Paper presented at The 2015 International Congress on Economics, Social Sciences and Information Management
(ICESSIM 2015), Sheraton Bali Kuta Resort, March 28-29, 2015.
The Covid-19 pandemic necessitated the payments industry undergo a facelift, sparked by novel approaches from new-age players, fostered by industry consolidation, and customers’ demand for end-to-end experience. Crossing the threshold, the industry is entering a new era – Payments 4.X, where payments are embedded and invisible, and an enabling function to provide frictionless customer experience. As customers make a permanent shift to next-gen payment methods, Digital IDs are critical for a seamless payment experience. The B2B payments segment is witnessing rapid digitization. BigTechs, PayTechs, and industry newcomers are ready to jump in with newfangled solutions to help underserved small to medium-sized businesses (SMBs).
As incumbents struggle with profits, new-age firms are forging ahead to take the lead in the Payments 4.X era by riding the success of non-card products and services. The new era demands collaboration, platformification, and firms can unleash full market potential only by embracing API-based business models and open ecosystems. Data prowess and enhanced payment processing capabilities are inevitable to thrive ahead. The clock is ticking for banks and traditional payments firms because the competitive advantage is not guaranteed forever. As industry players seek economies of scale, consolidations loom, and non-banks explore new territories to threaten incumbents’ market share. While all these 2022 trends are at play, central bank digital currency (CBDC) is emerging globally and might open a new chapter in the current payments landscape.
Adobe Live Cycle Es - Supercharging Banking Industry V.1.2numerous
LiveCycle ES can streamline banking operations by automating workflows, engaging customers through interactive applications, and simplifying business processes. It allows banks to operate more efficiently, increase sales, and strengthen security. LiveCycle ES has been successfully implemented by several banks and government organizations to reduce costs, speed up operations, and improve customer experiences with loan applications, regulatory documents, import/export operations, and internal forms.
Digital manufacturing is undergoing a profound paradigm shift from Industry 3.0's focus on efficiency and automation to Industry 4.0's emphasis on flexibility and optimization. Leaders are implementing comprehensive roadmaps and leveraging technologies like IoT, cloud computing, and edge computing to transition to highly integrated, flexible, and open systems. This allows for improvements like reduced defects and increased productivity, uptime, energy efficiency, and premium quality production. However, fully realizing these benefits will require rethinking manufacturing architectures and evolving towards flexible manufacturing platforms that combine MES with cloud technologies.
Durbin + Debit: The Devil\'s in the DetailsJohnDStevens
The document discusses the changes to debit card fees and regulations that went into effect in October 2011 due to the Durbin Amendment. It outlines several questions merchants should ask their processors to ensure they are receiving the lower rates under the new regulations. Specifically, merchants need to verify they don't need to make any changes, see the savings clearly displayed in their reporting, and confirm discount pricing models are applying the new lower debit card rates. Transactions most likely to be affected are recurring and subscription-based models that rely heavily on debit card usage.
Employing Analytics to Automate and Optimize Insurance DistributionCognizant
Today's insurers have the opportunity to employ advanced analytics to automate and optimize distribution, analyze and track customer patterns, enhance marketing campaigns, better manage agents and deliver more value to the business and its customers.
Creating an Omnichannel Customer ExperienceCSI Solutions
Customer expectations of banks increases every day. Omnichannel banking gives the bank an opportunity to meet the customer demands and deliver a seamless customer experience. This allows the bank to build long-term, loyal and profitable relationships. Learn what the industry trends are for Omnichannel banking and where the banking industry is going with Omnichannel 2.0.
U.S. Consumer Banks and the Potential of Location-Based OffersCognizant
The document discusses how location-based offers (LBOs) present an opportunity for U.S. retail banks. As mobile device usage increases and location technologies advance, LBOs are growing across industries like retail and healthcare. However, retailers lack customer spending data to make offers truly relevant. Banks have this valuable customer data from transaction histories. By partnering with retailers and using location data, banks can create highly customized LBOs that drive customer loyalty and sales for both banks and retailers. Success requires strategies that leverage mobile technologies, location data, and analytics to deliver the right offers at the right time based on a customer's unique "Code Halo" of digital data.
Financial services is undergoing a paradigm shift that is forcing incumbent retail banks to rethink growth strategies as they struggle to remain relevant. Growing competition from BigTechs, FinTech firms, and challenger banks has added to the complexity created by increasingly stringent regulatory and compliance requirements. Customers now expect a seamless customer journey and personalized offerings because they have become accustomed to top-notch individualized service from GAFA giants Google, Apple, Facebook, and Amazon. The changing ecosystem offers established banks new, unexplored opportunities and encourages a transition beyond traditional products to meet the exacting requirements of today’s customers. Bank collaboration with FinTech and RegTech partners is becoming commonplace. Incumbents are exploring point-of-sale financing and unsecured consumer lending, while they also boost their digital channel competencies to reach a broader customer base. Banks are beginning to accept open APIs and are working with third-party specialists to create an open shared marketplace. Technological advancements such as AI are fueling efforts to evolve customer onboarding and touchpoint processes. Increasingly, banks are turning to design thinking methodology to understand the customer journey, extract deep insights, and develop a more refined user experience across the customer lifecycle.
Our analysis of the top retail banking trends for 2020 offers a glimpse into the fast-changing banking ecosystem and explores the tools and solutions being used to face new-age challenges.
The Covid-19 pandemic necessitated the payments industry undergo a facelift, sparked by novel approaches from new-age players, fostered by industry consolidation, and customers’ demand for end-to-end experience. Crossing the threshold, the industry is entering a new era – Payments 4.X, where payments are embedded and invisible, and an enabling function to provide frictionless customer experience. As customers make a permanent shift to next-gen payment methods, Digital IDs are critical for a seamless payment experience. The B2B payments segment is witnessing rapid digitization. BigTechs, PayTechs, and industry newcomers are ready to jump in with newfangled solutions to help underserved small to medium-sized businesses (SMBs).
As incumbents struggle with profits, new-age firms are forging ahead to take the lead in the Payments 4.X era by riding the success of non-card products and services. The new era demands collaboration, platformification, and firms can unleash full market potential only by embracing API-based business models and open ecosystems. Data prowess and enhanced payment processing capabilities are inevitable to thrive ahead. The clock is ticking for banks and traditional payments firms because the competitive advantage is not guaranteed forever. As industry players seek economies of scale, consolidations loom, and non-banks explore new territories to threaten incumbents’ market share. While all these 2022 trends are at play, central bank digital currency (CBDC) is emerging globally and might open a new chapter in the current payments landscape.
Adobe Live Cycle Es - Supercharging Banking Industry V.1.2numerous
LiveCycle ES can streamline banking operations by automating workflows, engaging customers through interactive applications, and simplifying business processes. It allows banks to operate more efficiently, increase sales, and strengthen security. LiveCycle ES has been successfully implemented by several banks and government organizations to reduce costs, speed up operations, and improve customer experiences with loan applications, regulatory documents, import/export operations, and internal forms.
