Master Thesis Digital Banking & Financial Technology
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China Economic Journal
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Zams, B.M., Indrastuti, R., Pangersa, A.G., Hasniawati, N.A., Zahra, F.A. and Fauziah, I.A. (2020). DESIGNING CENTRAL BANK DIGITAL CURRENCY FOR INDONESIA: THE DELPHI –ANALYTIC NETWORK PROCESS. Buletin Ekonomi Moneter dan Perbankan , 23(3), pp.413 –440. doi: https://doi.org/10.21098/bemp.v23i3.1351 . 91 Conclusions The production and provision of financial services by banks is evolving as a result of the introduction of new technology. These shifts have repercussions for conventional banks, introducing additional forms of systemic risk that may pose regulatory and legislative issues. Banks are compelled to adopt modern technology as a result of fluctuating client expectations and pressures to reduce expenses and boost productivity. The coronavirus (COVID-19) pandemic had a huge effect on the digital revolution, generating a direct requirement for banks to engage with their clients via digital channels, such as platforms and apps, at a time when social distancing was the norm. From the beginning of the pandemic, the number of digital users has grown by 23%. Yet, these technological advancements cannot be considered novel. For decades, bank consumers have shifted from traditional branch-based banking to online and mobile options. Consumers' familiarity with online product use has increased. This has enabled new entrants, such as fintech companies and large digital platforms, to design appealing and user-friendly customer interfaces for their services. As a result, services are provided to clients in an efficient manner, enabling the unbundling of financial services and providing customers with a greater variety of options, hence increasing customer participation in the process. Modern technological advancements place banks under competitive strain. Banks will be need to adapt to the alterations in client behavior, which demand more effective and convenient online services. There are also new dangers associated with technology advances. Using technology more broadly and involving third parties more significantly, such as through outsourcing and cloud computing, will increase banks' reliance on the availability of IT services and their susceptibility to cyber risk. Nonetheless, banks are not completely unfamiliar with these dangers, as banking supervisors have expected them to control all risks, including those associated with technology progress. And banks have vast knowledge of regulation and compliance, having already cleared the primary regulatory obstacles faced by new entrants. Additionally, numerous fintech companies and large tech platforms offer financial services in close partnership with banks. In actuality, it is unclear whether or not large technology companies would desire to enter the banking sector themselves, with all the constraints that would entail. Overall, banks are cognizant of the need for digital 92 transformation adaptation. The COVID-19 pandemic has demonstrated, to some extent, that digital expenditures by banks have paid off — at least in terms of operational resilience. Their IT infrastructures proved to be equal to the task; service continuity was maintained without interruption and in a safe manner. The majority of banks are currently accelerating technological innovation. The most recent wave of financial innovation based on the opportunities presented by digitalisation has largely emanated from outside the incumbent banking system in the form of new financial service providers, either in competition or cooperation with incumbent banks, but with the potential for significant disruption. The European banking system faces major structural changes and difficulties that will determine its future and its capacity to service the actual economy's financial demands. Several of these concerns, such as overbanking and non-performing loans, have existed for a number of years and can be viewed as relics of the global financial crisis and the European sovereign debt crisis. Some concerns, such as climate change, are prospective in nature and relate to societal changes beyond the banking and financial institutions. In addition, the COVID-19 pandemic is influencing economic structures and exerting an influence on the banking system that may change the fundamental business models and operations of European banks. Yüklə 0,77 Mb. Dostları ilə paylaş:
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