The purpose of this thesis was to discuss and describe what implications the payment service directive, PSD2, could have on the payment service market and also what it could mean for the competitive landscape. Furthermore, the study aims to give an understanding regarding the bank's strategic actions to address this issue. To examine this, a qualitative method through a case study with semi structured interviews was applied. Top Swedish banks in this study was represented by employees from the banks in question, with extensive knowledge regarding regulations, innovation and payment services. Two fintech companies was also examined, with realtions to two of the four banks to gain another perspective of the examined phenomena. The results show that PSD2 will change the payment service market i ways that more actors can compete under similar conditions. PSD2 will also act as a driving force, pushing innovation and digitalisation which could lead to a situation where parts of the bank's core business could be under threat. This will lead to further affect on the competitive landscape which could be characterised by a mix between cooperation and competitiveness regarding services outside of the bank's core business. The bank's plans to address this by developing their own solutions and also by cooperating with third parties, in means of protecting and development of their own core business regarding bank accounts. / Syftet med denna uppsats var att diskutera och beskriva vilka implikationer som betaltjänstdirektivet PSD2 kan innebära för betaltjänstmarknaden samt vad det kommer att innebära för konkurrenssituationen. Vidare syftar studien till att ge en förståelse kring bankernas strategiska åtgärder för att adressera detta. För att ta reda på detta tillämpades en kvalitativ metod genom en fallstudie. Fyra stora banker i Sverige representerades i denna studie av anställda på respektive bank med mångårigt arbete inom reglering, innovation och betaltjänster, vilkas svar formade den utgjorde empirin genom semi-strukturerade intervjuer. För att ge ytterligare ett perspektiv intervjuades också några av bankernas samarbetspartners vilka är relativt nystartade fintech-företag. Resultaten från studien visade på att PSD2 kommer förändra betaltjänstmarknaden på så vis att fler aktörer kommer kunna konkurrera med liknande villkor. PSD2 kommer även att driva på innovation och digitalisering vilket i sin tur kan leda till att bankernas kärnverksamhet hotas. Detta leder till att ytterligare påverkan på konkurrenssituationen som kan komma att präglas av en blandning mellan samarbeten och konkurrens kring mervärdestjänster. Bankerna planerar att adressera detta genom att både utveckla egna lösningar och samarbeta med tredjepartsaktörer, för att skydda och utveckla sin kärnverksamhet gällande konton. / <p>Internationellt företagande</p>