Digital manufacturing is undergoing a profound paradigm shift from Industry 3.0's focus on efficiency and automation to Industry 4.0's emphasis on flexibility and optimization. Leaders are implementing comprehensive roadmaps and leveraging technologies like IoT, cloud computing, and edge computing to transition to highly integrated, flexible, and open systems. This allows for improvements like reduced defects and increased productivity, uptime, energy efficiency, and premium quality production. However, fully realizing these benefits will require rethinking manufacturing architectures and evolving towards flexible manufacturing platforms that combine MES with cloud technologies.
Durbin + Debit: The Devil\'s in the DetailsJohnDStevens
The document discusses the changes to debit card fees and regulations that went into effect in October 2011 due to the Durbin Amendment. It outlines several questions merchants should ask their processors to ensure they are receiving the lower rates under the new regulations. Specifically, merchants need to verify they don't need to make any changes, see the savings clearly displayed in their reporting, and confirm discount pricing models are applying the new lower debit card rates. Transactions most likely to be affected are recurring and subscription-based models that rely heavily on debit card usage.
Employing Analytics to Automate and Optimize Insurance DistributionCognizant
Today's insurers have the opportunity to employ advanced analytics to automate and optimize distribution, analyze and track customer patterns, enhance marketing campaigns, better manage agents and deliver more value to the business and its customers.
Creating an Omnichannel Customer ExperienceCSI Solutions
Customer expectations of banks increases every day. Omnichannel banking gives the bank an opportunity to meet the customer demands and deliver a seamless customer experience. This allows the bank to build long-term, loyal and profitable relationships. Learn what the industry trends are for Omnichannel banking and where the banking industry is going with Omnichannel 2.0.
U.S. Consumer Banks and the Potential of Location-Based OffersCognizant
The document discusses how location-based offers (LBOs) present an opportunity for U.S. retail banks. As mobile device usage increases and location technologies advance, LBOs are growing across industries like retail and healthcare. However, retailers lack customer spending data to make offers truly relevant. Banks have this valuable customer data from transaction histories. By partnering with retailers and using location data, banks can create highly customized LBOs that drive customer loyalty and sales for both banks and retailers. Success requires strategies that leverage mobile technologies, location data, and analytics to deliver the right offers at the right time based on a customer's unique "Code Halo" of digital data.
Financial services is undergoing a paradigm shift that is forcing incumbent retail banks to rethink growth strategies as they struggle to remain relevant. Growing competition from BigTechs, FinTech firms, and challenger banks has added to the complexity created by increasingly stringent regulatory and compliance requirements. Customers now expect a seamless customer journey and personalized offerings because they have become accustomed to top-notch individualized service from GAFA giants Google, Apple, Facebook, and Amazon. The changing ecosystem offers established banks new, unexplored opportunities and encourages a transition beyond traditional products to meet the exacting requirements of today’s customers. Bank collaboration with FinTech and RegTech partners is becoming commonplace. Incumbents are exploring point-of-sale financing and unsecured consumer lending, while they also boost their digital channel competencies to reach a broader customer base. Banks are beginning to accept open APIs and are working with third-party specialists to create an open shared marketplace. Technological advancements such as AI are fueling efforts to evolve customer onboarding and touchpoint processes. Increasingly, banks are turning to design thinking methodology to understand the customer journey, extract deep insights, and develop a more refined user experience across the customer lifecycle.
Our analysis of the top retail banking trends for 2020 offers a glimpse into the fast-changing banking ecosystem and explores the tools and solutions being used to face new-age challenges.
INFOGRAPHIC: Smart contracts between hype and realityCapgemini
Smart contracts have the potential to significantly impact the financial services industry by reducing costs and increasing efficiency. A smart contract is a computer program stored on a blockchain that automatically executes transactions when predefined conditions are met. Key benefits include lower administration costs through automation, reduced settlement times, and increased transparency and trust. However, challenges remain around privacy, scalability, regulatory issues, and developing talent with smart contract skills. As the technology matures over the next few years, mainstream adoption by financial firms is expected to begin in 2020.
Magenta advisory: Data Driven Decision Making –Is Your Organization Ready Fo...BearingPoint Finland
It’s nice to have loads of data. Nevertheless, many managers start to sweat when it comes to genuinely fact-based decision making. This study reveals the keys to leveraging big data successfully.
The document discusses the Internet of Things (IoT) and its scope and benefits. It defines IoT as connecting devices to share information and improve efficiency using sensors and software. IoT is creating a network of everything around us and transforming industries like healthcare, telecom, education, retail, and banking through optimizing data collection and analysis. The possibilities of IoT are vast as it brings convenience through interconnecting devices and extracting meaningful insights from data.
The document provides an overview of the MSC Malaysia Skills Competency Matrix 2.0 project. It describes the background and objectives of updating the original 2010 skills matrix. A new online survey and interviews were conducted to collect input from over 500 companies. The revised matrix includes additional information like industry certifications, salary ranges, and job demand indicators for each job role. It is intended to serve as a common reference for various stakeholders in the ICT industry.
Australian Retail and the Digital AdvantageBen Gilchriest
This document discusses how Australian retailers can gain a digital advantage. It finds that while Australian consumers are early adopters of digital technologies, retailers are struggling to keep up with evolving customer demands. The document advocates developing a digital maturity by balancing investments in digital capabilities ("what" an organization does digitally) with strong digital transformation management ("how" an organization approaches digital transformation). Only a few "Digirati" retailers have achieved this, demonstrating both a digital vision and measurable business results from integrated digital initiatives. The document argues all retailers should take action now to develop their own digital DNA and close the gap with digitally mature competitors.
Traditional banking is facing its biggest challenge in over a generation due to factors like increased regulation, public distrust, and new digital competitors. A new tipping point has been reached where digital will play a pivotal role. To create value going forward, banks need to focus on building customer relationships and engagement through digital offerings. Younger customers especially expect banking to be available through mobile and online channels, so banks must enhance their digital capabilities to attract these customers and remain relevant in the future.
The document discusses digital manufacturing and describes presentations given at an event. It includes:
- An overview of digital manufacturing and its benefits from Capgemini and SAP perspectives.
- A case study of Esaote, an Italian medical devices company, that has implemented digitalization initiatives like data analytics, predictive maintenance, and process standardization resulting in improved production efficiency.
- Details of SAP's digital manufacturing cloud products and solutions for manufacturing execution, insights, and networking.
- Examples of how IoT and machine learning can enable predictive maintenance through asset intelligence and condition monitoring.
The document discusses various topics related to mobile technology and banking. It provides statistics showing that the US lags behind other countries in mobile adoption but that 4G networks will help close the gap. Mobile video usage is growing significantly and location-based services are popular. Mobile banking adoption is increasing in the US, with over 40 million users expected by 2012, and incentives help drive adoption especially among younger customers. Banks can reduce costs through mobile banking by lowering transaction costs and replacing repetitive tasks done by employees.
