In the last couple of decades internationalization of firms has increased all over the world, and banks are not an exception. Different factors are impacting the decision of entering a new market and digitalization is certainly one of the main factors contributing to the internationalization process. Hence, the purpose of this thesis is to investigate what the internationalization process looks like for banks originating from the Nordic region and the impact of digitalization on the process as well as how digitalization impacts the banks' effectiveness. The data were acquired using a qualitative multiple case study of five leading banks originating from the Nordic region through semi-structured interviews. Afterward, the collected data was discussed in the literature review chapter in the analysis chapter to detect similarities and differences.  The findings in this thesis revealed that the factors that are evaluated are both internal and external before entering a market and that the significance of each factor varies depending on what bank it is. Additionally, the role of digitalization has also played a big part in how the process of the banks looks and how the current process of internationalizing is done. Instead of expanding which has been the previous focus for these leading banks, the focus has the recent years switched to withdrawing from foreign markets with their physical presence to focusing on offering their services from their home markets and on digital investments. Along with how digitalization has affected Nordic banks' internationalization process, this thesis also presents how effectiveness and assessment are impacted by digitalization.

Introduktion: Introduktionen av Fintech-bolagens disruptiva innovationer har skakat om finansbranschen och lett till förutspåelser om att mer än en fjärdedel av de traditionella finansiella tjänsternas intäkter kommer fördrivas av Fintech-bolagens tjänster. Ett framstående exempel på ett framgångsrikt Fintech-bolag är Klarna, som tar mer och mer plats på marknaden med deras innovativa helhetslösning. För att dessa innovationer ska anses som lyckade krävs det att de accepteras av konsumenterna, vilket gör det intressant att undersöka hur externa faktorer kan påverka denna acceptans. Syfte: Uppsatsen ämnar till att förklara hur konsumenters acceptans av tjänsteinnovationer kan bero på externa faktorer, i detta fall förtroende och individuell innovativitet. Studien utgår från ett Fintech-sammanhang där fokuset ligger på tjänsteinnovatören Klarna som erbjuder olika betalningsalternativ på ett innovativt sätt. Metod: Studien är av kvantitativ karaktär där datainsamlingen har skett i form av en online enkätundersökning. Studien har en deduktiv ansats och utgår från ett positivistiskt forskningsperspektiv. Den insamlade datan analyserades med hjälp av SPSS samt SmartPLS där resultatet diskuterades utifrån uppsatsens teoretiska referensram. Slutsats: Studien kom fram till att förtroende har en positivt påverkande effekt på hur Klarna-användare uppfattar den upplevda användbarheten som i sin tur positivt påverkar deras intention att acceptera Klarna. Resultatet av studien visade även att faktorn individuell innovativitet inte hade någon påverkan på den upplevda användbarheten samt svag påverkan på den upplevda användarvänligheten, vilken i sin tur innebär att den hade en väldigt liten till ingen effekt på konsumenters acceptans av Klarna.

Abstract Background: The real estate brokerage industry is highly competitive and considered very attractive. A new trend to increase attractiveness in the market is the use of digital tools. The industry has seen a growing trend in the number of newly registered real estate agents in recent years. Currently, there is a record number of real estate agents in the Swedish market. The adoption of new digital tools has increased recently, but the industry still lags behind other sectors. Websites like Hemnet started the process of similar web-based services in the real estate brokerage industry.Digitalization began in the 1980s in the form of digitization. Currently, we are considered to be in the fourth industrial revolution, which involves digitalization and its advancement through the Internet of Things, PropTech. With these digital solutions, companies are believed to be able to create new digital solutions to facilitate today's work. Development is still ongoing, and there is ample technology for this to be part of the daily workflow in the real estate brokerage industry. Purpose: The purpose of this report is to gain an understanding of how the impact of digitalization has affected the real estate brokerage industry positively and negatively in the daily lives of real estate agents Method: In this study, the authors have employed a qualitative method with a deductive approach. The authors conducted semi-structured interviews and subsequently utilized a thematic analysis method. The thesis includes 15 interviews with 16 respondents. Conclusion: The study has shown that digitalization has had a significant impact on the daily operations of the real estate brokerage industry. This is due to the implementation of digital tools that have resulted in increased efficiency, time savings, and a broader exposure. The study also highlights the challenges brought about by digitalization in the industry. These challenges are considered to be increased competition, enhanced accessibility, and the risk of cyber-attacks.

