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Economic disruptions related to the COVID-19 pandemic left many households without the income necessary to meet basic needs. We describe an innovative, community-based partnership between a financial services company, philanthropic funders, and employers to provide financial assistance to hotel workers in New Orleans who lost jobs and income due to the COVID-19 pandemic. Results from a survey of 1,056 hotel workers show that workers experienced lower food insecurity and difficulty paying bills in the month after receiving assistance, while transaction data from the VISA gift cards used to disburse assistance showed that workers mostly used assistance on necessities. We discuss implications for employers who want to offer emergency assistance fund programs and for public policy changes to better support low-wage workers, especially those with children.
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This chapter attempts to provide a comprehensive overview of the ongoing technological disruption in the finance world. There is no denying that technology has already brought disruption of unprecedented scale and type in terms of bringing innovative solutions like never seen before in the financial sector. The disruptive innovation like P2P lending, Crowdfunding, Cryptocurrency, Regtech, Insurtech mobile payment, etc. has changed the way traditional financial institutions used to operate. Against such a backdrop, this chapter attempts to provide an overview of this disruption. The chapter also explores how these innovations have brought changes in the working cultures among financial institutions. The study suggests, based on the analysis of facts and figures that the disruptive technology has brought positive changes in the society in terms of delivering valuable stimulus and financial aid to the vulnerable and affected by the COVID-19 pandemic. The findings of the study further suggest that the Fintech disruption has been a blessing in disguise for the overall growth and development of the finance community. © The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Switzerland AG 2022.
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This study investigates the main financial technologies adopted by banks to improve their financial performance. The study population consists of commercial banks listed on the Amman Stock Exchange and Abu Dhabi Securities Exchange, and includes financial information and data from 2012 to 2020. A total of 115 questionnaires, consisting of five questionnaires for each bank, were distributed to the study population in Jordan and the United Arab Emirates. The dependent variable is financial performance, while the independent variable is financial technology (FinTech). Multiple linear regression analysis was conducted to test the hypotheses. The results showed that FinTech has a positive effect on both total deposit and net profits. This study recommends that banks be encouraged to adopt inclusive strategies to attain sustainable development.
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Fintech market is growing but slowly in Vietnam. Therefore, the government needs more interventions to develop this market. This study investigates the key predictors of Fintech entrepreneurial intentions. Based on data on 1180 university students in Vietnam and multiple techniques, the results show that attitudes and perceived behavioral control have a direct effect on Fintech entrepreneurial intentions, while subjective norm has an indirect effect. These impacts are strong for both during and after the COVID-19 outbreak. Educators have a greater responsibility for creating a Fintech-friendly environment. Policymakers have more incentives and benefits for the sustainable development of the Fintech industry. [ FROM AUTHOR] Copyright of Public Organization Review is the property of Springer Nature and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full . (Copyright applies to all s.)
