Financial Services Institutions Research Articles

SUSTAINING GROCERY STOKVELS: THE DYNAMICS AND FACTORS THAT INFLUENCE THEIR ESTABLISHMENT

As many are effectively excluded from availing themselves of the services of financial institutions in the formal sector, they often form stokvels, an informal method of saving which is commonly practised in their home country. The research study was conducted to investigate the dynamics of Zimbabwean grocery stokvels in Cape Town and the factors which have encouraged their formation. A mixed-methods approach was adopted, and both quantitative and qualitative research methods were used to collect the data. The quantitative data was obtained through the administration of a survey questionnaire. In contrast, the qualitative data was obtained by conducting one-on-one semi-structured interviews with leaders of Zimbabwean grocery stokvels, their spouses, and members of their families who did not belong to their stokvels. The qualitative data was augmented through the taking of field notes during the interviews. The results indicate that Zimbabweans in Cape Town form grocery stokvels due to severe shortages of basic necessities in Zimbabwe. Their participation in stokvels enables them to accumulate funds to purchase the groceries which they need to sustain themselves and their families in the absence of assistance from financial institutions in the formal sector and also to assist their families and relatives in Zimbabwe to cope with their dire economic circumstances by sending groceries to them.

The Rise of Emergent Corporate Sustainability: A Self-Organised View

Escalating climate crisis activism highlights the potential of self-organised approaches in sustainability to address the disconnect between corporate sustainability activities and globally declining ecological systems. This paper argues that corporate sustainability is a co-evolutionary process of emergence which may enable organisations to address this disconnect by creating a context supportive of emergence within the organisation rather than reacting to pressures from outside. An exploratory mixed-methods case study was used to explore how corporate sustainability emerged in two financial services institutions. This article develops the idea of corporate sustainability as a co-evolutionary process of emergence and presents a framework to assist organisations to cultivate sustainability. It adopts a complexity view and posits that reductionism associated with Newtonian thinking has contributed to the sustainability issues faced by humanity. This study suggests that the paradigmatic assumptions that have contributed to the sustainability crisis must be interrogated to create an environment which is conducive to the emergence of corporate sustainability. Through examining corporate sustainability as an emergent process, this paper sheds light on how businesses can foster conditions in which a self-organised response to sustainability challenges is distributed across the organisation whilst being embedded in the containing system.

Research on Intelligent Analysis and Prediction Model of Funds Flow Based on Non-stationary Time Series

Funds flow prediction is critical to the stable operation of financial service institutions. In view of the non-stationary characteristics of funds inflow and outflow in financial institutions, this paper introduces the key characteristics of time series analysis, compares AR, MA, ARMA and ARIMA models, and proposes a funds flow prediction model based on ARIMA algorithm. The stationary test, pure randomness test and model order determination of time series are explained in detail. Finally, combined with the error and score of the model, the relatively optimal model is selected to predict the test data. The experimental results show that, for non-stationary time series, the model has smaller prediction error and can effectively predict funds flow.

Credit Dispute Resolution through Banking Mediation during Covid-19 Pandemic Situation

This study aims to find out credit dispute resolution through banking mediation in pandemic situation. This study use qualitative research method. The result shows that Settlement of bank credit problems that arose as a result of the Covid-19 pandemic, namely through deliberations between the bank (creditor) and the debtor. In POJK No.18 / POJK.07 / 2018 concerning Consumer Protection in the Financial Services Sector, it is stipulated that every financial service institution is required to have a work unit and / or function as well as a service and complaint resolution mechanism for consumers. If the dispute resolution at a financial service institution does not reach an agreement, consumers can resolve the dispute through the court or outside the court. Out of court dispute resolution is carried out through arbitration and alternative dispute resolution.

