• Fintech credit reduces the financing gap of micro, small and medium enterprises (MSMEs) in developing countries • In developing countries, fintech credit reduces MSME financing gaps most effectively among digitally visible firms, revealing a digital divide that limits benefits for less-equipped MSMEs • The demand for bank loans by SMEs in OECD countries reduces by 0.029 percent for a percentage increase in fintech credit • In OECD countries, SMEs substitute fintech credit for only short-term loans, not long-term. • Hence, fintech credit enables SMEs to diversify their demand for credit, thus reducing their exposure to banks' credit shocks. Access to credit by micro, small, and medium enterprises (MSMEs) from conventional financial institutions has historically been challenging. This has led to an increased use of alternative financing sources by MSMEs to bridge their long-standing funding gap. In this study, I examine the impact of fintech credit on MSME financing. Using a novel data set from the International Finance Cooperation and the World Bank, I empirically quantify how Fintech credit closes the MSME financing gap in developing countries. I find that a percentage increase in fintech credit reduces the MSMEs’ financing gap in developing countries by about 0.20 percent. However, moderating analysis reveals that this effect strengthens among digitally visible MSMEs, while delivering weaker benefits to the less digitally equipped ones, underscoring a digital divide that conditions fintech's inclusion potential. Furthermore, I use data on bank loans to SMEs across OECD countries to examine the substitutability or complementarity between fintech and bank credit. I find that SMEs' demand for bank loans is reduced by 0.029 percent for a percentage increase in fintech credit. However, the substitution occurs only in short-term loans. These findings imply that fintech credit closes aggregate MSME financing gaps in developing countries and complements traditional banking in OECD countries, but realizing broad-based financial inclusion requires complementary policies to enhance MSMEs' digital readiness, particularly in developing economies where digital divides are most pronounced.

The rapid advancement of financial technology (FinTech) has significantly transformed the global financial services landscape, challenging the long-established dominance of traditional banking institutions. FinTech, represented by companies such as PayPal and Stripe, leverages digital innovation to deliver faster, more efficient, and customer-centric financial solutions. In contrast, traditional banks like State Bank of India and HDFC Bank continue to rely on established systems, regulatory frameworks, and customer trust built over decades. This study examines whether FinTech serves primarily as a competitor disrupting traditional banking or as a complementary force enhancing its capabilities. The analysis highlights that while FinTech firms introduce cost efficiency, innovation, and broader financial inclusion, they also face challenges such as regulatory constraints and security concerns. Meanwhile, traditional banks are adapting by embracing digital transformation and forming strategic partnerships with FinTech companies. The findings suggest that the relationship between FinTech and traditional banking is increasingly collaborative rather than purely competitive. The integration of technological innovation with institutional stability is creating a hybrid financial ecosystem that benefits consumers and businesses alike. Thus, FinTech and traditional banking are best understood as complementary forces shaping the future of finance.

In April 2026, the Government of the Russian Federation submitted to the State Duma a comprehensive draft law on digital currency and digital rights, fundamentally reshaping the architecture of the Russian digital financial assets (DFA) market. This paper examines the financial market implications of the new regulation, including changes in market structure and competitive environment, shifts in liquidity and pricing parameters, the investment potential of the emerging secondary market, and the role of digital assets in cross–border settlements under sanctions pressure. The study demonstrates that the new regulatory framework is likely to lead to an oligopolistic market structure with high barriers to entry, while simultaneously creating conditions for qualitative growth in market depth through the legalization of organized trading and the introduction of a digital depository institution. Particular attention is given to the cross–border dimension, with an analysis of the «controlled gateway» model as a financial mechanism for settlements under sanctions–related constraints affecting traditional correspondent banking infrastructure.

The need for efficient blood management systems has increased significantly due to rising medical emergencies and demand for real-time blood availability. This paper presents the design, implementation, and performance evaluation of a scalable web-based blood bank management system developed using React.js, Spring Boot, and MySQL. The system provides real-time donor-recipient matching, secure authentication using JWT, and optimized data handling through REST APIs. Advanced features such as location-based search, responsive user interface, and efficient inventory tracking are implemented. Performance evaluation shows reduced response time, high throughput, and system reliability. The proposed system significantly enhances traditional blood bank operations and contributes to improved healthcare delivery.

