Financial Service System Research Articles

Credit Take over Agreements with Guarantees of Mortgage Rights at Bank China Construction Bank Indonesia TBK. Pekanbaru Branch

Credit take over agreements with guarantees of Mortgage Rights in the banking world can still be said to be attractive because CCB Indonesia Pekanbaru Branch is carrying out a binding agreement on take-over credit and Power of Attorney Imposing Mortgage Rights with the conditions of Land Rights Certificates and Mortgage Certificates still attached Mortgage rights for the Initial Creditors / Banks that are taken over. CCB Indonesia in approving the take over credit facility with the main consideration being that the debtor has a history of credit collectibility in the Debtor Information for the Financial Information Service System / IDEB SLIK OJK with current credit collectability. Debtors choose to take over credit facilities to CCB Indonesia because they obtain lower lending credit interest rates, higher credit facility ceilings, faster approval processes and credit decision making compared to Initial Creditors, free of administrative fees and free of notary fees. The main problem in this study is how to take over credit agreements with guaranteed mortgage rights at Bank China Construction Bank Indonesia Tbk. Pekanbaru Branch. How is the legal protection for the parties with a credit take-over agreement (take over) with guaranteed Mortgage Rights at Bank China Construction Bank Indonesia Tbk. Pekanbaru Branch. The method used in this research is empirical juridical research. Respondents / Informants as well as samples in this study are Credit Operations Head of "CCB Indonesia" Pekanbaru Branch of 1 (one) person and 7 (seven) Notary Partners of "CCB Indonesia" of Pekanbaru Branch. Data collection tool in this study was in the form of an interview. This research is descriptive in nature, providing complete and clear data on loan takeover agreements with guaranteed mortgage rights at Bank China Construction Bank Indonesia Tbk. Pekanbaru Branch. The results of the author's research indicate that the specificity of the credit take-over agreement (guarantee over) with guaranteed Mortgage in Article 3 explicitly specifies that currently the object of Mortgage Guarantee is still in the initial creditor / bank (taken over) and Article 4 expressly specifies that The debtor will transfer the funds to the initial creditor / bank account (taken over) from the proceeds from the disbursement of credit facilities obtained by the Debtor from the CCB Indonesia Pekanbaru Branch. After the signing of the credit agreement has been fulfilled, the Partner Notary issues a Cover Note / Certificate submitted to CCB Indonesia to continue the transfer of funds to the Debtor account at the Initial Creditors / Banks which are overtaken. Legal protection for the Parties in the Take Over Agreement with guaranteed Mortgage is carried out in 2 (two) forms, namely preventive and repressive from CCB Indonesia Creditor and Partner Notary.

Digital financial inclusion: evidence from Ukraine

The article examines the influence of the current stage of economy digitalization on the financial inclusion in Ukraine. The purpose is to assess the level of financial inclusion in the country, to determine the dominant influence of price and non-price barriers to access to financial services for the Ukrainian population when compared to other world countries and to define which part of the adult population is able to join the formal financial services system through the use of innovative channels and financial service systems. Based on the methodological approaches proposed by the World Bank and the G20 Financial Inclusion Indicators, the authors analyze the real traditional and digital access opportunities of the general public to financial services in Ukraine compared to other countries across the world. Particular emphasis is placed on overcoming existing non-price barriers that impede formal financial inclusion of the Ukrainian population. The research findings stress the need to adhere to the basic principles of digital financial inclusion in order to regulate activities of financial institutions and their agents in the digital provision of financial services, strengthen regulatory control over the use of innovative financial products and service systems, and protect the rights of consumers of financial services in Ukraine.

Research on Institutional Innovation of China’s Green Insurance Investment

Carrying out green insurance investment is of great significance for improving the green financial service system, expanding the investment space for insurance funds, improving the ability of insurance fund service ecological environment construction, and promoting the transformation of China’s economy towards a green and low-carbon sustainable development. In recent years, China’s green finance has made great progress, but its scale is only a drop in the ocean compared with the huge demand for green investment. In particular, the scale and influence of green insurance investment is small, and the role played by it is not obvious. In terms of the system, top-level design and promotion are not sufficient, and the insurance asset management institutions are less active and innovative. Therefore, it is recommended to start from the institutional innovation of green insurance investment, strengthen policy promotion and build an efficient examination and approval registration and inspection and assessment system. Also, giving full play to the role of industry infrastructure, improving the liquidity of green insurance investment projects, effectively stimulating the internal motivation of insurance institutions will promote the steady development of China’s green insurance investment.