The economic downturn has been impacting companies' results for several years now. In this study, Magenta Advisory took a look at how digital business can help companies to get ahead of their competitors before the economy starts its rise again.
Linked in data to power sales - dreamforce nov 18 2013 - vfinal w. appendixAndres Bang
LinkedIn developed a data-driven approach to sales that blends account lens, analytics, and automation. They focus on understanding accounts at a high level by considering size of opportunity and likelihood. Analytics models assign scores to prioritize accounts. Automation uses triggers from user behavior and signals to proactively engage customers. Key learnings include the need for cross-functional partnerships and an experiment-measure approach to continuously improve the system. The goal is to leverage LinkedIn's data to power the most effective sales and marketing.
Reinforce the insurance value chain with predictive modelling and mlIndusNetMarketing
This ebook expands your knowledge of the insurance value chain and provides with end to end solution to elevate the customer experience through advanced technologies:
AI optimising marketing and distribution
Automating underwriting process by Machine learning model
Predictive analytics powered by AI to speed up claiming process
The banking industry’s resilience is being tested as banks navigate through a remarkable 2020 filled with uncertainties. The impact of COVID-19 has been about setting the tone for future operational models. Retail banks have shifted focus towards integrated risk management with a more holistic view of operational risks. Adapting to the new normal, banks have prioritized cost transformation while engaging customers virtually. Incumbents sought to be more responsible within fast-changing environmental conditions and ESG remained a critical focus.
To provide more experiential services, banks are leveraging techniques such as segment-of-one to hyper-personalize offerings while aiming to humanize digital channels for increased engagement. Banks are also revamping middle and back offices, going beyond the front end leveraging intelligent processes. Open X is enabling banks to play on their strengths and use the expertise of ecosystem players. Going forward, banks are poised to become an enhanced one-stop shop by providing consumers value-adding FS and non-FS experiences.
To acquire customers in cost-effective manner, retail banks are tapping value-based propositions ‒ such as POS financing and mortgage refinancing. Further, Banking-as-Service provides incumbents a way to provide their high-value offerings to other players. In preparation for the future, banks will be looking to improve their go-to-market agility by leveraging the benefits of cloud. This analysis outlines the top 10 trends in retail banking for 2021.
The most significant trend of 2016 will be the ‘Platformification’ of banking, where both existing banks and startups begin a strategic shift towards becoming banking platforms, much like how Amazon is a platform in retail.”
Presentation Dayton area marketing preofessionals on strategies for leveraging mobile apps as marketing tools. Provides update on new mobile technologies such as NFC. Explains native apps vs. mobile apps and how apps can be constructed and integrated with web sites and print media.
Similar to other financial services domains, payments is evolving into an open ecosystem. The EU’s Payment Services Directive (PSD2) pioneered open banking by encouraging banks and established payments players to securely open the systems to foster competition, innovation, and more customer choices. In tandem with non-cash transaction growth, regulations are driving banks and payments firms to expand their array of payment methods and channels. Governments are encouraging financial inclusion by also promoting the adoption of non-cash payments. Increasingly, merchants and corporates seek to offer alternative payment systems because of widespread popularity among consumers. Alternative payments also enable merchants to provide real-time and cross-border payments to boost business efficiency.
Banks, payment firms, card firms, BigTechs, FinTechs, and other players are continuously developing new technology to cash in on market changes. However, data breaches and fraud continue to hinder innovation as firms devote countless resources each year to address security issues. Many governments are also designing new regulations to reduce ecosystem threats. All these measures are expected to make the current ecosystem much more secure and simple for players as well as customers.
Top Trends in Payments: 2020 explores and analyzes payments ecosystem initiatives and solutions for this year and beyond
The document discusses 10 trends in the insurance industry in 2016. Technology startups are disrupting existing business models in the industry. Most trends are technology-related and have low market penetration currently but will see mainstream adoption in coming years. Trends like increased use of IoT, big data, entry of non-traditional firms, and mHealth apps will have significant impact on insurers and customers. Other trends like peer-to-peer insurance and cyber insurance will play a larger role in the future.
Top trends in Payments: 2020 highlighted the payments industry’s flux driven by new trends in technology adoption, innovative solutions, and changing consumer behavior. The pandemic has tested the digital mastery of players, who are already grappling with transition. Non-cash transactions are on a robust growth path, accelerated by increased adoption during COVID-19. Regulators are working to instill trust and address non-cash payments risk amid unparalleled growth as players collaborate to quell uncertainty. Regional initiatives, such as the P27 (Nordics real-time payments system) and the EPI (European Payments Initiative), are gaining traction in response to country-level fragmentation and competition.
Investment in emerging technologies is looked upon as an elixir to mitigate fraud, data-driven offerings are being considered for providing value-added propositions, and distributed ledger technology is in focus for digital currency solutions, efficiency enhancement, and cost gains. New players, such as retailers/merchants, are integrating payments into their value chains while technology giants are upscaling their financial services game by weaving offerings around payments as a center stage. Constrained by budgets, firms consider business models such as Platform-as-a-Service (PaaS) to provide cost-effective and superior customer experience.
Infographic - Turning AI into Concrete Value: The Successful Implementers' To...Capgemini
What concrete benefits are organizations really seeing from AI today? Our comprehensive research provides insights direct from the market on the real-life benefits, the best use cases, and where to invest - a successful AI implementers’ toolkit.
The document defines a bank as a financial institution that accepts money from the public for lending, investment, or withdrawal by check. It discusses the types of commercial banks and their primary functions, which include accepting deposits, lending, creating credit, clearing checks, financing foreign trade, and remitting funds. Secondary functions include agency and general utility services. The document concludes that banks help achieve socio-economic objectives and national policy goals while leading economic development.
Bai' Muzayadah, Bai' Araya, Bai' Tasriyah, Hiwalah, Rahan dan Bai' Al-Dayn merupakan istilah-istilah dalam muamalat yang menjelaskan beberapa jenis jual beli dan pemindahan hutang yang sah menurut syariat Islam. Antaranya meliputi jual beli lelong, jual beli buah kurma, jual beli ternak yang dihias, pemindahan hutang, cagaran barang sebagai jaminan hutang, dan
INFOGRAPHIC: Smart contracts between hype and realityCapgemini
Smart contracts have the potential to significantly impact the financial services industry by reducing costs and increasing efficiency. A smart contract is a computer program stored on a blockchain that automatically executes transactions when predefined conditions are met. Key benefits include lower administration costs through automation, reduced settlement times, and increased transparency and trust. However, challenges remain around privacy, scalability, regulatory issues, and developing talent with smart contract skills. As the technology matures over the next few years, mainstream adoption by financial firms is expected to begin in 2020.
Magenta advisory: Data Driven Decision Making –Is Your Organization Ready Fo...BearingPoint Finland
It’s nice to have loads of data. Nevertheless, many managers start to sweat when it comes to genuinely fact-based decision making. This study reveals the keys to leveraging big data successfully.
