隨互聯網與數位科技之崛起，FinTech(科技金融)業者與傳統銀行業者的區隔日益模糊，而數位原生代世代來臨，第三方支付、大數據應用、行動支付、互聯網金融服務接連挑戰傳統銀行業者的數位科技應用能力，客戶將面臨更多選擇，無論如何，客戶將感受到越趨便利的金融交易行為與環境。 因應BANK 3.0產業趨勢變化及數位化轉型策略，國內各家金融業皆開始大舉招募資訊、大數據、金融科技、物聯網、電子商務等數位金融專業人才；顯示出在這個跨業、跨界的時代，引進傳統金融背景的人才已無法滿足現在金融業；而原本於傳統金融環境下服務的員工，也勢必將面臨轉型與改變，因此，本研究案將觀察與探索金融業在數位轉型發展趨勢下，如何引進多元人才，打造人員轉型之路。 本研究顯示，金融業須推動新核心價值凝聚變革的共識，提供開放與良善的溝通環境，鼓勵多元想法與做法，吸引數位技術人才；亦需重新定義數位化金融專業能力，協助未來銀行員所須具備有顧客體驗、跨領域思維、數位工具運用等轉型培育計畫，並提供貼近產業脈動與社會趨勢發展之培訓發展資源，強化轉型實力，打造邁向數位金融創新與服務變革的嶄新里程碑。

El trabajo de investigación es ser una crowdfunding peruana que, por medio de la página web, permita actividades financieras entre personas naturales y jurídicas donde estas puedan crear valor. En primer lugar, están los inversionistas, usuarios que generan rentabilidad a través de sus decisiones de confianza. Estos optarán para decidir en qué emprendimientos invertir. En segundo lugar, están los emprendedores, usuarios que requieren capital para sus actividades comerciales. Estos optarán poner a disposición el importe, las cuotas y la tasa de interés, según sus evaluaciones del mercado peruano. Navstcoin requiere un financiamiento de S/. 70,599.68, posee un retorno de la inversión al segundo mes del segundo año una vez iniciado las operaciones, con un alcance de 13,297 clientes, entre 9632 clientes que deseen operar desde S/. 1.00; y 3665 Pymes que deseen aperturar un cuenta con la crowdfunding. Finalmente, el equipo se especializa en software, riesgo financiero, condiciones legales, marketing, gestión de las personas y programas ofimáticos. / The research work is to be a Peruvian crowdfunding that, through the website, allows financial activities between natural and legal persons where the can create value. First, there are investors, users who generate profitability through their trustworthy decisions. They will choose to decide in which ventures to invest. Second, there are entrepreneurs, users who require capital for their business activities. They will choose to make the amount, the installments, and the interest rate available, according to their evaluations of the Peruvian market. Navstcoin requires financing of S/. 70,599.68, has a return on investment in the second month of the second year once operations have started with a reach of 13,297 clients, among 9,632 clients who wish to operate from S /. 1.00; and 3665 SMEs that wish to open an account with crowdfunding. Finally, the team specializes in software, financial risk, legal conditions, marketing, people management and office programs. / Trabajo de investigación

Med en utvecklingstakt som ökar exponentiellt, där ny teknologi och globalisering ärframåtdrivande faktorer, är det inte konstigt att det har blivit viktigare för företag att förändraoch utveckla sig om de vill fortsätta vara konkurrenskraftiga. Att kontinuerligt innovera ärnumer vitalt för att långsiktigt lyckas på en marknad. Som nästan alla sektorer och branscherså har den finansiella sektorn erfarit stora förändringar. Ny teknologi har gjort det möjligt förföretag att erbjuda smarta finansiella tjänster, något som hotar de traditionella storbankernasvinster och marknadsinnehav. Innovation management är ett forskningsämne som handlar omhur organisationer strukturerat kan styra, och arbeta med, sitt innovationsarbete och viidentifierade ett forskningsgap avseende hur svenska företag, inom den finansiella sektorn,arbetar med innovation management. Genom en komparativ fallstudie, baserad på primärtsemistrukturerade intervjuer med en efterföljande tematisk analys, undersökte vi hur svenskastorbanker och fintechbolag gör detta. Den teoretiska utgångspunkten skedde i Tidd ochBessants (2018) modell över innovation management och vi identifierade både likheter ochskillnader mellan de undersökta fallen. Resultaten tyder på att samtliga undersökta företagaktivt arbetar med innovation management, i olika mån. Exempelvis återfanns det likhetermellan företagens innovationsfaser, hur de betonade vikten av kontinuerlig innovation och enbalans mellan att utforska och utnyttja. Men fintecbolagen applicerade exempelvis flermetoder för att uppnå ett högt innovationsengagemang medan storbankerna fokuserade merpå inkrementell innovation internt och hämtade mer disruptiva komponenter från den externamiljön. Flera skillnader mellan storbankerna och fintechbolagen sinsemellan identifieradesockså. Resultaten bidrar till att öka förståelsen för innovation management och bidrar såledesbåde till teorin och praktiken.