ABSTRACT
The purpose of this study is to find out the impact of the omnibus low cipta kerja on the sustainability of MSMEs and economic growth by applying the canvas model business method and the use of technology financial capital, especially Croudfunding and microfinance. The role of financial technology, especially in crowdfunding and microfinance, has an important role in improving the performance of MSMEs and will affect the increasing economy, when the Covid-19 Pandemic hit in Indonesia creating uncertainty in almost all aspects of life, especially the economy. To restore and maintain economic activity still running well, the government issued several policies One of which is maintaining the investment climate in Indonesia by omnibus low cipta kerja, the government provides ease, speed, certainty, and efficiency in business for entrepreneurs. Technology finance especially Crowdfunding and microfinance offer easy access to capital which is expected to help MSMEs to immediately contribute to increasing growth economy through MSME activities that have an impact on reducing unemployment, it is hoped that MSMEs can use the Business Model Canvas to survive because it can make actors MSMEs can capture potential business opportunities that can be taken. The enactment of Law Number 11 of 2020 omnibus low cipta kerja (Ciptaker Law) can provide The advantage for Micro, Small and Medium Enterprises (MSMEs) that a single license is related to MSMEs, for example, home industry licensing (PIRT) is made easier by (1) granting permits one door, (2) Provide incentives & facilities for medium and large businesses partnering with MSEs, (3) Integrated Management of MSMEs, namely by providing opportunities for local agencies involved in empowering MSMEs, (4) Ease and financing of fiscal incentives namely providing convenience and financing to improve the economy, (5) providing the government prioritizes the special Allocation Fund for the development of MSMEs, (6) provides Legal assistance and protection, (7) MSE products are prioritized for government service provision, (8) Partnership with MSMEs, (9) provides convenience for cooperatives. This research uses a Mix Method research approach is a combination of quantitative with a combination of qualitative. Using the combined method is expected to be able to complement each other from the research questions there has been. Quantitative emphasizes the technical analysis of statistical tests so that the data is more accurate Qualitative techniques emphasize process analysis of the inductive thinking process that is related to the dynamics of the relationship between observed phenomena and always using scientific logic. Where this method is a way of formulating and interpreting existing data to provide a clear picture of how to increase Indonesia's economic growth and the performance of MSMEs by implementing the canvas business model and using crowdfunding and microfinance as an intervening variable for the Job Creation Act that provides convenience for MSMEs. Results from this research are (1) There is an increase in the performance of MSMEs and an increase in the growing economy of SMEs that use financial technology, especially in Crowdfunding and microfinance as an alternative to capital requirements through the Job Creation Act, (2) There is an increase MSME performance and increasing economic growth for MSMEs using Business The Canvas Model (BMC) in analyzing the MSME sustainability strategy through the Job Creation Law, There was an increase in the performance of MSMEs and an increase in economic growth in MSMEs that using financial technology, especially in Crowdfunding and microfinance and Business Model Canvas (BMC) through the omnibus low cipta kerja. © 2023 WITPress. All rights reserved.
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Since the 2008 global financial crisis, many innovations have emerged in the financial sector as investors started to look for alternative methods to eliminate irrational decision-making in wealth management, and Robo-advisors is among those. Nine years after the first launching of Robo-advisors in the U.S. in 2008, the Securities Commission Malaysia has been issuing licenses to seven Robo-advisor platforms. The current COVID-19 outbreak has made this industry more in demand, increasing 763% in registration in 2020. However, much skepticism about Robo advisors' ability and reliability in providing a similar quality or better advisory service compared to human-financial advisors. Therefore, this study examines the factors influencing the acceptance of Robo-advisors in wealth management in Malaysia. Adopting some factors from various established technology acceptance models, an online survey with 122 respondents was conducted using convenience sampling. Findings show that Relative Advantage, Effort Expectancy, and Social Influence significantly positive influence the Malaysian Behavioral Intention to Accept Robo-Advisors. On the contrary, there is no significant relationship between Perceived Risk and Malaysian Behavioral Intention to Accept Robo-Advisors. The study provides a positive insight into factors influencing the acceptance of Robo-Advisors in Malaysia. © 2023 The Author(s). This open access article is distributed under a Creative Commons Attribution (CC-BY) 4.0 license.
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The COVID-19 pandemic had cost lots of damage through lockdowns or restrictions. This cause a decline in personal revenue, as some people is laid off. For that reason, Indonesian needs to find a new income stream in this new situation such as investing through P2P lending application. At the same time, we are facing a high stream of information through the internet which makes investment in P2P lending application began rising. The research aims to find out the best learning scheme for investors as well as defining the best strategy for P2P lending in growing their market. The method used in this research is quantitative approach by collecting data through Google Form which is shared among social media. The result obtained by this research shown that 86.75% of P2P lending application users learnt before using the application. This result can be used by P2P lending application management team to define the right strategy to educate users in using the application and choosing the right borrowers. © 2023, Success Culture Press. All rights reserved.
