Abstract
Well literate and financially inclusive community can be created through improving financial and banking literacy. This descriptive qualitative research aims to find out practical and strategic benefits of Banking Literacy Park to library users in Library of Universitas Sebelas Maret, with questionnaire being the method of collecting data. Data analysis uses an interactive model encompassing data collection, data display, data reduction, and conclusion drawing. The population of research includes students of FEB (Faculty of Economics and Business), SV (School of Vocation) and Postgraduate School of UNS, and financial practitioners. Discussion is conducted using structural functional theory. The result shows Banking Literacy Park in Library of Universitas Sebelas Maret used to find information, fulfill the need for financial and banking literacy (Goal attainment), respond to the library users’ need for open and comfortable learning space (Adaptation); Library of Universitas Sebelas Maret establishes a relation with stakeholders to ensure emotional bond (Integration); the presence of literacy park can be optimized by increasing facilities, infrastructures, and holding financial and banking literacy (Latency). Practical benefit includes UNS-BNI Literacy Park in banking area as an alternative open comfortable strategic reading corner for studying, doing the lecturing assignment and final assignment, discussing, browsing internet, improving infrastructure and providing financial/banking literacy. Strategic benefit includes Banking Literacy Park providing knowledge and skill to manage money by understanding banking, investment, budgeting, selecting insurance, making decisions and opportunity of getting better life in the future. The management of UNS-BNI Literacy Park in banking area is conducted continuously to keep it existent and sustainable.
Highlights
Innovation in financial services is not new
In this paper we investigate the risks to and the opportunities for the mandates of central banks arising from fintech developments
We present an analysis framework that focuses on the economics of fintech solutions
Summary
Innovation in financial services is not new. Advances in financial infrastructures and instruments have been ongoing for centuries—from Babylonian loan tablets, to double-entry bookkeeping in the 1400s, to the ATM and many more. Our premise is that in the long run, fintech may affect the different areas of responsibility of central banks in two main ways: by changing money demand and by changing the industrial organization of the financial system. The main theme of our conclusions is that fintech is more likely to bring change by creating new financial intermediation applications rather than by changing the ones that exist today At this moment the best response of central banks is to monitor fintech to form a view on its risks and opportunities, by providing access to the infrastructures central banks control and to encourage the testing of new business models with the new technology.
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