Initial coin offerings: key US legal considerations for ICO investors and sponsors

PurposeTo describe several key legal and regulatory considerations for initial coin offering (ICO) issuers and investors seeking to navigate some of the regulatory waters in the rapidly developing space of Bitcoin, Ether, and other cryptocurrencies.Design/methodology/approachExplains securities law, commodities law, tax and anti-money laundering considerations. Introduces the SAFT (Simple Agreement for Future Tokens) and provides a future outlook.FindingsThe dramatic rise in value of Bitcoin, Ether, and other cryptocurrencies in 2017 generated great interest in initial coin offerings as a new form of financing on the part of both investors and companies seeking to raise funds. At the same time, ICOs raise a myriad of complex legal issues in a rapidly evolving regulatory environment in the United States and around the world. Recent regulatory actions make it more likely that most ICOs will be considered to be securities offerings.Originality/valuePractical guidance from experienced finance, investment management, consumer financial service, tax, and payment systems lawyers.

English

English

DESAIN SISTEM INFORMASI LAYANAN KEUANGAN SEKOLAH BERBASIS CLOUD COMPUTING

The financial services system is one that is important in the provision of education in college or also in school. Although education managers' understanding and awareness of the importance of an IT-based financial services system is increasing, there are still many educational institutions that do not yet have the capability to develop and implement IT-based financial services systems due to limited resources and funds. The development of cloud computing-based systems is a new paradigm in the IT world in delivering IT services that enable schools to implement IT-based service systems without having to invest in too large IT equipment. This study discusses the design of system architecture and the development of prototype software supporting school financial services. The results of this study are computer software that can be used to improve school financial services so as to help schools with limited resources and funds in the effort of developing the systemKeywords: Financial Service; Cloud Computing; IT Services.

Demonetisation and Performance of Electronic Financial Service System of Banks in India

Demonetisation and Performance of Electronic Financial Service System of Banks in India

The Influence of Rural Financial Diversity on Farmer Entrepreneurship

The 19th CPC National Congress clearly proposed that to support and encourage employment and business startups in rural areas, and open up more channels to increase rural income” is taken as the important content of pursuing rural vitalization strategy”. Since a new round of rural finance reform in 2006, the institutions of rural financial services have been gradually increasing, and the level of financial diversity has been constantly improving. Is the improvement of rural financial environment helpful in easing rural residents’ financing constraints and increasing rural residents’ probability of being entrepreneurs? To answer this question is helpful to the understanding of economic and social effects of rural financial diversity reform, and the exploration of effective paths to promote entrepreneurship in rural areas. Using the village-level financial diversity data in CLDS2012, this paper studies the effect of financial diversity on farmer entrepreneurship. In theory, financial diversity can promote effective competition between different financial institutions and reduce the information asymmetry in rural credit market. These effects help to ease rural residents’ financing constraints and promote their entrepreneurship. The results suggest that, village financial diversity significantly increases rural residents’ probability of being entrepreneurs, and increases on average by 0.8 percent while the financial diversity increases by one standard deviation. This conclusion still holds after changing key variables and taking the endogeneity into account. Meanwhile, the individual characteristics（such as party membership, age and education years）, family income and village business culture also have significant effects on farmer entrepreneurship. We also find that rural financial diversity has different effects on different styles of entrepreneurship. It comes to the following conclusions: firstly, village financial diversity has promotion effect on employer” entrepreneurship, but no significant effect on self-employed” entrepreneurship; secondly, informal financial institutions have stronger promotion effects on entrepreneurship than formal financial institutions; thirdly, formal financial institutions have promotion effects on employer” entrepreneurship, while informal financial institutions have promotion effects on self-employed” entrepreneurship; fourthly, village financial diversity improves rural residents’ employer” entrepreneurship willingness in future. This paper provides not only the empirical evidence for understanding the micro-mechanism that financial development affects economic growth, but also policy suggestions about promoting entrepreneurship in rural areas. In the future reformation of rural financial areas, the establishment of multi-level rural financial services system, the reduction in rural financial institutions’ barriers to entry, and the improvement of the level of rural financial diversity are helpful in improving rural financial environment and inspiring the enthusiasm of farmer entrepreneurship. These effects provide new drivers for the healthy and sustainable development of rural economy.