The document discusses the Internet of Things (IoT) and its scope and benefits. It defines IoT as connecting devices to share information and improve efficiency using sensors and software. IoT is creating a network of everything around us and transforming industries like healthcare, telecom, education, retail, and banking through optimizing data collection and analysis. The possibilities of IoT are vast as it brings convenience through interconnecting devices and extracting meaningful insights from data.
The document provides an overview of the MSC Malaysia Skills Competency Matrix 2.0 project. It describes the background and objectives of updating the original 2010 skills matrix. A new online survey and interviews were conducted to collect input from over 500 companies. The revised matrix includes additional information like industry certifications, salary ranges, and job demand indicators for each job role. It is intended to serve as a common reference for various stakeholders in the ICT industry.
Australian Retail and the Digital AdvantageBen Gilchriest
This document discusses how Australian retailers can gain a digital advantage. It finds that while Australian consumers are early adopters of digital technologies, retailers are struggling to keep up with evolving customer demands. The document advocates developing a digital maturity by balancing investments in digital capabilities ("what" an organization does digitally) with strong digital transformation management ("how" an organization approaches digital transformation). Only a few "Digirati" retailers have achieved this, demonstrating both a digital vision and measurable business results from integrated digital initiatives. The document argues all retailers should take action now to develop their own digital DNA and close the gap with digitally mature competitors.
Traditional banking is facing its biggest challenge in over a generation due to factors like increased regulation, public distrust, and new digital competitors. A new tipping point has been reached where digital will play a pivotal role. To create value going forward, banks need to focus on building customer relationships and engagement through digital offerings. Younger customers especially expect banking to be available through mobile and online channels, so banks must enhance their digital capabilities to attract these customers and remain relevant in the future.
The document discusses digital manufacturing and describes presentations given at an event. It includes:
- An overview of digital manufacturing and its benefits from Capgemini and SAP perspectives.
- A case study of Esaote, an Italian medical devices company, that has implemented digitalization initiatives like data analytics, predictive maintenance, and process standardization resulting in improved production efficiency.
- Details of SAP's digital manufacturing cloud products and solutions for manufacturing execution, insights, and networking.
- Examples of how IoT and machine learning can enable predictive maintenance through asset intelligence and condition monitoring.
The document discusses various topics related to mobile technology and banking. It provides statistics showing that the US lags behind other countries in mobile adoption but that 4G networks will help close the gap. Mobile video usage is growing significantly and location-based services are popular. Mobile banking adoption is increasing in the US, with over 40 million users expected by 2012, and incentives help drive adoption especially among younger customers. Banks can reduce costs through mobile banking by lowering transaction costs and replacing repetitive tasks done by employees.
The economic downturn has been impacting companies' results for several years now. In this study, Magenta Advisory took a look at how digital business can help companies to get ahead of their competitors before the economy starts its rise again.
Linked in data to power sales - dreamforce nov 18 2013 - vfinal w. appendixAndres Bang
LinkedIn developed a data-driven approach to sales that blends account lens, analytics, and automation. They focus on understanding accounts at a high level by considering size of opportunity and likelihood. Analytics models assign scores to prioritize accounts. Automation uses triggers from user behavior and signals to proactively engage customers. Key learnings include the need for cross-functional partnerships and an experiment-measure approach to continuously improve the system. The goal is to leverage LinkedIn's data to power the most effective sales and marketing.
Reinforce the insurance value chain with predictive modelling and mlIndusNetMarketing
This ebook expands your knowledge of the insurance value chain and provides with end to end solution to elevate the customer experience through advanced technologies:
AI optimising marketing and distribution
Automating underwriting process by Machine learning model
Predictive analytics powered by AI to speed up claiming process
The banking industry’s resilience is being tested as banks navigate through a remarkable 2020 filled with uncertainties. The impact of COVID-19 has been about setting the tone for future operational models. Retail banks have shifted focus towards integrated risk management with a more holistic view of operational risks. Adapting to the new normal, banks have prioritized cost transformation while engaging customers virtually. Incumbents sought to be more responsible within fast-changing environmental conditions and ESG remained a critical focus.
To provide more experiential services, banks are leveraging techniques such as segment-of-one to hyper-personalize offerings while aiming to humanize digital channels for increased engagement. Banks are also revamping middle and back offices, going beyond the front end leveraging intelligent processes. Open X is enabling banks to play on their strengths and use the expertise of ecosystem players. Going forward, banks are poised to become an enhanced one-stop shop by providing consumers value-adding FS and non-FS experiences.
To acquire customers in cost-effective manner, retail banks are tapping value-based propositions ‒ such as POS financing and mortgage refinancing. Further, Banking-as-Service provides incumbents a way to provide their high-value offerings to other players. In preparation for the future, banks will be looking to improve their go-to-market agility by leveraging the benefits of cloud. This analysis outlines the top 10 trends in retail banking for 2021.
The most significant trend of 2016 will be the ‘Platformification’ of banking, where both existing banks and startups begin a strategic shift towards becoming banking platforms, much like how Amazon is a platform in retail.”
Presentation Dayton area marketing preofessionals on strategies for leveraging mobile apps as marketing tools. Provides update on new mobile technologies such as NFC. Explains native apps vs. mobile apps and how apps can be constructed and integrated with web sites and print media.
Similar to other financial services domains, payments is evolving into an open ecosystem. The EU’s Payment Services Directive (PSD2) pioneered open banking by encouraging banks and established payments players to securely open the systems to foster competition, innovation, and more customer choices. In tandem with non-cash transaction growth, regulations are driving banks and payments firms to expand their array of payment methods and channels. Governments are encouraging financial inclusion by also promoting the adoption of non-cash payments. Increasingly, merchants and corporates seek to offer alternative payment systems because of widespread popularity among consumers. Alternative payments also enable merchants to provide real-time and cross-border payments to boost business efficiency.
Banks, payment firms, card firms, BigTechs, FinTechs, and other players are continuously developing new technology to cash in on market changes. However, data breaches and fraud continue to hinder innovation as firms devote countless resources each year to address security issues. Many governments are also designing new regulations to reduce ecosystem threats. All these measures are expected to make the current ecosystem much more secure and simple for players as well as customers.
Top Trends in Payments: 2020 explores and analyzes payments ecosystem initiatives and solutions for this year and beyond
The document discusses 10 trends in the insurance industry in 2016. Technology startups are disrupting existing business models in the industry. Most trends are technology-related and have low market penetration currently but will see mainstream adoption in coming years. Trends like increased use of IoT, big data, entry of non-traditional firms, and mHealth apps will have significant impact on insurers and customers. Other trends like peer-to-peer insurance and cyber insurance will play a larger role in the future.
Top trends in Payments: 2020 highlighted the payments industry’s flux driven by new trends in technology adoption, innovative solutions, and changing consumer behavior. The pandemic has tested the digital mastery of players, who are already grappling with transition. Non-cash transactions are on a robust growth path, accelerated by increased adoption during COVID-19. Regulators are working to instill trust and address non-cash payments risk amid unparalleled growth as players collaborate to quell uncertainty. Regional initiatives, such as the P27 (Nordics real-time payments system) and the EPI (European Payments Initiative), are gaining traction in response to country-level fragmentation and competition.
