• International Journal of Computer Science & Network Security
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• v.22 no.4
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• pp.67-72
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• 2022

The main purpose of the study is to analyze the main aspects of state regulation of the banking business in the context of social and digital transformation. One of the key elements of the functioning of the economy of any country are banks that ensure the redistribution of financial resources and stimulate economic growth. However, the banking sector, like other activities, is dynamic and depends on the pace of development and forms of technological progress that affect the forms and types of information and digital technologies, as well as the globalization and remoteness of banking services. Accordingly, the need for effective implementation of the latest technologies becomes relevant, which will not only help increase consumer satisfaction with the banking product, but also ensure the development of the country's financial sector. As a result of the study, trends in the development of state regulation of the banking sector in the digital economy were identified.

• Asia pacific journal of information systems
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• v.32 no.3
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• pp.537-563
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• 2022

This study investigates the adoption and application of digital transformation in the financial sector and analyzes the process and outcomes of digitization and digitalization in the field of the finance industry of South Korea and overseas, in order to seek both managerial and strategic implications for successful implementation of digital transformation in the future. The findings show that, for successful digital transformation, it is necessary to maximize active and systematic use of advanced online and digital technologies that form the basis of business and create an open, horizontal organizational culture and communication system to equally share and distribute advanced technologies and competencies through the entire organization. Furthermore, this study also discovers the legitimacy to concentrate the organizational competencies and know-how in providing technical training for members, expanding customer experience, and improving customer satisfaction services to contribute to improving the quality of life for members of the organization and creating and improving social and public infrastructures, instead of using digital transformation only to improve productivity of organizations or firms. As such, it is necessary to concentrate corporate competencies in establishing and supplying digital transformation that is not just human-centered but also has productivity, innovativeness, and reliability at the same time.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.12
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• pp.509-518
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• 2021

Amid the Covid pandemic surge last year, customers and businesses started embracing digital transactions. Digital banking, as an answer to the cash-less-contact-less way of doing financial transactions, was highly convenient during the pandemic, especially in the Philippines. This position examines the Gen Y and Gen Z in the Philippine case and its willingness to encourage digitalization of the financial sector. This study aimed at evaluating the intention to use digital banking services using the factors (1) ease of use; (2) perceived usefulness; (3) perceived risk; (4) trust; (5) convenience. A total of 226 respondents were selected by random sampling method and linear regression was used to analyse the collected data. Analysis of the results show that the components (1) perceived ease of use; (2) perceived usefulness; (3) perceived risk; (4) trust; (5) convenience had a significant effect on intention to use digital banking while the demographics - gender, age, monthly income, and educational attainment do not have any significance on the intention to use digital banking. The relevance of the study can be used for marketing and financial strategies to increase the intention to use digital banking and to contribute to the enhancement of technology acceptance concerning digital banking.

• Information Systems Review
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• v.25 no.4
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• pp.161-181
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• 2023

As the post-COVID-19 consumer life environment is rapidly becoming non-face-to-face, changing non-face-to-face financial life services are having a significant impact on consumers' daily lives. People who do not have access to digital devices and services that have become essential goods are at risk of being left behind in the "digital blind spot," where they are marginalized not only in their daily lives but also in society and the economy as a whole (Kim Min-Jeung A, Kim Min-Jung B, Park Joo-Yung, 2022). In this study, we examined the effects of perceived control factors, Cognitive control, behavioral control, and decisional control, on intention to use digital finance. For this study, we surveyed 133 customers who are aware of and intend to use digital finance. The results show that cognitive control, behavioral control, and decisional control have significant effects on intention to use digital finance. In this relationship, the moderating effect of privacy concerns differs from the effect of decision control on intention to use digital finance. These findings suggest that digital financial services firms should consider whether to reduce or increase customer control. Based on these findings, we discuss marketing strategies and implications for digital financial services companies.

• Electronics and Telecommunications Trends
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• v.37 no.6
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• pp.11-22
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• 2022

The UK is a service superpower with solid and well-developed financial and insurance services, including FinTech. Much of the UK's service industry is digital and becoming increasingly so. Primary sources constituting the UK's comparative advantage in services could be factored in business conditions driving innovation in the digital age and world-leading digital competitiveness. Therefore, this study examined the UK's digital policies. This research's focal strands were the UK's digital strategy, national artificial intelligence strategy, and digital trade objectives. As an essential insight for policymakers and other stakeholders, this study proposes that government policies in response to the digital economy are inextricably linked, leading to a critical driver for the UK's digital competitiveness.