Characteristics of Financial Technology as Financing Alternative Capitalization of Medium Small-Medium Enterprises (MSME)

Characteristics of Financial Technology as a Financial Institution that uses information technology to provide financial solutions by prioritizing compliance with the principles of prudence and risk management. The characteristics of Financial Technology institutions are getting a loan quickly; Makes Payment Easier; Make Loan Payments without Additional Fees. Peer to Peer Lending (P2P lending) system in providing financial services is done through information technology based. The financial services institution Peer to Peer Lending (P2P Lending) is a financial technology financial institution (Fintech). Financial Technology (Fintech) as a Literacy Source for Financing Micro, Small and Medium Enterprises; Financial Technology (Fintech) As a Facilitator in MSME Development; Financial Tecnology (Fintech) as a driver for Micro, Small and Medium Enterprises to Increase National Financial Inclusion. The Role of the Financial Services Authority (OJK) and the Indonesian Joint Funding Fintech Association (AFPI) As Regulations and Oversight of Financial Technology Institutions (Fintech) in Indonesia.

Marketing Strategy for Financial Services in Indian Financial Service Institutions

Indian financial sector passed through various stages of development including pre-nationalization, post-nationalization and the recent one post-liberalization. In these stages, marketing was at hibernation mode, as the relationship between banking and marketing was not considered important. However, the recent developments in the Indian financial sector as well as changes in customer preferences towards financial services have aggravated a need for a stronger relationship between marketing and financial service institutions. This thought grew up after there was a realization of the sustainable structure. In light of the above development, authors have attempted to study and explore the marketing strategy of financial service institutions specifically for financial products and services to target retail customers. This exploratory research is carried out by interviewing around 285 employees (in sales and marketing in banks and NBFCs) in Delhi-NCR region through a structured questionnaire. A total of 24 factors were identified through the literature available on the topic (factors that affect the marketing strategy of financial services offered). Exploratory factor analysis was applied, and it was found that five most influential factors are devising a differential marketing strategy. This marketing strategy has been named as ‘PRISM’ (acronym of the strategies developed).

Persons with disabilities’ financial literacy and access to financial services

Persons with disabilities often face various obstacles in accessing financial services. This condition is caused by the lack of financial literacy and the inaccessibility of financial service institutions, both in infrastructure and financial system rules. For this reason, this study aims to explore the financial literacy of persons with disabilities and the accessibility of financial service institutions. Using the Focus Group Discussion (FGD) and survey methods, this study presents quantitative and qualitative descriptive analysis on financial literacy and accessibility of persons with disabilities to financial services. FGDs and surveys were conducted in three cities in East Java Province, namely Surabaya, Malang, and Mojokerto. The results show that the financial literacy of persons with disabilities, as indicated by their abilities to make financial planning, is still very low. In addition, infrastructure accessibility and financial service requirements are inaccessible for persons with disabilities, so that they are reluctant to access the financial services.

Banking ecosystems and marketplaces: digitalization trends

The article considers peculiarities of the activities of the main participants in the financial market, in particular banking in the context of digitalization and the introduction of artificial intelligence tools. At present, artificial intelligence (AI) technologies have a significant impact on human life, both in the process of instant transfers and in conversational interfaces. This affects the financial services sector, and its members are the most active in introducing disruptive AI innovations. Therefore, in order to increase the level of competitiveness, modern banks should act as locomotives in addressing issues of implementation, use of digital technologies and acceleration of methods of remote work. The COVID-19 pandemic has made its own adjustments to the concept of interaction of financial institutions with customers, for most of whom remote services have become an integral part of everyday life. The increasing demand for telecommuting services of financial institutions stimulates the creation of digital platforms that take into account both the processes of global digitalization and the changed demands of consumers in the context of a pandemic. This article provides an analytical overview of trends, obstacles and prospects for the integration of financial ecosystems and marketplaces in the Russian market. The necessity of using an integrated approach in developing the rules for the functioning of financial ecosystems in the formation of an adequate development strategy, which will ensure the creation of a fair competitive environment in the financial market, has been substantiated. The aim of the research is to identify the main trends and patterns in the financial services market, as well as to determine the vector for further development of financial ecosystems formed using artificial intelligence tools. To achieve this goal such general scientific methods as theoretical generalization, analysis and synthesis, comparative analysis, systems approach, etc. have been used.

