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Financial sector development

About: Financial sector development is a research topic. Over the lifetime, 1674 publications have been published within this topic receiving 90787 citations.


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TL;DR: DataStack as discussed by the authors is a modular, streamlined, end-to-end data architecture that leverages an interoperable data platform and advanced analytics tools to generate meaningful, actionable insights in digestible formats for multiple personas.
Abstract: Digital transformation of the financial sector has been driving financial inclusion and innovation. Better connectivity, cheaper mobile technology, new products, and improved customer experience are steadily closing gaps in technology adoption and financial access. However, a new “Big Data divide” is forming between the digital financial services (DFS) market participants who can leverage data for their respective ends, and a number of public and private sector stakeholders who cannot. This imbalance of power has the potential to skew the development of digital financial ecosystems in favor of a few large players. To bridge this divide, a new Open Data Commons needs to be established that guarantees access to rich and plentiful data, as well as the tools to make them meaningful and actionable. This report proposes an expanded variety of Open Data Commons, which we refer to as DataStack. The DataStack is a modular, streamlined, end-to-end data architecture that leverages an interoperable data platform and advanced analytics tools to generate meaningful, actionable insights in digestible formats for multiple personas. The blueprint that we present leverages advances in supervisory technologies (SupTech) as the base for this new data architecture for the financial sector, shaping a new role for financial authorities, encouraging them to become the catalyzer for innovation in financial sector development.

2 citations

Journal ArticleDOI
TL;DR: The link between financial sector development (FSD) and economic growth has generated a great deal of interest among academics as mentioned in this paper, and some studies argued that financial sector stimulates growth while oth...
Abstract: The link between financial sector development (FSD) and economic growth has generated a great deal of interest among academics. Some studies argued that financial sector stimulates growth while oth...

2 citations

Journal ArticleDOI
TL;DR: The role of local financial markets in describing the relationship between foreign direct investment (FDI) and economic growth in Pakistan is examined in this article, where empirical results suggest that FDI can play a contributing role in promoting economic growth.
Abstract: The objective of the present study is to examine the role of local financial markets in describing the relationship between foreign direct investment (FDI) and economic growth in Pakistan. For this purpose, the study uses annual data for the period 1973-2011. Empirical analysis is based on Johansen and Juselius cointegration technique and Toda-Yamamoto causality analysis. Empirical results suggest that FDI can play a contributing role in promoting economic growth in Pakistan. However, the full benefit of FDI is reaped only if local financial markets achieve a certain minimum level of development both in the long-run and short-run. Developed financial markets allow efficient allocation of resources and enhance the absorptive capacity of a country to FDI inflows.

2 citations

Journal Article
TL;DR: A number of e-finance initiates have been aimed mainly at the provision of online services to existing customers in an attempt to keep them loyal as discussed by the authors, however the convenience of online service can lure customers away from their banks, building societies and insurance companies.
Abstract: IntroductionWhat is e-finance? The provision of financial services and markets using electronic communication and computation. The developments can be divided into two broad areas. The first is the impact on banking and financial services. They argue that the advent of the internet and other electronic communication means has fundamentally altered many aspects of the banking industry. Many of the services traditionally provided by banks are being provided by other entities.The financial services industry is undergoing dramatic changes caused by recent significant technological advances and the explosion of services offered on the Internet. The revolution underway can significantly accelerate financial sector development in many countries by reducing costs to consumers of financial services, increasing breadth and quality, and widening access to financial and non-financial services. Globalization, economic integration within and across countries, deregulation, technological advances in Telecommunications especially in cable and wireless communication technologies, and the spread of the Internet are dramatically changing the structure and nature of financial services provision and financial services industries around the world. Internet and other technologies are not just alternative distribution channels, but are fundamentally changing the business model. The Internet is about reach, richness and relationships. It allows people and businesses to communicate one to one or many to many, provides access to vast amounts of information gives access to global markets, and provides transaction support (B2B, B2C, and C2C). Financial institutions can have a much richer exchange with their customers and can create and tailor products and services that meet the evolving needs of their customers. At the same time, the Internet poses a threat: it allows new financial service providers to more effectively compete for customers because it does not distinguish between traditional "bricks and mortars" institutions and those without physical presence. Increasingly, consumers and businesses are comfortable with alternative payment mechanisms provided through the Internet. These forces are leading to large benefits for consumers of financial services at both the retail and commercial level. The advances in technology are resulting in fundamental changes in the basic structure of the financial services industry on a global basis. Technological advances are leading to the entry of new types of financial services providers within countries and across borders, including online banks, brokerages, mono-liners and so called aggregators (which allow consumers and businesses to compare financial services, e.g., loans, saving rates, insurance policies etc). In addition, there is a proliferation of new types of non-financial entities that are offering a whole range of financial services, many of them directly competing with banks and the formal financial intermediaries. Many of these companies are dedicated to the provision of one kind of service, while others are adding financial services to their traditional line of business. The latter include utilities and telecommunications companies that offer various forms of 2 payment or other services via use of their existing distribution network and customer relationships.Vertically integrated financial service organizations that try to create synergies by combining brand names, distribution networks and financial service production are rapidly growing.E-Finance in Global market placeFinancial institutions have traditionally relied on notions of trust and loyalty to keep their customer base. A number of e-finance initiates have been aimed mainly at the provision of online services to existing customers in an attempt to keep them loyal. However the convenience of online services can lure customers away from their banks, building societies and insurance companies. There are three ways that e-finance initiatives seem to have emerged. …

2 citations


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Performance
Metrics
No. of papers in the topic in previous years
YearPapers
202357
202279
202155
202093
201991
201888