Financial Technology Applications and Client's Satisfaction with Financial Services of Philippine Commercial Banks

With the development of financial science and technology, big data, artificial intelligence, blockchain and other technologies are becoming more and more mature. As the core sector of China’s financial industry, the innovative application of financial technology in domestic commercial banks has gradually become the focus of the financial industry, after studying the application of financial technology in commercial banks and introducing the benign interaction mechanism between finance and technology, from four aspects of system innovation, organization innovation, Channel Innovation and technology innovation, this paper analyzes the application status of its financial technology in the Bank of China, finally, from the angle of the bank itself and the external environment, it provides the corresponding countermeasures and suggestions for the innovative application of financial science and technology in Chinese commercial banks.

The Indonesian Financial Services Authority (Otoritas Jasa Keuangan) states that the financial literacy increase will be followed by developing the financial inclusion index. Nevertheless, the level of public financial literacy is still far behind the financial inclusion index. Perpres No. 82 of 2016 concerning the National Inclusive Finance Strategy sets a target of 75% of the adult population to access financial services in 2019. As information technology develops and internet penetration rates rapidly emerge, digital financial services emerge that make it easier for people to obtain financial services called financial technology. The increasing use of financial technology is one of the drivers for increasing national financial inclusion. This study aims to investigate studies of financial inclusion, financial literacy, both from knowledge, behavior, and financial attitudes, and financial technology. The research is a literature study research examining thirty journals and reports related to Financial Inclusion, Financial Literacy, and Financial Technology. Formed on the respondents' characteristics, gender, age, education, and occupation had an impact on increasing financial inclusion, financial literacy, and financial technology in Indonesia. Many people use financial products and services without having a good knowledge of the functions, how to choose the right according to needs, and do not know the risks of the products used. Recommendation from this is a strategy strategic of the respondents' characteristics is needed in increasing financial inclusion.

The Indonesian government will continue to encourage financial literacy and financial inclusion to achieve the Financial Inclusion Index goal of 90 percent by 2024. Therefore, the role of financial services needs to be optimized to expand access for people who still lack financial literacy. In the future, women will be the economic drivers who dominate spending in the world. This is because women have many important roles in their lives, starting with their role in the family as mothers to their role in society as woman entrepreneurs. The aim of the research is to determine: (1) The influence of financial literacy on the use of financial technology (GoPay). (2) The influence of financial inclusion on the use of financial technology (GoPay). (3) The influence of financial literacy and financial inclusion on the use of financial technology (GoPay). This research uses quantitative methods with a sample of 100 female private employees in the DKI Jakarta area who have used or have used GoPay as a payment system. Calculation, processing and presentation of data using statistical tests assisted by using the Jeffrey's Amazing Statistics Program (JASP). Based on the research results, it is known that financial literacy and financial inclusion have a positive influence on the use of GoPay financial technology among female private employees in the city of Jakarta. This is also supported by the results of the determinant coefficient test (r2) where it is known that financial technology can be explained by financial literacy and financial inclusion by 61.4% while the other 38.6% is explained by variables outside the research. Even though the percentage level of financial technology variance is quite high, researchers hope that in future research they can use other variables not mentioned in the research, and use more samples to get results that are more representative of the population size.

The purpose of the article is to study the main trends and directions of spread of financial technologies in the banking sector of foreign countries. Analyzing the introduction and use of financial technologies among influential global markets, based on data from the financial consulting group EY Global Financial Services, which since 2015 began issuing of analytical reports every 2 years, the authors have determined an annual increase in the level of spread of these technologies in the studied countries. During 2015–2019. there was an increase in the number of countries under study – from 6 to 27, and in the number of respondents – from 10 to 27 thousand. An increase in consumer involvement in the use of new financial technologies is detected, as evidenced by the increase in the level of penetration of financial services – in 2015, the average penetration level comprises 16%, in 2017 – 33%, in 2019 – 64%. The carried out study showed that the largest share of the introduction and promotion of financial technologies among the 27 studied countries is occupied by the countries of Asia, South Africa and Latin America. As for European countries, FinTech is developing here at a slower pace compared to other countries. As for the United States, this country still has less activity in the spread of financial technologies. Analyzing the segments in which FinTech finance was most financed in 2019, upon the data provided by the consulting company EY Global Financial Services Markets, it is found that the world’s leading countries have the greatest advantage of financing in FinTech banking sector, among which the highest rate in China is 92%, and the smallest amounts of financing in FinTech are carried out in the insurance sector (compared to such sectors as banking and financial management). In Asian countries as digital technology leaders, the main area where the banking industry introduces financial technologies is blockchain with cryptocurrencies, payments and transfers, as well as investments and savings. Among the main directions of FinTech-directedness in the banking sector, the largest share in the United States is occupied by: market of capitals, blockchain with cryptocurrencies, further on payments and transfers. As for the UK, P2P payments and transfers, as well as software, occupy the leading place. Prospects for further research are to analyze the introduction of financial technologies in the activities of Ukrainian banking institutions.

