Traditional Banking Services Research Articles

The Impact of Microfinance on Women Empowerment in the Kpone Katamanso Municpal Assembly

Microfinance is a financial service that provides small loams, savings and other financial products to individuals or groups who lack access to traditional banking services. The Kpone Katamanso Municipal Assembly which was carved out from the Tema Metropolitan Assembly with the promulgation of the Legislative instrument (L.I) 2031 was selected for the study on the impact of Microfinance Institution (MFI) on women empowerment. A descriptive approach was adopted for the study. Primary and secondary data were used. Two sets of questionnaires were administered in the study; one each for clients of the MFI and the officials of the Eddieyn Microfinance Ltd. Combinations of purposive and convenient sampling methods were used to select the MFI and the clients for the study. The main findings of the study revealed that the presence of MFI has contributed to a large extent, an increase in access to credit and savings mobilization. This contributed in women’s ability to improve their petty trading, hence increase their income, and subsequently leading to good health and education for their families, acquisition of assets and taking part in household decision making. Based on the findings it is recommended that financial education be intensified by financial institutions to educate women on financial services available and how to access them through meetings and seminars. Also, the Municipal Assembly should encourage MFIs to establish their branches in rural areas.

Impact of Digital Banking on Traditional Banking Services

Digital banking has quickly become a game-changer in the world of finance, altering the way banks interact with customers and run their operations. With tools like mobile banking apps, AI-driven recommendations, and blockchain technology, consumers now have more control and convenience in managing their finances than ever before. This shift has raised the bar on what people expect from their banks, prompting traditional banking institutions to adapt to stay relevant in a fast-evolving, tech-driven landscape. This paper explores how digital banking is impacting traditional banks in areas like cost savings, data insights, market reach, and consumer habits. While the digital shift opens doors to new efficiencies and easier access, it also brings unique challenges, especially around cybersecurity, privacy, and compliance with new regulations. Additionally, with fewer physical branches and less face-to-face contact, there’s a question of how this transition may affect the trust and service quality that many customers still value in their banking experience. Using real-world examples and industry trends, this paper looks at how traditional banks are responding—whether by creating hybrid models that blend digital and in-person services, forming partnerships with tech innovators, or ramping up cybersecurity. The goal is to explore whether digital banking can coexist with traditional models to enhance the banking experience, or if it’s setting the stage for a future where traditional practices may be left behind. The findings aim to shed light on how banks can strike a balance between adopting new technology and maintaining the personalized, reliable service that has long defined their role in the financial industry.

The Impact of Financial Inclusion on Economic Growth in Nigeria: A Secondary Data Analysis

This study investigates the impact of financial inclusion on economic growth in Nigeria, a country where a significant portion of the population remains financially excluded despite ongoing efforts to enhance access to financial services. The problem addressed is the limited understanding of how various aspects of financial inclusion, particularly mobile money, banking services, and credit availability, affect Nigeria's GDP growth. The primary objectives of the study are to assess the current level of financial inclusion, analyze its relationship with GDP growth, and provide evidence-based policy recommendations to improve financial access and support economic development. To achieve these objectives, a secondary data analysis was conducted, employing multiple linear regression, Pearson correlation, and Granger causality tests. The findings reveal a marginally significant positive relationship between Mobile Money Subscriptions (MMS) and GDP growth, while access to formal banking services and credit availability showed no significant correlation with economic growth. These results highlight the importance of mobile money as a key driver of financial inclusion, contrasting with the limited impact of traditional banking services. Based on these findings, the study recommends enhancing mobile money infrastructure, strengthening financial literacy programs, promoting inclusive banking models, and fostering collaboration with fintech firms. Implementing these recommendations could significantly improve financial inclusion in Nigeria, ultimately contributing to sustained economic growth and enhanced welfare for the population.

A Conceptual Framework of Navigating Digital Banking: How Gender Impacts Adoption Intentions in Klang Valley

Malaysian banking users have encountered negative experiences while adopting traditional bank services. Several customers and businesses face limited access to traditional banking products and services due to factors such as low or irregular income, bad credit, or a lack of conveniently located banks. The acceptability of digital banking products and services in Malaysia is currently unknown and inadequate due to the general lack of familiarity among Malaysians with the notion of digital banking. Conventional methods of analyzing consumer behavior, which primarily consider historical data and current resources, will not result in the achievement of branchless banking in the future. This paper presents a framework that examines how various factors such as performance expectancy, effort expectancy, social influence, facilitating condition, hedonic motivation, price value, and habit may influence behavioral intention. Additionally, the framework considers gender as a moderator variable. The results of this study are anticipated to expand the existing body of knowledge on behavioral intention and bring advantages to marketers and digital banking providers.