Advances in artificial intelligence have made high-fidelity voice cloning increasingly accessible for people living with amyotrophic lateral sclerosis (ALS). AI-driven systems can generate novel, highly realistic utterances from limited speech samples, offering new opportunities to preserve identity, relationships, and emotional nuance within augmentative and alternative communication (AAC). Yet, it introduces distinct risks that extend beyond traditional message and voice banking, including impersonation, loss of control, erosion of voice as a trusted identifier, and posthumous persistence of a personal “acoustical fingerprint.” Consequently, individuals with ALS and their families ask questions about autonomy, privacy, delegation, and long-term management of cloned voices. This paper describes the development and implementation of a practice-based, patient-centered framework for AI-enabled voice cloning. Developed iteratively through longitudinal clinical encounters, the framework is operationalized through a Guiding Principles document and planning aid addressing informed consent, preferences, and ongoing review as disease, technology, and priorities evolve. The framework addresses autonomy and incorporates safeguards related to access control, ownership, professional accountability, and posthumous use. Conceptual alignment with international data-protection and AI-governance principles, including the European Union’s General Data Protection Regulation, supports the framework’s broader relevance, offering an approach for ethical integration into AAC practice while protecting identity, autonomy, and long-term interests.

Changes in lifestyle habits, the proliferation of internet access, and the rise of digitalisation have all had a big impact on the services that customers utilise for their financial needs. Customers, particularly those living in semi-urban areas, encounter a number of obstacles when utilising these services, despite the fact that electronic banking has caused traditional banking processes to undergo a transformation. Specifically, the purpose of this research is to study the challenges that clients in the Mayiladuthurai district encounter when utilising online banking services and problems faced by customers. We used an organised form to collect primary data from 250 individuals who participated in the survey. A one-way analysis of variance (ANOVA) that was based on a Likert scale with five points was utilised in order to study the difficulties faced by customers with the impact of educational qualification. Users have reported experiencing obstacles such as security concerns, technical problems, and insufficient digital expertise, with substantial variances noted across qualification levels. The findings indicate that despite the widespread usage of e-banking services, users continue to face major challenges.

This case study examines the transformative impact of Decentralized Finance (DeFi) on India’s traditional banking sector through a multi-stakeholder perspective. Drawing on both quantitative performance indicators and qualitative stakeholder insights, the study explores how DeFi influences operational efficiency, financial inclusion, and regulatory compliance. The findings indicate that while DeFi enhances transaction efficiency and expands access to credit, its integration into India’s financial ecosystem is constrained by regulatory ambiguity, cybersecurity concerns, and infrastructural disparities. The case highlights the need for a hybrid financial architecture supported by collaborative governance and adaptive regulatory frameworks.

Agency banking has emerged as a critical strategy for enhancing financial inclusion in Zambia, particularly in peri-urban areas where traditional bank branches are limited. However, the success of this model depends fundamentally on service quality delivered at agent points. This study investigated the effect of service quality on customer satisfaction within the agency banking model in Kafue District, Zambia. Grounded in the SERVQUAL model, the research employed a mixed-methods sequential explanatory design. A structured questionnaire based on the five SERVQUAL dimensions (Tangibles, Reliability, Responsiveness, Assurance, and Empathy) was administered to 400 agency banking customers across three banks (Zanaco, FNB, and Indo Zambia Bank), achieving a 93% response rate (n=372). This quantitative phase was followed by in-depth interviews with 15 key informants (10 agents, 5 branch managers) and field observations. Quantitative data were analysed using descriptive statistics and multiple regression, while qualitative data were analysed thematically. Findings revealed that Assurance (Mean=3.67) and Empathy (Mean=3.62) emerged as relative strengths, indicating customers perceive agents as trustworthy and caring. However, Reliability (Mean=3.30) and Responsiveness (Mean=3.34) were identified as critical weaknesses, with particular concerns about system reliability (Mean=2.88) and waiting times (Mean=2.95). Overall customer satisfaction was moderate (Mean=3.58). Regression analysis showed the five dimensions collectively explained 55.2% of variance in satisfaction (R²=0.552, p<.001), with Assurance (β=0.266), Empathy (β=0.216), and Reliability (β=0.204) as the strongest predictors. Qualitative findings confirmed that system failures and cash shortages are primary operational challenges, while agent interpersonal skills partially compensate for technical shortcomings. The study concludes that improving customer satisfaction requires prioritising technological redundancy, agent training, and cash liquidity management over cosmetic improvements. These findings have implications for banks, policymakers, and future research on agency banking in developing economies.

