Financial Service Providers Research Articles

Factors Influencing Mobile Banking Adoption by Gen Z Generation

This study aims to identify the factors influencing the adoption of mobile banking among Generation Z, known as digital natives with a lifestyle highly integrated with technology. Using a qualitative approach,The findings reveal several key factors affecting mobile banking adoption: ease of use, security and privacy, social influence, value-added services, technological accessibility, cost and efficiency, and alignment with digital lifestyles. Generation Z tends to prefer applications with simple interfaces, reliable security features, promotional incentives, and services tailored to their needs. Additionally, peer influence and recommendations from online communities play a significant role in their decision-making process. This study provides valuable insights for financial service providers to develop more effective strategies for increasing mobile banking adoption among this generation.

Analisis Perceived Enjoyment Dan Perceived Ease Of Use Untuk Pembayaran Digital Menggunakan Layanan Gopay Pada Masyarakat di Bandar Lampung

This study examines the influence of perceived enjoyment and perceived ease of use on the adoption of GoPay digital payment services in Bandar Lampung, Indonesia. Using a qualitative case study approach, the research involved 20 active GoPay users from diverse demographic backgrounds, with data collected through in-depth interviews, participant observation, and focus group discussions. The findings reveal that perceived enjoyment significantly influences GoPay adoption, with an average score of 4.65 out of 5, indicating users' highly positive experiences with the service. Similarly, perceived ease of use demonstrates a substantial impact, achieving an average score of 4.77, reflecting the platform's user-friendly interface and efficient transaction process. The study identifies a strong positive correlation (r=0.893) between these two factors, contributing to an impressive 89% adoption rate among Bandar Lampung residents. The research also highlights GoPay's success in creating an effective digital payment ecosystem, evidenced by a 92% user satisfaction rate and average transaction times under 10 seconds. Furthermore, the study shows that GoPay's reward system and intuitive interface have successfully fostered user engagement and loyalty. These findings contribute to the understanding of digital payment adoption in medium-sized Indonesian cities and provide valuable insights for financial technology service providers and policymakers in developing inclusive digital payment ecosystems.

The Impact of 2018 Election on Economic Decision-Making: A Case Study of District Chitral, Khyber Pakhtunkhwa

This study analyzes the socio-economic effects triggered by the general elections held in 2018 on the people of Chitral District, Pakistan. It employs a mixed-methods strategy that integrates the quantitative analysis of questionnaires obtained from 300 participants and qualitative commentary derived from focus group discussions. The study addresses shift that occurred in the patterns of consumption, labor market and investments, and perception of economic opportunities after the elections. Political changes have outspread consequences for economic behavior. There was an increase in the households spending in education, healthcare, and transportation, owing to the great hopes the people had of the Pakistan Tehreek-e-Insaf (PTI) Government. Such changes also encouraged women into work to increase economic empowerment and then election also boosted the labor force participation. Nonetheless, the political, social, and economic challenges impacting infrastructure and access to markets continue to impede the progress in economic growth of the area. Political stability strengthens the economic welfare of the communities, societies, and regions. This study among others demonstrates that economic interventions in marginalized regions with good political policies discern positive economic growth. Portions of such policies would include effective policy formulation and successful implementation. Actions include finalizing infrastructure projects, implementing specific employment schemes, enhancing outreach to financial service providers and improving systems for policy monitoring. These measures aim for sustainable development and translate political pledges into real benefits for the people of District Chitral. It also adds to the body of existing knowledge on political and economic process relationships and how such may influence policy advising and development practice within specific contexts, because the region that was targeted by this study enjoys peculiar economic and geographic conditions.

