La presente investigación tiene como objetivo examinar la inclusión financiera en Perú, medida como tenencia de servicios financieros y, en especial, su relación con la educación financiera. De acuerdo con estudios previos, existe una relación positiva en las variables propuestas. Al mismo tiempo que, la literatura teórica sugiere que la educación financiera podría ser un factor que disminuye los costos de transacción para incentivar la tenencia de servicios financieros. Por estos motivos, el estudio analiza esta relación en Perú utilizando información de representatividad nacional provista por la Encuesta Nacional de Capacidades Financieras 2019 de la Superintendencia de Banca, Seguros y AFP del Perú (SBS), en la cual colaboró en diseño la Organización para la Cooperación y el Desarrollo Económicos (OCDE). Sumado a esto, la OCDE ha provisto encuestas similares a instituciones gubernamentales de otros 40 países. En consecuencia, tomando en consideración un conjunto de variables socioeconómicas, este estudio utiliza los indicadores de educación financiera e inclusión financiera propuestos por la OCDE, los cuales permiten analizar un espectro más amplio de la inclusión financiera al ofrecer información sobre la tenencia de servicios financieros de ahorro, pago, seguro y crédito. En concreto, se utilizan 3 variables de inclusión financiera dentro de modelos de elección binaria para proveer resultados comparables internacionalmente. Finalmente, los resultados sugieren que existe una relación positiva entre la educación financiera y la tenencia de los tres tipos de servicios financieros. / The objective of this research is to examine financial inclusion, measured as tenure of financial services in Peru and, especially, its relationship with financial education. According to previous studies, there is a positive relationship between the proposed variables. At the same time, the theoretical literature suggests that financial education could be a factor that reduces transaction costs to encourage the ownership of financial services. For these reasons, the study analyzes this relationship in Peru using national representative information provided by the 2019 National Survey of Financial Capabilities of Peru’s Banking, Insurance and AFP Superintendency (SBS), in which the Organization for Economic Cooperation and Development (OECD). Additionally, the OECD has provided similar surveys to government institutions in 40 other countries. Consequently, taking into consideration a set of socioeconomic variables, this study uses the financial education and financial inclusion indicators proposed by the OECD, which make it possible to analyze a broader spectrum of financial inclusion by offering information on the ownership of savings, payment, insurance, and credit financial services. Specifically, 3 financial inclusion variables are used within binary choice models to provide internationally comparable results. Finally, the results suggest that there is a positive relationship between financial education and the possession of the three types of financial services. / Trabajo de investigación

Bc. Julien Dubois Filozofická fakulta Univerzity Karlovy v Praze Diplomová práce Finanční služby v prostředí nových médií Financial services in the new media environment Abstrakt v anglickém jazyku Abstract in English This final thesis deals with the transition of financial services from traditional financial industry in to the new media environment which is mainly created by Internet and its social aspect, social networks and social communities from real and virtual world. At the end of my paper I outline a possible appearance of financial services in the year 2020 with regard to the evolution of new media.

The general aim of this research is to develop a conceptual privacy governance framework (CPGF) that can be used to develop a valid and reliable information privacy governance questionnaire (IPGQ) to assess the perception of employees of how effective the organisation governs privacy. The CPGF was developed to incorporate a comprehensive set of privacy components that could assist management in governing privacy across an organisation. IPGQ statements were derived from the theory of the sub-components of CPGF, evaluated by an expert panel and pre-tested by a pilot group. A quantitative mono method research was followed using a survey questionnaire to collect data in a financial institution in South Africa. Exploratory Factor Analysis (EFA) was used to determine the underlying factorial structure and the Cronbach Alpha was used to establish the internal reliability of the factors. From the initial item reduction of the constructs, four factors were derived to test the privacy perception of employees. The IPGQ consisted of 49 valid and reliable questions. One-way Analysis of Variance (ANOVA) was used, and three significant differences were discovered among the demographical groups for the age groups and two for the employment status groups (organisational commitment and privacy controls). The CPGF and IPGQ can aid organisations to determine if organisations are effectively governing the privacy in the organisations in order to assist them in meeting the accountability condition of the Protection of Personal Information Act (POPIA). / Computing / M. Sc. (Information Systems)