Purpose This study aims to explore how banks might enhance customer attitudinal loyalty in a wartime context, based on emotional attachment and psychological engagement with their digital tools, focusing on Ukraine. In conditions of geopolitical instability, understanding the psychological drivers of loyalty becomes critical for fostering financial systems’ stability. Design/methodology/approach Using survey data from Ukrainian banking customers, the authors used confirmatory factor analysis and structural equation modeling. Based on a previously validated scale, engagement was modeled as a second-order construct with five first-order dimensions: interaction, visual aesthetics, discovery, identity and civic orientation. Findings The results show that emotional attachment does not directly drive loyalty but works indirectly through engagement with digital tools. Visual design and informational discovery emerged as the strongest engagement dimensions, while interaction and civic orientation were weaker. In Ukraine’s wartime context, affective bonds alone are insufficient to sustain loyalty; attachment must be translated into psychological digital engagement to have an effect. These findings remain robust when considering only Ukrainian-headquartered banks or only traditional banks with physical branches, underscoring the central role of digital engagement in maintaining customer loyalty during crisis. Practical implications Banks operating in warzones or similarly uncertain environments should prioritize the engagement of customers – in particular, the design and content quality of their digital platforms – to enhance their loyalty. In addition, strengthening the direct psychological and emotional connection with them could offer another lever for improving loyalty. This suggests that while customers may feel proud of or connected to their domestic banks, these sentiments remain largely symbolic unless reinforced by tangible, engaging experiences with digital banking services. Originality/value This research provides new insights into banking consumer loyalty under extreme uncertainty, contributing to the literature on customer loyalty and consumer behavior during crisis. It positions digital banking tools not just as a service channel, but as a psychological anchor for customers in times of societal disruption.

Abstract Objective This study examined how marital status influences women's financial engagement and opportunities in Village Savings and Loan Associations (VSLAs) in Fort Portal, Uganda. Background VSLAs are vital for providing access to financial services in areas with limited traditional banking. Although previous studies have highlighted the benefits of VSLAs, there is limited research on how women's marital status affects their experiences within these groups. Method This qualitative study used focus group discussions conducted in July 2023, involving 51 participants from five VSLA groups in Fort Portal. Participants included married women, single women, widows, VSLA male members, and husbands of VSLA participants. The discussions were guided by semistructured questions and analyzed through thematic content analysis. Results Nine themes emerged, categorized into financial aspects, social aspects, and marital status and gender dynamics within VSLAs. Limited financial resources often led to inequitable loan access, with prioritization based on loan purpose and member tenure. Women frequently used loans for life events rather than income‐generating activities, complicating repayment. Participants expressed a need for improved financial literacy and income‐generating skills. Social connections were crucial for joining VSLAs, which also provided significant social support. Marital status affected loan access, with widows and single women facing greater challenges. Empathy and concerns were evident based on marital status, and men were recognized as valued contributors to VSLAs. Conclusion The study underscores the need for targeted interventions to address disparities faced by widows and single women in accessing VSLA loans. Improving financial literacy and supporting income‐generating activities can enhance VSLA effectiveness. Fostering an inclusive environment within VSLAs will better address the diverse needs of all members. Future research should investigate the longitudinal impacts and regional variations in how marital status affects women's financial engagement and opportunities within VSLAs.

Financial technologies (Fintech) have rapidly reshaped access to financial services, particularly in developing countries where traditional banking remains limited. This study investigates fintech’s role in advancing financial inclusion by analyzing panel data from 89 developing economies gathered from Global Findex reports (2011–2021), complemented by International Monetary Fund (IMF), UNU-WIDER, and PRIO datasets. We applied a random-effects regression model and GMM, incorporating fintech adoption alongside macroeconomic and institutional variables such as education, governance quality, and trade openness. Our results show that fintech is the most significant driver of financial inclusion, especially in expanding account ownership, with education and institutional quality further enhancing outcomes. Conversely, we show that population growth and income disparities constrain progress, while government expenditure and GDP growth display mixed effects. We also find that fintech reduces transaction costs and barriers, yet its impact depends on digital literacy, infrastructure, and governance. In conclusion, our findings highlight that fintech represents a transformative but unevenly utilized tool, capable of fostering broader economic participation and reducing inequality when paired with supportive policies and institutional frameworks.