This is a quantitative study which explores whether there is a positive relationship between customer satisfaction as perceived by corporate customers and revenue generated from such customers of the corporate division of a single South African bank. This research report has three sections, namely the (1) academic paper which comprises a condensed literature review, research methods, results and discussion, (2) an expanded literature review, and (3) an expanded research methodology. Although these three sections are interrelated, they may be considered stand-alone documents. A review of literature contends that customer satisfaction has been a topic of interest for over four decades when, in 1965, the concept was first introduced to literature by Cardozo. Even in these early stages it was hypothesized that higher customer satisfaction would lead to repeat purchasing and cross selling. Thus, for some time, researchers have proposed that a link exists between customer satisfaction and a company’s bottom line, ultimately alluding to the notion of positive associations between customer satisfaction, revenue and profitability. The corporate banking division of a South African bank has dedicated significant time and economic resources to monitoring and improving the satisfaction of their corporate customers each year. With a focus on this single corporate banking division, this quantitative study used secondary customer satisfaction data to establish whether a positive relationship between customer satisfaction with a bank representative or more formally termed, the ‘transactional banker’ (TB) and revenue at an account level exists. The study used a one-dimensional customer satisfaction construct summated from several variables or a one-dimensional multi item scale. This quantitative study made use of secondary data obtained through customer satisfaction surveys conducted with the division’s clients in three waves during September 2010, March 2011 and September 2011. At the time of data collection, telephone interviews were conducted with individuals in corporations who were customers of the corporate division within the bank. These individuals in their respective corporations were identified and surveyed because they (a) managed the primary relationship of the corporation with the banking division and (b) were senior financial decision makers of their organization’s (i.e. had the ability to influence a decision to change banks). Sample sizes of 273 (September 2010), 259 (March 2011) and 310 (September 2011) individual corporate customers were achieved through a method of stratified sampling. In this study, customers were stratified according to the TB who is responsible for their account. Within each stratum a random sample of 10 – 15 participants were included for each of the 30 TB’s. Monthly revenue data, recorded as a) credit revenue, b) overdraft revenue and c) total revenue was sourced from internal company records for each month from September 2010 to January 2012. Pearson’s correlation coefficient was used to assess whether a positive correlation between the two variables of customer satisfaction and revenue exists. This was followed by Ordinary Least Square Regression to investigate the magnitude and nature of the relationship between customer satisfaction and revenue using customer satisfaction as the independent variable and revenue as the response variable. Cronbach’s alpha was also used for internal scale validity. The results of the research indicated no statistically significant relationship between a customer’s satisfaction with the performance of their TB and either the credit, overdraft or total revenue generated from such a customer through their account. By highlighting this, these findings, nevertheless, contribute to the growing body of knowledge examining the impact of customer satisfaction efforts on revenue. On the basis of the findings of this study, it cannot be practically recommended that customer satisfaction efforts be terminated or changed within the organization of study owing to several study limitations which were present. Firstly, the study was hampered by small sample sizes due to a lack of the availability of revenue data in some instances, particularly in the case of overdraft revenue. Secondly, the study only focused on a single bank account held with the bank and increases and decreases in revenue based on the balances held within that single account. Since one of the purported consequences of improved customer satisfaction is the purchase of additional products, the current design of the study does not take into account the take up of additional accounts or banking products with the bank. Thus, an increase in revenue for the bank as a whole due to the purchase of additional accounts may be masked. Similarly, the scope of the study does not extend to examining the effect of recommendations made by these corporate customers to others and hence growth of divisional or bank revenue due to the addition of new customers. Finally, this quantitative study does not examine revenue growth when compared to customer satisfaction improvements over time due to a limited sample of customers taking part in the study over a number of periods as well as incomplete revenue data. The recommendations for future research are to examine the relationship between changes in customer satisfaction and changes in revenue at divisional level in the long run within the South African banking industry as the impact of an increase in customer satisfaction may be obscured by salient factors in the short run. It is also suggested that future research look at the correlation between dissatisfaction and revenue, where adequate sample sizes are available. Theoretically, the results of this research do bring into serious question the universal application, especially in the context of the South African banking industry of the Service Profit Chain and Satisfaction Profit Chain which propagate the existence of a positive relationship between customer satisfaction and revenue.

The following is a case study report on the Cape Town business unit of Standard Bank Properties. The research project falls within the ambit of services marketing which introduces several unique management challenges for service businesses that sell services as a core offering. The principal aim of the case study is to gain an understanding of why customers bank at the business unit and to discover what aspects are critical to customer satisfaction. A further goal of the research is to examine how the business unit could improve customer satisfaction and to highlight any impediments to further improving customer satisfaction at the business unit. It is generally regarded that quality customer service is essential to building customer relationships and hence the research project emphasis on services marketing and customer satisfaction within a financial services context. The paper commences with an overview of the South African Banking Sector and its unique challenges such as the Financial Service Charter and newly introduced legislation such as Financial Intelligence Centre Act. The case study will specifically investigate the property finance industry and a detailed analysis of the business unit's operations and process flow will also be undertaken. The reason for this background information is to assist the reader to understand how the business unit operates. The research project will investigate four unique differences between goods marketing and services marketing whereafter three theoretical propositions are introduced, namely the dyadic interaction and service encounter, the Service Profit Chain and finally Relationship Marketing. Evidence in the form of a narrative will be led from insights obtained from interviews conducted with customers and staff at the business unit against these propositions with support (or otherwise) from independent surveys and documents from the business unit. The result of this analysis is the identification of several areas of concern specifically: New employees and the service encounter, Problems with FICA, Lack of a customer complaint handling system, Empowerment issues, Turnaround times, Reliance on key staff These insights together with the evidence from the literature review will be analysed and several recommendations made to improve customer service and ultimately customer satisfaction at the business unit. Several recommendations for further research are offered as well as the identification of limitations including but not limited to the specificity of the case study report.