This study aims to generate а comprehensive understanding of how the Covid-19 pandemic has influenced the investment approach of venture capital funds in the Fintech industry. This aims to bring further insights into how venture capital investors react to the Covid-19pandemic. Furthermore, this research aims to identify the degree to which this reaction is аconsequence of rational decision-making instead of cognitive biases. Simultaneously, this paper will provide insights into the future trajectory of the Fintech industry, showing how major global events such as the pandemic can shape its direction whilst bringing new perspectives to similar phenomena. The following theories are tested against the findings in order to clarify if and where specifically new knowledge is created: Innovation diffusion theory, Rational Choice Theory, Behavioural Finance (with the addition of the Adverse Selection Principle), and Real options theory. A qualitative method base, an exploratory approach with а subjective ontological approach, an interpretive epistemological approach, and an abductive research approach was chosen as suitable research philosophies. A literature review was conducted to uncover areas of interest that require more investigation. The effect of the pandemic on the investment approach in the FinTech industry was identified as а key area for research. The research is based on semistructured interviews with venture capital investors in Sweden. Empirical evidence was generated through an interview with eight venture capital investors at relatively high levels of specificity in terms of the professional hierarchy. The empirical data were analysed using interpretive content analysis which is а thematic data analysis approach. The results of this study provide evidence that the Covid-19 pandemic has indeed had a significant influence on the investment approach within the Fintech industry. The empirical evidence suggests that the pandemic has accelerated the adoption of digital solutions which in turn has fostered growth and competition and attracted interest from investors. With this said findings revealed that the Covid-19 pandemic has caused а change in investor approach. Additionally, the participants revealed а multitude of varying responses which indicates complexity and uncertainty in the investment landscape.

This study aims to unpack the pre-implementation phase of initiating a transition to smart budgeting. Previous studies have mainly focused on implementing artificial intelligence and developing budgeting practices, leaving a gap in the research. The research uses a single-case study methodology of the organization Saab AB and is based on interviews with seven respondents in total. In this study, we develop a process model that details the mechanisms and underlying processes by which organizations can guide their pre-implementation of smart budgeting. The findings provide a sequential process to pre-implement smart budgeting by combining components of AI adoption and budgeting, further highlighting the understandings, decisions, competencies, and assignments organizations should entertain. Thus, adding to the current understanding of Smart FinTech.

Corporate governance practices of fintech companies have caused to increase in risk or caused to decrease in the risks. This study is mainly focused to identify the impact of corporate governance mechanisms, especially board structure and ownership structure, on the market-based risk of fintech companies. We have employed several corporate governance mechanisms such as, board size, board independence, board expertise on fintech, CEO duality, risk committee functioning, institutional ownership, and managerial ownership of the fintech companies. Total risk, systematic risk, market risk,and insolvency risk are employed as our dependent variables to examine this phenomenon. We have selected 46 listed fintech companies that are listed in any stock market of the world. Data is collected through 2012-2022 period. We have conducted our analysis using 369 unbalanced panel datasets. Our purpose was to emphasize the importance of better corporate governance mechanisms to risk management in fintech companies. From the management point of view, investors’ point of view, or directors’ point of view, what changes should do to better risk management of the company and also their personal benefit? In the recent past, two bluechip fintech companies have bankrupt due to corporate governance mispractices and risk management issues. Our results show that, corporate governance is one of the key factors in determining risk of the fintech companies. We have identified that the best practices caused to decrease risk while mispractices caused to increase risk.