دور الذكاء الاصطناعي في دعم الشمول المالي في إطار مؤسسات التكنولوجيا المالية

This article aims to shed light on the impact of AI in general and big data in particular on financial inclusion in the context of FinTech companies. Using a literature review based on articles of high scientific value and significant influence on the academic debate in research on the topic, we found that in the context of FinTech companies, big data represents a key tool to properly segment the market and provide more personalized and less expensive financial services by analyzing consumers' activities on various sites on intranet pages. It also helps FinTech companies analyze customer transaction data not only to assess their creditworthiness and reliability as customers, but also to offer more personalized and less expensive products and services that promote financial inclusion. The use of big data analytics provides the opportunity for financial service providers to reach a larger base of beneficiaries who have been excluded by traditional financial service providers, creating more efficient and effective economic models.

Dynamics of Competition versus Collaboration between Fintechs and Traditional Providers of Financial Services in Brazil

The research sought to understand the phenomenon of competition versus collaboration between Fintechs and traditional financial service providers. It was a qualitative study with an exploratory and descriptive approach, using data triangulation and their organization in Display, which allowed checking patterns and causality relationships among the variables. As results, we observed that traditional financial providers adopt collaboration with Fintechs for competition in the financial market as their main strategy. As market dynamics, they launch their own subsidiaries; create risk funds to finance Fintech services; purchase and sell products and services for Fintechs; and create partnerships with these companies. We found that collaboration has been the best way for providers of traditional financial services to compete with companies in the financial market.

The Influence of Cultural Factors on Financial Decision-Making in Ghana

This study investigates the role of cultural factors in shaping financial behaviors in Ghana, focusing on elements such as family obligations, communal traditions, religious beliefs, and traditional practices. It examines how these cultural dynamics influence decisions related to savings, borrowing, investments, and the use of informal financial systems like "susu," a widely trusted savings method in Ghanaian society. Through a mixed-method approach combining qualitative and quantitative techniques, the research provides a holistic view of the cultural influences driving financial decision-making. The analysis reveals a strong cultural preference for financial practices rooted in community trust and collective responsibility, often favoring informal systems over formal financial institutions. Family structures and societal expectations strongly influence financial priorities, emphasizing the needs of the group over individual goals. Religious values also play a significant role, shaping attitudes toward financial ethics, debt management, and charitable contributions. This reliance on cultural norms reflects the high level of trust in traditional methods that align with familiar and accessible systems. The findings underscore the necessity of culturally tailored financial solutions to bridge the gap between informal practices and formal financial services. Policymakers and financial service providers must consider these cultural intricacies when designing products and strategies to improve financial inclusion. Culturally aligned financial education and services can foster trust and encourage broader participation in formal financial systems, supporting economic growth and stability. This research not only advances academic understanding of the intersection between culture and finance but also offers actionable insights for creating financial policies and services that resonate with the cultural realities of Ghanaian society. By aligning modern financial systems with traditional values and practices, financial inclusion can be enhanced, fostering a more inclusive and equitable financial environment.

A Comprehensive Model for Measuring Customer Satisfaction of E-Banking Services in Bangladesh

The provision of financial services via electronic delivery systems is commonly referred to as electronic banking (e-banking). From the very beginning, e-banking has played an important role in the economic development of many countries and has made a significant contribution to customer satisfaction. The aim of this study is to propose a comprehensive model for measuring customer satisfaction with e-banking services in Bangladesh. The study is based on selected peer-reviewed articles from 9 bibliographic databases. The results show that customer satisfaction is influenced by service quality, customer experience and customer satisfaction. The study concludes that it is a comprehensive model for measuring customer satisfaction with e-banking services in Bangladesh.