Le Luxembourg est le 3ème exportateur mondial de services financiers. Il figure parmi les pays qui accueillent le plus d’investissements directs en provenance de l’étranger, ce qui indique l’intensité de ses liens avec l’économie mondiale. Le but de ce travail est d’analyser l’influence éventuelle d’une économie mondiale caractérisée par l’interdépendance des marchés réels et financiers sur l’économie Luxembourgeoise. Chapitre 1 présente une analyse des interactions de l’économie Luxembourgeoise avec le monde extérieur. Le chapitre suivant est consacré à la revue de la littérature portant sur la modélisation de l’intermédiation financière au niveau macroéconomique, couvrant plusieurs types d’approches de modélisations. Enfin, le troisième chapitre comporte un modèle macroéconométrique multi-pays construit et analysé afin de simuler les scénarios plausibles. Le modèle y est présenté avec ses fondements théoriques, les résultats des simulations et une comparaison avec d’autres modèles. La nouveauté du modèle réside dans sa prise en compte du commerce international désagrégé en services financiers et autres, et des investissements internationaux en portefeuille avec leurs flux de titres et de capitaux, ainsi que de leur impact sur la croissance économique. Les résultats des simulations montrent que ce cadre d’analyse donne parfois des résultats différents par rapport aux modèles standards. Nombre de scénarios qui ne peuvent être simulés par d’autres modèles, tels que la baisse des flux internationaux d’investissements de portefeuille, sont également analysés et confirment la forte vulnérabilité du Luxembourg aux chocs externes qui ont lieu sur les marchés financiers. / Luxembourg is world’s third financial services exporter and one of world’s top recipients of foreign direct investment in value as well as per capita terms, which highlight its strong linkages with world economy. The objective of this dissertation is to analyze possible outcomes for the very small and very open economy of Luxembourg in a world environment, where real and financial markets affect each other. To better understand the characteristics of the economy and economic mechanisms behind them, a thorough analysis with emphasis put on the interactions with the outside world based on available data and relevant literature is presented (Chapter 1). Subsequently a survey of literature devoted to modeling financial intermediation at macroeconomic level across various types of modeling approaches is offered (Chapter 2). Finally, a multi-country macroeconometric model built to simulate possible scenarios is presented and analyzed (Chapter 3) with its theoretical background, simulations’ results and comparison with other models. The model is novel in that it accounts for international trade disaggregated into financial services and the rest, and international portfolio investment in securities and equity flows, that have a significant impact on the country’s economic growth. Simulations’ results show that such a framework generates sometimes markedly different results than more standard models. A number of scenarios which cannot be simulated in other models, such as American stock market fall or a decrease in international portfolio flows, are also analyzed and confirm the high vulnerability of Luxembourg economy to external shocks originating in financial markets.