Investment in emerging technologies is looked upon as an elixir to mitigate fraud, data-driven offerings are being considered for providing value-added propositions, and distributed ledger technology is in focus for digital currency solutions, efficiency enhancement, and cost gains. New players, such as retailers/merchants, are integrating payments into their value chains while technology giants are upscaling their financial services game by weaving offerings around payments as a center stage. Constrained by budgets, firms consider business models such as Platform-as-a-Service (PaaS) to provide cost-effective and superior customer experience.
Infographic - Turning AI into Concrete Value: The Successful Implementers' To...Capgemini
What concrete benefits are organizations really seeing from AI today? Our comprehensive research provides insights direct from the market on the real-life benefits, the best use cases, and where to invest - a successful AI implementers’ toolkit.
The document defines a bank as a financial institution that accepts money from the public for lending, investment, or withdrawal by check. It discusses the types of commercial banks and their primary functions, which include accepting deposits, lending, creating credit, clearing checks, financing foreign trade, and remitting funds. Secondary functions include agency and general utility services. The document concludes that banks help achieve socio-economic objectives and national policy goals while leading economic development.
Bai' Muzayadah, Bai' Araya, Bai' Tasriyah, Hiwalah, Rahan dan Bai' Al-Dayn merupakan istilah-istilah dalam muamalat yang menjelaskan beberapa jenis jual beli dan pemindahan hutang yang sah menurut syariat Islam. Antaranya meliputi jual beli lelong, jual beli buah kurma, jual beli ternak yang dihias, pemindahan hutang, cagaran barang sebagai jaminan hutang, dan
CURRICULUM OF ISLAMIC ECONOMICS AND FINANCE IN ISLAMIC UNIVERSITY OF INDONESI...Yuli Andriansyah
Abstract
This research was aimed to examine the curriculum of Islamic Economics of Faculty of Islamic Studies and of Economics of Faculty of Economics, both in Islamic University of Indonesia to oversee whether it is relevant with the need of human resources in the ASEAN Economic Community era or not. The research uses data on curriculum of two departments to analyze and overcome the problems faced by curriculum to meet the need in the context of regional economic globalization. Its findings indicate that curriculum in the two department were prepared mainly to achieve national goals in higher education standards and had not been prepared for regional level yet. Therefore the research suggested additional contents in the courses of the curriculum to meet the need of human resources challenge in ASEAN Economic Community context.
Paper presented at Global Conference on Business and Social Sciences (GCBSS) 15-16 December 2014, Kuala Lumpur, Malaysia
Bank cards are currently regarded as one of the mainstream payment options. Being alternative mode for cash payments, and easy to manage and carry, it is regarded as the most secure and convenient option to pay for goods and services. Shariah recognizes the needs of human being and thus it permits using the bank cards. However there are certain issues that Shariah prohibits and shows us the alternative ways. This presentation will look after the issues carefully.
On the other hand, commercial papers are convenient tools to secure debts and those papers are traded on discount. Shariah permits the first, while becomes cautious about the latter. The presentation will detail the issues that need to be addressed.
Review on Research paper 'Determinants of Financial Performance of Commercial...Saumya Singh
This study examined the determinants of financial performance of commercial banks in Kenya from 2001-2010. It found that bank-specific factors like capital adequacy, asset quality, and management efficiency significantly impacted performance measures like return on assets and equity. However, liquidity and macroeconomic variables did not have significant effects. Additionally, the study found that ownership structure (domestic vs. foreign banks) did not moderate financial performance. Thus, internal bank management decisions were more important determinants of performance than external macroeconomic conditions.
The document summarizes statistics on the Indonesian banking system published by the Financial Services Authority of Indonesia. It provides data on commercial banks grouped by business activities, their income statements, off-balance sheet positions, performance, assets, deposits, interest rates, and the number of banks and bank offices. The statistics are published monthly using data from bank reports to provide an overview of banking developments in Indonesia.
Bay al-dayn refers to the sale of debt in Islamic finance. It involves the sale and purchase of a quality debt, either to the debtor or a third party. There are differing views among Islamic scholars on whether debt can be sold to a third party. Proponents argue it can be allowed subject to certain conditions to avoid risks like gharar. Critics argue the sale of debt to non-debtors is prohibited due to issues like selling something one does not possess.
This document defines and discusses bay' al-dayn (sale of debt), including:
1) Its definition in Islamic law and evidence from hadith.
2) The different types of debts and pillars required for a valid bay' al-dayn contract.
3) Scholars' opinions on the permissibility of selling debt to the debtor or third parties.
4) Modern applications of bay' al-dayn in Islamic finance instruments.
Commercial banks have the ability to create credit through the process of lending deposits. When a bank grants a loan, it credits the borrower's account, creating new deposits. These derivative deposits can then be lent out again, resulting in multiple expansion of credit in the banking system. The initial deposit of Rs. 1,000 in Bank A resulted in total bank credit of Rs. 1,952 across three banks, demonstrating how one primary deposit can multiply into much higher credit amounts. However, banks' ability to create credit is limited by reserve requirements, economic conditions, and other factors controlled by the central bank.
In India, commercial banks are the oldest, largest and fastest growing financial intermediaries. They have been playing a very important role in the process of development. In 1949 RBI was nationalized followed by nationalization of Impearl Bank of India (New State Bank Of India) in 1995.
Financial sector is treated as to be the back bone of the economy. The quality in the working of financial sector truly impacts the profitability of the banks which as a whole impacts the economy and GDP of a country. Thus, it is important to explore the impact of reforms on the profitability of Indian banks. The paper focuses on the impact of reforms on profitability of Indian banks. This research will evolve the performance of financial institutions only after 1998 and in the wake of Narsimham Committee II.
The study is micro economic in nature and seeks to analyze the productivity of banking systems. Here an attempt has been made to examine the impact of reforms. The impact of reforms on the profitability of Indian banks has been examined on the basis of following parameters: Interest income to total assets, Operating Profit to Total Asset, Return on Asset and Return on Advances. More importantly such analysis is useful in enabling policymaker to identify the success or failure of policy initiative or alternatively highlight different strategies undertaken by banking firms which contribute to their success. Here an attempt has been made to examine the impact of banking reforms on profitability of Indian banking industry.
GROWTH PHASE IN INDIAN BANKING SECTOR
In over five decades since dependence, banking system in India has passed through five distinct phase, viz.
(1) Evolutionary Phase (prior to 1950)
(2) Foundation phase (1950-1968)
(3) Expansion phase (1968-1984)
(4) Consolidation phase (1984-1990)
(5) Reformatory phase (since 1990)
The document discusses credit creation by commercial banks. It explains that banks are able to generate money through lending deposits created from both primary deposits (customer cash deposits) and derivative deposits (deposits generated from loans). It provides an example to illustrate how a Rs. 1,000 primary deposit can generate over Rs. 2,000 in total banking system deposits and loans through the process of multiple expansion of credit. However, banks' ability to generate credit is limited by reserve requirements and other factors.