Penerapan Literasi Keuangan Dalam Memahami Financial Technology

Financial Technology (Fin Tech) is a form of technology-based financial service that is developing in the world. The purpose of Financial Technology is to facilitate the transaction process between buyers and sellers and to reduce gaps or fraud in the transaction process. However, the gap of financial knowledge, especially digital financial technology, is wide and deep. Therefore the importance of financial knowledge (financial literacy) to the community is a necessity to be carried out synergistically by stakeholders including regulators, relevant ministries / government bodies, industry associations and fintech actors, financial service institutions and others. In addition to fintech products such as digital wallets that are well known to the public, an important element in the management of knowledge is to explain aspects of transparency regarding business processes and risks of fintech. Based on this phenomenon, the community service team of the University of Pamulang S1 Accounting Study Program has conducted online counseling via the zoom application for RT 03 Residents of Villa Mellia Housing, Gunung Sindur District, Bogor Regency as a concern for the importance of understanding the use of fintech in daily life in the era globalization with digital wallets with the importance of applying good financial literacy.

CEO overconfidence, firm-specific factors, and systemic risk: evidence from China

This study aims to measure the contribution of banks, financial services institutions, and insurance companies to China’s systemic risk during the 2004–2018 period. This study also evaluates the effect of CEO (chief executive officer) overconfidence and firm-level factors on systemic risk. We employ ΔCoVaR (delta conditional value-at-risk) as a measure of systemic risk and earnings forecast bias to measure CEO overconfidence. We use a fixed effects panel regression approach to evaluate the effect of CEO overconfidence, firm-level factors, and systemic risk. Our findings show that banks that are managed by overconfident CEOs enhance the firm’s contributions to systemic risk. Empirical results also show that the firm’s size, leverage ratio, and loan ratio increase the firm’s contributions to systemic risk. Furthermore, return on assets is found to have an inverse relation with systemic risk. The results of this study are important for constructing financial regulations and policies to mitigate the impact of these factors on systemic risk in China.

How does government support promote firms' intellectual capital? An empirical analysis of micro-mechanisms

PurposeIn transitional economies, government support (GS) is considered to influence the development of the economy and industries and, consequentially, firms' intellectual capital (IC). However, empirical research has yet to explore the micro-mechanisms through which GS operates. Hence, the purpose of this study is to conduct an empirical inquiry into the specific role of GS on IC, considering the mediating effect of firm operational performance (OP).Design/methodology/approachCombining the institution-based theory, the resource orchestration paradigm and a dynamic perspective on IC, a new framework is constructed to evaluate the direct and indirect relationships existing among GS policies, firms' operational performance and IC. These processes and their outcomes are evaluated using mediating models with three steps and a panel regression based on panel data from 3,211 high-tech companies operating in China from 2008 to 2015.FindingsEmpirical findings confirm the existence of a significant direct relation between GS and IC and also suggest a mediating effect through operational performance.Originality/value(1) GS can be considered an institutional signal that boosts the attractiveness of a firm, thus enabling it to hire talent (human capital), build a wide network of relationships in the ecosystem (structural capital) and enhance its current relationships with financial service institutions and other stakeholders (relational capital). (2) This study, which considers GS an external resource, is one of the first attempts to explore how external resources influence firms' IC development through institutional pressures and mechanisms. The study confirms that multiple strategies exist through which government authorities and policymakers can influence firms' IC and in particular a combination of institutional factors and firm's resources and capabilities.

Bagaimana Literasi dan Perilaku Keuangan pada Generasi Milenial?

The rise of illegal investment in Indonesia has made the OJK more vigorously conducting financial literacy education to the public. It is hoped that victims of illegal investment can be minimized in such a way that they can increase inclusion and public trust in financial services institutions and products in Indonesia. Research shows that individuals who have a high level of financial literacy will tend to do good financial planning such as: saving, making budgeting, paying debts on time and investing. This study aims to measure the level of financial literacy and how it affects financial behavior in millennial generations. Millennial generation here is the generation born between 1980-1994. This generation has unique characteristics where it is very concerned about social life and tends to be more consumptive than the previous generation. This is what makes it difficult for this generation to wisely manage finances. The results of this study indicate that financial literacy shows a significant positive effect on financial behavior. From this research it can be said that differences in knowledge will lead to differences in attitudes and behavior.