This study aims to analyze the influence of financial literacy and financial technology on financial inclusion in the community of Negeri Besar District, Way Kanan Regency, with a final sample of 130 samples. The variables analyzed include financial literacy, which includes understanding financial management and financial technology that integrates technology with financial services. The multiple regression analysis method was used to identify the influence of both variables. The results of the study showed that financial literacy and financial technology had a positive and significant effect on financial inclusion. This finding indicates that increasing financial literacy contributes to increasing access and participation in financial services. The use of financial technology can help people access financial services in a more efficient and effective way. Based on these findings, this study suggests increasing financial literacy and adopting financial technology as the main strategy in improving people's welfare. A good understanding of financial literacy can help people manage their finances more wisely, while the application of financial technology makes it easier for people to access financial services.

The purpose of the research is the definition of the dominant ideas of financial technologies in digital banking. The methods of theoretical generalization, qualitative, quantitative and correlation analysis, causality tests, description and explanation are used, which made it possible to establish the relationship between the volume of investments in financial technologies and the performance of the banking system, identify the areas of application of financial technologies in the activities of the bank, determine the dominant ideas of financial technologies in digital banking and to uncover the factors and prospects of intensifying the use of financial technologies in digital banking in Ukraine. Results of the research are to substantiate the impact of artificial intelligence, biometrics, cloud services, big data, blockchain and open banking services on digital banking. Due to financial technologies in digital banking, it is possible to generate and store large amounts of data, simultaneously analyze and apply the results of their analysis, provide personalized banking services, perform the functions of central storage of information about the client of financial and non-financial nature, which facilitates the effective investment and credit decision-making, as well as improving the level of information security of banking operations. Practical implications. Financial services markets are transformed by the impact of financial technologies. Development of financial technology instruments by non-banking institutions necessitates the identification of opportunities for their use in banks. The set of financial technologies used by banks forms the digital banking system, the development level of which is the main competitive advantage of the bank in the business environment. Digital banking is characterized by the continuity and security of banking services, which provide the consumer with the ability to receive them online anywhere around the clock, personalization of banking services, digital authentication of users and digitization of banking transactions with the replacement of paperwork. The use of financial technologies in digital banking enables to automate customer segmentation processes, reduce costs on payment transactions, optimize accounting, financial and tax accounting, improve customer service and expand your customer base while maximizing revenue in certain business segments. Value/originality. The basic spheres of the use of financial technologies in digital banking, as well as the factors and prospects of intensifying the use of their instruments in Ukraine are revealed. The main areas of use of financial technologies in digital banking are customer behavior analysis, transaction monitoring, customer identification and segmentation, fraud management, banking services personification, risk assessment and regulatory compliance, customer response analysis, process automation, financial advice, investment decision-making, trade facilitation, syndicated loan services, and P2P transfers. The prospects for developing financial technology tools in digital banking include strengthening the interaction between regulators, banks and financial technology companies, the increased use of biometrics, the development of neo-banking and open banking services.

In the era of big data, the integration of financial services and science and technology has become a trend, and financial technology has become critical to the financial service industry. This paper takes China Merchants Bank as a representative case study, summarizes the transformation process of China Merchants Bank business, and sorts out the aspects and transformation measures of China Merchants Bank's use of financial technology. By analyzing the case of China Merchants Bank introducing financial technology to realize the transformation, this paper uses the method of financial index analysis to study the impact of financial technology on the transformation of China Merchants Bank, obtains the impact of financial technology on commercial banks, and puts forward appropriate suggestions.The innovation of this paper is mainly reflected in the research methods and directions. According to the comprehensive literature, there are few cases of domestic and foreign scholars studying the combination of commercial banks and fintech. Therefore, this paper adopts the method of combining theory with practical cases, starting with the promotion of financial technology transformation by China Merchants Bank, discusses the impact of financial technology on the performance of China Merchants Bank, and then gives strategic suggestions for other commercial banks to use financial technology.