Investment banking assists companies and governments in raising capital through activities like underwriting securities and advising on mergers and acquisitions. It plays an important role in capital market intermediation by helping move funds from investors to issuers. In India, investment banking encompasses merchant banking and a range of other services. It has evolved a heterogeneous structure to meet regulatory requirements and provide different services like advisory, asset management, and secondary market activities.
The document discusses the various services provided by commercial banks including current accounts for day-to-day banking, savings accounts, ATMs, online banking access 24/7, mortgages, loans, money transfers and foreign exchange. It describes how current accounts can be used to make payments via cheque, laser card, standing order or direct debit and may involve fees, while savings accounts earn interest but it is taxed.
Role Of Commercial Banks In The Economic Development Of A CountrySayed Janan
Commercial banks play an important role in a country's economic development in several ways:
1. They promote capital formation by accepting deposits and lending to businesses for productive purposes.
2. They provide loans to entrepreneurs to invest in new enterprises, increasing productive capacity.
3. They support trade and industry through services like bank drafts, checks, and letters of credit that revolutionized commerce.
4. They also aid agricultural development through loans that boost farm productivity and incomes.
This document provides an overview of the Reserve Bank of India (RBI). It discusses the RBI's history, governance structure, key roles as the central bank and monetary authority of India including regulating the financial system, managing foreign exchange and currency, and its developmental functions. The document also outlines the RBI's objectives in being established, its subsidiaries, and instruments used for credit control.
Commercial banks in India play an important role in economic development by providing capital, credit, and financial services. They accelerate capital formation, provide financing to agriculture, industry and infrastructure, help monetize the rural economy by expanding branches, and implement monetary policy. Nationalization of banks in 1969 and 1980 aimed to ensure credit allocation aligned with development priorities and expand access to agricultural communities. The structure of the Indian banking system includes public sector banks, private sector banks, foreign banks, regional rural banks, and cooperative banks. Commercial banks perform key functions like accepting deposits, advancing loans, discounting bills, and providing agency and general services.
customer perception towards internet banking final reportjay prakash tyagi
The document discusses customer perception towards internet banking. It first defines internet banking as conducting banking transactions electronically from any location via the internet. It then discusses how banks offer internet banking and the benefits it provides customers in terms of convenience and reduced time and costs. The objectives of the study are then outlined as understanding the factors influencing customer perception, designing a measure to evaluate perception, and suggesting implications for banks.
THE INFLUENCE OF MOBILE BANKING SERVICES ON CUSTOMER SATISFACTIONNzabirinda Etienne
This document discusses a study on the influence of mobile banking services on customer satisfaction. It provides background on the shift from traditional to digital banking and the growth of mobile banking. The study aims to analyze customer perceptions of mobile banking services and satisfaction at a bank in Rwanda. A literature review covers concepts of mobile banking services and customer satisfaction. The methodology included a survey of 61 bank customers to assess flexibility, credibility, accessibility, privacy and customer loyalty, commitment, trust and retention. The results showed positive customer perceptions of mobile banking services and satisfaction. A relationship was found between mobile banking services and customer satisfaction.
E-Banking System: Opportunities and Challenges – A StudyRHIMRJ Journal
E-Banking Service in India is still in the emerging stages of growth and development. Competition and changes in
technology have changed the face of Banking. The changes that have taken place impose on banks tough standards of
competition and compliance. E-banking is the use of computer system to retrieve and process banking data and information to
initiate transactions directly with a bank via a telecommunication network. In other words-banking is the wave of future. E
Banking is likely to bring golden opportunities as well as poses new challenges for authorities in regulating and supervising
the financial system and in designing and implementing the macroeconomic policy. This research paper aims to represent EBanking
System in India.
Awareness about E banking among indian consumers pptAnurag Singh
This is a power-point presentation of E banking research report
My research is based on Seconday data.
I did a thoroughly research on the awareness of E-banking services amongst indian customers.
The objectives of my research are:
1) To study about the role, need, types, frauds, impact of Internet banking on banks, customers and society, various frauds and ways to overcome them in internet banking, services offered by internet banking and its benefit to the customers and banks.
2) To study about the future perspective and awareness of internet banking among Indian customers and ways to increase awareness among the customers.
This document is a project submitted by Naorem Boris Singh for their B.Com degree at Shri Ram College of Commerce in Delhi, India. The project examines the popularity of internet banking in India. It includes an index, executive summary, research methodology, and chapters on the history of banking in India, internet banking features and role, the scenario of internet banking in India, the pros and cons of internet banking, a case study on State Bank of India, and conclusions. The project was conducted under the supervision of Sudhanshu and does not have any commercial implications.
The advent of internet has great impact on the electronic banking. By using internet, banking is no time limit and geographic. Customers worldwide can within 24 days of the week and all have access to their accounts. Internet banking by using internet and web technologies enable customers to finance their activities in a virtual environment to do this is the difference between internet banking and home banking that for achieving banking services via the internet, there is no need to install proprietary software rather banking services but also can be accessed via a internet public network and the customer is linked to your bank account via the internet. This type of banking is partially web-based banking subsidiary with the difference is that web banking services bank was considered first introduced bank and service. Internet banking also expanded with the development of web applications. With increasing internet access to people who provide these services to be developed and banks that are unresponsive to this issue will disappear from the market
Electronic banking, also known as e-banking, allows customers to conduct financial transactions without visiting a brick-and-mortar bank. It includes services like internet banking, phone banking, ATM banking, and mobile banking. E-banking provides services like viewing account balances, paying bills, transferring funds between accounts, and more. While banks were initially reluctant due to security concerns, improved encryption methods and the desire to remain competitive have led to a rise in e-banking offerings in recent years.
This document analyzes electronic banking products and services offered by private commercial banks in Bangladesh. It identifies the present status of e-banking, trends in usage, and challenges. The study found that while e-banking usage is increasing, there are still challenges that need to be addressed to make e-banking more effective and secure. The document recommends measures for banks and regulators to overcome challenges and further develop e-banking in Bangladesh.
The document analyzes e-banking services provided by nationalized banks in India. It provides an overview of concepts like ATM, net banking and mobile banking. It also presents results of a comparative study of 5 nationalized banks in the Satara region of India from 2008-2011. The study found that Bank of Maharashtra had the largest branch network and highest number of ATM and net banking users, indicating it had the most developed e-banking services compared to other banks in the region like Central Bank of India and Union Bank of India.
This document summarizes a research paper on e-banking in Iran. The paper finds that e-banking provides several advantages to Iranian banks by reducing costs compared to traditional banking. However, Iranian customers still lack knowledge about e-banking services available. The document defines e-banking as the automated delivery of banking services through electronic channels like the internet and mobile phones. It provides examples of benefits of e-banking for both banks and customers, such as lower costs, increased convenience and 24/7 access to accounts and services. However, adoption of e-banking remains low in Iran compared to other developed countries.