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FinTech or financial technology has improved financial services through technology and innovation. These revolutionary financial companies are here to stay since they offer significant benefits to users, such as more incredible speed or lower commissions on their transactions. They are very competitive in the market, being more attractive than banks. Since the outbreak of the COVID-19 pandemic, many people are starting to start a business, and FinTechs represent an excellent opportunity to start a sustainable green business over time and fast-growing. Naturally, it is not an easy task to launch a new FinTech;it requires hard work, but it has great rewards. Due to those above, it is essential to analyze its implications deeply. © 2023, The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd.
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In this article, we review the growing literature on financial technology (FinTech) lending - the provision of credit facilitated by technology that improves the customer-lender interaction or used in lenders screening and monitoring of borrowers. FinTech lending has grown rapidly, though in developed economies like the United States it still accounts for only a small share of total credit. An increase in convenience and speed appears to have been more central to FinTech lending's growth than improved screening or monitoring, though there is certainly potential for the latter, as is the case for increased financial inclusion. The COVID-19 pandemic has shown potential vulnerabilities of FinTech lenders, although in certain segments they have displayed rapid growth. © 2022 by Annual Reviews.
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Based upon an extended Technology Acceptance Model (TAM), this study aims to investigate the factors influencing the behavioral intention to adopt Fintech from the perspective of Indonesian women. The research data were collected from 409 Indonesian female respondents and analyzed using the SEMinR statistical data analysis tool. Structural equation modeling (SEM) was used to assess this research's measurement model and structural model. The result shows that perceived usefulness, perceived ease of use, user innovativeness, attitude, trust, and brand image significantly positively impact behavioral intention to adopt Fintech among Indonesian women. Meanwhile, perceived ease of use, financial literacy, and government support are found to have indirect relationships with behavioral intention. In addition, moderation analysis revealed that the saving habits of women during the COVID-19 pandemic reduced the relationship between their innovativeness and behavioral intention to adopt Fintech. Based on these results, we recommend practical suggestions to the government, policymakers, and aspiring Fintech service providers further to enhance women's empowerment through digital financial inclusion. © 2023, The Author(s).
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This chapter gives an overview on the importance of business innovation during the COVID-19 pandemic with a special reference to Brunei Darussalam. It also highlights the important role of technology and digitalization of businesses. Micro, small, and medium-sized enterprises (MSMEs) have been the backbone of the Association of Southeast Asian Nations (ASEAN) economy, thus innovative strategies are required to assist them in during the pandemic. The information obtained is based on observation and secondary sources. Despite businesses struggling to stay afloat as a result of movement restriction orders and partial lockdown, new startups were created as a result of addressing a specific problem during the pandemic which requires entrepreneurs to be more innovative and proactive. However, being innovative should not be focused on businesses only. As maintaining positive cash flow is the main issue among MSMEs, a financial innovation to assist MSMEs should be explored, learning from the experience of Islamic banking and finance during global financial crisis. This chapter also suggests future studies, for instance exploring a resilient and adaptable business model during economic uncertainties, the important role of Islamic financial technology and financial digital economy which could help to empower both startups and MSMEs. © 2022 by Emerald Publishing Limited.
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This paper investigates the effects of the coronavirus disease 2019 (COVID-19) pandemic on financial institutions and on consumers' adoption of Financial Technology (FinTech) for payments. This paper documents the following findings in Kenya. (1) The COVID-19 pandemic accelerated the adoption and increased the payment concentration of FinTech. We document an approximately 54% increase in mobile banking transactions, a 19.56% increase in mobile banking agents, and a 14.56% increase in the number of mobile banking accounts. (2) The use of all types of electronic payment cards declined significantly during the pandemic. (3) The pandemic magnified interbank contagion and liquidity risks and reduced both domestic and international electronic fund transfers via both the Real-Gross Settlement System and the Automated Clearing House. Overall, our results indicate that FinTech not only partially alleviated the negative impact of the COVID-19 pandemic during Q1 of 2021 but also accelerated consumers' adoption of FinTech and digital onboarding, especially in Q3 and Q4 of 2022.