Building the Foundation of Indonesia’s Digital Economy: Encourging the Adoption of Bitcoin and Blockchain Technology to Increase Financial Inclusion and Efficiency

This research aims to promote the adoption of bitcoin and blockchain technology to enhance financial inclusion and efficiency in Indonesia. A mixed-method approach was used, involving qualitative interviews with experts and users of blockchain and bitcoin, as well as quantitative surveys distributed to students and the general public. Findings suggest that these technologies can improve efficiency in the financial sector by reducing costs and improving accessibility, especially for people without access to traditional banking services. However, the successful implementation of blockchain and bitcoin requires proper education on their use. Theoretical implications highlight the role of blockchain in advancing digital financial inclusion, while practical implications point to the need for government regulations and strategies for financial institutions. This research offers insights into supporting digital economic transformation and improving the efficiency of financial services in Indonesia.

Factors Influencing Mobile Banking Usage Among Malaysians During Covid-19 Period

The COVID-19 pandemic has indeed brought about significant changes in various aspects of human life, including daily activities, the global economy, and the financial sector. Restrictive measures aimed at controlling the spread of the virus have prompted greater reliance on digital solutions, including mobile banking, due to limited physical access to traditional banking services. For this reason, this study aims to investigate the factors that influence individual attitudes towards the use of mobile banking during this period. Therefore, this study uses a survey method through a developed questionnaire to collect responses. The questionnaire comprises several sections on the socio-demographic profile and the Likert-scale questions on the interest factors. A total of 274 respondents is successfully obtained through the online medium. The findings suggest that the Perception of Ease of Use (PEOU) and Enjoyment (PE) have a significant positive effect on attitude. In contrast, the Perception of Usefulness (PU) and Perceived Credibility (PC) are then discovered to have no significant impact on attitude toward the use of mobile banking. In summary, this study contributes valuable insights into the factors influencing individual attitudes toward mobile banking at a time when digital financial solutions are becoming increasingly relevant due to the pandemic. The findings underscore the importance of user experience and security considerations in shaping consumer attitudes and, subsequently, the use of mobile banking services.

Disruption of Traditional Banking Services by Financial Technology in the Digital Economy

Under the rapid development of the digital economy, financial technology is disrupting the traditional banking industry with rapid innovation and technology application. Traditional banks have always been the core of the financial system, but with the rise of technologies such as the Internet, mobile payments and blockchain, the core functions of banks are being challenged. FinTech, with its flexibility and technological advantages, has made significant progress in areas such as payments, lending and wealth management, transforming the delivery of financial services and triggering changes in customer behavior and expectations. Traditional banks are under pressure to digitally transform themselves, while also needing to address new regulatory and security challenges. To survive and continue to play a role in this change, traditional banks need to partner with fintechs to develop new business models and innovative products. By analyzing the disruptive impact of FinTech on traditional banking services, this paper discusses the future development trends and adaptation strategies of the banking industry, aiming to provide theoretical and practical references for the industry.

Analysis of Interest Rate Determinants: Evidence from Lending Club

Nowadays, high interest rates hit the whole lending market, a number of people consider online lending institutions to trade. This dynamic generates a viable alternative to traditional bank services, allowing borrowers to choose their optimal lending plan. This paper focuses on online lending services, investigating the factors influencing the interest rate offered by Lending club institutions. Using OLS and machine learning models, the author analyses the influence of different dimensions of factors (debt level, FICO score, lending purpose, and normalized debt-to-income ratio) on the average interest rate. The results emphasize the results emphasize that Personal characteristics count for lending rate evaluation. People who have lower credit scores and bear a high debt ratio would be offered a higher interest rate than those who have a good individual background. Contrary to the conclusions achieved in other studies, when loans are given for longer durations, they tend to have higher interest rates. This is mainly because lenders have to consider factors like the risk of inflation and the potential earnings they might miss out on during that extended period.