• East Asian Economic Review
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• v.23 no.3
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• pp.285-309
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• 2019

Unlike the popular belief, digital transformation mainly gets stymied by legal and regulatory issues related with legacy institutions in Asia rather than technical difficulties. The real challenges triggered by the PSD2 (Payment Services Directive 2) are how the region would overcome the overly fragmented, centralized, and hierarchical legacy framework to allow necessary changes to respond to the digital single market initiatives as promulgated by the European counterpart. The PSD2 is expected to bring about substantial changes in the payment ecosystem by allowing payment service providers to access customers' accounts and transactions information via API that have been traditionally controlled by banks. This paper suggests an incentive-compatible mechanism design for open collaboration among legacy institutions in the region to help them adapt to the PSD2. As evidenced by case studies in Korea, the Asian equivalent of PSD2 can be implemented and further expanded to create region-wide PCS (payment-clearing-settlement) network by reconnecting the dots of legacy infrastructures. These decentralized, diverse, small payment networks can be further combined with the expanded RTGS-CDS platform to evolve into the next phase of Asian Financial Network.

• Journal of Information Technology Services
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• v.16 no.2
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• pp.33-44
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• 2017

The financial industry recently introduces several issues for utilizing the blockchain technology as the core infrastructure of future finance. Blockchain, first introduced as the underlying technology of Crypto-currencies, Bitcoin is a technology that can ensure the integrity and reliability of data by verifying, recording, and storing data jointly in the network without a central administration organization or a manager. This blockchain has its potential power as a technology for issuing digital currencies, providing transparency, and securing record management, that is expected to be useful in the financial sector. At the same time, considering the characteristics of financial transactions which emphasize privacy, questions are raised about whether a blockchain structure in which information is distributed and shared among participants can be successful. How will we support to implement the potential of the blockchain in order to change the paradigm of the financial industry? How can we manage the side effects of blockchain effectively? Such a policy discussion is necessary. This study introduces the meaning of the blockchain technology, various utilization attempts, and possible problems facing technology from the viewpoint of financial industry, and suggests a policy direction for utilizing this technology as a catalyst to the progress of the financial industry or as a new technology power.

• Journal of Digital Convergence
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• v.20 no.2
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• pp.91-105
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• 2022

Most of the preceding studies related to Internet Primary banks are studies on laws, regulations, and expected effects of introduction, and studies on financial consumers' intention to switch to financial services are insufficient. Apply to the PPM(Push-Pull-Mooring)theory to find out the factors that influence financial consumers' intention to switch services from commercial banks to Internet Primary banks. A survey was conducted service users, 1st-order and 2nd-order factor analysis were performed using Smart PLS 3.0. As a result, it was confirmed that the Pull, Push and Mooring had a positive (+) effect on the Intention to Switch, and the Mooring, which is a moderating variable, did not have a moderating effect on the Intention to Switch of the Push and the Pull. The scope of application of the PPM theory, which was used in the service conversion research, was extended to Fintech services, and it can provide various practical useful implications, such as the strategy and spread of Internet Primary banks, and it will be used in various studies to study consumer attitudes.

• Journal of Korea Society of Digital Industry and Information Management
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• v.15 no.1
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• pp.61-66
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• 2019

FinTech has expanded to the extent that not only businesses but almost everyone can feel the impact. The spread of the scope of use has introduced a variety of new financial services that are changing the way we live. In these environments, it is important to develop reliable security measures to protect against cyber attacks. The number of mobile financial transactions in the financial sector is also increasing, making security vulnerable. In this study, we studied security through mutual authentication method that can safely handle financial security and focused on FinTech's security processing through multi-party mutual authentication method that strongly prevents leakage of information even in the event of continuous and sophisticated attacks.

• Journal of the Korea Society of Computer and Information
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• v.25 no.12
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• pp.279-291
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• 2020

It has already been a few years since the word Fintech in Korea started to attract attention. These days, they believed that Fintech was just a boom, but these days it is recognized as a catalyst for financial transformation. Large venture companies are also launching demonstration experiments by creating new organizations that can respond to Fintech. It feels like a big tide is coming to the cautious and conservative financial industry. Finance is made up of digital information. Fintech is an evolutionary process in which finance, expressed by digital information, is transformed into information technology (IT) and human economic activities are reorganized. It is FinTech. You won't be able to understand the real effects of Fintech by sticking to individual applications like remittance payments or household account book services. Fintech is an innovation that changes the structure of economic activity itself. In fact, it is from now on that a big impact will come. In other words, now is the time when we are thinking of a dream that we have not yet dreamed of. In this paper, I will examine how fintech originated, spread to Korea, and how it intends to change Korea's finance in the future. Financial institutions have used the fruits of information technology advances in the direction of pursuing stability and stability, without major changes in the way they work. However, the movement of Fintech that started in Silicon Valley in the United States shows that the fruit can be used in other directions. The fruit of technological progress is expected to expand year by year in the future. It is a request of the times to use it to improve user convenience and to pursue innovation that is beneficial to society. We expect the flow of Fintech to accelerate innovation in the Korean financial industry.