Il est essentiel de sanctionner les personnes physiques responsables des manquements commis par des personnes morales à des fins de dissuasion et de responsabilité individuelle, mais aussi afin de maintenir la confiance du public dans notre système judiciaire et dans l’industrie des services financiers. Toutefois, des obstacles juridiques, organisationnels et opérationnels rendent particulièrement difficile la recherche de la responsabilité des personnes physiques par les organismes d’application de la loi. Les scandales et crises financières témoignent de ces difficultés et laissent croire que seules les personnes morales font l’objet de sanctions, et non pas leurs administrateurs, dirigeants ou employés responsables. C’est principalement parce qu’elles ont parfois servi de substituts à la recherche de la responsabilité des personnes physiques que les procédures intentées à l’encontre des personnes morales n’ont pas bonne presse. Les mesures d’application de la loi à l’encontre des personnes physiques et les mesures d’application de la loi à l’encontre des personnes morales jouent des rôles différents. Il s’agit de mesures complémentaires plutôt que de substituts. Il en est ainsi puisque c’est à travers l’angle de la modification des comportements et pratiques (plutôt que de la seule sanction rétrospective) que le prisme de l’application de la loi à l’encontre des personnes morales devrait être considéré. En plus de dissuader, de telles mesures favorisent une modification (volontaire ou non) des comportements et pratiques ainsi que la redistribution de la responsabilité, notamment par l’entremise des mécanismes disciplinaires internes et pratiques de rémunération. / It is essential to impose sanctions on individuals responsible for corporate misconduct to ensure deterrence and personal accountability, but also to maintain public confidence in our justice system and the financial services industry. However, legal, organizational and operational challenges make it particularly difficult for law enforcement agencies to find said individuals responsible for corporate misconduct. Scandals and financial crisis emphasized these difficulties and left the impression that only corporations were subject to sanctions and not their responsible directors, officers or employees. It is mainly because they have sometimes served as alternatives to the search for individual accountability that legal proceedings against corporations do not have a good press. Enforcement actions against individuals and enforcement actions against corporations play different roles. They are complementary and not alternatives or substitutes. It is through the angle of change in behaviours and practices (rather than the only retrospective sanction) that the prism of law enforcement against corporations should be considered. In addition to deterring, such measures foster a change (voluntary or not) in behaviours and practices and could contribute to redistributing responsibility to the individuals actually responsible for corporate misconduct, notably through internal disciplinary mechanisms and sound compensation practices.

La presente investigación tiene como propósito hacer una revisión de la literatura sobre el uso de las tecnologías disruptivas en el sector financiero y cómo estas se proyectan hacia el futuro. En la revisión de las publicaciones al respecto, se ha hecho una búsqueda profusa, con un mayor enfoque en el periodo comprendido entre el 2013 hasta la actualidad, buscando poner de manifiesto la constante evolución de la tecnología, pero sobre todo su inserción en los servicios financieros. Sin embargo, es importante señalar que en este campo las publicaciones se van incrementando, van cada vez más en aumento. Se han trazado, principalmente, tres objetivos que organizan la estructura del trabajo. En un primer momento, se busca determinar el alcance de lo que se entiende por tecnologías disruptivas y cómo estas se relacionan con las empresas y los negocios, por lo que se hará un breve repaso por su significado, sus inicios y evolución, así como un detalle de las principales tecnologías en nuestros días. En segundo lugar, se ha hecho una revisión de la estructura y la composición del sistema financiero tanto en América Latina como en el Perú. Finalmente, se ha investigado cómo las tecnologías disruptivas se están aplicando en el sistema financiero y los cambios que han originado. Las principales conclusiones que se desprenden de la investigación denotan que, al inicio, las primeras empresas en desarrollar tecnologías disruptivas en el sistema financiero fueron las fintech, por lo que hoy en día los sistemas financieros tradicionales las ven como una amenaza, implementando dentro de sus organizaciones unidades de innovación y aplicando estas metodologías ágiles para hacerles frente al emular sus actividades. Para algunos autores, de acuerdo con la tendencia global, la colaboración entre los bancos y las fintech es inevitable. Adicionalmente, se concluye que la regulación existente en las nuevas tecnologías generadas por los bancos y las fintech es escasa; de hecho, casi no existen en el Perú y se espera que se establezca una regulación para proteger a todos los actores del sistema en pro de su estabilidad y la prevención de actividades fraudulentas. Además, se concluye también en que no hay un desarrollo homogéneo en la aplicación de tecnologías disruptivas por todos los actores del sistema financiero, y tampoco existe consenso sobre los principales beneficios que las tecnologías disruptivas proporcionan a dicho sistema, pues mientras unos autores resaltan la contribución en términos de velocidad, tiempo y seguridad de información, para otros los beneficios radican en la reducción de costos y optimización de procesos. / The purpose of this research is to review the literature on the use of disruptive technologies in the financial sector and how they are projected into the future. In the review of the publications in this regard, a profuse search has been made, with a greater focus on the period from 2013 to the present, seeking to highlight the constant evolution of technology, but above all its insertion in services financial. However, it is important to note that in this field publications, they are increasing more and more. Mainly, three objectives have been outlined that organize the structure of the work. At first, we it seeks to determine the scope of what is understood by disruptive technologies and how these relationships with companies and businesses, so a brief review of their meaning, their beginnings and evolution, as well as a detail of the main technologies in our days. Second, a review was made of the structure and composition of the financial system in both Latin America and Peru. Finally, we have investigated how disruptive technologies are applying in the financial system and the changes they have caused. The main conclusions that emerge from the research show that, at the beginning, the first companies to develop disruptive technologies in the financial system were fintech companies, which is why today traditional financial systems see them as a threat, implementing innovation units within their organizations and applying these agile methodologies to face them by emulating their activities. For some authors, according to the global trend, collaboration between banks and fintech companies is inevitable. Furthermore, it is concluded that the existing regulation on new technologies generated by banks and fintech companies is scarce; in fact, they hardly exist in Peru and he hopes that a regulation will be established to protect all the actors in the system in favor of its stability and the prevention of fraudulent activities. In addition, it is also concluded that there is no homogeneous development in the application of disruptive technologies by all actors in the financial system, nor is there consensus on the main benefits that disruptive technologies controlled by said system, while other authors highlight the contribution in terms of speed, time and information security, for other benefits lie in reducing costs and optimizing processes. / Trabajo de Suficiencia Profesional