This document is a project report submitted by Shruti Mathur for her Bachelor of Management Studies degree. The report covers various topics related to internet banking in India including a history of banking in India, features and role of internet banking, products and services offered by Indian banks, risks involved, pros and cons of internet banking, challenges for banks and regulators, impact of e-transactions, uses of computers in banks, credit card frauds, banks' control of online banking, a case study on State Bank of India, and the future of banking. The report contains references, a bibliography, and questionnaires used for primary data collection.
Electronic banking allows customers to perform banking transactions electronically without visiting a physical bank. It is known by several terms like online banking, internet banking, phone banking, etc. Though banks have provided electronic services for years through software, they were reluctant to use the internet due to security concerns. However, improved security and the need to remain competitive has led to a rise in banks offering internet banking. Internet banking in India was introduced in the late 1990s and has grown significantly since. It allows customers to access accounts, make funds transfers, pay bills, and perform other transactions remotely through their computers or mobile devices.
This document provides an overview of the use of information technology in the Indian banking sector. It discusses how IT is helping banks provide better customer service through automated processes and digital channels while reducing costs. Some key points:
- Indian banks are adopting technologies like internet banking, ATMs, mobile banking to improve services but still have progress to make compared to other countries.
- IT allows banks to service more customers with lower investment and improve efficiency. It enhances brands and allows customized services.
- Challenges include increasing internet penetration in India and adapting traditional public sector banks to new technologies.
- The document examines topics like electronic payment systems, online banking fraud and risks, and the role of technology in modernizing
A Study On Customer’s Perception And Satisfaction Towards Electronic Banking ...iosrjce
IOSR Journal of Business and Management (IOSR-JBM) is a double blind peer reviewed International Journal that provides rapid publication (within a month) of articles in all areas of business and managemant and its applications. The journal welcomes publications of high quality papers on theoretical developments and practical applications inbusiness and management. Original research papers, state-of-the-art reviews, and high quality technical notes are invited for publications.
E banking system benefits and challengesabhijith00007
This document discusses e-banking (online banking) in India, including its benefits and challenges. Some key benefits of e-banking are convenience, lower costs, and increased accessibility. However, security risks, lack of trust, customer awareness, and technology implementation challenges have hindered e-banking adoption. Rural untapped markets and increasing internet/computer literacy present opportunities. Overall, while e-banking faces obstacles, it provides improved customer service and will be important for banks in India going forward.
This document provides an overview of the use of information technology in the Indian banking sector. It discusses how IT is helping banks provide better customer service through automated processes and digital channels while reducing costs. Some key points:
- Indian banks have embraced technologies like ATMs, internet banking, and mobile banking but still have a long way to go to become fully technology-driven.
- IT is allowing banks to service more customers with lower investments and improve services like funds management and customer profiling.
- Technologies are reducing service costs and improving staff productivity, adding to bank profits.
- While private and foreign banks have led the way, public sector banks are also increasing their technology usage.
I completed a Seminar project.
My research is based on Seconday data.
I did a thoroughly research on the awareness of E-banking services amongst indian customers.
The objectives of my research are:
1) To study about the role, need, types, frauds, impact of Internet banking on banks, customers and society, various frauds and ways to overcome them in internet banking, services offered by internet banking and its benefit to the customers and banks.
2) To study about the future perspective and awareness of internet banking among Indian customers and ways to increase awareness among the customers.
This document is a project report submitted by Neha Shaw to the University of Calcutta for a B.Com Honours degree in Finance. The report examines online banking with a case study on Axis Bank. The introduction provides background on the growth of online banking and its benefits over traditional banking. The objectives are to better understand customer satisfaction dimensions in e-banking and Axis Bank's online banking services. The methodology involves collecting primary data through surveys as well as secondary data from sources like the internet, journals and articles.
IOSR Journal of Business and Management (IOSR-JBM) is an open access international journal that provides rapid publication (within a month) of articles in all areas of business and managemant and its applications. The journal welcomes publications of high quality papers on theoretical developments and practical applications inbusiness and management. Original research papers, state-of-the-art reviews, and high quality technical notes are invited for publications.
ASSESSMENT OF OPPORTUNITIES AND CHALLENGES OF ETHIOPIAN BANKING IN ADOPTING E...Ashley Carter
This document discusses a study on the opportunities and challenges of adopting e-services in Commercial Bank of Ethiopia. The study found opportunities like government support, competitive pressure, legal frameworks, ICT infrastructure development, and awareness programs. Technological factors were also opportunities. Challenges included high illiteracy, low internet penetration, underdeveloped ICT infrastructure, high internet costs, lack of financial networks, power outages, and technical issues. The document recommends the bank utilize opportunities and inform customers of e-banking benefits, while the government develops ICT infrastructure and regulations to support e-banking services.
Similar to Internet-Based Products in Islamic Commercial Banks in Indonesia (20)
ASSESSMENT OF OPPORTUNITIES AND CHALLENGES OF ETHIOPIAN BANKING IN ADOPTING E...
Internet-Based Products in Islamic Commercial Banks in Indonesia
1. Internet-Based Products in Islamic
Commercial Banks in Indonesia
Y. Andriansyah
The 2015 International Congress on Economics,
Social Sciences and Information Management
(ICESSIM 2015)
2. Introduction
Islamic banks in Indonesia: two decades developments
establishment of Bank Muamalat Indonesia in 1992
issuance of fatwa on interest bank prohibition by Council of
Indonesia Ulama in 2003
issuance of national law on Islamic bank and launching of Islamic
banking (iB) as social and economic trend in societies in 2008
number of bank has increased significantly and reached 12 banks
fully operating under Islamic banking system, 22 Islamic branches as
part of conventional banks (November 2014)
3. Introduction
Limited research in internet products of Islamic banks
Purwanegara, Apriningsih, & Andika (2014) for example noted
unfamiliarity to the law and regulation regarding fraud and claiming
procedure in internet banking makes consumers feel unsafe to use
the products when it come to a problem
Thuiner (2015, p. 104) pointed online banking with internet as its
front product will be the best option for both consumers and
bankers
for Indonesian context, the rapid development in the
telecommunications sector has made it important player to
stimulate economic growth in the country recently. It grew higher
than that of other sectors along with rapid diffusion especially in
cellular telephony in the last decade (Rohman & Bohlin, 2014)
4. Introduction
This paper
aims to analyze internet-based products offered by Islamic banks in
Indonesia
availability, types, and factors affecting bank to or not to provide it to
consumers
results will be expected as an early effort to study Islamic banking
from its capacity in digital economy
5. Methodology
Data
Source: secondary: Bank’s annual report, Bank’s websites, Government and
authority report
Financial Services Authority, Republic of Indonesia (2015): 34 banks
operating under Islamic law on finance
Islamic commercial banks refer to banks fully operate under Islamic financial
and national authority rules. There are twelve banks in this category with 439
head operational offices or head offices, 1,514 sub branch offices or sharia
services units and 206 cash offices
Islamic business unit refers to unit within a holding bank operating under
Islamic scheme of banking, with its holding remain operating under
conventional scheme. The category has 138 head operational offices or head
offices, 174 sub branch offices or sharia services units and, 42 cash offices.
