level of fictitious direct investments. [ABSTRACT FROM AUTHOR]

FinTech Unicorns are startups in the financial services technology sector valued at over $1 billion (Investopedia April 2023). Since the early 2000s, the emergence of these FinTech Unicorns has captured the attention of investors and industry experts worldwide. These companies have revolutionized the industry and transformed traditional financial services through their innovative technologies, disruptive business models, and impact on the digital transformation of the industry. These innovative companies are known for their cutting-edge technologies, disruptive business models, and impact on traditional financial services to effect digital transformation. This research paper aims to comprehensively analyze these FinTech Unicorns’ growth and market sustainability, drawing from various sources such as industry reports, research papers, financial disclosures, and journal publications. In addition, this study aims to explore the geographic concentration of FinTech Unicorns and the factors contributing to their growth in certain regions, such as Silicon Valley, New York, and London. It also aims to examine the regulatory and economic environment, the availability of talent and capital, the strength of the local startup ecosystem, and the concentration of financial services institutions. [ABSTRACT FROM AUTHOR]

A financial services supplier authorised in its home state that wishes to supply services cross-border into another state will, absent any relief, have in addition to meet the regulatory requirements of that host state to trade in it. Regulatory frictions including duplicative regulatory requirements are barriers to cross-border trade. This article considers certain techniques deployed to reduce such barriers, noting that trust plays a part in many of them. These techniques grant relief to incoming firms from obligations to comply with the regulatory requirements of a host state. They may take the form of unilateral arrangements, with or without any conditions. There may be assessments of equivalence as a basis for relief from compliance with the host state's rules: deference to the home state's regime, a basis for recognition, whether unilateral or mutual. Recognition may be given effect through a party's domestic laws or in international law under the General Agreement on Trade in Services (GATS) Article VII. A GATS Article VII agreement can relieve regulatory frictions in the financial services sector alone as there is no requirement for "substantial sectoral coverage" as required for regional trade agreements under GATS Article V. Mutual recognition agreements for financial services in international law are, however, few in number. [ABSTRACT FROM AUTHOR]

This study provides an overview of the different dimensions of financial inclusion, its socioeconomic impacts on society's sustainable development, and future research agendas. Initially, 620 studies were identified using Scopus and other databases, employing keywords such as financial literacy, financial inclusion, financial capability, women's empowerment, fintech, artificial intelligence, financial accessibility, sustainable development goals, and economic growth. After refinement based on focus and relevance, 325 papers were analyzed in detail for review, primarily focused on India and emerging economies. This review highlights that access to finance by untouched segments of society is essential for sustainable and socio-economic development in developing economies. The official banking system, an effort by the government to assist the financially disadvantaged, can incorporate the impoverished into a formal financial system through campaigns and credit system reforms. Socioeconomic programs reinforce one another and foster the development of children, women, families, and society. This research paper undertakes a systematic literature review primarily focused on relevant articles in broad areas of financial inclusion and its impact analysis and offers a valuable agenda for future research. [ABSTRACT FROM AUTHOR]

The intended automation in the financial industry creates a proper area for artificial intelligence usage. However, complex and high regulatory standards and rapid technological developments pose significant challenges in developing and deploying AI-based services in the finance industry. The regulatory principles defined by financial authorities in Europe need to be structured in a fine-granular way to promote understanding and ensure customer safety and the quality of AI-based services in the financial industry. This will lead to a better understanding of regulators' priorities and guide how AI-based services are built. This paper provides a classification pattern with a taxonomy that clarifies the existing European regulatory principles for researchers, regulatory authorities, and financial services companies. Our study can pave the way for developing compliant AI-based services by bringing out the thematic focus of regulatory principles. [ABSTRACT FROM AUTHOR]

Purpose: This paper aims to show how financial services firms determine whether customer transactions or behaviours meet the threshold for suspicious activity reporting mandated by the Terrorism Act 2000 and the Proceeds of Crime Act 2002, and how suspicious activity reporting is executed in practice. Design/methodology/approach: Semi-structured interviews have been carried out among compliance professionals in UK financial services. Findings: Two issues related to suspicious activity reporting have been identified. Firstly, a widespread misunderstanding about the tipping-off offence under s. 333 Proceeds of Crime Act 2002 has been identified, which appears to be a root cause for poor quality as well as over-reporting of suspicious activity. Secondly, issues related to the notice and moratorium periods used by the UK's National Crime Agency appear to deter reporting of suspicious activity related to live transactions. Practical implications: The paper makes suggestions for changes financial services firms and the UK's National Crime Agency can make to improve the effectiveness of suspicious activity reporting. Originality/value: The paper provides valuable insights which can be used to limit the flow of criminal funds, improve the quality of suspicious activity reporting and enhance the effectiveness of law enforcement agencies. [ABSTRACT FROM AUTHOR]