Customer experience has become more difficult for companies to control with the expanding number of touch points that the companies must be aware off. One of the major reasons behind the expanding number of touch points has been digitalization. The financial sector is not excluded from this change. With the digitalization continuously improving and new financial technology (fintech) being developed, things might have changed. For example, bank offices and employees have been viewed as important in earlier studies, but has this changed? What is important and affects the customer experience in the Swedish financial sector today? The purpose of this paper is to gain a deeper understanding of which factors of banking services are considered important by customers today and whether there has been a shift since earlier studies. Thereby, we seek to establish what impacts the customer experience in financial institutions today. To find the answer to the purpose, a qualitative and quantitative study were conducted. The results of the full study show that employees are, as earlier studies have shown, still considered important when conducting a bank errand. However, in what context the employees are important seems to have changed. The results show that the quality that is delivered by the staff is important, while in earlier studies the relational aspect has been more important. Furthermore, the results show that bank offices are no longer considered important for the customer experience. Therefore, a shift can be identified. The study also show that it is important for the customer experience that the banks offer different channels for the customers to reach the bank. Furthermore, having the option to choose whether to resolve the bank errand on your own or obtain help from the bank is important for the customer experience. These two aspects are connected to the digital development of the industry. The results of the earlier research, referred to in this study, has not found these two aspects important. Our study therefore shows a significant shift, compared to earlier studies, in what customers consider important in contact with financial institutions.

Магистерская диссертация посвящена изучению влияния финансово-технических инноваций на банковский сектор. Целью исследования является проверка гипотезы о положительном влиянии затрат на финтех-инновации на отдельные показатели деятельности коммерческих банков. Научная новизна результатов исследования заключается в разработке теоретических положений и практических рекомендаций в отношении реализации банковских инноваций, раскрытии вектора их развития в нашей стране. / Master's thesis is devoted to the study of impact of financial and technical innovations on banking sector. The aim of study is to test the hypothesis of positive impact of costs on fintech-innovation on individual indicators of commercial banks. The scientific novelty of the research results consists in the development of theoretical provisions and practical recommendations for implementation of banking innovations, disclosure of their development vector in our country.

Being influenced by advanced technology solutions, modern business is undergoing significant transformations. This is also true about the financial services sector, where innovative solutions are being actively used and new fintech companies are emerging. Against this background, the market share of large traditional banks reduces steadily. These trends are also observed in Sweden, which has one of the highest levels of digitalization of banking services in Europe. The described trends may indicate that Swedish traditional banks are unable to compete with fintech companies and adapt to the new business environment. Consequently, the purpose of the research is to assess the current and potential positions of large traditional Swedish banks in the financial services market. In particular, when considering the situation through the prism of service-dominant logic, it is necessary to understand the place that large traditional banks occupy in the overall process of value creation with the participation of the consumer. In this regard, the following questions have been examined within the research: RQ1. How can the largest traditional banks in Sweden preserve their market positions in the overall value creation process? RQ2. What services offered by the traditional banks are the most exposed to customer outflow? To answer the questions posed, the exploratory research has been carried out, which is based on a case study and an in-depth study of a specific example, namely the development of Swedbank in a changing market context. The research data has been mostly derived from the interview, although, to reduce its bias and subjectivity, the secondary data, providing an idea of market trends, has been also analyzed. As a result of the research, it has been determined that the main advantages of fintech companies are high specialization, seamless processes, and reduced government control. Against this background, traditional banks are losing market share, but in the future, the situation should stabilize. The reason is that traditional banks have the scale, infrastructure, and operant resources to deliver comprehensive financial services that require a customized approach and cannot be automated. In addition, large traditional banks could potentially act as a platform for the technological development of the entire industry. These circumstances determine the specific advantages and the development of incumbent banks in Sweden, although the involvement of consumers in the co-creation process through social media and mobile applications is still the problem.