This study examines the experiences of financially and digitally vulnerable individuals in Sweden regarding the digitization of financial services. The study aims to understand how these individuals use digital financial services and what support they believe is needed to design an inclusive financial system. The study uses phenomenology as a research strategy and collects data through semistructured interviews. Data is analyzed with thematic analysis. The results were divided into two main areas, experiences around access to digital financial services and opinions about support measures to facilitate inclusion. The interview participants indicated that access to digital financial services is good, while barriers exist to being able to use them. These barriers were, lack of adequate technology, concerns about safety and non-independent use. Respondents emphasized the need for improved information and training to understand and navigate digital financial systems. The study suggests that future research is needed to deepen the understanding regarding the role of institutions and companies in the creation of a more inclusive financial landscape.

Philosophiae Doctor - PhD / The Fourth Industrial Revolution has provided new opportunities to tackle problems in health, education, transport and many other sectors. In the financial sector, new financial technology (FinTech) is providing new ways of tackling the problem of financial exclusion. The uptake of cell phones has enabled financial service providers (FSPs) to expand into areas where the most vulnerable have hitherto been outside the reach of the banking agency model. This has ultimately allowed previously financially excluded individuals to have access to bank accounts. Through SMACT (Social Media, Mobile, Analytics, Cloud and the Internet of Things) technologies, FSPs are able to collect new types of data such as call detail record data and mobile app data which have been leveraged globally to enable the emergence of M-Pesa in Kenya, the WeChat payments module in China and KakaoBank, South Korea’s first online-only bank. The common thread in these innovations is that these are telecommunications company-led business models that have encroached into the area of finance. Such digital disruption has happened in South Africa but little is understood about how inclusive digital financial services are in the South African context. Moreover, what are the barriers to further financial inclusion, given that South Africa has significantly high bank account uptake rates? What role can the Fourth Industrial Revolution technologies have in breaking those barriers and reaching the lower-income population that has largely been mis-sold financial products that were created for the middle to upper-income population? This study sought to investigate how the diffusion of SMACT technology has contributed to financial inclusion in the South African financial services sector. The study made use of a mixed methods approach to answer this research question. Finscope data from 2012 to 2015 was used as the data source for the quantitative section and key informant interviews as the source of data for the qualitative section. The study found that roughly 80% of adults in South Africa are financially included through formal banks. Despite the near 100% uptake rates of cell phones across all income groups, proximity to an ATM or bank branch still significantly determined whether an individual accessed formal financial services. The study also found that ATM withdrawal, store withdrawal and internet banking were infrequently utilised by lower-income adults. In terms of internet banking and digital financial services in general, financial products, especially digital credit, do not appear to be well aligned with the needs of the lower-income consumer. The mismatch of financial products and the needs of lower-income consumers is further worsened by poor financial literacy levels in South Africa, especially among lower-income consumers. The study concludes that more needs to be done to increase economic inclusion, digital inclusion and financial inclusion for the lower-income population in South Africa. While consumer protection and transparency are well covered in the regulatory and legislative framework to which FSPs by and large adhere, a more inclusive and sustainable financial sector will only exist if product fit, affordability, financial literacy and convenience issues are addressed. This should happen in an enabling environment where ICT infrastructure benefits all, interoperability of digital financial services is reached and a regulatory framework more focused on financial inclusion is in place.

Thesis advisor: Philip E. Strahan / My dissertation consists of two chapters. In the first chapter, I show that the growing trend in financial services digitalization has introduced a new dimension along which commercial banks compete, with consequences for the local economy. Small community banks (SCBs) are slow to implement mobile technologies and lose deposits to larger, better-digitalized banks following mobile infrastructure improvements. This dynamic negatively affects their small business lending, for they have historically relied on information and liquidity synergies with deposits to maintain their competitive advantage in such markets. Larger banks and FinTech firms prove to be imperfect substitutes in this setting, and the local economy benefits less from digitalization in areas where SCBs had an important presence before its advent. The second chapter, co-authored with Prof. Rawley Heimer, focuses on the outcomes of consumers' efforts to achieve restitution for disputed financial services. We find that complaints filed with the Consumer Financial Protection Bureau (CFPB) from low-income and Black zip codes are 30% less likely to be resolved with the consumer receiving financial restitution. The gap in financial restitution was scarcely present under the Obama administration, but grew substantially under the Trump administration. We attribute the change in financial restitution under different political regimes to companies anticipating a more industry-friendly CFPB, as well as to the more industry-friendly leadership of the CFPB achieving less financial restitution for low-income and Black filers. The financial restitution gap cannot be explained by differences in product usage nor the quality of complaints, which we measure using textual analysis. / Thesis (PhD) — Boston College, 2023. / Submitted to: Boston College. Carroll School of Management. / Discipline: Finance.