Financial services have historically been offered by central entities which has put financial systems in the control of a number of central parties. Some argue that this centralization has contributed to a more unequal distribution of wealth. However, during more recent time with the emergence of blockchain, traditional perspectives on transparency and democratization have shifted. Increasing financial inclusion has been highlighted as a crucial step in decreasing poverty levels and blockchain has been discussed as a technology with a potential to make a difference in this ambition. This study will focus on sub-Saharan Africa where 550 million individuals lack access to financial services despite having access to mobile phones. As a consequence of this, mobile financial services boomed in sub-Saharan Africa, starting in Kenya. This study will therefore focus on mobile financial services and more precisely on the perceived usefulness of blockchain technology for the mobile financial services. Furthermore, the study aims to explore what role blockchain can play in further increasing financial inclusion in the region. This was done by conducting several interviews with people representing start-ups, government agencies, telco companies during a research trip to South Africa and by participation in the Blockchain Africa Conference 2019 in Cape town.  The findings from the research show that blockchain is perceived as useful for mobile financial services, mainly because of its ability to reduce costs by removing intermediaries, to automate processes and to create decentralized trust. However, it was also found that the usefulness is negatively affected today due to the lack of common protocols and definitions, which makes it difficult for blockchain to yet make a real difference in increasing financial inclusion. / Finansiella tjänster har historiskt sätt tillhandahållits med hjälp av centraliserad datalagring genom pålitliga intermediärer såsom banker och försäkringsbolag. Detta har satt det finansiella systemet i kontroll av några få centrala aktörer vilket somliga menar har ökat den ekonomisk ojämlikheten. På senare tid, i samband med blockkedjeteknologins framväxt, har synen på demokrati och transparens skiftat. Ökad finansiell inkludering har lyfts fram som avgörande för att minska fattigdomen. Blockkedjeteknologin har framhävts att ha potential att göra skillnad i detta arbete. Denna studie fokuserar på Subsahariska Afrika där 550 miljoner individer saknar tillgång till finansiella tjänster trots att de har tillgång till mobiltelefoner. Att erbjuda mobila finansiella tjänster är viktigt för att möjliggöra finansiell inkludering. Studien ämnar därför att undersöka upplevd användbarhet av blockkedjeteknologi för mobila finansiella tjänster och hur tekniken kan utöka finansiell inkludering i kontinenten. Detta har delvis gjorts genom en forskningsresa till Sydafrika där flertalet intervjuer utfördes med personer som representerar startupbolag, regeringen, telekombranschen och den akademiska världen. Resultaten från studien visar att blockkedjeteknologin upplevs vara användbar för mobila finansiella tjänster, främst på grund av dess förmåga att sänka kostnaderna genom att ta bort mellanhänder, automatisera processer samt skapa säkra decentraliserade system. Däremot måste standardiserade protokoll och definitioner måste utvecklas innan detta kan realiseras. Fram till dess kommer det att vara svårt för blockkedjeteknolgi att göra en verklig skillnad i ökad finansiell inkludering.

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In this paper, an attempt has been made to examine the evolution of corporate leverage of companies listed on the Johannesburg Stock Exchange (JSE) from 1994 to 2016. Analysis of the data set is organized around a sample of 126 listed companies across twelve sub-sector industries, namely, Banks, Financial Services, Life Insurance, Fixed Line Telecommunications, Nonlife Insurance, Health Care Equipment and Services, Pharmaceuticals and Biotechnology, Media, Technology Hardware and Equipment, Software and Computer Services, Electronic and Electrical Equipment and Support Services. 621 delisted companies were also briefly analysed to eliminate survivorship bias. Results of multiple regressions using two primary leverage measures and six commonly used determinants of capital structure were varied. Tangibility and growth were negatively related to debt while cost of debt was positively related to debt. Firm size, profitability and corporate tax rate yielded a varied relationship with corporate leverage. Only the growth capital structure determinant showed statistical significance. The overall findings indicate a rise in corporate leverage that coincides in tandem with major local and international economic events.