Ce travail comprend une analyse détaillée des pratiques managériales des communautés virtuelles dans le secteur banquier. Nous nous sommes intéressés aux dynamiques managériales de la co-production parce que la plupart des études liées à la coproduction concernent les produits et les consommateurs. De plus, la littérature actuelle sur la coproduction manque des investigations empiriques dans les services financiers. Nous avons commencé par proposer des définitions pour pouvoir comprendre et analyser les concepts que nous mobilisons. La participation des clients a été définie comme la mesure dans laquelle le client est impliqué dans la production et le dévouement du service (Dabholkar, 1990). La coproduction est également définie comme engageant les clients en tant que participants actifs dans le travail de l'organisation (Lengnick Hall et al, 2000). Nous avons identifié quatre courants importants qui expliquent chronologiquement la participation du consommateur au développement de nouveaux produits/services: Marketing des services, l’approche managériale, la participation basée sur l’innovation, l’approche qui critique la participation du consommateur. La question de recherche centrale est "Comment et pourquoi les banques engagent-elles leurs clients dans un processus de co-production?" Nous avons identifié quatre dimensions au début de la recherche pour pouvoir comprendre les dynamiques managériales. Les dimensions étaient l’objectif, le processus, les résultats et les problèmes de la participation du consommateur. Nous avons décidé d’étudier cinq différentes institutions financières Européennes. Nous avons réalisé une conception de recherche des études de cas multiples afin de répondre à cette question dans un contexte financier. Nous avons identifié différents types de communautés chacune ayant des fonctions et des objectifs différents : communautés de recherche, communautés d'innovation, communauté de coopération ouverte avec des activités. Ces trois types de communauté ont des processus différents. La deuxième découverte est liée à l'évolution de ces communautés avec le temps. Certaines communautés (ING et Cetelem) ont évolué; Nous voyons une transformation de ces communautés selon les besoins et les priorités des institutions financières. Quant aux caractéristiques de ces institutions, processus et problèmes, l'analyse de ces banques montre que trois dynamiques importantes alimentent la construction et la gestion d'une communauté dans un contexte financier: client-centricité, soutien managérial et besoin d'innovation. D’après nos observations, le problème principal porte sur la gestion de la communauté. Il est difficile de gérer une communauté ouverte où n'importe qui peut venir et publier des idées et des critiques négatives. Les problèmes techniques, bureaucratiques et budgétaires existent aussi. La recherche, l'innovation et la coproduction de nouveaux produits et services sont les motifs les plus courants. Cependant, les motivations des communautés ouvertes étaient plus liées aux affaires. Le principal motif d'ouverture des communautés était la réduction des coûts, outre la réduction des coûts, l'augmentation de la fidélité des consommateurs, le contact plus étroit avec les clients, leur engagement et l'attribution de nouvelles tâches à la communauté. Comme indiqué plusieurs fois par Von Hippel (2006) et Kozinets (1999), les communautés en ligne sont des mécanismes efficaces pour l’étude du marché. En plus, les communautés sont également importantes pour accroitre la notoriété de la marque (Seraj 2012), la visibilité et la meilleure communication interne et la coopération (Ramasvamy et Gouillart 2010), le partage du savoir-faire et l'élimination des barrières entre les différents départements. / This work investigates managerial dynamics of customer participation and its evolution in financial context. We are interested in managerial dynamics because most of the studies related in co-production is about consumers and the current literature on co-production lacks empirical investigations in financial services. Despite its increasing popularity in the last decade co-production is not a new phenomenon. Customer participation has existed since a very long period of time especially in services marketing and is still evolving in different industries. The following definitions have been adopted for this research. Customer participation has been defined as "the degree to which the customer is involved in producing and delivering the service" (Dabholkar 1990, p. 484). Lengnick–Hall et al (2000) define co-production as “engaging customers as active participants in the organization’s work”. A comprehensive analysis of marketing literature about co-production and consumer participation issues leads us to four different approaches: a services marketing approach focusing on largely customer participation, a managerial approach that puts the customer at the center of co-creation process, an innovative approach where the customer actively takes part in innovation, a critical approach focusing on working consumer concept. The central question for the research is “How and why do banks engage their customers in co-production? Four constructs have been selected in order to answer this question: motives, processes problems and outcomes. Five European banks have been selected for the study. A detailed multiple case study analysis revealed three different community types: market research communities, Innovation communities, Cooperation communities. Another contribution is about the evolution of these communities in time. Some communities (ING and Cetelem) evolved according to needs and priorities of financial institutions. The analysis of these banks shows that three important dynamics feed building and managing a community in financial context: customer centricity, managerial support and the need for innovation. In addition, these three different community types have different processes. Problems of community management in financial industry are also investigated in detail in order to better answer “how” question. Besides financial, technical and organizational problems, the most important problem seems to be the management of open and harsh criticisms. The second important problem is the efficient community management in financial industry. In addition, internal dynamics, complexity and intangibility of financial services and resistance to change may also complicate effective community management. According to our findings, motives of financial institutions are not much different from motives of other companies. Research, innovation and co-production of new products and services are most common motives. However motives of open communities were different, they were more business related. Main motive for open communities was cost-cutting, besides cost-cutting, increasing consumers’ loyalty, having a closer contact with clients, engaging them and assigning the community new tasks are also important motives. According to our findings, there are also common and different outcomes for these three different communities. As stated several times by Von Hippel (2006) and Kozinets (1999) online communities are efficient mechanisms for marketing research. Our findings also supported their results. Besides, communities are also important in increasing brand awareness (Seraj 2012), visibility and better internal communication and cooperation (Ramasvamy and Gouillart 2010), know-how sharing and breaking down the barriers between different departments.

The main goal of this thesis is to design concept of creating business team and increase motivation of each member of business team. The analysis of procedure of creating the business team will be used for accomplishment the research project. The motivation of the businessmen will be evaluated by the chosen criteria. Further will be designed the way of leading the business teams to better results. On the basis of the analasis will be processed strengths and weaknesses of the concept of creating each teams and will be designed the way, how will be better culture in the team, how can the team reach better results and how to more involve each businessman to the team goals.