Environmental, Social, and Governance (ESG) integration has become one of the most transformative developments in the global financial ecosystem over the past two decades. Financial institutions-both traditional banks and emerging FinTech firms-are increasingly embedding ESG considerations into their strategic decisions, operational processes, investment assessments, and technological innovations. This shift is driven by the recognition that sustainability-oriented finance not only contributes to long-term economic resilience but also strengthens stakeholder trust, regulatory compliance, and market competitiveness. In parallel, the rapid advancement of financial technologies such as artificial intelligence, blockchain, machine learning, and big data analytics has created new pathways for improving ESG data quality, enhancing transparency, and enabling responsible financial products and services. Despite this growing intersection between sustainability and digital finance, the intellectual structure of ESG integration across FinTech and traditional banking has not been systematically mapped over an extended period. To address this gap, the present study undertakes a comprehensive bibliometric analysis of ESG-related research within the FinTech and banking sectors from 2005 to 2025. The period is particularly significant because it captures the pre- and post-ESG regulatory era, the emergence of digital transformation in finance, and the rise of sustainability‐driven financial innovations. While earlier studies have explored ESG adoption in isolated contexts—such as green finance, responsible investment, or digital banking—there remains limited evidence on how the academic discourse around ESG has evolved simultaneously in FinTech and the traditional banking system. Moreover, the academic landscape is highly fragmented, with diverse methodologies, theoretical perspectives, and geographical contributions, which demands a structured mapping of dominant themes, influential contributors, and emerging research trajectories. This bibliometric study therefore aims to systematically investigate the intellectual development of ESG research in the financial services sector, compare the contribution patterns of FinTech and traditional banks, and identify evolving thematic clusters and research hotspots. The analysis contributes to the literature by offering a longitudinal understanding of how sustainability and technology have converged to shape modern financial practices. The findings provide valuable guidance for scholars, practitioners, and policymakers seeking to strengthen ESG frameworks, promote innovation, and enhance responsible financial behavior.

The article examines current trends in the implementation and development of Open Banking in Ukraine and identifies the specific features of Open Banking realization under martial law within the system of modern banking management. The approaches to defining the concept of «open banking» are examined, and its essence is revealed as a modern concept of financial service provision based on the secure transfer of data between banking institutions and third-party service providers through the use of standardized application programming interfaces (hereinafter – APIs). A comparative analysis of the regulatory frameworks governing the implementation of Open Banking in the European Union and Ukraine is conducted. The findings indicate that the introduction of Open Banking in Ukraine is taking place through the gradual adaptation of national legislation to European standards and is characterized by a phased implementation approach. This process requires banking management to maintain a balance between regulatory compliance, technological readiness, and the search for new business models. It is established that a distinctive feature of the Ukrainian Open Banking regulatory framework is the impact of martial law, which necessitates enhanced requirements for cybersecurity, data protection, and customer consent procedures. Under these conditions, a unique model of Open Banking implementation is being formed within the Ukrainian banking management system. This model is based on the achieving a balance between innovation, regulatory discipline, and heightened security standards, enabling the financial sector to adapt to crisis-related challenges while preserving a strategic orientation toward European integration. It has been determined that, within the system of banking management in Ukraine under martial law, a unique model of Open Banking implementation is being formed. This model is based on a balance between innovativeness, regulatory discipline, and an enhanced level of security, and it ensures the adaptation of the financial sector to crisis challenges while simultaneously maintaining a strategic course toward European integration. Within this model, the priorities of banking management include cyber resilience, multi-level customer authentication, the implementation of additional transaction monitoring mechanisms, and the strengthening of the regulatory functions of the National Bank of Ukraine (hereinafter – NBU). It has been established that banking management, alongside traditional banking risks, is compelled to take into account risks of military origin. Increasing control over customer consent and minimizing the risks of unauthorized use of information become particularly relevant. Overall, the strategic orientation of bank management is directed toward the gradual integration of open banking while preserving liquidity, security, customer trust, and the stability of the financial system.