DYNAMICS OF THE UKRAINIAN BANKING SYSTEM’S ATTRACTION AND USE OF CASH SURROGATES

This study is devoted to the analysis of transformations in the use of monetary surrogates within the Ukrainian banking system from 2015 to 2023. Through an extensive examination of financial data, key factors driving the rising prevalence of electronic money and cryptocurrencies have been identified. This phenomenon unfolds against a backdrop of profound technological shifts and economic volatility, compounded by regulatory challenges. The findings underscore a strong interconnection between technological advancements, changes in consumer behavior, and the evolution of the regulatory framework. A notable increase in the volume of electronic money transactions, coupled with the significant expansion of the cryptocurrency market, points to a paradigm shift from traditional banking services towards novel financial instruments. Specifically, electronic money, cryptocurrencies, and digital tokens are emerging as prominent alternatives to conventional currency, offering users avenues for conducting transactions and preserving value amid economic instability. The research also provides an in-depth analysis of the regulatory hurdles confronting financial institutions and government agencies, particularly regarding adherence to anti-money laundering (AML) protocols and know-your-customer (KYC) regulations, alongside the imperative to safeguard consumer rights amid heightened cryptocurrency market volatility. Furthermore, this study addresses the potential long-term ramifications of the proliferation of monetary surrogates on Ukraine’s banking system, including shifts in conventional banking practices, potential risks to financial stability, and implications for monetary policy. Despite notable progress in the integration of new financial technologies, several unresolved challenges persist, particularly concerning the provision of adequate regulatory support for innovation while maintaining the stability of the financial system. In conclusion, this research offers a valuable contribution to the understanding of how technological development and socio-economic changes are reshaping financial systems in emerging economies, with a particular focus on Ukraine. The insights derived from this study may prove instrumental for policymakers and financial institutions as they navigate the evolving conditions and challenges of a rapidly transforming financial landscape.

TRIMMING DOWN POVERTY THROUGH MICROFINANCE IN PAKISTAN

Microfinance refers to the provision of financial services, such as loans, savings, insurance, and other basic banking services, to individuals and small businesses in low-income or developing communities who have limited access to traditional banking services. Microfinance aims to alleviate poverty, empower marginalized communities, and promote economic development by providing financial resources to those who would otherwise be excluded from the formal financial sector. Credit does not play a direct role in poverty reduction; instead, it increases the borrowers' income so that they can be socially uplifted. This study was conducted to find out the role of microfinance in eradicating poverty in Pakistan. Punjab Rural Support Program (PRSP) provides small loans in the rural areas of Pakistan. In this study, three variables, credit, education, and family size, are taken as independent variables, while the borrowers' income is taken as the dependent variable. Data was collected from the rural areas of Tehsil Gujrat to project the impact of small credit. The study also presents some policy measures like expanding the outreach, increasing the amount of credit, etc, given, so that maximum benefits can be dropped to the last end.

Role of Islamic Banks in Increasing Financial Inclusion: A Systematic Literature Review

This article investigates the contribution of Islamic banks to enhancing access to financial services by looking at their unique method of offering Sharia-compliant goods and services. Islamic banking principles, the study claims, encourage profit-and-loss sharing and forbid riba (interest), which increases access to financial services, particularly for devout Muslims. In particular, this paper looks at how Islamic banks affect financial inclusion in Southeast Asia, the Middle East, and North Africa. This is accomplished by assessing academic literature, industry reports, and statistical data. It looks at potential substitutes, including mobile banking and microfinance, to reach those who need access to traditional banking services and delves into the difficulties Islamic banks have, such as a lack of knowledge about money and location. Data indicate that Islamic banks support economic development and stability by establishing trust via Sharia governance structures. In its last part, the report offers some suggestions on how governments may utilize Islamic banking to increase public access to financial services and promote social change.