Національний банк України як суб'єкт адміністрування торгівлі валютними цінностями

Abstract. The article is devoted to the definition of the features of the functioning of the currency market in modern conditions, the analysis of existing challenges and threats caused by military actions, the economic situation of the state, the activities of entities that play an important role in the public administration of banking and financial legal relations. A thorough analysis of the peculiarities of the implementation of functions by the National Bank of Ukraine in the field of public administration of currency trading is presented. Particular attention is paid to determining the competence of the National Bank of Ukraine as a subject of currency control. It was established that in Ukraine it is the National Bank of Ukraine that plays an important role as the subject of foreign exchange control, in particular, regarding compliance with the rules of regulation of foreign exchange transactions in relation to banks, persons who have received a license to carry out foreign exchange transactions, implements scheduled and unscheduled inspections. The effective organization of public administration of the defined sphere of financial relations is achieved through the adoption of normative legal acts of the Board of the National Bank of Ukraine. The peculiarities of the organization and implementation of financial monitoring and currency supervision by the National Bank of Ukraine are analyzed. It was determined that an important area of activity of the National Bank of Ukraine is the protection of the rights of consumers of financial services, supervision of compliance by banks and other providers of financial services with the current laws on the protection of consumer rights. The transformational changes in the banking system that have been taking place in recent years under the leadership of the National Bank of Ukraine, including the digitization of the state's banking sector, have been analyzed. It was found out that the military actions led to the radical actions of the National Bank of Ukraine in the sphere of administration of trade in currency values, which helped to calm the panic of the population in the conditions of the beginning of the war in the country. Keywords: currency; foreign exchange market; foreign exchange values; public administration; trading of foreign exchange values; public administration of trading of foreign exchange values.

Demand Side Factors and Financial Inclusion: The Mediating Role of Financial Self-efficacy

Despite the recognized significance of achieving financial inclusion in Nigeria,there is limited studies in this area. This gap primarily arises from the prevailingfocus in existing literature on financial inclusion in Nigeria, which predominantlyemphasizes the supply side. Therefore, this study delved into the role of financial selfefficacyas a mediator in the relationship between demand-side factors and the financialinclusion of micro, small, and medium enterprises (MSMEs) in selected local governmentsin Oyo State. The study employed a cross-sectional survey design, the studygathered primary data through structured questionnaires and utilized a structuralequation model for analysis. The findings reported a significant positive link betweenfinancial attitude and financial inclusion (p-value: 0.000). Likewise, there was a noteworthypositive association between subjective norms and financial inclusion (p-value:0.001), as well as between personal experience and financial inclusion (p-value: 0.003). Intriguingly, financial self-efficacy emerged as a substantial obstacle to financial inclusion,acting as a mediating factor with a p-value of (0.002). By evaluating the mediationeffect, this study shows how financial self-efficacy enhance individuals MSMEs ownersto confidently undertake financial tasks and decisions and consequently, financial inclusion in relation to their attitude, experience and subjective norms respectively. Consequently,the study recommends the promotion of positive financial attitudes amongindividual MSMEs to facilitate continuous access to diverse financial services. Financialservice providers should prioritize the establishment of an effective and sustainablefinancial system that offers affordable services to MSMEs. Furthermore, communityleaders are encouraged to play a role in motivating their members to actively engage inthe formal financial sector.

Improving Communication with Financial Consumers: Insights from a Study of Phone Call Phobia

A phone call phobia is a symptom of avoiding real-time communication that ranges from mild nervousness to a debilitating fear of making or receiving phone calls. The situation of avoidance of real-time communication, including phone call phobia, can potentially influence personal finance, particularly if it limits an individual's ability to communicate effectively with not only family, friends, and employers but also financial service providers. As the COVID-19 pandemic has affected ways of socializing and communicating, it is important to understand the situation and related factors of phone call phobia. This study, therefore, examined factors related to three types of phone call phobia (employer, family, and friends) and six types of communication preferences (face-to-face, phone calls, letters, email, text messaging, and online messaging apps). Using data from an online survey conducted in 2021, this study considered a list of comprehensive factors, including psychological factors, financial-psychological factors, financial status, job-related factors, health-related behavior, and demographic factors, in ordered logistic regression and seemingly unrelated regression estimation models. The findings provide insights to improve communication between financial consumers and financial services providers.