The rapid expansion of financial technology (FinTech) has transformed the financial services landscape, particularly among millennials who are often portrayed as inherently inclined towards digital financial solutions. However, this technology-centric narrative understates the continuing influence of traditional banking institutions in shaping FinTech adoption behaviour. Addressing this oversight, the present study examines how banking institutions influence FinTech adoption among millennials through trust transfer, perceived institutional assurance, and ecosystem integration. Grounded in institutional theory and technology adoption literature, the study reconceptualises FinTech adoption as an institutionally embedded process rather than a purely individual-level technological choice. Using primary survey data collected from millennial banking customers, the study employs a hybrid analytical approach combining Partial Least Squares Structural Equation Modelling with latent segmentation analysis to capture both structural relationships and behavioural heterogeneity within the millennial cohort. The findings reveal that bank-driven institutional mechanisms—particularly perceived institutional assurance and trust transfer—exert a stronger influence on FinTech adoption intentions than traditional technology acceptance factors such as perceived usefulness and ease of use. Furthermore, latent segmentation results indicate that a majority of millennials remain institution-reliant, prioritising banking legitimacy and regulatory reassurance over technological novelty. The study makes three key contributions. First, it advances FinTech adoption research by foregrounding the institutional role of banks as active enablers and legitimators of digital finance. Second, it challenges prevailing assumptions regarding millennial financial behaviour by demonstrating the persistence of institutional trust in digital contexts. Third, it offers strategic insights for banking institutions seeking to position themselves as central orchestrators within FinTech ecosystems. Overall, the study underscores the enduring relevance of banking institutions in shaping sustainable and trust-based FinTech adoption.

This study looked at how financial technology affected the financial stability of Nigeria's traditional banking system. Several studies have been conducted on Fintech to determine how it affects the financial performance of the banking sector as well as customers’ satisfaction in Nigeria. However, to the best of the researcher's knowledge, based on an online search, there is no study on financial technology as it affects the financial stability of the traditional banking system, so this study was done. In specific term, the study ascertained the effect of value of transactions in automated teller machines, mobile banking, internet banking, and point of sale terminals on z-score, a proxy for financial stability of traditional banking system in Nigeria. The study employed an ex post facto research design using secondary data sourced from Central Bank of Nigeria (CBN) and The Global Economy from 2006 to 2024. The Auto-Regressive Distributive Lag (ARDL) technique was utilized in analyzing the data. The study identified that financial technology variables of value of transactions in automated teller machines, mobile banking, and point of sale terminals have significant effect on z-score. With regard to the nature of relationship in the short-run, there is an insignificant negative relationship between value of transactions in automated teller machines, mobile banking, and financial stability oftraditional banking system in Nigeria. On the contrary, value of transactions in internet banking and point of sale terminals were found to have insignificantly and positively associated with financial stability of traditional banking system in Nigeria. The study advises the Central Bank of Nigeria (CBN) and banks to expand automated teller machines, point of sale terminals and mobile banking access and literacy, since digital inclusion tends to raise Z‑score, while calibrating transaction limits, capital and liquidity buffers to offset short run instability from rapid digital growth. Banks should integrate digital channels into a risk appetite framework, ensuring adequate capital adequacy and governance so that the long‑run U‑shaped benefits of FinTech for stability are realized without persistent Z‑score deterioration.

ABSTRACT Community-based savings groups (SGs) both provide credit to the poor and incentivise repayment by allowing community members to borrow from their neighbours. However, available capital is typically limited by members’ savings. We study an intervention relaxing this constraint by exogenously adding initial capital to SGs. Unlike traditional bank loans, this outside money is paid back with the same timing and formula as the other members of the SG, greatly simplifying the process for the SG. Using a randomised experiment in rural Uganda, we find this increases both loans made to SG members and payouts received by SG members. We fail to find evidence that the intervention compromises the functioning of the SGs. Our analysis fails to identify significant effects on the quantity of savings or on SG functioning as measured by disbandment, defaults or failure to repay loans. Cost–benefit calculations indicate a high social rate of return to the intervention.