Implementing new technology into a complex software developing environment comes with many challenges in terms of code, user interface design, and developer experience. It is well-established that the pressing demand for security and regulations within financial technology makes it even more essential to implement new technologies with care and minimised risks. This work aims to determine the effectiveness of such implementations. Specifically, it evaluates the effectiveness of implementing a UI library in a FinTech application to find the most suitable approach. In this context, a UI library defines as a robust set of user interface components available in one place and a FinTech application as an application in financial technology with complex developing infrastructure. In order to successfully evaluate the effectiveness of implementing a UI library in a FinTech application, a thorough literature survey was performed to identify decisive factors relating to code quality, user interface, and developer experience. In a case study in which a FinTech company served as an example, a solution consisting of their product and UI library was developed. The solution was tested by collecting data from code evaluation, questionnaires, and interviews. The result shows that the solution has higher code quality, fulfils the FinTech UI requirements, and perceived as an improvement of the development infrastructure.  On this basis, the utilised methodology and the recognised factors in this work should be taken into account to identify the most suitable approach when implementing a UI library in a FinTech application.

With the surge of Internet-based corporate communication, organization, andinformation management, financial markets have undergone radical transformation. Inthe interconnected economy of today, market participants are forced to acceptcyberattacks, data breaches, system failures, or security flaws as any other (varying)cost of doing business. While cyberspace encompasses practically any firm indeveloped economies and a large portion in developing ones, combatting such risks isdeemed a question of firm-specific responsibility: the situation resembles an ‘every manfor himself’ scenario. Consulting standard financial theory, rational utility-maximizinginvestors assume firm-specific (idiosyncratic) risk under expectations of additionalcompensation for shouldering such risk – they are economically incentivized. The omnipresence of cyberattacks challenges fundamental assumptions of the CapitalAsset Pricing Model, Optimal Portfolio Theory, and the concept of diversifiability. Thethesis problematizes underlying rationality notions by investigating the effect of acyberattack on stock volatility. Explicitly, the use of stock volatility as a proxy for riskallows for linking increased volatility to higher risk premiums and increased cost ofcapital. In essence, we investigate the following research question: What is the effect ofa disclosed cyberattack on stock volatility for firms listed in the USA?. Using event study methodology, we compile a cyberattack database for events between2010 and 2015 involving 115 firms listed on US stock exchanges. The specified timeperiod cover prevailing research gaps; due to literature paucity the focus on volatilityfits well. For a finalized sample of 189 events, stock return data is matched to S&P500index return data within a pre-event estimation window and a post-event window tocalculate abnormal returns using the market model. The outputs are used to estimateabnormal return volatility before and after each event; testing pre and post volatilityagainst each other in significance tests then approximates the event-induced volatility.Identical procedures are performed for all subsamples based on time horizon, industrybelonging, attack type, firm size, and perpetrator motivation. The principal hypothesis, that stock volatility is significantly higher after a cyberattack,is found to hold within both event windows. Evidence on firm-specific characteristics ismore inconclusive. In the long run, inaccessibility and attacks on smaller firms seem torender significantly larger increases in volatility compared to intrusion and attacks onlarger firms; supporting preexisting literature. Contrastingly, perpetrator motive appearsirrelevant. Generally, stocks are more volatile immediately after an attack, attributableto information asymmetry. For most subsamples volatility seem to diminish with time,following the Efficient Market Hypothesis. Summing up, disparate results raisequestions of the relative importance of contingency factors, and also about futuredevelopments within and outside academic research.