There is a shift in the way financial services are provided in relation to alternative payment methods, with FinTech being a significant factor in this trend. This trend continues to grow in popularity, which is why FinTech has become such an important part of the payments market. FinTech is undergoing a paradigm shift and the Swedish market is dependent on the development of FinTech, where many new players have taken a place in the financial market within the payment service area. With these developments, FinTech has a huge impact on traditional banks, including the disruptions, challenges and threats that come with this growth. Banks face major challenges, but the growth of FinTech companies offers innovative financial services that banks cannot keep up with. The purpose of this study is to investigate success factors that have helped FinTech companies grow and succeed, as well as find out what the relationship between FinTech and traditional banks looks like, and the challenges FinTech faces in relation to the financial services sector. The study is based on a FinTech perspective, where four Swedish FinTech companies: Klarna, Qliro Walley and Resurs Bank participate in. The study is based on a qualitative study that is supplemented with a semi-structured interview, which is the study's primary data collection. A use of secondary data has also been made, by retrieving reports from various organizations and authorities. The result showed that the main success factor for FinTech growth is customer interaction, as demand places great importance on the development of the company's services. Initiating cooperation with banks is seen as an opportunity and as a business strategy, where traditional banks can give FinTech comparative advantage. This is because the banks have more market knowledge of payment services that can be used by FinTech. The existence of new regulations can affect FinTech companies differently, which is considered a major challenge, and trying to keep up with the regulations can be costly to adapt to. / Det finns en förändring i sättet att tillhandahålla finansiella tjänster i förhållande till alternativa betalningsmetoder, där FinTech är en betydande faktor till denna trend. Denna trend fortsätter att växa i popularitet, vilket är anledningen till att FinTech har blivit en viktig del av betalningsmarknaden. FinTech genomgår ett paradigmskifte och den svenska marknaden är beroende av utvecklingen av FinTech, där många nya aktörer tagit plats på finansmarknaden inom betaltjänst- området. Med denna utveckling har FinTech en enorm inverkan på traditionella banker, inklusive störningar, utmaningar och hot som följer med denna tillväxt. Bankerna står inför stora utmaningar, men tillväxten av FinTech- företag erbjuder innovativa finansiella tjänster som bankerna inte kan hänga med. Syftet med denna studie är att undersöka framgångsfaktorer som har hjälpt FinTech- företag att växa och lyckas, samt ta reda på hur förhållandet mellan FinTech och traditionella banker ser ut, och de utmaningar FinTech står inför i anknytning med den finansiella tjänstesektorn. Studien utgår ur ett FinTech-perspektiv, där fyra svenska FinTech företag: Klarna, Qliro Walley och ResursBank medverkar i. Studien grundar sig på en kvalitativ studie som kompletteras med en semistrukturerad intervju, som är studiens primära datainsamling. En användning av sekundärdata har också medförts, genom att hämta rapporter från olika organisationer och myndigheter. Resultatet visade att den främsta framgångsfaktorn för FinTech tillväxt är kundinteraktion, eftersom det är efterfrågan som lägger en stor vikt vid utveckling av företagets tjänster. Att inleda samarbete med banker ses som en möjlighet och som en affärsstrategi, där traditionella banker kan ge FinTech komparativa fördelar. Det beror på att bankerna har mer marknadskännedom om betaltjänster som kan användas av FinTech. Förekomsten av nya regleringar kan påverka FinTech-företagen olika. Detta anses som en stor utmaning. Att försöka hänga med i regelverken kan vara kostsamt att anpassa sig till.