Transient signals in radar or communication systems need to be rapidly identified and analyzed; a high-speed acquisition system is frequently used to capture and analyze such signals. However, the generation of a substantial volume of data at a high sampling rate poses challenges for storage space and processing speed. Such high-frequency, short-duration signals are hard to acquire until the system runs out of space, or the acquisition system has not completed the processing when these signals appear. Therefore, spectrum sensing is used in the high-speed acquisition system to capture and process the valid frequency interval of signals, thereby filtering out invalid signals. Traditional serial spectrum sensing architectures are unable to fast process data with tens of Gbps throughput and multi-GHz bandwidth, resulting in slow response and the effective information loss of signals. To solve the problem, a parallel spectrum sensing structure based on weighted-overlap-add (WOLA) with energy detector (ED) is proposed. An efficient filter bank is used to decompose the wideband signal into several narrowband signals, and then the narrowband signals are simultaneously detected based on an energy detection method. Compared with the traditional filter banks, the complex convolution operation is directly changed into lightweight multiply-accumulate operations, which greatly reduce the amount of computational complexity. The proposed structure is designed and implemented in the high-speed acquisition system with a sampling rate of 20 GSa/s and a sensing bandwidth of 8 GHz. Simulations and experiments demonstrate that the proposed structure achieves a frequency resolution of 2.44 MHz, the fastest spectrum sensing time of less than 20.26 <italic xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink">µ</i>s, and a data throughput of 20.944 Gbps. For signals with a signal-to-noise ratio (SNR) higher than 5 dB, the detection probability is more than 90%. The transient signals can be effectively captured by deploying the proposed structure in a high-speed acquisition system.

Over the past decade, the European payments landscape has undergone significant changes, driven by fast-paced technological advancements and evolving consumer behaviours. Especially, open banking is gaining significant traction due to its potential to revolutionize the financial industry, by dismantling traditional banking monopolies over consumer data, reshaping how businesses and consumers engage, and giving rise to a new era of financial empowerment and innovation. Yet, open banking, despite its recent growth, is still at infant stage and there is a strong drive from both the industry and regulators in the ecosystem to establish a secure and robust regulatory landscape. Reflecting upon these considerations, this article critically analyses the legal implications, evolution and controversial loopholes of the EU open banking movement as experienced by the main stakeholders and shaped by the relevant regulatory initiatives, i.e. the application of PSD2 and the introduction of PSD3 and PSR proposals.

ABSTRACT This paper examines how firms utilize supply chain finance (SCF) as an internal margin of adjustment to navigate credit frictions induced by local government debt (LGD) expansion. Using panel data on China’s A-share listed firms from 2015 to 2023, we reveal the non-linear nature of this strategic response, documenting a robust inverted U-shaped relationship between LGD and SCF engagement. Our evidence points to two distinct mechanisms operating across different stages of debt accumulation. At low-to-moderate LGD levels, a substitution mechanism dominates: selective credit crowding-out amplifies firms’ reliance on SCF, as its collateral-light and information-rich structure enables it to substitute for traditional bank credit. At high LGD levels, however, a credit-enhancement failure mechanism prevails: mounting fiscal stress impairs the creditworthiness of core enterprises, undermining the credit-enhancement foundation of SCF and reducing its viability. Heterogeneity analyses indicate that this nonlinear effect is more pronounced among non-state-owned and relatively smaller listed firms, as well as in regions with lower marketization or heavier dependence on land-based fiscal revenues. Overall, our findings highlight how LGD simultaneously promotes and suppresses SCF through substitution incentives and fiscal-risk spillovers, offering new insights into the interplay between public-sector leverage and firms’ internal adjustment margins.

Artificial Intelligence (AI) is transforming the banking industry by improving operational efficiency, enhancing customer service, and strengthening fraud detection systems. This study examines the role and applications of AI in banking. This study uses a combination of primary data collected through a survey questionnaire and secondary data collected through scholarly materials. The findings reveal that artificial intelligence allows banks to provide faster, more secure, and more personalized financial services, while recognizing the challenges associated with data privacy and security as significant issues.