The Mongrel Banking Experience: Emulsifying Physical and Dogital Channels of Banking

The incorporation of modern technology into banking process has transformed the financial environment, providing unrivaled convenience, efficiency and security. In order to accommodate a wide range of consumers taste and demographics, banks have taken strategic approach to adopt technology in combination to traditional banking services

The Impact of Financial Technology Innovation on Banking Service Transformation: A Case Study in the FinTech Industry

The rapid advancement of financial technology (FinTech) has brought about transformative changes in the banking sector, redefining the way financial services are delivered and experienced. This article explores the profound impact of FinTech innovation on banking service transformation through an in-depth case study within the FinTech industry. The study employs a comprehensive analysis of key technological advancements and their influence on traditional banking services. It investigates how FinTech innovations, such as blockchain technology, artificial intelligence, and mobile banking applications, have reshaped the landscape of financial services, enhancing efficiency, accessibility, and customer experience. Through a detailed examination of a leading FinTech company, the case study delves into specific strategies and implementations that have driven banking service transformation. It evaluates the adoption of digital platforms, the development of personalized financial products, and the integration of data analytics for risk management and customer engagement. Furthermore, the article explores the challenges and opportunities posed by FinTech innovation for traditional banking institutions. It discusses regulatory considerations, cybersecurity concerns, and the need for strategic collaboration to navigate the evolving financial ecosystem. The findings highlight the positive outcomes of FinTech-driven transformations, including increased financial inclusion, streamlined operations, and improved customer satisfaction. However, it also emphasizes the necessity for adaptive strategies among traditional banks to stay competitive in the dynamic FinTech landscape. In conclusion, this article contributes valuable insights into the intricate relationship between financial technology innovation and banking service transformation. The case study serves as a practical illustration of how FinTech has become a catalyst for change within the financial industry, offering lessons and implications for stakeholders seeking to navigate and thrive in this rapidly evolving environment.

Marketing, communication, banking, and Fintech: personalization in Fintech marketing, enhancing customer communication for financial inclusion

This paper explores the intersection of marketing, communication, banking, and fintech, with a focus on personalization in fintech marketing and enhancing customer communication for financial inclusion. Financial technology (fintech) has revolutionized the way financial services are delivered, offering innovative solutions that cater to diverse customer needs. One key aspect of this transformation is the emphasis on personalized marketing strategies, which enable fintech companies to engage with customers on a more individualized level, driving customer satisfaction and loyalty. Personalization in fintech marketing involves tailoring products, services, and communications to meet the specific needs and preferences of customers. This approach not only enhances the customer experience but also increases the likelihood of customer retention and acquisition. Fintech companies leverage customer data and advanced analytics to segment their audience and deliver targeted messages and offers, effectively addressing customer pain points and driving engagement. Moreover, effective customer communication is essential for promoting financial inclusion, particularly among underserved populations. Fintech companies can use various communication channels, such as mobile apps, social media, and chatbots, to reach customers who may have limited access to traditional banking services. By delivering relevant and timely information, fintech companies can empower customers to make informed financial decisions and improve their overall financial well-being. The paper also discusses the role of banking and fintech partnerships in driving financial inclusion. By collaborating with traditional banks, fintech companies can leverage existing infrastructure and customer networks to reach underserved communities. These partnerships enable fintech companies to offer innovative financial products and services to a broader audience, contributing to greater financial inclusion and economic empowerment. In conclusion, personalization in fintech marketing and effective customer communication are key drivers of financial inclusion. By adopting these strategies, fintech companies can better engage with customers, tailor their offerings to meet specific needs, and ultimately, contribute to a more inclusive financial system. Keywords: Fintech Marketing, Customer Communication, Financial Inclusion, Personalization, Banking.

Revolutionizing Banking: Neobanks’ Digital Transformation for Enhanced Efficiency

Changes in customer behaviors after the COVID-19 pandemic have encouraged the transformation of banking systems. Neobanks have emerged as an innovation and entered the banking system to compete with traditional banks by offering new customer experiences. Neobanks transform traditional banking products and services which are delivered through physical interactions into those delivered via digital channels. This paper analyzes traditional banks that have transformed into neobanks, specifically their efficiency after digital transformation. Efficiency was measured using Stochastic Frontier Analysis (SFA), as it is highly accurate in estimating efficiency scores. This study also used a Pooled Mean Group (PMG) estimation of the Panel ARDL (Autoregressive Distributed Lag), as this approach is useful for analyzing the relationship between variables in panel data, to investigate digital transformation as a determinant of neobanks’ efficiency and examine the existence of short-term and long-term relationships between digital transformation and efficiency. We found that the efficiency of neobanks increases after digital transformation. Furthermore, it can be concluded that digital transformation is a determinant of efficiency and that there is long-term relationship between digital transformation and efficiency. In the short term, digital transformation has a significant negative correlation with efficiency, but in the long term, it has a significant positive relationship; this is because the cost of digital transformation initially decreases the profit efficiency, but afterwards, it increases the efficiency.