An Exploratory Case Study of the Merger of Two Companies: Problems in Staff Adaptation Process

The paper reports on the merger of two independent financial services institutions. It is explored how the employees of a financial services institution (FSI) experienced its recent merger through the analysis of different narratives circulating within the organization. An exploratory case-study research project was conducted framed by the key concepts of organizational culture, change, and narrative research. A narrative approach was adopted to analyze the research material focusing the main analysis, which concentrates on analyzing the structure of narratives following the five elements of agency, temporality, event, context and format. The findings show how employees at FSI created counter stories to the positive messages, leadership sent across, threatening not only their economic situation, working conditions and roles but also their sense of self and their personal identities. The results of the empirical study strengthen the suggestion that narratives represent a powerful means to explore the underlying individual and social processes involved in situations of organizational change that may foster resistance to change ultimately inhibiting successful post-merger integrations. The empirical findings represent the groundwork for further, more comprehensive and elaborate research drawing upon a more diverse set of partici-pants from various levels representing all organizational departments.

Uloga i značaj interne kontrole i interne revizije u sprečavanju i identifikovanju prevarnih radnji u bankama

Modern banks have a specific role and a whole range of functions of paramount importance, as financial institutions for granting loans, creating loans, mobilizing savings and economic development. In the financial sector, there is a growing number of people who are using increasingly innovative and creative ways of targeting all perceived weaknesses in banks and credit approval systems. The persons committing fraud have become increasingly sophisticated, which means that measures to prevent fraud must be constantly developed to ensure that they are able to deal with the threat. The fight against fraud is crucial for financial services institutions. This article aims not only to briefly describe the role of internal control and internal audit in detecting possible fraud in banks, as profit-oriented organizations in today's complex and highly changing business environment, but also to point out the advantages they have in the more efficient management of bank activities.

Does Organization Inclusion Matter in Expatriate Mission Accomplishment?

The main goal of the study is to explore if organisational inclusion features prominently in the expatriation policies of companies in emerging markets. In this study, the expatriation policies of three Taiwanese financial services institutions were examined to establish the presence or lack of organisational inclusion and its effect on expatriate mission accomplishment. In-depth interviews with the expatriates and faceto-face focus group discussions with senior HR managers at their headquarters in Taipei were employed to collect data from financial services institutions. The findings revealed that organisational inclusion is low, but the organizations are considering a more inclusive approach in future. Among the factors that emphasize the need for more organisational inclusion expatriation are cultural competence, social norms adjustment, positive mindset, professional skills and career-related factors. The study contributes to knowledge on how the financial services industry in emerging economies in the Chinese context view organisational inclusion in their expatriation policies. It further provides an insight of the necessity to embrace organisational inclusion in the expatriation policies to enhance expatriate mission accomplishment.

A Direct Reporting Platform for Financial Exploitation: From Banks to APS

Despite encouraging changes in regulations and practices, opportunities remain to strengthen the collaboration between Financial Services Institutions (FSI) and Financial Exploitation (FE) investigative agencies such as Adult Protective Services (APS). A major barrier to these collaborations is timely and effective information exchange, between the agencies, for maximizing client protection. Often times, the need for more information from the agencies involved delays or mitigates the provision of financial protection to the client/victim. Through the U.S. Office for Victims of Crime, funding has been provided to develop a single reporting platform for enhancing communication and collaboration between FSI and APS. The helpful platform provides an innovative conduit for providing timely and effective information exchange between FSI and APS agencies to better serve and protect older adults against FE. This presentation will discuss the platform development, the lessons learned, preliminary data and future research. Part of a symposium sponsored by Abuse, Neglect and Exploitation of Elderly People Interest Group.