EXPRESS: AI-based Financial Advice: An Ethical Discourse on AI-based Financial Advice and Ethical Reflection Framework

This article presents a first step in identifying the ethical issues of AI-based financial advice. Consumers must navigate an ever more complex array of financial decisions. (Generative) AI-based financial advice may increase access to and acceptance of financial advice and strengthen consumers’ financial well-being. However, significant ethical challenges exist in designing, developing, and deploying AI-based financial advice. To analyze the perils and pitfalls of AI-based financial advice, we develop a definition of what constitutes good AI-based financial advice and provide a first assessment of ethical challenges related to AI-based financial advice. The iterative multi-stakeholder approach, including workshops and semi-structured interviews with consumers and experts, results in an ethical discourse structured around the four fundamental values of the European Commission’s Ethics Guidelines for Trustworthy AI, human autonomy, explicability, fairness, prevention of harm, and trust as the overall objectives. Based on our analyses, we derive a simple yet comprehensive AI Ethics Framework for Financial Advice (AIFA). The AIFA reflection framework guides public policymakers, managers of financial service providers, and technology developers in incorporating ethical discourse in developing and deploying (generative) AI-based financial advice.

How to Promote Data Sharing of Financial Service Providers Based on Federated Learning Technology

Data sharing between financial service providers (FSPs) can promote the reduction of financial risks, but the reality is that the FSPs may be unwilling to share data with each other due to data security problems. The emergence of federated data technology provides a convenient way to address this issue. In this article, the author proposes using a federated data sharing model for FSPs and two dynamic evolutionary games for evaluating influencing factors. Cooperation results when both FSPs reach a certain level of mutual payoff. The reward and punishment mechanisms are important means by which FSPs actively implement real data sharing. The interaction between the FSP and the federated technology service provider (FTSP) demonstrates the practicality of this new technology. The results show that the data sharing improved the data trust and supported regulatory mechanisms.

POLICY TO SUPPORT THE FINANCING OF MICROENTREPRENEURS

The objective of this article is to explain the determinants of access to credit in formal financial institutions for microenterprises by non-traditional factors, namely the possession of a mobile account without having an account in traditional financial institutions, the fact of being a member of a tontine or a mutual aid association. The methodology used is based on the estimation of the logit model with data from the Integrated Household Living Conditions Survey for 2019-2020 (EICVMB, 2019-2020) of the National Institute of Statistics of Burundi (INSBU). All other things being equal, the main results show that i) having a mobile banking account has a positive effect on access to credit (0.02751%), ii) even if the microentrepreneur does not have a traditional account (0.0322%), iii) and that being a member of a tontine or mutual aid association has a negative effect on access to credit (-0.02723%). For tontine groups to be a genuine source of finance for micro-businesses, especially those in rural areas, and thereby help to increase financial inclusion, these results call on the political authorities and financial service providers to work in synergy to develop the use of mobile banking in the provision of financial services, to develop appropriate support infrastructures, and to set up support modules for tontine groups, especially in rural areas. Keywords: Mobile Banking; Tontine or Mutual Aid Association; Financing; Microenterprise; Burundi

Exploring Factors that Affect the Performance of Financial Intermediaries in the Insurance Sector

This article evaluates the prominent factors affecting financial intermediaries’ performance in the insurance industry. It is widely accepted that the performance of financial intermediaries in the insurance industry contributes to both industrial expansion and an increase in the market value of financial service providers. Surprisingly, there is not much research on financial intermediaries’ ability to identify obstacles that hinder their effectiveness. This study thus sought to provide strategies for financial services providers, insurance conglomerates, and senior management to gain a broad understanding and thorough review of the important influential factors that should be considered to enhance the performance of financial intermediaries in the insurance sector. To investigate the factors that enhance the performance of financial intermediaries, a close-ended questionnaire was developed in which 300 responses were collected at a market conduct authority. A quantitative approach was judiciously selected to analyse the data and identify the relationship between several factors. Using logistic regression models, key socioeconomic characteristics impacting the performance of financial intermediaries were identified including organisation, gender, education, level of education, and experience. By examining the interplay of regulatory frameworks, market conditions, and managerial practices, the study identified key drivers and barriers to success in this industry. It is recommended that future researchers adopt the strategies to further explore the complexities surrounding hedge funds and collective investment schemes. The findings of the study may aid in the development of future innovative product designs for financial intermediaries in the insurance sector. Keywords: Financial Intermediaries, Financial Intermediation, Financial Sector, Financial Services Providers