Islamic rural banks which as the data have 91 head operational offices or head
offices and 184 cash offices in Indonesia
6. Methodology
Ausfelder (1996) in (Seitz & Stickel, 2001): internet serves as electronic
channel along with commercial online provider.
Other channels are telecommunication and self-service terminal with Automated
teller machine (ATM) and multimedia terminals as its part.
These three channels are part of technical channels within a financial institutions.
Frame & White (2010, pp. 492-495): some financial innovation and
banking in the last three decades can be traced in the form of services
offered by commercial banks
ATM was firstly introduced in 1970s and its function gradually taken by debit cards.
Internet banking was then became trend in line with the presence of prepaid cards.
Profitability and reduced-cost efficiency in online banking (DeYoung,
Lang, & Nolle, 2007) (Hernando & Nieto, 2007) make internet adoption
in this industry a new frontier to be reached.
7. Result and Discussion
Bank Muamalat Indonesia
MuamalatMobile
based on GPRS which allows consumers to check their account including latest
financial activities, to transfer across Bank Muamalat Indonesia account
holders, and to access several information about the bank and foreign
exchanges
Internet Banking (IB) Muamalat
to check their accounts information, to transfer, to pay for several purposes
and to pay phone pulse, electricity bill, and some entertainment facilities
can also be used for transaction in several merchants having agreements with
the bank
8. Result and Discussion
BRI Syariah
Cash Management System
allows consumers to withdraw cash, to transfer, to access account
information, to pay for electricity and phone bills as well as alms-giving
Other products: ATM Card or Debit Card, Co-Branding Card,
University/School Payment System, SMS Banking, Remittance, and
Electronic Data Capture of Mini ATM
9. Result and Discussion
BPD Jawa Barat Banten Syariah
Mobile Maslahah
allows consumers to check their account information, to transfer among
the bank account holders as well as across banks in ATM Bersama
networks, to pay several recurring bills and vouchers
works under most operating system i.e. Java, Blackberry, Android and iOS
10. Result and Discussion
BNI Syariah
Internet Banking Services
give consumers various financial transactions such as inter-account
transfers, transfer to an account at another bank, payment of bills for
postpaid phone voucher and electricity in specific areas, prepaid voucher
purchases, airline ticket purchases, tuition payment of various universities,
bill payment Hasanah Card and payment of zakat, infaq and shadaqoh
11. Result and Discussion
Bank Syariah Mandiri
E-Money & BSM Mobile Banking
consist some facilities embodied in BSM Card that allow consumers to pay toll
bills in most of highways in Indonesia (Jabodetabek & Bandung, Cirebon,
Semarang, Surabaya, Medan, and Bali), bus and train ticket, selected parking
area, fuel in selected area, products of some merchants (Indomaret, Alfamaret,
Alfamidi, Lawson, Circle-K, Superindo, 7-Eleven, Hypermart, Family Mart), food
and beverage in some merchants (Solaria, Excelso, Es Teller 77, Holland
Bakery), and entry tickets in some recreation park (Amazone,Waterboom
Cikarang, Wonder Water World Medan)
12. Result and Discussion
Bank Syariah Bukopin
Cash Management
allows consumers to access account inquiries and do real time on-line
transactions
is operated under Windows platform and allows multilevel users authority
to the account
13. Result and Discussion
BCA Syariah
BCA Syariah Mobile
accessible from mostly used smartphones: BlackBerry, Android, and
iPhone
allow consumers to check information on and administrate their accounts,
and to transfer for various purposes such as transfer to the same or
different banks and paying religious financial duties in form of zakat,
shadaqah and infaq
14. Result and Discussion
Discussion: Limited products
other Islamic commercial banks, financial product offered to
consumers with internet as its base is very limited
may be caused by the relatively new bank operating which imply
the limited need to such products
Bank Victoria Syariah was established in April 1, 2010
Bank Mega Syariah started its operation in August 25, 2004
Bank Panin Syariah operated from December 2, 2009
Bank Maybank Syariah Indonesia operated on October 2010
Bank Tabungan Pensiunan Nasional Syariah operated on May 22, 2014
15. Result and Discussion
Discussion: Limited products
bank expansion in term of branches and offices
banks with more sub branch offices or sharia services units tend to have more
options in financial products for its consumers with internet
Group of Banks HOO/BO SBO/SSU CO
Islamic Commercial Bank 439 1,514 206
1 Bank Muamalat Indonesia 83 260 104
2 Bank Victoria Syariah 8 11 -
3 BRI Syariah 52 203 10
4 B.P.D. Jawa Barat Banten Syariah 9 56 1
5 BNI Syariah 67 164 17
6 Bank Syariah Mandiri 137 510 65
7 Bank Syariah Mega Indonesia 35 285 4
8 Bank Panin Syariah 7 5 -
9 Bank Syariah Bukopin 12 8 5
10 BCA Syariah 9 8 -
11 Maybank Syariah Indonesia 1 - -
12 Bank Tabungan Pensiunan Nasional Syariah 19 4 -
16. Result and Discussion
Discussion: Cost Effect on Internet Banking
these findings imply how the cost of internet-based financial
product might play important role in bank decision whether to use
it or not
adoption and implementation of information and communication
technology in banking industry requires a high level of investment
in infrastructure as well as in workforce
without enough preparation and capitalization, it is obviously a
hard task for banks to fulfill.
17. Result and Discussion
Discussion: Financial Inclusion
increasing internet-based products in Islamic banks as well as in
conventional one have important role in accelerating Indonesia’s
financial inclusion
the financial inclusion is fundamentally believed as the next source
for capitalization in domestic market especially in its emerging path
with less than 20% of its population having access to financial
institution (World Bank, 2011), internet may be the right answer to
address the challenge of financial inclusion in Indonesia.
18. Result and Discussion
Discussion: Banking competition
more internet-based products for Islamic commercial bank can
prospectively increase consumers awareness of the banks
many researchers suggest financial performances of Islamic
commercial banks in Indonesia are highly related to its counterpart
of conventional ones (Kasri & Kassim, 2009) (Hutapea & Kasri, 2010)
increasing quality in internet-based financial product may lead to a
better competition with conventional banks
Bank of Indonesia campaign on non-cash transaction may also be
inspiring factor to accelerate the initiation of internet as base for
financial services in Islamic commercial banks
19. Conclusion
relatively limited adoption of information and
communication technology in term of financial products by
Islamic commercial banks in Indonesia
only bank with large capitalization and big market share
tend to provide consumers with such products
as the technology develops fast and most consumers grow
familiarity with many technological devices along with trend
in e-commerce it is noteworthy that Islamic commercial
banks in Indonesia are suggested to take the opportunity to
enhance its products
20. Conclusion
Limitations
coverage only to product details and not on its application according
consumers’ experience
Further research
internet banking products in Islamic banks in relation with
conventional banks
implementing of internet reception by consumers of Islamic banks