Introduction. One of the factors behind structural changes in Ukraine's financial market is the increasing use of the Internet and mobile devices to provide financial services. It can be seen now that radical changes in technology have affected not only the information sphere but also the economic sphere. The current technological revolution has also had a significant impact, including on the banking sector's infrastructure, which is associated with increased automation in bank operations and greater customer focus. For the most part, such transformations in the industry are associated with the need to reduce costs, improve the security of financial transactions, and ensure that the service industry is responsive to an ever-evolving society. The purpose is to determine trends directions of research of new financial technologies in the banking industry. Methods. The theoretical and methodological basis of the article is the scientific works of domestic and foreign scientists and specialists in the theory of banking innovation and financial technologies. In the course of the research, such general scientific methods of cognition were used as: theoretical generalization, comparison, and systematization (in the study of the essence of the concepts of “financial technology”, “fintech”, “artificial intelligence”, “open banking”, “blockchain”; definition of types of financial technologies); observation (during the study of implemented fintech in banking institutions); graphical method – for visual presentation of analysis results. Results. The essence of the concept of “financial technology” is disclosed in the article. Modern fintech trends in Ukraine and in the world are analyzed. Also, presents the most successful examples of the use of financial technologies in the banking sector in recent years. In addition, a number of areas for future research in the field of financial technology, which are currently very promising in the banking sector and could be launched in Ukraine and worldwide are offered. Conclusions. Given the significant interbank competition, the problem of developing financial technologies in the provision of financial services by banking institutions has become particularly urgent. In addition, the improvement of financial technologies is not a simple matter and should be multifaceted in order to ensure the efficiency and expected performance of banks. Therefore, it is necessary to improve not only financial technologies, financial services and products, but also ways of providing them to clients of banking institutions, communication of bank employees with clients, advertising, promotion of modern financial technologies, etc. Financing, all kinds of consulting services and payments can all be considered as one of the most promising areas for future research in financial technology.

The role of the financial sector in the economy is very large and continues to grow to meet people's needs. Financial technology or (fintech) is a term used to describe innovation that occurs in the financial sector. The use of financial technology in micro, small and medium enterprises (MSMEs) in Tembalang District aims to measure how the application of financial technology has an impact on the growth and competitiveness of MSMEs in the area. This research involves a survey of a number of small and medium enterprises (MSMEs) that have adopted various fintech services, such as technology-based financial management and digital payments. This research was conducted to identify changes in operational efficiency, access to capital, and competitiveness of MSMEs in Tembalang District. The results of this research are expected to provide an in-depth picture of the extent to which the use of fintech has supported the growth and demand of MSMEs in Tembalang District as well as provide policy recommendations to increase the role of fintech in supporting the MSME sector.

This study aims to analyze and determine the effect of Financial Knowledge and Transaction Interest on the Use of Financial Technology Peer to Peer (P2P) Lending in the community in the city of Surabaya. The population in this study are people in the city of Surabaya who have used peer to peer lending type of financial technology. Samples were taken based on criteria using purposive sampling method, and based on the Wibisono formula to determine the sample and get 96 respondents obtained results. The distribution of questionnaires was used for data collection in this study. This study uses Partial Least Square (PLS) analysis as a data analysis technique. The results show that Financial Knowledge and Transaction Interest have a positive and significant effect on the use of P2P Lending Financial Technology. Financial Knowledge and Transaction Interest are independent variables that affect the use of Financial Technology P2P Lending in the city of Surabaya by 55.5%. The rest is explained by other independent variables that can have an influence on the use of P2P Lending Financial Technology in the city of Surabaya.