ABSTRACT
In this article, we review the growing literature on financial technology (FinTech) lending-the provision of credit facilitated by technology that improves the customer-lender interaction or used in lenders' screening and monitoring of borrowers. FinTech lending has grown rapidly, though in developed economies like the United States it still accounts for only a small share of total credit. An increase in convenience and speed appears to have been more central to FinTech lending's growth than improved screening or monitoring, though there is certainly potential for the latter, as is the case for increased financial inclusion. The COVID-19 pandemic has shown potential vulnerabilities of FinTech lenders, although in certain segments they have displayed rapid growth.
ABSTRACT
The ongoing COVID-19 pandemic has considerably promoted the usage of Digital Financial Services (DFS) in India. Therefore, exploring the various determinants influencing the DFS users is crucial for the DFS providers to understand their customers better. This study aims to identify, measure, and validate the determinants of Digital Financial Literacy (DFL) from the Indian adults who use Digital Financial Services. A sample of 384 adult DFS users from India was surveyed using a self-administered questionnaire in 2021. A multidimensional scale was developed to measure the Digital Financial Literacy in this study. The results exhibit that Digital Knowledge, Financial Knowledge, Knowledge of DFS, Awareness of Digital Finance Risk, Digital Finance Risk Control, Knowledge of Customer Right, Product Suitability, Product Quality, Gendered Social Norm, Practical Application of Knowledge and Skill, Self-determination to use the Knowledge and Skill and Decision Making are the determinants of DFL among the adults in India. Further, the users of DFS without DFL will face numerous challenges such as inability to complete the transaction, financial loss and privacy breach, etc. Hence, the study concludes that DFL is prerequisite to use DFS effectively.
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The Covid-19 pandemic has created various new restrictions, including restrictions on direct interaction in the administrative process of hospitals. In fact, the administrative process in Indonesian hospitals is still complex, not well organized, and has not used technology properly. This study aims to analyses the effect of financial technology (fintech) and financial literacy on the efficiency of the Indonesian healthcare industry during the Covid-19 pandemic era. This study uses a quantitative method with an online survey for data collecting. The purposive sampling was applied to get 225 respondents. The dependent variable is financial technology usage, which is measured through three perceptions of fintech users: perceived ease of use, perceived usefulness, and internet usage of all healthcare service users in the healthcare industry in Indonesia. The moderating variable adopted in this study is financial literacy, which is a combination of the understanding (knowledge), skills, attitude, and ability to make sound judgement and decision (behaviour) on personal financial matters resulting in individual financial well-being. This study uses the SEM (Structural Equation Modelling) method to analyses the efficiency of the healthcare industry. The study results show that perceived ease of use and perceived usefulness have an effect on fintech;fintech has a positive effect on efficiency, where financial literacy also strengthens the effect of fintech on efficiency in the Indonesia healthcare industry during the Covid-19 pandemic. The results of this study are expected to make a significant contribution to the development of the healthcare industry that currently becomes a top priority, given the urgency in handling public health, including Covid-19 patients. Additionally, this research provides a theoretical contribution by increasing fintech literacy in the healthcare industry in increasing efficiency during the Covid-19 pandemic. While practical contribution is about giving new insight to consider the technology in improving management process in healthcare industry. ©The Author(s) 2022.
