Name :Anshika singh
Title: Impact of digital financial services in india.
1)The article explores the impact of customer service digitalization on the use of financial services offered by a courier company. The study aims to understand how digitalization affects customer behavior and usage of financial services.
The findings reveal that age has a moderate impact on the use of financial services, while necessity is the primary driver of customers’ utilization of these services. This suggests that customers use financial services offered by courier companies mainly out of necessity rather than preference.
The study highlights the significance of understanding customer needs and preferences in the courier services market. The research contributes to the existing body of knowledge on customer service digitalization, emphasizing the importance of digitalization in shaping customer behavior and business activities.( Mohammad Asif 2022)
2)The service sector has experienced significant growth in recent decades, becoming a hallmark of developed economes. The financial services market, in particular, has faced increased competition, high customer expectations, and rapid technological changes. This new landscape has created challenges and opportunities for financial services providers.
A study by Toni Djokic, Mario Pepur, and Josip Arneric examined the relationship between employee satisfaction and customer satisfaction in the financial services market. The research aimed to determine whether a positive correlation exists between these two variables. The study’s findings contribute to the theoretical knowledge in marketing, human resource management, and management in the financial services sector.( Bonnie G Buchanan2021)
3)The advent of the fourth industrial revolution has led to the emergence of fintech, a technology-enabled financial services sector that is transforming traditional financial services. Fintech has gained rapid global adoption due to its disruptive nature, particularly among underserved populations. This innovative sector encompasses various services, including payments, financing, asset management, and insurance.
Despite its growing significance, there exists a gap in research on the impact and future trajectory of fintech innovations in payments and financial services. This study aims to address this gap and explore the role of financial regulations in shaping the fintech landscape. The findings contribute to the theoretical understanding of fintech innovations and their impact on the financial services industry.( Toni Djokic,2015)
4)The development of the financial services market is crucial for the growth of Ukraine’s national economy. To achieve this, the authors have identified universal priorities for financial services market development, including increasing stability, transparency, and financial literacy. These measures can be applied to Ukraine’s financial services market to drive growth and development.
The authors propose several measures to develop Ukraine’s financial services market, including increasing the stability of financial institutions, enhancing transparency, and raising financial literacy. Additionally, reforming the state regulation system and forming a trust infrastructure system are essential for the market’s growth. These measures can be used by public authorities to develop new stategic documents for the financial services market. (Mansurali Anifa2022)
5) 2008 financial crisis highlighted the need for innovative infrastructure in the financial services sector. Traditional monolithic systems are inward-focused, costly, and heavily regulated, making it challenging to adopt new computing models like cloud computing and software as a service. This paper explores the potential of service software engineering (SSE) to create innovative global infrastructure for financial services.
The authors propose a research agenda to develop SSE for financial services, with a focus on increasing the uptake of “software as a service” in the sector. The research aims to address the challenges of traditional systems and explore new opportunities for innovation and growth. The paper also highlights the potential for extrapolating the results to other vital domains.( Serhii Shkarlet2018)
6 )he financial services sector has undergone significant changes in its marketing strategies, shifting from traditional methods to digital-first, data-driven approaches. Artificial intelligence (AI) has emerged as a key driver of this transformation, enabling companies to enhance efficiency, personalization, and customer engagement. This article examines the transformative impact of AI on marketing in financial services.
Through a series of case studies, the article showcases real-world examples of AI-driven marketing successes in financial services. These examples demonstrate how companies are leveraging AI to achieve enhanced customer satisfaction, increased operational efficiency, and data-driven decision-making. The case studies provide valuable insights into the practical applications of AI in financial marketing.( Soha Maad 2010)
7)The research explores the role of formal and informal remittances in determining the use of formal and informal financial services. Remittances play a crucial role in the livelihoods of recipients, who are often poor and financially excluded. Previous studies have shown that remittances can positively impact financial inclusion and development in recipient countries.
The study employs a multinomial logistic regression model to estimate the impact of formal and informal remittances on the use of formal and informal financial services. The results show that formal remittances promote the use of formal financial services, such as credit and savings. However, the study finds no evidence of a link between informal remittances and formal financial services, particularly among women recipients.( SPULBAR LUCIAN FLORIN2024)
8)Eight years after the Great Recession ended in the USA, the financial services industry continues to suffer from a crisis of trust with society. Practical implications – An overwhelming majority of Americans, 89 per cent, believe that the federal government does a poor job of regulating the financial services industry (Puzzanghera, 2001)( SPULBAR LUCIAN FLORIN)
9)The study examines the impact of leverage (debt) on financial performance in two sectors: manufacturing and services. The researchers aim to understand how leverage affects financial performance in each sector, considering their unique characteristics. By dividing firms into manufacturing and service sectors, the study provides insights into the distinct effects of leverage on financial performance.
The results show that leverage has a negative effect on financial performance, while company size has a positive effect. This suggests that relying heavily on debt can harm a company’s financial performance, whereas larger companies tend to perform better financially. The study’s findings have implications for companies in both sectors, highlighting the need for careful debt management and strategic growth planning.( ) Mohni 2017)
10) The study’s findings have significant implications for financial service providers and microenterprises in African markets. Digital financial services can be used to improve emotional and psychological consumer wellbeing, strengthen business relationships, and promote market share expansion, brand image enhancement, and profitability. By presenting a psychological perspective on digital financial services branding, the research provides a valuable framework for understanding the role of technology in promoting financial inclusion and social sustainability.( Intan Shaferi 2020)
CONCLUSIONS ;
The financial services industry plays a crucial role in the development of a country’s economy. Research has shown that digital financial services can enhance development goals and social sustainability, while artificial intelligence (AI) can transform marketing strategies in financial services. However, the industry still faces challenges, including a crisis of trust and the need for improved regulation.
To develop the financial services market, countries can focus on increasing the stability of financial institutions, enhancing transparency, raising financial literacy, and reforming state regulation systems. Trust infrastructure systems can also be established to promote financial inclusion and social sustainability. By implementing these measures, countries can promote the development of their financial services markets, ultimately contributing to the growth of their national economies
Reference:
1) Mohammad Asif Naved Khan Sadhana Tiwari & Showkat K. Wani & Firoz Alam (2023): The Impact of Fintech and Digital Financial Services on Financial Inclusion in India.
2) Bonnie G Buchanan & Danika Wright (2021): The impact of machine learning on UK financial services2021.
3) Toni Djokic, Mario Pepur, Josip Arneric 2015 The Impact Of Employee Satisfaction On Customer Satisfaction On The Financial Services Market
4) Mansurali Anifa & Swamynathan Ramakrishnan & Shanmugan Joghee & Sajal Kabiraj & Malini Mittal Bishnoi (2022):
5) Serhii Shkarlet & Valeriia Prokopenko & Maksym Dubyna (2018): Directions Of Development Of The Financial Services Market Of Ukraine.
6) Soha Maad & James B. Mccarthy & Samir Garbaya & Meurig Beynon & Rajagopal Nagarajan (2010): Service software engineering for innovative infrastructure for global financial services.
7) SPULBAR LUCIAN FLORIN & SMARANDESCU ANDREI (2024): Examining The Impact Of Ai Technology On Marketing Strategies In Financial Services.
8) SPULBAR LUCIAN FLORIN): The role of formal and informal remittances as the determinants of formal and informal financial services.
9) Mohni & Lalita Ajay Manrai (2017): The financial services industry and society.
10) Intan Shaferi & Sugeng Wahyudi & Wisnu Mawardi & Riskin Hidayat & Intan Puspitasari (2020): The Manufacture and Service Companies Different Leverage Impact to Financial Performance.