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Book part
Publication date: 31 December 2010

The following is an introductory profile of the fastest growing firms over the three-year period of the study listed by corporate reputation ranking order. The business…

Abstract

The following is an introductory profile of the fastest growing firms over the three-year period of the study listed by corporate reputation ranking order. The business activities in which the firms are engaged are outlined to provide background information for the reader.

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Reputation Building, Website Disclosure and the Case of Intellectual Capital
Type: Book
ISBN: 978-0-85724-506-9

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Article
Publication date: 1 May 1995

Pamela A. Kennett, George P. Moschis and Danny N. Bellenger

The aging population in the United States makes skill in marketingto the mature consumer increasingly important. The biophysical andpsychosocial aging process creates a…

Abstract

The aging population in the United States makes skill in marketing to the mature consumer increasingly important. The biophysical and psychosocial aging process creates a need for specific strategies to address the changes brought on by age. Attempts to ascertain the degree to which the financial services industry recognizes some of the needs of the elderly market and the degree to which marketing programs are addressing these needs. The results show that financial services marketers have been slow in implementing strategies which might help them better attract and serve the mature consumer, when compared with other industries. While this industry has done an excellent job in developing products which appeal to older consumers, they appear to be lacking in special assistance to mature consumers and training to support such assistance. Provides managerial implications stressing specific areas for improvement.

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Journal of Services Marketing, vol. 9 no. 2
Type: Research Article
ISSN: 0887-6045

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Article
Publication date: 1 August 2004

O. Sallyanne Decker

This paper argues that when corporate social responsibility (CSR) is conceptualised pragmatically as a response by businesses to society's concerns it acts as an element…

Abstract

This paper argues that when corporate social responsibility (CSR) is conceptualised pragmatically as a response by businesses to society's concerns it acts as an element of structural change with implications for the strategies of firms and ultimately for industry structure. Furthermore, industry specific aspects of CSR are important and governmental influences and financial regulation provide an added dimension to the impact of CSR on the financial services industry. As an element of structural change, CSR acts as an environmental discontinuity and forces firms to realign their positions within their operating environment. A structural change paradigm is developed to examine trends which are emerging within retail banking as a result of CSR. In the UK retail banking sector, the impact of CSR is increasingly manifest in the efforts to create a competitive advantage out of CSR strategies, the growing prominence of mutual financial institutions in government policy and collaborative efforts between a range of financial institutions.

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Managerial Auditing Journal, vol. 19 no. 6
Type: Research Article
ISSN: 0268-6902

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Article
Publication date: 1 May 1990

Kenneth Andrew

This monograph covers a number of key articlesand presentations by the author over the lastdecade. The points contained in them reflect aclear belief based on experience…

Abstract

This monograph covers a number of key articles and presentations by the author over the last decade. The points contained in them reflect a clear belief based on experience of creating significant cultural change so that banks become more market‐driven and customer‐orientated. Many of the forecasts made in the articles have become a reality in the marketplace. This monograph begins with a description of changes over the last decade: the introduction of the marketing function into banks, consumer responses, new competitors, technological developments, and the impact of Government. Marketing has faced many difficulties in the banking industry and competitive breakthroughs have not been easy to achieve. Many leaders in the industry believe in business/marketing strategy evolving in close association with IT planning – this is the second topic, IT support may be crucial. The importance of advertising and management of agency relationships is the subject of Chapter 3 – how can it be effectively used? Chapter 4 looks at the ways in which the consumer is presently getting a better deal; Chapter 5 describes the marketing success of the NatWest Piggy Bank within the context of a changing marketing culture. A wider repertoire of marketing techniques are used in the USA (Chapter 6) but if they are to be used in the same way here then the situation will need to approximate more closely to that of the USA – credit and credit cards are the particular focus and the US market is more aggressive. Chapters 7‐9 look at the future of financial services marketing from the retailer′s perspective – the retailer′s detailed approach to a possible new business has distinctive strengths, but their actual opportunities in this market may be restricted to an extent by, for example, inexperience and so lower credibility as vendors of some specialised services like investment management. Chapter 10 appraises the value and strategic nature of market research. Chapter 11 considers the movement of building societies into the wider personal financial services marketplace, the product′s role in the marketing mix, and the impact of the Single Market in Europe. Chapter 12 singles out the cost‐effective technique of automated vetting of customers′ creditworthiness from the special viewpoint of the building society. The monograph concludes with a discussion of the changing market and future prospects: the world of finance is no longer simple; money is no longer the common denominator; the consumer is now the focus; competition to provide services is fierce; the future is exciting!