Investor-Consumer or Overall Welfare: Searching for the Paradigm of Recent Reforms in Financial Services Contracts

This article challenges the assumption that from an economic perspective the distribution of value (be it surplus or well-being) between parties in voluntary transactions matters at most for instrumental reasons — that is, for increasing the size of the pie. This assumption is probably the stronghold of institutional economics and traditional law and economics which most blatantly deviates from any legal perspective. A strain of economic literature going back at least to Adam Smith conceives of market relations as principal-agents relations between consumers and producers. As consumer welfare is not the only societal value, conflicts with other values can justify its sacrifice in some occasions. A just society cannot be reduced to an allocatively optimal general equilibrium. This article focuses on the development of two arguments in support of this framework. First, a coherence (or conceptual) argument. There is an astonishingly unexplored connection between the role of the consumer on the market and the investor in the firm — not to be confused with the “producers are consumers too” argument. Second, we build a principal multi agent framework where aggregate consumer welfare is the principal and consumers, entrepreneurs and the legal system are the agent. With this framework, we offer an explanation of central elements of the recently reformed EU financial services system, in particular fiduciary duties and the duty of responsible lending.

Ad-Hoc Data Processing and its Relation with Cloud Computing in Finance Sector

Ad-hoc data processing has cloven to be a laborious illustration for Internet companies who process large quantities of unstructured data. However, the accuracy of cloud-based computing, where storage are outsourced to multiple third-parties across the world, expounded large gathered of highly distributed and evermore detonates data. Our secretion combines the power and ingeniousness of the Map Reduce abstraction with a wide-scale of distributed stream processor. While our incremental Map Reduce operators avoid data re-processing, the stream processor manages the allocation and anatomical data flow of the operators across the large volume of area. We display a distributed web indexing engine against which users can dedicate and spread continuous Map Reduce jobs. An integration element illustrates both the incremental indexing and index searches in tangible time. I also discuss the factors that make cloud computing a striking option for financial services firm, argue the advantages of cloud computing by providing some examples of assumption by financial services firms, and provide our aspects on the ideal types of financial services systems that should be moved to a cloud.

基于供给侧视角的养老金融现状问题及路径研究

养老金融是老年保障制度的核心内容，是金融服务面向老龄群体的拓展领域。养老金融在美国、日本等发达国家已有成熟的模式，其经验借鉴之处有政府主导、立法先行、建立多层次和多元化的养老金融服务体系，有完善的“以房养老”、长期护理保险制度，借鉴发达国家的经验，探究我国养老金融的发展现状，提出加快养老保险制度改革，实现社会养老保险基金全国统筹，拓展养老基金投资渠道，加快金融业混业经营改革的步伐，创新养老金融供给机制，满足老年人多层次，个性化的老年金融服务需求等建议。论文提出养老金融的建设路径包括：从供给侧结构性改革入手增加养老金融市场供给；加快养老金融制度的顶层设计；破解障碍“以房养老”的观念和体制，鼓励商业银行开发住房反向抵押贷款业务；完善长期护理保险制度等。 Pension is the core content of the old-age security system, which is the field of financial services oriented to the aging group. Pension in the United States, Japan and other developed countries have mature model. Its experience includes the government-leading, legislation first, the establishment of multi-level and diversified pension financial services system, a sound “to the housing pension” and long-term care insurance system. We learn from the experience of developed countries to explore the status of China’s pension financing, and do some improvements such as putting forward to speed up the reform of the old-age insurance system to achieve social pension fund national coordination, expanding pension fund investment channels to speed up the financial industry mixed business reform, providing financial supply mechanism to meet the needs of the elderly multi-level and personalized elderly financial services and other recommendations. The paper puts forward the construction path of pension financing, including the following: from the supply side structural reform to increase the supply of the old-age financial market; to speed up the top-level design of the pension system; to solve the “old age” concept and system to encourage commercial banks to develop housing reverse mortgage loan business; to improve long-term care insurance system.

