Purpose – the main goal of the current research was to provide a deep understanding of the concept of digital transformation, specifying its key elements/components/categories. Research methodology – an analysis of the textual information was performed, applying various techniques in the framework of the content analysis. Information database included 30 definitions of the term “digital transformation” and the related terms proposed by academicians and organizations. Findings – the analysis of the text segments of the investigated concept yielded three categories of digital transformation in business; 1) technologies, 2) processes and management, 3) people. Based on the research results, the conceptual model of digital transformation was created. Research limitations – the research was limited by the number of the analyzed definitions, as well as by the variety of methods applied. Practical implications – the research instrument for a survey among business sector representatives can be developed using the findings of the given study, in particular, for structuring the questionnaire’s blocks. Originality/Value – the current research provides a platform for further empirical investigation of the level of a company’s digital transformation

The paper aims to improve the methodology of measuring efficiency of Latvian banks. Efficiency scores were calculated with application of non-parametric frontier technique Data Envelopment Analysis (DEA). Input-oriented DEA model under Variable Returns to Scale (VRS) assumption was used. Potential model variables were selected based on the intermediation and profitability approach. Fourteen alternative models with different inputs-outputs combinations were developed for the research purposes. To substantiate the variables selection for DEA model the received data was processed, using such methods, as correlation analysis, linear regression analysis, analysis of mean values, and two-samples Kolmogorov-Smirnov test. The research results assisted the authors in providing general recommendations about the variables selection for DEA application in the Latvian banking sector. The present research contributes to the existing analytical data on bank performance in Latvia. The empirical findings provide a background for further studies, in particular, the efficiency of Latvian banks could be analysed in the extended time period.

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The level of citizens' financial knowledge has a great impact on financial well-being of individuals and society. In this regard public authorities in many countries initiated a process of development and implementation of National strategies to enhance financial literacy level. The initial step of developing a national strategy is evaluation of current situation. Thus, financial literacy measuring issues are frequently debated in the academic and public environment. The goal of the current research is to develop a measurement instrument to evaluate the level of financial knowledge of Latvian citizens. The present paper reflects the results of the authors' conducted survey based on the sample of 169 respondents. A set of 12 questions on financial matters was developed to detect perceived importance and complexity of financial literacy components, as well as to get financial literacy selfassessment scores. Data was processed by means of SPSS, applying such methods, as analysis of means, analysis of frequencies and independent samples t-test. Received results assist to precise the content and wording of questions to be included into the questionnaire for evaluation financial literacy level of Latvian citizens 1 .

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TITKO JELENA, LACE NATALJA, KOZLOVSKIS KONSTANTINS: Service quality in banking: developing and testing measurement instrument with Latvian sample data. Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, 2013, LXI, No. 2, pp. 507-515 The paper highlights the importance of managing service quality in banking that can positively aff ect customer satisfaction. The goal of the given study is to develop an instrument for measuring service quality perceived by Latvian banks' retail customers and to determine the most important contributors to customer satisfaction. To achieve this purpose, randomly selected customers of Latvian banks were surveyed, using the authors' developed questionnaire. The proposed instrument was tested for reliability and validity, using techniques of confi rmatory factor analysis. Exploratory factor analysis yielded fi ve service quality dimensions (factors) that allowed constructing customer satisfaction factor model EPICA: E -expenses, P -product, I -image, C -competence and emotional intellect, A -access. The subsequent correlation analysis revealed that the strongest relationship is between customer satisfaction and C factor. The results of the current research are crucially important for Latvian banks' executives because the majority of previous studies in the related fi eld off ered measurement scales adequate for measuring service quality in other industries. Besides, the proposed questionnaire is exclusively developed for Latvia and considers Latvian banking sector specifi cs. retail banking, service quality, factor analysis, EPICA model