The financial sector has always been recognized as a traditional activity. One of the biggest challenges facing the financial sector recently is the introduction of new technologies. Financial innovations, and especially the development of financial technologies (FinTech), contribute to changing the way the entire financial system, including the banking sector, changes in the digital economy. The changes brought about by financial innovations and technologies condition all market participants, and especially banks, to continuously improve their business in order to keep up with the competition. FinTech enable easier access to financial services, improvement of traditional services, provide greater efficiency, lower costs and automation of regulatory reporting. They have changed the way we perceive financial institutions. Banks can increasingly be seen as an application on the phone and computer through which financial services can be performed, less and less as a grand building that instils confidence. However, it should be borne in mind that the application of financial innovations, in addition to the advantages, carries with it many risks, in a way that it can be said that digital technologies change existing ones, but also bring new risks in the field of financial services. The key risks caused by these technologies include strategic, operational and cyber risk, the risk of business compliance with data protection regulations, as well as liquidity risk. The importance of outsourcing risk is not negligible. It is precisely because of the speed of change and innovation that new risks are constantly emerging. With the growing importance and number of these firms, as well as the speed of their cross-border transactions, the fact is that it is necessary that these firms must adjust the way they measure risk in accordance with the speed and pace of their development. The importance of risk management must be one of the key points for FinTech companies, both now and in the future. Due to the observation of advances in financial technologies and the assessment of the risks that financial innovations bring, there is a need to harmonize regulatory frameworks, in order to ensure that none of the financial service providers would be at a disadvantage. However, regulatory bodies must carefully consider the dynamics and manner of regulation, bearing in mind that in a rapidly changing environment, excessive and rapid regulation carries the risk of undesirable outcomes in a way that does not exploit the full potential of innovative technologies. The development and increasing use of financial technologies affects the activities of all participants in the financial market, which imposes the need for continuous learning and adaptation of users and providers of these services, as well as supervisors and regulators. An additional challenge for financial institutions is the fact that competition in the provision of financial services comes from IT companies, which necessarily imposes the need to adapt its business models. Financial institutions are facing one of the biggest business challenges. All this brings special challenges for the creators of regulatory standards (RegTech) and the development of supervision based on new technologies (SupTech).

Financial technologies have revolutionised banking and other financial service operations all over the world in the past 10 years. This has made the process much easier for both the customers and banking authorities. This chapter provides a brief overview of the most widely used financial technology, blockchain, and its applications and possibilities for banking operations and financial services in India. Blockchain is a new technology that attracts the attention of banks and has the remarkable potential to disrupt the financial system. The chapter provides the components, types, and characteristics of blockchain technology and its uses in banking and financial services. This chapter also compares traditional banking, online financial services, and cryptocurrency banking. Further, the chapter explores the strengths, weaknesses, opportunities, and challenges of blockchains in banking and financial operations. The chapter concludes that blockchain has impacted banking and financial services and transformed the core process of payment methods through blockchain technology.

The article reveals the content of the concepts «financial technologies» and «financial services» and emphasizes their importance in the strategic development of the banking sector. The features of financial technologies and services as instruments to stimulate innovation in the financial sector are reflected. For this purpose, a clear distinction is made between the concepts of «financial technologies» and «financial services». The research methodology is based on taking into account the dependence of the process of improving banking services on progress in financial technologies. The analysis of the development strategy of the Russian banking sector was carried out by reviewing the initial stages of its development (according to the methodology of V. L. Kvint). The results of the analysis of trends and patterns as well as the OTSW analysis of the development of the banking sector in Russia in the context of the introduction of financial technologies are presented. Based on the materials of the research, the authors come to the conclusion that the future of the Russian financial market (including the banking sector) depends on the answers to the questions posed by financial technologies, since the digitalization process is increasing the availability and ease of use of financial service, creates new challenges and complicates the old one. Most financial service providers have already understood their need for digital technology and have begun to develop and implement appropriate strategies. The rest of the financial market participants need to create asymmetric response strategies for more effective development of their products and services. In conclusion, the work formulates strategic recommendations for creating and improving a favorable environment for financial technologies in the financial market.KeywordsFinancial technologiesFinancial servicesStrategy conceptStrategic trendsOTSW analysisBusiness model transformationBanking ecosystems

This article aims to explain the acceptance of the use of financial technology based on the perspective of developing countries. The ease of obtaining financial services has an impact on the development of financial services business from traditional to financial technology based. The development of financial technology has changed the way and attitude of the public in conducting financial transactions. However, the potential benefits of technology-based financial services have not been fully adopted simultaneously, especially in developing countries. This is due to several conditions both related to demographics and socio-culture which result in different perspectives on financial technology. 31 papers were found to be pertinent to the study topic “explain the role and challenges in the adoption of financial technology in developing countries” after 215 asticles had been chosen.

This study aims to evaluate the influence of financial literacy, access to finance, and financial technology on the performance of MSMEs in Labuhanbatu. MSMEs have an important role to play in local economic development, but they still face various obstacles, particularly in financial management, access to financial services, and the application of financial technology. This study uses a quantitative method with a descriptive approach and multiple regression analysis. Data was obtained through a questionnaire distributed online to 97 MSME actors in Labuhanbatu who were selected using purposive sampling techniques. The findings of the study show that financial literacy, financial access, and financial technology, both individually and collectively, have a positive and significant impact on improving the performance of MSMEs in Labuhanbatu. Therefore, additional steps are needed to improve the financial literacy of business actors, expand access to formal financial services, and encourage the application of financial technology to support MSMEs to grow sustainably.