Pengaruh atribut produk dan layanan lembaga pembiayaan terhadap keputusan pembelian sepeda motor Honda Vario di Kota Jambi

This study aims to explain the influence of financial institution product and service attributes on purchasing decisions of Honda Vario Jambi motorbikes in Jambi City. The sample is 140 users of Honda Vario motorcycles, with the sampling technique used is Purposive sampling. Validity and reliability test results show that the research instrument is valid and reliable. The data analysis used in this study is multiple linear regression analysis using SPSS Version 22 software. The results show that purchasing decisions are influenced by the financial product and service attributes significantly and partially the decision to purchase Honda vario motorcycles in Jambi City is influenced by attributes financial institution products and services. In the discussion, the results of the study showed that the presence of product attributes and services of financial institutions could increase sales of Honda Vario motorcycles. To achieve this level of sales, the company must continue to present superior product attributes and maintain good cooperative relations with financing institutions that provide financial institution services.

Increasing Public Legal Awareness in Online Loans

The rapid development of technology has resulted in significant changes to the loan process, whichhas certainly made it easier for people who need to take loans so that they no longer need to go to banks or other financial service institutions. However,online loans can also cause problems if they are not well understood.In order to understand Peer to Peer Lending (onlineloans) in Indonesia,we need to refer to Financial Services Authority Regulation No.11/POJK.In this regulation, peer to peer lending (online loans) is defined as an act of providinglending and borrowing services directly between lenders and information technology-based loan recipients.As of August 14th, 2020, there are 157 fintech companies already registered and licensed in the Financial Services Authority (OJK). OJK urges the public to use registered and licensed fintech lending services. To increase public awareness and knowledge in peer to peer lending (online loans), we conducted a socialization in the form of counseling to peoplein Sunggal Village, Medan Sunggal. The method used in this socialization is a focus discussion, starting with a lecture session then continued with a Q&A session among participants. The lecture session was conducted in order to deliver important learning materials for the participant to know and understand. Meanwhile, the Q&A session was conducted in order to complete unclear material and help to solve the problems related to Online Peer to Peer Lending. After participating in this socialization, the public can identify trusted online loan providers, which are providers registered with the Financial Services Authority (OJK). This means people can be spared from untrusted online loan providers and can report them to OJK when they found unregistered providers with bad intentions.
 Keyword: legal awareness, peer to peer lending, online

Analisa Penjatuhan Sanksi Administrasi Dan Sanksi Pidana Dalam Penanganan Tindak Pidana Perbankan Ditinjau Dari Undang-Undang Nomor 21 Tahun 2011 Tentang Otoritas Jasa Keuangan Dan Undang-Undang Nomor 7 Tahun 1992 Tentang Perbankan Beserta Perubahannya

Criminal acts, crimes, and law violations continue to evolving along with the development of technology and economic growth. Which also results in the arising of crime in the banking sector. In the prevailing laws and regulations, Crime in the Banking Sector may be subject to criminal and administrative sanctioning. Criminal sanctions and administrative sanctions against Crimes in Banking are regulated in Law Number 21 of 2011 concerning the Financial Services Authority and Law Number 7 of 1992 concerning Banking. In the imposition of criminal sanctions and administrative sanctions, individuals and Financial Services Institutions in the Banking Sector can be imposed.

Analisa Penjatuhan Sanksi Administrasi Dan Sanksi Pidana Dalam Penanganan Tindak Pidana Perbankan Ditinjau Dari Undang-Undang Nomor 21 Tahun 2011 Tentang Otoritas Jasa Keuangan Dan Undang-Undang Nomor 7 Tahun 1992 Tentang Perbankan Beserta Perubahannya

Criminal acts, crimes, and law violations continue to evolving along with the development of technology and economic growth. Which also results in the arising of crime in the banking sector. In the prevailing laws and regulations, Crime in the Banking Sector may be subject to criminal and administrative sanctioning. Criminal sanctions and administrative sanctions against Crimes in Banking are regulated in Law Number 21 of 2011 concerning the Financial Services Authority and Law Number 7 of 1992 concerning Banking. In the imposition of criminal sanctions and administrative sanctions, individuals and Financial Services Institutions in the Banking Sector can be imposed.