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Financial technology is the result of technological progress in the financial aspect of the global economy, as this technology has given rise to a new emerging financing face embodied in “start-up companies”, which represent a challenge for “traditional banks” in their banking services, in addition to that, they constitute a fierce competitor, which may It controls the banking services, especially as it relies on “artificial intelligence” and “smart phones”, and facilitates (the process of payment, trade and electronic investment), and it comes in line with the large and rapid steps of possible changes in the “financial system” and “global economic” after the Corona crisis and the call for Leave dealing with the paper currency that is believed to be (the main reason for the transmission of the Corona virus), so the research will answer for? What is financial technology? How does it work through its various sectors? And the reasons for the world resort to “financial technology”? And where will Iraq be in this new world that needs to get alternatives and needs to keep pace with global development in the field of (investment, capital movement and achieving profits with the least possible risks), in order to achieve “economic development” and “community development”. But the question? What about the risks of dealing with financial technology? Then does the Iraqi economy and its financial and banking sector have the ability to overcome its risks, despite the many benefits, and does it have the ability to facilitate many complex operations and long transactions that are not without risks of fraud, fraud and threat of financial instability or the problem of financing terrorism and money laundering operations and those risks It can reduce confidence in the use of this technology. © 2021. All Rights Reserved.
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This research aimed to investigate;the extent to which Fintech affects the development of entrepreneurship and;the moderation role of banking institutions in the relationship between Fintech and entrepreneurship development during the Covid-19 pandemic. A detailed literature review of studies was undertaken to provide an academic and theoretical basis from which fieldwork could be carried out, studying impact of Fintech subtitles on entrepreneurship development;Fintech awareness, fintech data security and trust, ease of use of fintech, quality of fintech services and time spent on fintech. Lastly, conclude that the increased usage of information technology boosts enterprises’ capacity to innovate and increase their administrative and marketing processes. © 2022, The Author(s), under exclusive license to Springer Nature Switzerland AG.
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New technology promises to expand the supply of financial services to small businesses poorly served by banks. Does it succeed? We study the response of FinTech to financial services demand created by the introduction of the Paycheck Protection Program. FinTech is disproportionately used in ZIP codes with fewer bank branches, lower incomes, and more minority households, and in industries with fewer banking relationships. It is also greater in counties where the economic effects of the COVID-19 pandemic were more severe. Substitution between FinTech and banks is economically small, implying that FinTech mostly expands, rather than redistributes, the supply of financial services.
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Financial Technology has the potential to transform the financial market fundamentally. The financial landscape of any economy provides variety of product and services at competitive price. Technology reduces the information cost and thereby enable to choose the product of their choice efficiently. The regulators and the policy makers need to monitored, evaluate the performance and work of Fintech and implement their policies accordingly taking care of the risks of the stakeholders involved, financial stability and integrity. The study deals with the characteristics of the Fintech industry globally and in India. The study analyses the impact of Covid-19 Pandemic in this sector and also indicates the prospect of Fintech as the new normal. The paper argues that in the ongoing Pandemic, Fintech has helped financial market to adjust its operations and services and promoted delivery of financial assistance to vulnerable segments of society with error free, low cost and timely delivery. © The Electrochemical Society
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Since the State Council of China issued the 'Outline of Action to Promote the Development of Big Data' in 2015, which proposed a top-level design for big data development from a long-term perspective, the related industry had ushered in a rapid way. At present, under the background of accelerating digital transformation and post COVID-19, the social and economic benefits of data assets, especially the value of financial data turn out to be more prominent. In this paper, we analyze four exploration aspects of commercial banks around big data application: constructing enterprise-level big data platforms, strengthening the capability of risk control, innovating financial products and services, optimizing business processes. Meanwhile, giving the typical cases for all of these practices, we illustrate how the bank's decision-making transformed from 'experience-dependent' to 'data-based' that enable banks to improve business performance, assess credit risks and allocate resources scientifically. Generally, we hold the view that big data technology has become an important means for commercial banks to meet the emerging financial demands, respond to the competition of the fintechs and the high-level opening-up trend. At last, this paper suggests banks enhance the core competitiveness through big data deep application with facing challenges such as insufficient implementation of big data strategy, lack of data governance system, imperfect organizational structure as well as scarcity of data mining talents. © 2021 IEEE.