Decoding Users’ Continuance Intentions towards Digital Financial Platforms in the Indian Economy

Indian financial sector has seen a dramatic change in recent years, with digital finance unlocking new possibilities for financial inclusion. This paper investigates the factors influencing the continuous usage intention and advocacy intention, regarding digital finance, in the Indian economy. Utilizing the Stimulus-Organism-Response (S-O-R) model, the study examines how ease of use, credibility and ubiquity (stimulus) could influence user trust, satisfaction, and engagement (organism), ultimately affecting their intention to use and recommend the service (response) continuously. Non-probability convenience sampling technique was used to select the study sample. Based on the results, features of digital financial platforms such as ease of use, credibility and ubiquity, were found to have a significant impact on user trust, satisfaction, and engagement. These factors partially mediate the stimulus and response variables. The research findings provide Digital Financial Service Providers (DFSPs) with practical guidance on creating and implementing user-centric platforms that create engagement and trust. User experience should be prioritized and making sure that platform should be accessible, easy to use and compatible with a variety of devices.

Public Perception Towards Insurance Companies in Malaysia

Nowadays, the insurance sector is regulated and driven by profit maximization, just like other providers of financial services. We have been taught that insurance is essential for peace of mind, yet customers generally have a poor perception of insurance providers, and this view is even more evident among younger clients who are so important to the industry's future. The objective of this study is to investigate factors that influence public perception of insurance companies in Malaysia, including fraud, claim settlement, and knowledge. The study adopted a cross-sectional survey research design. This survey was conducted using questionnaires and 110 randomly selected insurance policyholders. The study's findings suggest that the public's perception of insurance companies is significantly influenced by knowledge. As a result, this outcome will assist insurance companies in developing new formulas that take the criteria mentioned above into account to serve the public interest.

Determinant of Family Takaful Adoption Among Puncak Alam Residents

This study investigates the key determinants influencing the adoption of family takaful among residents of Puncak Alam, Selangor. Despite the strategic design of family takaful to provide financial protection, particularly for low-income earners in the event of financial loss, its market penetration in Malaysia remains low. This raises important questions about the barriers to its widespread adoption, despite extensive promotional efforts by the takaful industry. The research aims to address these challenges by identifying and analyzing the factors that hinder the broader uptake of family takaful. A quantitative and descriptive research approach was adopted to gain a deeper understanding of the issue. Data collection was conducted using random sampling techniques, and the responses were analyzed using descriptive statistics with the help of the Statistical Package for Social Sciences (SPSS) software. The study involved a structured survey of 100 respondents from Puncak Alam, which examined the impact of three key variables - price, knowledge, and satisfaction - on the adoption of family takaful. The findings of this study underscore the significance of these three factors in shaping consumers' decision-making processes regarding family takaful. Price, as an indicator of affordability, knowledge about family takaful products, and the level of satisfaction with existing services, were all found to significantly influence adoption rates. By highlighting these critical determinants, the research provides valuable insights for policymakers, takaful operators, and financial service providers to refine their strategies and promote wider adoption of family takaful, ultimately enhancing financial security for the Malaysian population.

The Demographical Analysis Of Indonesian Buy-Now-Pay-Later Users Financial Wellbeing

This study aims to understand what causes financial wellbeing among Indonesian Buy-Now-Pay-Later Users in terms of demographical. A survey from 400 respondents was collected through an online questionnaire from January to June 2024 and analyzed using descriptive statistics, and continued by using Kruksal Wallis and Mann Whitney U in SPSS to test whether there is a statistically significant difference between two or more independent variables. This study is confirmed as the study demonstrates that demographic factors significantly influence financial well-being. These insights emphasize the importance of considering demographic variables when assessing financial health and tailoring financial education, policy-making, and service provision to effectively address the diverse needs of different demographic groups.

