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Purpose: This paper aims to reveal the impact of the pandemic Covid-19 on the banking and financial sector. Covid-19 is a pandemic disease that’s impacting all nations. However, its amount varies from one country to another depending on the country’s social and economic infrastructure progress. The whole world is passing through great improbability. Indian economy is also facing equivalent issues from contraction in growth to rising inflation, unemployment and low demand. Covid-19 has impacted all industries worldwide, and the financial service sector is not any exception. Covid-19, which began as a health crisis, has now been appropriated as a financial one.

Methodology: This study intends to showcase various new developments in the banking sector. In the present scenario, banks are focusing on utilising new technological innovations to reinforce their risk management competence. Since the aim is to analyse various latest developments in the banking sector and its impact during Covid-19, the focus is to collect the relevant and supporting material from every possible secondary source. To attain the main aim of this paper, the data are collected using secondary sources, i.e. data from the annual reports of the Reserve Bank of India (RBI), Security Exchange Board of India, Federation of Indian Chambers of Commerce & Industry, Organisation for Economic Co-operation and Development (OECD), the International Monetary Fund (IMF), and the World Bank and various others sources. This is taken care of on the primary basis that the reliable and authentic sources are incorporated in this study. Since the study scope is limited to analysing the new developments in the banking sector due to Covid-19, the maximum literature available to attain the paper’s objective is from 2020 to 2021.

Findings: The banking sector is among the most crucial sectors of the Indian economy, which is accountable for almost every financial activity possibly happening within the country. It acts as a holding hand to the industry involved in credit, transactions, collection, etc. With the disruption of supply chains across the globe, numerous physical business places are closed. Banks are the backbone of the economy. Their stability is critical to continue the system up and to run.

Practical implications: The banking sector aims to supply funding to anyone, say corporate or individuals. The decelerate pace can guide prospective job losses, ground stress in banks’ retail loan books. The banks should design a plan to shield employees and their customers from its spread. It has hit the scope to individuals, small- and medium-sized enterprises, and large corporate. The only obvious thing is that every group has faced an income crunch that threatens economic and financial market permanence.

Significance: The relevance of this study stands on the fact that Covid-19 has begun as a health crisis, quickly extended into a business crisis. This is often not only a health crisis but also depression. The outbreak of Covid-19 has created a huge impact on nations. The nationwide lockdowns have almost faded social and economic life. The global economy was hit hard by the continued coronavirus. The whole world is passing through great uncertainty. As a result, various services sectors, banking sectors, and financial services have suffered through various ups and downs, resulting in economic stress. The uncertain and risky environment has had a severe impact on banks’ asset quality. The coronavirus outburst influenced financial markets and consumer emotions as well.

The postindustrial economy did not take the place of previous types of economy. More than that, by definition, it hasn't become “post”-industrial in point of fact: relations with regard to the production of tangible goods define the imperative of industrialism, yet with a modern science and technology stage of development. The present-day production becomes increasingly automated, leading to the absence of demand for psychophysiological properties of man and labor in general. At the same time, highly qualified personnel who are able to control complex information management systems come to the fore. New types of energy and manmade materials appear; socioeconomic human living environment becomes more complicated. These processes are an objective phenomenon. However, the technological revolution is manifested differently in the “central” and “peripheral” countries. In the Russian Federation, formation of the innovational takes place in the conditions of integration of the resource model and opposition of the institutes that fund it. The crisis stimulates the conceptual search and does not deny the scientifically based classics.

Purpose: This chapter aims to address the problem and explore the process of creating the new ‘markets of tomorrow’ from the perspective of the technological inequalities arising in this context and leading to conflicts in international trade, thus prompting the creation of promising areas of conflict management.

Design/methodology/approach: The study is carried out using the comparative analysis methods through the review of analytical data, as well as using the qualitative structural and logical analysis method.

Findings: This chapter reviews the factors that determine the benefits and limits of participating in the creation of the new ‘markets of tomorrow’ in some of the world’s countries. Prospects and recommendations are identified to prevent or partially mitigate the technological inequalities constituting a barrier to the creation of new ‘markets of tomorrow’, provoking conflict in international trade and promoting the development of promising areas of conflict management.

Originality/value: The results of the study generally supported the assumption that recovery from the economic downturn associated with the COVID-19 pandemic requires a comprehensive and sustained economic transformation capable of delivering economic growth that would contribute to the broader social and environmental goals to be achieved over the coming decade. Implementing such a transformation will require the active creation of ‘markets of tomorrow’ through a creative combination of disruptive technological and socio-institutional innovations. The aim is not only to produce more or in a better way but also to transform economies by creating new technological and institutional systems that can address some of today’s most pressing social problems, in particular to mitigate technological inequalities and prevent conflicts from developing.

In this study, the authors use a country-level database covering 63 economies over the period 2014–2019 and employ a wide range of proxies to discuss new technological trends in finance, particularly in the banking sector. The authors also distinguish alternative technology-based business models that directly compete with banks [financial technology (fintech) and giant technology (bigtech) credit providers]. The results suggest that banks’ increased focus on technological innovation, as measured by market value and number of patents, is a possible response to the emerging technology-based nonbank competition, particularly from fintech and bigtech firms. Additionally, the results indicate that the emergence of financial innovation contributes negatively to the average value of bank patent, indicating significant competitive pressure on banks in the technological race. Thus, banks are countering the challenge of fintech and bigtech competition in the financial market by increasing their technology projects and patenting activities. These trends are crucial and may change the stability and sustainability perspectives of banks.