Cashing in on Distress: The Expansion of Fringe Financial Institutions During the Great Recession

The Great Recession was a consequence of widening inequality and the growth of a tiered financial services system, in which the rich and the poor have access to vastly different tools for wealth accumulation. The spatial organization of these dynamics created neighborhoods vulnerable to predation on behalf of subprime lenders and other fringe service providers. This project seeks to understand the reproduction of institutional marginalization in consumer finance. Results show that racially isolated neighborhoods in New York City, where subprime lending and foreclosures were common, were uniquely vulnerable during the Great Recession and were communities where check cashing outlets (CCOs) sprouted, highlighting a mechanism for the reproduction of inequality over time. CCOs cost more per transaction than a checking account—potentially totaling tens of thousands of dollars over a career. The link between widening financial services inequality and the recession’s consequences provides a strong impetus for safety net and community investment policies.

Challenges Faced by the Insurance Agents to Penetrate in the Rural Markets: Explored through Factor Analysis

Insurance is an integral part financial services system and recognized as a cornerstone of a country's financial health and symbol of progress. Insurance provides a financial security to the citizens and offers valuable investment advices and serves an effective step towards both individual and national financial stability. The concept of globalization and liberalization has deeply influenced the insurance sector worldwide. Due to globalization of insurance market, many foreign insurance companies entered India and it benefited both the insurance companies and the insured. Insurance companies are focusing on customer satisfaction through increased customer choice and lower premiums, by ensuring the financial security of the insurance market. Insurance companies are now targeting upon the customers by giving them a basket of returns with a mission to make them delight and satisfied. Marketing of life insurance in rural areas is very important. Focus should be given on improvement of services given by the rural agents. Insurer should spread more awareness and relax the product complications to make it easier to understand. Selling the insurance products to the rural people is not an easy task for the insurance agents. Lack of awareness of insurance, Lack of disposable income among the public, unexpected demand, Lack of confidence among the people, Information problems, Difficulty in giving promotional efforts etc are some of the challenges faced by the insurance agents. So this article focuses on the major challenges faced by the insurance agents to penetrate in the rural markets.

Trends in Marketing of New Insurance Schemes and Distribution: An Empirical Study on Indian Life Insurance Sector

Insurance has been an integral part of financial services system and recognised as a cornerstone of a country’s financial health and symbol of progress. Insurance provides for the financial security of citizens and their families. The present paper discusses the role of marketing in insurance distribution of life insurance sector in India as insurance offers a valuable investment advices and serves as an effective step towards both individual and national financial stability. The waves of globalisation have deeply influenced the insurance sector worldwide. Financial globalisation has been strongly supported by globalisation of insurance. With the increase in trade, direct investment and portfolio investment, there has been an ever growing demand for insurance services particularly in the emerging markets. Globalisation of insurance market, as a part of the overall process of liberalisation in emerging and other countries enabled the foreign insurance companies to enter in those countries and benefited both. Triggered by the sound fundamentals in global economy and internationalisation of world markets, several countries turned towards free market regimes in banking and insurance, putting an end to several decadeold state-owned controlled markets. There was a remarkable progress in the Indian insurance industry soon after the acceptance and adaptation of LPG in the year 1991. After 1991, the Indian life insurance industry has geared up in all respects, as well as it has been forced to face a lot of healthy competition from many national as well as international private insurance players. It is also reported by Swiss Re and Munich Re that there would be 20-25 percent growth in life and health insurance market by 2015, particularly in India and China. In this paper an effort is made to study the current status and challenges faced by the life insurance business houses in India.Journal of Business and Technology (Dhaka) Vol.9(2) 2014; 61-81

Implementation of service systems on the shop-floor level in financial service companies. Empirical evidence from Australia and Germany

This article presents the practices of Australian and German financial service providers regarding the implementation of shop-floor control within different types of service systems. The results delivered in this article should serve as a guideline for future research to develop and adapt methods for shop-floor control in financial service systems. Interviews with 25 experts from the Australian and German financial services industry reveal novel insights into the practice of shop-floor control, suggesting that methods and concepts from manufacturing are only used to a limited extent for shop-floor control. Shop-floor control is mostly used to react quickly to unexpected deviations due to a low usage of forecasts and information systems. Thus, there seems to be improvement potential in the financial services industry in comparison with in the manufacturing industry in terms of shop-floor control. Further research within the production research area should use the empirical insights to test and adapt existing methods and to develop new ones, taking cultural differences into account.