CLASSIFICATION OF LEGAL PROVISIONS REGULATING RELATIONS, THE OBJECT OF WHICH IS ELECTRONIC AND DIGITAL MONEY

The article is devoted to the classification of legal provisions regulating relations, the object of which is electronic and digital money. It was determined that legal provisions are the first element of the mechanism of legal regulation of relations, the object of which is electronic and digital money. The legal rules establishing the procedure for the provision of financial payment services by electronic money issuers for the issuance of electronic money and the execution of payment transactions with them (regulatory legal rules) are differentiated into the following groups: legal rules establishing the procedure for opening and maintaining electronic wallets; legal rules establishing requirements for issuers of electronic money and their commercial agents; legal rules establishing the procedure for issuing electronic money; legal rules establishing the procedure for repayment of electronic money; legal rules establishing restrictions on the use of electronic money; legal rules establishing the specifics of performing payment transactions with electronic money. Legal rules regulating relations, the object of which is digital money (regulatory legal rules), are differentiated into the following groups: legal rules establishing the procedure for issuing digital money; legal rules establishing the procedure for storing digital money; legal rules establishing the procedure for repayment of digital money; legal rules establishing the specifics of performing payment transactions using digital money. It is proved that the system of atypical legal provisions regulating relations, the object of which is electronic and digital money, is not extensive (its truncated), since it does not include various types of prescriptions that do not have specific rules of behavior.

Effect of Organization Capabilities on the Growth of Fintech Providers in Kenya

Purpose: The Fintech industry has become a central service sector that has revolutionized financial services provision and fostered financial inclusion. However, the revolutionary nature of the various Fintech firms has resulted in their operations being unclear as their conduct in the market remains unsupervised. Further the Fintechs fail in diversifying their products and services thus limiting their growth within the country. This research sought to establish the effect of organization capabilities on the business growth of fintech providers in Kenya. The specific objectives of the research sought to establish the effect of resource capabilities, marketing capabilities, leadership capabilities and technological capabilities on the business growth of fintech providers in Kenya. The survey was grounded on the dynamic capabilities theory. Methodology: The study used a descriptive cross-section research design with study population drawn from the association of Fintech providers in Kenya. There are a total of 63 firms that was considered in the study with the three senior managers from each of the firm considered as the respondent. The research utilized random sampling in selecting the 189 participant. Data collection was carried out using a structured questionnaire with drop and pick method applied in the study. The research data was analyzed using descriptive, correlation and regression analysis. Findings: The study established that there is a statistically significant relationship between organization capabilities and the business growth of fintech providers in Kenya (R2 = .487, Sig = .000). The findings of the first objective revealed that there was a positive and significant effect of resource capabilities on business growth of fintech providers in Kenya (coefficient β1 = .448, sig = .000<.05). Analysis of the second objective revealed that there was a positive and significant effect of marketing capabilities on business growth (β2 = .049, sig = .001<.05). The results of the third objective revealed that there was a positive and significant effect of leadership capabilities on business growth (β3 = .139, sig = .004<.05). Regression for the fourth variable showed that there was no significant effect of technological capabilities on business growth of Fintech Providers (β4 = .007, sig = .1936>.05). Unique Contribution to Theory, Practice and Policy: Based on the conclusions, the study recommends that the government should develop and maintain robust technology infrastructure that enables fintech providers to innovate and integrate advanced technologies. The study also recommends that fintech firms should continue to encourage open feedback and communication to build strong, collaborative teams. The study further recommends that firms should enhance social media marketing efforts to broaden market reach and engage with potential customers by investing in digital marketing tools.