Fintech's Transformative Influence on Traditional Banking Strategies and its Role in Enhancing Financial Inclusion

In the previous researches of authors, dynamics of cryptocurrency with use of blockchain technology has been studied and legal challenges in India as related with the applicability of cryptocurrency has been critically reviewed. Also, growing impact of blockchain technology on trading and businesses has been worked out whereby challenges in using the blockchain application in business has been figured out. This paper further tries to explore and examine the current state of using financial technology in the banking sector. Fintech has rapidly transformed traditional banking services, presenting both challenges and opportunities for financial institutions. The paper investigates into the key aspects of the role of fintech in the banking sector, examining the challenges faced by traditional banks and the opportunities that arise from embracing technological advancements. By conducting a comprehensive literature review, the authors aim to explore the utilization of technology across diverse facets of banking transactions, identifying challenges in its implementation, facts about enhanced role of technology in financial inclusion and more related data. The study also delves into future trends and the regulatory landscape of fintech within India's banking industry along with its scope around financial inclusivity. This paper holds significance for scholars, researchers, and banking professionals alike, providing insights into the methodology of employing technology for secure transactions in banks. The work introduces a meticulously reviewed and integrated framework, offering practitioners an understanding of the current scenario and potential future implications.

The Transformative Role of Fintech in Modern Business Organizations: A Comprehensive Analysis

The power of Fintech has been growing rapidly, and it has become a world of choice for small,medium-sized and large enterprises.Fintech enterprises facilitate consumers' access to an extensive array of financial alternatives, such as business loans via digital platforms.The adoption of Fintech among SMEs is 25% globally, leaving plenty of room for growth.Small businesses may now handle their finances more easily and affordably thanks to fintech developments, which frequently provide more cheap alternatives to traditional banking services. Small businesses can leverage financial technology to enhance customer service, reduce costs, and streamline operations with the help of fintech..The impact of Fintech on small and large businesses is significant and multi-faceted.Fintech has completely changed how companies handle their money, carry out financial transactions, and obtain capital (Bulkhairova et al., 2023). It has provided small businesses with access to affordable and convenient financial services,leveling the playing field with larger companies. Furthermore, Fintech has streamlined and automated various financial processes, saving businesses time and resources. Additionally, Fintech has facilitated the development of innovative business models and the emergence of new industries. It has fostered financial inclusion by reaching underserved populations and facilitating access to banking services. Overall, Fintech has proven to be a transformative force for businesses of all sizes, offering a wide range of benefits and opportunities. Fintech is of utmost importance for both small and large scale businesses. In recent years, thanks to technological innovations , Fintech's interaction with finance is quickly altering how traditional financial services are offered, significantly impacting banks activities . Furthermore, Fintech is increasingly impacting the real economy,stimulating the modernization of financial business . It is clear that Fintech plays a crucial role in the growth and success of both small and large scale businesses. Not only does Fintech provide small and large businesses with access to affordable and convenient financial services, it also streamlines financial processes, saves time and resources, fosters innovation, and promotes financial inclusion (Sembiring et al., 2022). Keywords :fintech; small-scale businesses; large-scale businesses; financial technology; traditional financial services;banks' activities; disruptive force; alternative source of credit

Current trends in the development of digital financial and payment market in Azerbaijan