Cocreating the Arab Spring

This article examines the transformation of service systems through actors’ resource integration and value cocreation in contention. It is based on a netnographic study focusing on the use of information and communications technology (ICT) tools by online activists during the “Arab Spring.” The transformation of service systems is conceptualized on the basis of existing service research and on the theory of strategic action fields. Focusing on Syria, the findings suggest that activists transformed four interdependent service systems—the media, the social movement, health care, and the financial service systems—during the Arab Spring by means of integrating resources and cocreating value within several ICT tools. A key contribution to transformative service research is the fact that the positive transformation of service systems derives from the conflict between two types of actors, namely, incumbents and challengers. This article also contributes to our knowledge of triggers of service system transformation, what motivates actors to transform service systems, how service system transformation is enabled by actors’ integration and use of ICT tools serving as opportunity spaces, and the transformative roles actors adopt. In addition, this article contributes to the conceptualization of service systems and to the understanding of resource integration and value cocreation.

Increasing the effectiveness of Banking Services by listening to marginalized consumers

Purpose – Considering India’s vast population and its varied geography, the challenge of banking the unbanked cannot be met without appropriate initiatives. Initiatives are being taken by banks in India in various ways i.e. technological advancement, diversification of distribution channels in term of Business Correspondent Model and Business Facilitator Model, by conducting financial literacy programmes and so on. Objective- The objective of this paper is to identify the level of awareness and the level of usage of the initiatives taken by banking services for inclusion of the low income groups of the society into the formal financial services system. Design/methodology/approach – For this purpose, primary data is collected from 50 respondents in Delhi/NCR using a questionnaire. It had questions pertaining to awareness and usage of various services offered by Banking to its consumers. The services were categorized as Online Banking, Tele Banking, SMS Banking, ATM Banking and so on. The responses were analyzed with the help of statistical tools. Findings – T he study revealed that people of low income level are aware about those services which are widely spread and have visibility in the society like ATMs. People are also building trust on the business correspondent model as their response towards BCs is positive. SMS service is gaining popularity due to widespread mobile inclusion in India. Originality/value – The paper is particularly useful for banks who would like to increase the effectiveness of the services offered by them. For other initiatives to have wider approach, banks need to spread awareness. They should all realize that spreading financial awareness is not one time initiative, but a continuous process.

Impact on its Financial Industry Gathering in Tianjin Economic Growth

Tianjin, the financial industry is constantly growing, the number of employees as well as financial institutions and financial assets grows rapidly. Financial agglomeration effect on economic growth can be reflected in: optimizing resource allocation, innovation-driven, industrial restructuring and so on. Tianjin promoted financial industry gathering in the financial markets, focusing on the development of multi-level marketing structure system, and gradually formed a diversified development and opening of Binhai New Area and adapted to modern financial service system.

Firm Value and Corporate Governance in the Indian Banking Sector: An Empirical Analysis

This research examines the effect of corporate governance on firm's value. The system of corporate governance is important for the banks in India because firstly, as India has a large banking sector, with over 90 scheduled commercial banks, majority of them being listed on the India's stock exchanges and secondly, majority of the banks are in the public sector, where they are not only competing with one another, but also with other players in the banking as well as the financial services systems, including financial institutions, mutual funds and other intermediaries. The research has been carried out on the sample of 40 listed banks, public as well as private sector and focused on the impact of key determinants of corporate governance on the firm value of the these banks. Panel data for 8 years (2005–2013) was analysed via the generalised method of moments (GMM) approach. There are several aspects and dimensions of corporate governance, which may influence a firm's value but this study focused on four aspects namely Ownership Concentration (OWNCON), Institutional Ownership (INOWN), Chief Executive Officer Duality (CEO) and Board's Independence (BOIN). Firm's value has been measured through Tobin's Q and market capitalisation. Strong and positive impact of corporate governance on firm's value has been seen.

Research on Financial Products and Services Innovation under the Environment of E-Commerce

Under the environment of E-Commerce, the financial services industry has the new characteristics including business centralization, operating automation, network globalization, intelligentized decision, flexible application, etc. This paper studies the new requirements on financial products and services innovation in the E-Commerce environment. This study shows that rapidly developing information technology has contributed to fully exploit the potential advantages of financial products and services, including intelligentized decision, networked management, etc. Moreover, the study indicates that the technological and competitory factor has the most significant impact on the level of financial innovation, which can optimize and perfect the allocating efficiency of financial resources. Meanwhile, the financial services system must be able to effectively prevent various network attacks, and to carry out an effective financial risk evaluation mechanism so as to strength management level of financial innovation.