On the first April 2006 came to the turning point in the Czech Republic in the sphere of supervision and regulation over financial market, whereby approach more ideal European markets. In the master's thesis I focus on the present state of supervision and regulation of the financial market in CR, but also on system development before the 1. April 2006. I also deal with operating system on the financial market in Great Britain. The aim of my thesis is comparison of supervision and regulation in the Czech Republic and Great Britain.

Money Service Businesses provide people and institutions with a way to send money (remit) from one place to another. This service is most often associated with migrants, who typically wish to send money or value home. Remittances can be sent both on a domestic and on a cross-border basis. The methods used to remit money or value can be used for both legitimate and illegal purposes. The question posed by this research is whether the Money Service Businesses that operate in South Africa and provide crossborder remittance services are adequately regulated, to ensure that it is not used for the purposes of money laundering and/or terror financing. Copyright / Dissertation (MPhil)--University of Pretoria, 2010. / Accounting / unrestricted

Operational risk has become an increasingly important topic within financial institutions of late, resulting in an increased spend by financial service organisations on operational risk management solutions. While this move is positive, evidence has shown that information technology implementations have tended to have low rates of success. Research highlighted that a series of defined critical success factors could reduce the risk of implementation failure. Investigations into the literature revealed that no critical success factors had been defined for the implementation of an operational risk management system. Through a literature study, a list of 29 critical success factors was identified. To confirm these factors, a questionnaire was developed. The questionnaire was distributed to an identified target audience within the South African financial services community. Reponses to the questionnaire revealed that 27 of the 29 critical success factors were deemed important and critical to the implementation of an operational risk management system. / Business Management / M. Com. (Business Management)

Bakgrund: Digitaliseringen har lett till förändrade förutsättningar för finansmarknaden och finansiella tjänster som Swish och Bank-ID är idag väletablerade och används av miljontals svenskar. I takt med utökad innovation har fintech-bolagen vuxit fram, vilka sträcker sig från mindre start-ups till framgångsrika aktörer som Klarna. Fintech-bolag erbjuder finansiella lösningar på ett digitalt innovativt sätt. Till följd av införandet av PSD2 som innebär att banker är skyldiga att möjliggöra transaktion och kontoinformation till tredjepartsaktörer, har intresset vuxit bland nya aktörer att ge sig in i finansbranschen. För bankerna har detta inneburit förändrade marknadsförutsättningar med kunder som väljer att ha sitt finansiella innehav hos olika finansiella aktörer. Bankerna har inte längre den hela bankkunden och ett sätt att bemöta den nya marknadssituationen har varit för bankerna att ingå strategiska allianser med fintech-bolag.   Syfte: Syftet med uppsatsen har varit att undersöka och identifiera vilka strategiska val de fyra största bankerna i Sverige har gjort för att möta den nya utmaningen från fintech-bolag.  Metod: Studien är en kvalitativ fallstudie, vars datainsamling inhämtats från fem semistrukturerade intervjuer med respondenter från de fyra största bankerna i Sverige. Studien har en deduktiv ansats med induktiva inslag och intervjuunderlaget framtogs utifrån vald referensram. Utifrån empiri, referensram samt tidigare forskning har analys genomförts för att redogöra bankernas strategiska val samt operativa risker.      Slutsats: Studien visar att de fyra största bankerna i Sverige använt strategier av varierande karaktär när de ingått samarbeten med fintech-bolag. Fokus på snabbhet, för att som bank vara aktuell på marknaden samt en ökad flexibilitet som mindre formellt knutna samarbeten bidrar till, identifieras som anledningar till att bankerna väljer att ingå samarbeten med fintech-bolag. Studien identifierar två huvudsakliga orsaker som motverkar bankernas innovationskraft, vilka grundar sig i en historisk passivitet till innovation samt omfattande regleringar. Vidare argumenteras skillnader i kultur och riskattityd som försvårande omständigheter för ett framgångsrikt samarbete mellan parterna. I samband med strategiska allianser har flertalet operativa risker identifierats, vilka riskerar få konsekvenser på bankernas rykte och varumärke. Samarbetena riskerar medföra konsekvenser som berör hela bankernas verksamheter, varför grundläggande riskanalys blir viktigt för bankerna att genomföra innan samarbetena ingås. Däremot konstaterar studien att svårigheter uppstår vid utförandet av riskanalys till följd av att många nya fintech-bolag saknar den bolagsdata som krävs för att fastställa riskprofil.