The rapid advancement of technology has led to evolving user needs and expectations, with a growing demand for efficient and intuitive digital experiences. Simultaneously, many young adults lack financial literacy, highlighting the need to enhance their understanding of personal finance and investment options. Bridging the generational gap and effectively engaging young adults in financial management is a significant challenge in the fintech industry. To address this, fintech companies must adapt their products to meet the specific needs of young adults. This study utilizes a design process to identify the needs and problems of young adults, aged 18 to 25, resulting in an interactive prototype of a redesigned financial dashboard. Applying the Design Thinking methodology, the research study gains a comprehensive understanding of users’ perspectives, enabling the creation of a user-centered design. Through qualitative evaluations of the prototype, this study demonstrates the impact of the redesigned financial dashboard on user engagement. Specific design elements that contribute to increased user engagement and perceived financial literacy are highlighted. This research offers valuable insights for the fintech industry to effectively engage young adults and enhance their financial literacy through tailored design solutions, ultimately improving their financial well-being. / Den snabba utvecklingen av tekniken har lett till att användarnas behov och förväntningar har förändrats, med en växande efterfrågan på effektiva och intuitiva digitala upplevelser. Samtidigt saknar många unga vuxna finansiell kunskap, vilket understryker behovet av att öka deras förståelse för privatekonomi och investeringsalternativ. Att överbrygga generationsklyftan och effektivt engagera unga vuxna i finansiell förvaltning är en betydande utmaning inom fintechbranschen. För att bemöta detta måste företagen anpassa sina produkter för att tillgodose unga vuxnas specifika behov. Den här studien använder en designprocess för att identifiera behov och problem hos unga vuxna mellan 18 och 25 år, vilket resulterar i en interaktiv prototyp av en finansiell instrumentpanel. Genom att tillämpa Design Thinking-metodiken får forskningsprojektet en omfattande förståelse för användarnas perspektiv, vilket möjliggör skapandet av en användarcentrerad design. Genom en kvalitativ utvärdering av prototypen visar studien hur den omdesignade finansiella instrumentpanelen påverkar användarnas engagemang. Specifika designelement som bidrar till ökat användarengagemang och upplevd finansiell kunskap lyfts fram. Denna forskning erbjuder värdefulla insikter för fintechbranschen för att effektivt engagera unga vuxna och öka deras finansiella kunskaper genom skräddarsydda designlösningar, vilket i slutändan förbättrar deras finansiella välbefinnande.

As the emergence of new technologies are continuously disrupting the way in which organizations function and develop, the majority of initiatives within Learning and Development (L&D) are far from fully effective. The purpose of this study was to conduct an exploratory case study to investigate how automation and AI technologies could improve corporate learning within financial services companies. The study was delimited to study three case companies, all primarily operating in the Nordic financial services industry. The exploratory research was carried out through a literature review, several indepth interviews as well as a survey for a selected number of research participants. The research revealed that the current state of training within financial services is characterized by a significant amount of manual and administrative work, lack of intelligence within decision-making as well as a non-existing consideration of employee knowledge. Moreover, the empirical evidence similarly reveled a wide array of opportunities for adopting automation and AI technologies into the respective learning workflows of the L&D organization within the case companies. / I takt med att företag kontinuerligt anammar nya teknologier för att förbättra sin verksamhet, befinner sig utbildningsorganisationer i ett märkbart ineffektivt stadie. Syftet med denna studie var att genomföra en explorativ fallstudie gällande hur finansbolag skulle kunna införa AI samt automatisering för att förbättra sin utbildningsorganisation. Studien var begränsat till att undersöka tre företag, alla med verksamhet i den nordiska finansbranschen. Den explorativa delen av studien genomfördes med hjälp av en litteraturstudie, flertal djupgående intervjuer samt en enkät för ett begränsat antal deltagare i forskningsprocessen. Forskning påvisade att den existerade utbildningsorganisationen inom finansbolag är starkt präglat av ett överflöd av manuellt och administrativt arbete, bristande intelligens inom beslutsprocesser samt en bristande hänsyn för existerande kunskapsnivåer bland anställda. Studien påvisade därtill en mängd möjligheter att införa automatisering samt AI för att förbättra utbildningsflödena inom samtliga deltagande bolag i fallstudien.