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International Journal of Bank Marketing, vol. 8 no. 5
Type: Research Article
ISSN: 0265-2323

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Article
Publication date: 9 May 2008

Manuchehr Shahrokhi

This purpose of this paper is to provide an overview of the status of e‐finance and discuss related issues and challenges. Provides data about growth of e‐finance in the…

Abstract

Purpose

This purpose of this paper is to provide an overview of the status of e‐finance and discuss related issues and challenges. Provides data about growth of e‐finance in the last decade. Introduces advances and innovations in e‐finance and challenges facing the financial services and IT industries.

Design/methodology/approach

The paper employs the archival method of reviewing related literature (theoretical, applied and empirical) and organizing and presenting the topics to provide an overview of e‐finance status.

Findings

The major contributions and finding of this paper include all areas of e‐finance, application of technology to e‐finance, growth of the e‐finance in the financial services industry.

Research limitations/implications

The paper provides areas of e‐finance that face many different challenges and calls for further research in a number of areas related to e‐finance technology and the interface of financial services and IT.

Practical implications

The paper brings all scattered information and data about e‐finance under one umbrella that would make scholars and practitioners aware of advances in e‐finance and applications of innovations and new technology to financial services provided.

Originality/value

The main value or contribution of this paper is bringing together most of available literature, advances, innovations, application of IT in the financial services industry and showing how organizations could benefit from such innovations. It also provides ideas to scholars for further research in this area.

Details

Managerial Finance, vol. 34 no. 6
Type: Research Article
ISSN: 0307-4358

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Book part
Publication date: 26 August 2019

Surianom Miskam, Abdul Monir Yaacob and Romzie Rosman

The global Islamic financial landscape is changing with rapid advances in technology. The increasingly tech-savvy demography is presenting both opportunities and…

Abstract

The global Islamic financial landscape is changing with rapid advances in technology. The increasingly tech-savvy demography is presenting both opportunities and challenges to the industry. With the advances in e-finance and mobile technologies, financial technology (Fintech) innovations emerged by combining the e-finance, Internet, social networking services, social media, artificial intelligence (AI) and big data analytics. Fintech promises to reshape the Islamic financial landscape by improving processes’ efficiencies, cost-effectiveness, increased distribution, Sharīʿah compliance and financial inclusion. As far as the Islamic fund management industry is concerned, AI seems to be the keyword. Islamic fund managers have recently started to incorporate AI and big data analytics into their strategy in the process of making accurate decisions based on facts and figures, which eliminates any biases and personal intuition. This disruption in status quo is raising new issues, new concerns and new exciting opportunities. While disruption may carry negative connotations, the industry players have been embracing the innovation and potential revolution the technology could offer. Thus, the objective of this chapter is to discuss legal aspects of Fintech and its impact on the Islamic fund management industry in Malaysia. This chapter introduces a historical overview of Fintech and its evolution in the Islamic fund management industry. This chapter further provides an overview of the legal and regulatory aspects of Fintech with regards to the industry. Finally, legal issues and challenges are identified and discussed. Being a legal research, this chapter adopts a qualitative method by analysing the relevant literatures on the subject. This chapter is expected to provide an insight into the application of Fintech and its impact on the Islamic fund management industry in Malaysia.

Details

Emerging Issues in Islamic Finance Law and Practice in Malaysia
Type: Book
ISBN: 978-1-78973-546-8

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Article
Publication date: 13 April 2020

Heather S. Knewtson and Zachary A. Rosenbaum

The purpose of this study is to define FinTech, differentiating it from financial technology and use the definition to develop an industry framework.

Abstract

Purpose

The purpose of this study is to define FinTech, differentiating it from financial technology and use the definition to develop an industry framework.

Design/methodology/approach

Using the existing literature on FinTech and incorporating these contributions into a traditional financial structure, characteristics are outlined and placed into a framework that describes the FinTech industry.

Findings

FinTech is a specific type of Financial Technology, defined as technology used to provide financial markets a financial product or financial service, characterized by sophisticated technology relative to existing technology in that market. Firms that primarily use FinTech are classified as FinTech firms. Using these definitions, the paper provides a structure for the FinTech industry, classifying each type of FinTech firm by FinTech characteristics.

Research limitations/implications

Research that would inform the economic importance of FinTech would be served with an increased understanding of FinTech firms and the FinTech industry.

Originality/value

This paper contributes by defining FinTech and developing a comprehensive framework to describe the emerging FinTech industry.