How are working lives shaped by the demands and expectations associated with a particular workplace? And how are work identities enacted to demonstrate a capacity to cope with place-based demands, expectations and associations? Drawing on insights from phenomenological perspectives on space, place and situated experience, particularly Merleau-Ponty's concept of 'grip', and interview data drawn from longitudinal research with men and women working in London's Soho, this article shows how working lives and identities are situated within, and enacted through, practices that involve developing and demonstrating a capacity for place handling. The analysis shows how this is negotiated by those working in iconic locales in which their working lives and identities are shaped by meanings that are both evolving and enduring, and that require them to get and maintain a demonstrable grip on the setting in which they work. In contributing to a growing interest in understanding working lives as situated phenomena, the article challenges the idea that work is increasingly place-less, particularly in the wake of the COVID-19 pandemic and the digitalization of work accelerated by it, emphasizing how where work takes place continues to matter to how it is enacted and experienced. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this paper is twofold. Firstly, it highlights areas of disconnect between how the financial services sector in the UK approaches the requirement to evidence source of wealth when conducting customer due diligence; the requirements of the UK's laws and regulations in relation to evidence source of wealth; and the expectations of the Financial Conduct Authority (FCA) in this regard. It then proposes an alternative approach to evidencing source of wealth. Design/methodology/approach: Semi-structured interviews have been carried out among compliance professionals in UK financial services. Findings: This paper provides rare insight into the anti-money laundering arrangements of UK banks, an area that has not yet been widely researched in the academic literature. It highlights a lack of legal certainty in the UK's laws and regulation around anti-money laundering and argues that the expectations of the FCA exceed both the letter and the spirit of the laws. It suggests that mixed messages disseminated by the FCA have incentivised banks to shift their focus from financial crime risk (i.e. preventing money laundering and terrorist financing, etc.) towards regulatory risk (i.e. the risk of falling foul of regulatory expectations) and proposes a change to the law and regulatory guidance to enhance the level of legal certainty needed for the law to be effective. Practical implications: The paper makes suggestions for a more practical and risk-based approach to anti-money laundering compliance and for a much-needed change in the law. Originality/value: It provides unique insight into the due diligence challenges of financial services firms and argues for the FCA to propagate a more risk-based approach to enhanced due diligence. [ABSTRACT FROM AUTHOR]

Technology impacts human life in multiple ways, and the internet offers the facility to perform traditional money transactions instantly. However, technology adoption is risky, and numerous risks hinder the intention formation from using e-money services. The current work investigates four types of associated risks (financial, service, time, and psychological risk) impacting the use intention for e-money services among Saudi Arabian and estimating the effect of e-money services knowledge on the use intention. For the existing cross-sectional study, quantitative data were collected in Saudi Arabia on social media. Analysis was executed with 328 valid sample data with the partial least square structural equation modeling software SmartPLS 3.3. Results revealed that e-money services' financial, time, and service risks insignificantly influence the e-money usage intention. However, psychological risk and knowledge about e-money services significantly influence the use intention for e-money services. E-money services firms reduce financial, time, and service risk perceptions. Improving knowledge of e-money services and reducing the psychological risk build a favorable usage intention. The results help develop appropriate management and policy guidelines to facilitate Saudi Arabia to become a cashless society by 2030. The study's limitations and future research options are stated at the end. [ABSTRACT FROM AUTHOR]

Purpose: FinTech offers numerous prospects for significant enhancements and fundamental changes in financial services. However, along with the myriad of benefits, it also has the potential to induce risks to individuals, organisations and society. This study focuses on understanding FinTech developers' perspective of the dark side of FinTech. Design/methodology/approach: This study conducted semi-structured interviews with 23 Nigerian FinTech developers using an exploratory, inductive methodology The data were transcribed and then thematically analysed using NVivo. Findings: Three themes – customer vulnerability, technical inability and regulatory irresponsibility – arose from the thematic analysis. The poor existing technological infrastructure, data management challenges, limited access to data and smartphone adoption pose challenges to a speedy integration of FinTech in the country, making customers vulnerable. The lack of privacy control leads to ethical issues. The lack of skilled developers and the brain drain of good developers present additional obstacles to the development of FinTech in Nigeria. Research limitations/implications: FinTech operation in a developing country differs from that in developed countries with better technological infrastructure and institutional acceptance. This study recognises that basic banking operations through FinTech are still not well adopted, necessitating the need to be more open-minded about the global practicalities of FinTech. Practical implications: FinTech managers, banks and policymakers can ethically collect consumer data that can help influence customer credit decisions, product development and recommendations using the mobile app and transaction history. There should be strict penalties on FinTech for selling customers' data, sending unsolicited messages or gaining unnecessary access to the customer's contact list. FinTech can offer to educate consumers about their financial management skills. Originality/value: Whereas other studies have focused on the positive aspects of FinTech to understand client perceptions, this study offers new insights into the dark side of FinTech by analysing the viewpoints of FinTech developers. Furthermore, the study is based in Nigeria, an emerging economy adopting FinTech, adding a new dimension to the body of knowledge. [ABSTRACT FROM AUTHOR]