Financial inclusion is a public policy objective that fosters development through access to financial services for all. Financial inclusion can be defined as access, usage and quality of financial services. Inclusion of individuals and small enterprises has made considerable progress but it has also reached excesses in some situations. Regulatory changes and technological innovation have helped the expansion of financial services. Our contribution to the literature is threefold. First, we expand the large body of research that focuses on financial inclusion based on access to credit, through our analysis of payments. We provide an unique analysis of the quality dimension of payments, which we define as a catalyst between the access and usage dimensions. Second, we provide a detailed analysis of the Brazilian payment market, which transacts close to $400bn per year, in the scarce literature on developing countries. Third, we isolate the determinants of electronic payments through statistical methods, including a principal component analysis and auto regressive models (SARIMA, SARIMAX), which have not yet been used by researchers. We find that four macro characteristicshave a strong explanatory power: bank credit card lending, active population, retail sales and cash-in-circulation. Suprisingly, we find that cash-in-circulation presents a positive relationship with electronic payments, suggesting a possible distrust of citizens towards the banking system, high levels of informality, and shedding a new light on the precautionary principle described by Keynes. Our analysis is based on monthly deflated card payment data for Brazil from January 2007 to March 2017. / A Inclusão financeira é um objetivo de política pública que procura desenvolvimento através do acesso de todos aos serviços financeiros. Esse conceito pode ser definido com as suas três dimensões de acesso, uso e qualidade dos serviços. A inclusão de indivíduos e empresas conheceu uma melhora significativa, e em algum casos, apresentou excessos. Adaptações regulatórias e inovação tecnológica serviram de pano de fundo para a inclusão. Apresentamos as três contribuições da nossa pesquisa. Primeiro, existe ampla literatura sobre inclusão financeira com foco em crédito, e apresentamos um estudo original sobre pagamentos e sua dimensão de qualidade, definida como o catalisador entre acesso e uso. Segundo: nossa pesquisa apresenta uma análise única do setor de pagamentos no Brasil, um setor com faturamento de mais de R$1.2 trilhões de reais anuais, no âmbito da escassa literatura sobre economias em desenvolvimento. A terceira contribuição apresenta os determinantes dos meios de pagamentos eletrônicos, usando modelos estatísticos originais, como componentes principais e modelos auto regressivos (SARIMA, SARIMAX), que não tinham sido usados na literatura de inclusão financeira. Identificamos quatro características com significância para explicar meios eletrônicos: crédito bancário, população ativa, vendas do varejo e dinheiro em posse das famílias. De maneira surpreendente, dinheiro em posse das famílias apresentou correlação positiva com meios eletrônicos, sinalizando uma desconfiança dos consumidores com o setor bancário ou um maior grau de informalidade da economia brasileira, e trazendo uma interpretação original ao princípio de precaução descrito por Keynes. Nossa pesquisa se baseou em dados agregados e deflacionados de pagamentos para o Brasil entre Janeiro de 2007 e Março de 2017.

Financial inclusion is a public policy objective that fosters development through access to financial services for all. Financial inclusion can be defined as access, usage and quality of financial services. Inclusion of individuals and small enterprises has made considerable progress but it has also reached excesses in some situations. Regulatory changes and technological innovation have helped the expansion of financial services. Our contribution to the literature is threefold. First, we expand the large body of research that focuses on financial inclusion based on access to credit, through our analysis of payments. We provide an unique analysis of the quality dimension of payments, which we define as a catalyst between the access and usage dimensions. Second, we provide a detailed analysis of the Brazilian payment market, which transacts close to $400bn per year, in the scarce literature on developing countries. Third, we isolate the determinants of electronic payments through statistical methods, including a principal component analysis and auto regressive models (SARIMA, SARIMAX), which have not yet been used by researchers. We find that four macro characteristicshave a strong explanatory power: bank credit card lending, active population, retail sales and cash-in-circulation. Suprisingly, we find that cash-in-circulation presents a positive relationship with electronic payments, suggesting a possible distrust of citizens towards the banking system, high levels of informality, and shedding a new light on the precautionary principle described by Keynes. Our analysis is based on monthly deflated card payment data for Brazil from January 2007 to March 2017. / A Inclusão financeira é um objetivo de política pública que procura desenvolvimento através do acesso de todos aos serviços financeiros. Esse conceito pode ser definido com as suas três dimensões de acesso, uso e qualidade dos serviços. A inclusão de indivíduos e empresas conheceu uma melhora significativa, e em algum casos, apresentou excessos. Adaptações regulatórias e inovação tecnológica serviram de pano de fundo para a inclusão. Apresentamos as três contribuições da nossa pesquisa. Primeiro, existe ampla literatura sobre inclusão financeira com foco em crédito, e apresentamos um estudo original sobre pagamentos e sua dimensão de qualidade, definida como o catalisador entre acesso e uso. Segundo: nossa pesquisa apresenta uma análise única do setor de pagamentos no Brasil, um setor com faturamento de mais de R$1.2 trilhões de reais anuais, no âmbito da escassa literatura sobre economias em desenvolvimento. A terceira contribuição apresenta os determinantes dos meios de pagamentos eletrônicos, usando modelos estatísticos originais, como componentes principais e modelos auto regressivos (SARIMA, SARIMAX), que não tinham sido usados na literatura de inclusão financeira. Identificamos quatro características com significância para explicar meios eletrônicos: crédito bancário, população ativa, vendas do varejo e dinheiro em posse das famílias. De maneira surpreendente, dinheiro em posse das famílias apresentou correlação positiva com meios eletrônicos, sinalizando uma desconfiança dos consumidores com o setor bancário ou um maior grau de informalidade da economia brasileira, e trazendo uma interpretação original ao princípio de precaução descrito por Keynes. Nossa pesquisa se baseou em dados agregados e deflacionados de pagamentos para o Brasil entre Janeiro de 2007 e Março de 2017.