This chapter describes development and main achievements of the Belarusian IT sector which is today considered by experts to be the most promising and progressive part of the national economy. Special attention of the analysis is given to the governmental policy to stimulate information and communication technology sector growth through special legal regulations (e.g., High-Tech Park as favorable business environment for IT business since 2005) and efforts to promote transition of Belarus to the “IT country” through number of national programs and legislative instruments, including the President's Decree on Digital Economy Development (2017). Main scenarios of the Belarusian IT sector future development are proposed and analyzed, including risks and opportunities on such four paths as being the global IT development outsourcing provider; exponentially growing own software product companies; becoming the regional or even global cryptocurrency hub; integrating IT in all parts of the domestic economy in order to build Industry 4.0 and digital society.

Introduction: The insurance sector is playing a crucial role in the sustainable growth of the Indian economy. But in India, this sector loses crores of rupees every year due to the increasing fraud cases. With the increase in insurance customers, insurance companies need to efficiently equip themselves with a robust system to handle claims fraud. Detection of insurance fraud is a pretty challenging problem. Nowadays, machine learning (ML) and artificial intelligence (AI) are the strategic choices of many leading organisations that want to proceed in a new digital arena.

Purpose: This chapter’s main objective is to highlight the fundamental market forces driving the adoption of AI and ML and showcase the traditional and modern methods to predict insurance claims fraud intelligently.

Methodology: Various research papers have been reviewed, and ML methods have been discussed, which are all being used to predict insurance fraud claims. This chapter also highlights various driving forces influencing the adoption of ML.

Findings: This study highlights the introduction of blockchain technology in fraud detection and in combatting insurance fraud. Literature indicates that the quantity and quality of data significantly impact predictive accuracy. ML models are beneficial to identify the majority of fraudulent cases with reasonable precision. Insurance companies should explore the benefits of experienced resource persons from the same domain and develop unique business ideas/rules.

Purpose: The purpose of this chapter is to offer a discussion on the role played by Central Bank Digital Currency (CBDC) in enhancing financial inclusion. The central interest of the study is to place CBDC on the financial inclusion landscape and provide insights on potential opportunities and barriers in making CBDC a strong building block of financial inclusion, as well as the digital financial system.

Design/methodology/approach: This chapter is a conceptual work that builds on relevant literature. This study identifies and suggests potential aspects that can help in the adoption of CBDC as a tool for financial inclusion.

Findings: This chapter analyses opportunities, barriers, and concerns for CBDC in the context of financial inclusion and discusses how critical functions of blockchain technology can lead to the acceptance and adoption of CBDC. Furthermore, it has been demonstrated how CBDC can pave the way for financial inclusion and benefit the existing financial system taking more people from financial exclusion towards financial inclusion.

Originality/value: This is evident that CBDCs and financial inclusion need to be intertwined to support upcoming technological transformations happening in the digital financial ecosystem. Therefore, CBDCs must be viewed from varying lenses to understand the relevance of including CBDCs in the financial system can be expanded. Further, repercussions from the given framework are suggested.

Recent development of internet applications and increase in application of various information technology have supported growing demand for new skills related to ICT and internet use, computer literacy and technical digital skills. New technologies have changed many aspects of life and have led to significant differences in digital skills, computer literacy, ICT and internet use along the usual dimensions of social inequality. Purpose of the study is to analyze main challenges and problems of digital inequalities in households in Latvia by regions, territories and income and level of education. Design/Methodology/Approach: This chapter analyzes scientific publication and previous conducted research results and data of Digital Economy and Society Index, Central Statistical Bureau of Latvia (2019) data and Eurostat. Data are analyzed using indicators of descriptive statistics (indicators of central tendency or location – arithmetic mean, mode and median), indicators of variability (indicators of dispersion – range, standard deviation and standard error of mean), cross-tabulations by region, territories, income and level of education and analysis of variance are used. Findings: The results of analysis indicated that there are differences between rural and urban Internet access, socioeconomic differences between people with different income and education that affects their ability to access the Internet and digital skills. Practical implications: Latvia would benefit from motivating life-long learning, investing on digital technology and raise awareness of the importance of digitization. Originality/value: The results of this chapter can provide valuable pointers for decision-makers how to improve digital skills and digitalization process in regions of Latvia and how digital inequality can be reduced.

The practice of company development in the twenty-first century diagnoses the appearance of a number of features in the processes of diffusion of innovations. The point is that in the course of the spread of innovative technologies, there is not so much an accelerated displacement of traditional technical systems as their absorption, i.e., a relatively slow replacement of existing equipment with new innovative systems. This phenomenon goes beyond the traditional theory of evolutionary economics and needs special research. This chapter attempts to explain the essence of the occurrence of this phenomenon. The authors are talking about the need for exponential growth of investments in the implementation of innovative projects for the development of technical systems, which a significant number of production organizations are unable to implement. As a result, hybrid technical systems are being formed, in which traditional and innovative technical systems are interfaced. The formation and maintenance of such systems requires unique solutions in the development of R&D and places high demands on the development of the organization’s human capital.

The digital economy provides companies with financial stability and highly developed technological tools to run businesses based on their operations’ transparency. Business stability is formed due to the introduction of a competence-based management system in financial organizations in the Russian corporate sector.

In terms of the digital economy as financial and technological companies, we consider large banks and other financial organizations to develop risk-oriented technologies for managing financial stability based on digitization.

The main aim of this chapter is to describe the features, the factors, and the conditions for the competence-based management development system. It highlights the role of the system for the banks and the financial technologies used by companies for sustainable development.