This research investigates the impact of digital technology, via Fin-Tech challenger banks on banks' business models. Fin-Techs are exerting a pervasively disruptive influence on bank business models. Notwithstanding the obvious benefits, analysis in this area from high-income transition economy remains unexplored. The paper exploits this gap via a drop/pick-up survey questionnaire administered on a sample of all 68 UAE-Federation of Bank members. The results indicate that digital technology is transforming the banking ecosystem from classical competitive models to innovative bank-to-Fin-Tech collaborative models, where classical banking is disintermediated into multi-modal, multi-directional and smaller models, generating opportunities never seen before, more so for overseas banks from developed economies. The sample period is short if we consider the frenetic pace of technological change, which may compromise the extension of the results to a wider population. The paper contributes to research on bank models by providing insights on how classical bank models are being transformed.
The present study is intended to scholarly explore auditors’ perceptions regarding joint audits; whether it can improve audit quality. To reach this goal, participants were enrolled from Big 4, non-Big 4, and other stockholders. In addition, the present study examines the perception of the same stakeholders in terms of how audit concentration affects the audit market in the UAE. Being a qualitative study, 12 semi-structured interviews were conducted to collect required data; 4 face to face and 8 through using Google forms. The finding of the study revealed mixed perception regarding joint audits; it may improve audit quality at the cost of high fees and free-rider problems. Findings of the study has practical implication for policymakers of emerging economies around the globe, such as policymakers who can make joint audits as compulsory. Another significance of the present work is that it has allowed for the perception of stakeholders, who are at the center of the controversial subject of joint audits and audit market concentration. The study suggests that there is a need for removing language barriers; it will benefit some firms in the form of directly communicating with auditors either in English or in Urdu.
The recent rise in the number of "Fintech" companies is set to transform the financial services industry on a global scale. Fintech companies create more competitive advantages in the financial market by providing faster services in the field of payment, financial consultancy, lending, and investment. Many countries have joined the bandwagon of adopters; however, little is known about the factors behind their success. Therefore, this paper attempts to investigate the key factors that underpin the success of Fintech across the various financial sectors and highlight the challenges they pose to traditional banks. Due to limited scholarly work on the subject the paper conducts a meta syntheses of ten published global survey reports conducted by consultants
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