Details

Managerial Finance, vol. 46 no. 8
Type: Research Article
ISSN: 0307-4358

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Article
Publication date: 6 May 2014

Richard Brophy

The purpose of this paper is to chart the development of financial services education from its origins in the insurance industry to the current offering for people who…

Abstract

Purpose

The purpose of this paper is to chart the development of financial services education from its origins in the insurance industry to the current offering for people who wish to work in the life and non-life insurance industry. Financial services education within Ireland has evolved over time. Originally perceived to be an outpost of the British Insurance Institute, it is the responsibility of a variety of institutes that operate in the financial sectors, covering a range which includes insurance, banking and credit unions. Where tertiary education was optional, it is now a requirement of the regulator that people working in this sector have achieved at least this standard. Additionally, specialist qualifications for those working in the industry are being developed with academic involvement, as the institutes work to provide professional qualifications.

Design/methodology/approach

To compare and contrast the Irish regulatory requirements, an analysis of other European Union (EU) national requirements was conducted, illustrating differences in education and current certification requirements.

Findings

Educational requirements in Ireland go a long way in terms of ensuring that workers in financial services are adequately skilled in terms of academic, professional, ethical and continuous professional development (CPD). The Irish system covers a lot of aspects of financial services minimum competency code that is implemented in other EU jurisdictions, and in some cases, it has a unique approach in CPD.

Practical implications

Serves as a comparable study of minimum competency requirements of EU for financial services employees and highlights differences in requirements across borders.

Originality/value

This is a unique study of minimum competency code that has been implemented by financial regulators across EU member states and its impact in the industry in terms of raising the requirements of people involved in the sector.

Details

Journal of Financial Regulation and Compliance, vol. 22 no. 2
Type: Research Article
ISSN: 1358-1988

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Article
Publication date: 1 December 2002

Mostaque Hussain and A. Gunasekaran

The inadequacies of conventional management accounting (MA) systems increase the need of up‐to‐date MA information. However, critical non‐financial success factors are…

Abstract

The inadequacies of conventional management accounting (MA) systems increase the need of up‐to‐date MA information. However, critical non‐financial success factors are emerging in highly competitive technologically advanced business organisations, especially in the service sector with its increasing contribution to advanced economies and employment markets. As a result, the importance of the role of MA in measuring emerging non‐financial performance (NFP) is increasing in services, but comparatively little is known about non‐financial MA measures in services, and almost nothing in banks/financial institutions (BFI). This study attempts to review/investigate the practice of MA in NFP measurement of BFIs within the context of “new institutional sociology” theory and, consequently, to modify theory for further research that fits the dynamic nature of NFP in the financial services industry.

Details

Managerial Auditing Journal, vol. 17 no. 9
Type: Research Article
ISSN: 0268-6902

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Article
Publication date: 7 September 2012

Ho Taek Yi, Alan J. Dubinsky and Chae Un Lim

The purpose of the article is to present and test a model regarding important factors that may help reduce unethical behavior (i.e. misselling) of salespeople in the…

Abstract

Purpose

The purpose of the article is to present and test a model regarding important factors that may help reduce unethical behavior (i.e. misselling) of salespeople in the financial services industry.

Design/methodology/approach

To test the hypotheses, telemarketers from the life insurance industry in South Korea were surveyed (n=204).

Findings

Using structural equation modeling, the results indicate that: ethics training is positively related to salesperson ethical attitude; ethical climate is positively related to salesperson ethical attitude; selling pressure is unrelated to ethical attitude; competitive intensity is positively related to salesperson ethical attitude; competitive intensity is unrelated to misselling; and misselling is inversely related to salesperson ethical attitude, positively associated with product complexity, and positively related to product variety.

Research limitations/implications

Future empirical work could: investigate different variables from those utilized in this study; consider inter‐country and gender differences; use alternate sources of data to examine stability of the findings; and employ samples of firms in other industries and other marketing channels. Limitations include a limited number of study variables, use of solely the telemarketing channel for life insurance, a preponderance of female respondents, and potential for socially desirable responses.

Practical implications

Management should seek to maintain a high ethical attitude among sales agents to help foster a reduction in unethical behavior. Sales personnel should receive extensive ethics training to help enhance their ethical attitude in the job. Salespeople should also seek to establish and maintain long‐term relationships with their customers and to pursue long‐term profitability. Sales managers should seek to educate consumers about the various types of financial products, their respective strengths and weaknesses, and the appropriate conditions under which they should be purchased.

Originality/value

The potential for financial services industry salespeople to behave unethically has received extensive research attention. A key area, though, which has been virtually ignored is antecedents of misselling of financial services. The article seeks to address partially this gap in the literature.

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