Aim. To consider the key aspects of digital transformation of the financial sector in the context of large-scale changes taking place in the digital financial sphere.Objectives. To determine the sequence of actions of the Central Bank of Azerbaijan in the direction of cashless economy; to study the change in the architecture of the financial sector in connection with advanced financial technologies; to study the problems of FinTech providers of new financial technologies as a result of the introduction of the concept of open banking.Methods. The dialectical approach to analyzing the key phenomena and regularities contributing to the development of economic relations, as well as a systematic approach to revealing the main factors of development of digital transformation of the financial and payment sector served as the methodological basis of the research. Along with this, such methods of scientific analysis of socio-economic phenomena and processes as statistical, comparative, fundamental and functional analysis, expert assessments and modeling were used. The theoretical basis was formed by the final results of fundamental and applied research, reflected in periodicals, a number of monographs, materials of scientific conferences.Results. The Central Bank of the Republic of Azerbaijan with the purpose of expanding the process of application of innovative financial technologies on the basis of advanced technological solutions and thus supporting FinTech activities has started to implement measures on formation of appropriate legislative bases for introduction of open banking and technological infrastructure. The main reason for people’s decreasing attachment to traditional banking is the availability of digital banking services in a convenient and easy way, without wasting time and waiting in long queues.Conclusions. Azerbaijan has formed a positive trend in the development of digital banking, which can be considered one of the main challenges of modernity. Today, digital banking in Azerbaijan is replacing traditional banking services. The emergence of prominent FinTech providers of new financial technologies as a result of the introduction of the concept of open banking, which allows individual banks and customers to share financial information with third parties, is changing the status quo of the financial ecosystem. This new paradigm has the potential to transform the traditional financial services ecosystem into a dynamic and competitive environment where startups and small innovative companies, competing with larger providers, offer new products and services. A positive trend in the development of digital banking as one of the main challenges of modernity has emerged in Azerbaijan. Today digital banking in Azerbaijan displaces traditional banking services.

Blockchain for social good: A review of applications in humanitarian aid and social initiatives

Blockchain technology has emerged as a revolutionary force with the potential to address pressing social challenges and transform traditional paradigms in humanitarian aid and social initiatives. This paper provides a comprehensive review of the diverse applications of blockchain in fostering social good, particularly in the realms of humanitarian aid and social initiatives. The decentralized and transparent nature of blockchain offers a paradigm shift in the way charitable organizations operate and deliver aid. Smart contracts on blockchain enable transparent and tamper-resistant transactions, ensuring that resources are allocated efficiently and reach intended beneficiaries. The elimination of intermediaries reduces the risk of corruption and ensures a more direct and accountable flow of funds. In the context of humanitarian aid, blockchain facilitates the creation of decentralized identity systems, ensuring secure and verifiable identities for displaced populations. This aids in the efficient delivery of aid, as well as financial inclusion for those without access to traditional banking services. Moreover, blockchain enhances supply chain transparency, enabling the tracking of donations from inception to distribution, reducing fraud and ensuring the authenticity of goods. Social initiatives, too, benefit from blockchain's transformative capabilities. Decentralized autonomous organizations (DAOs) enable communities to collectively make decisions and manage resources. This fosters a sense of ownership and empowerment among participants, promoting sustainable social development. Additionally, blockchain-based token economies incentivize positive behaviors, encouraging individuals to contribute to social causes in meaningful ways. Despite these promising applications, challenges such as scalability, regulatory uncertainties, and technological literacy remain. This paper calls for continued research and collaboration to unlock the full potential of blockchain for social good, emphasizing the need for innovative solutions that can address the unique challenges faced by humanitarian and social initiatives.

A RESEARCH ON INVESTIGATING CUSTOMER CONTENTMENT AND ATTITUDES TOWARDS INTERNET BANKING FACILITIES IN SALEM DISTRICT

In our fast-paced lives, we are constantly being tested on our skills and endurance. Everyone must strive to find ways to save time. One of the innovative advancements that allows customers to carry out their financial transactions from a physical or online bank, credit union, or other financial institution on a secure platform is online banking. Online banking, also known as electronic banking, is the digital delivery of traditional banking services and products to customers directly through electronic, interactive communication channels. It offers customers numerous benefits and conveniences over traditional banking. Online banking is a fast and convenient way to access your bank account using your mobile phone. Online banking uses the internet to facilitate financial transactions. When it comes to everyday tasks, bank transfers are a thing of the past thanks to online banking services. One of the most popular services offered by banks is online banking, making it a highly reliable platform. Banks often use encryption systems to safeguard the security of all customer data and prevent data breaches. Ultimately, it protects against online fraud and account manipulation. The speed of internet access, the new online banking features, and the frequency of online banking usage all impact how quickly online banking develops in each country. When the operations of banks and financial institutions are combined with information technology, online banking is created in the banking sector. Therefore, this study aims to provide an analytical view of customer satisfaction and preference for online banking services in Salem district.