Dynamic changes in economic environment, especially regarding financial markets, cause the necessity to develop financial skills of societies. Despite the large number of different initiative in this field, the financial education level around the world is rather low. This state is influenced by many factors and differs in particular target group of financial education. The paper focuses on the young people as the most important group for further development of societies. The purpose of the article is to verify the influence of financial knowledge and skills on financial decision factors. It presents the results of a pilot survey which was conducted at the turn of 2013 and 2014 in selected European countries combining descriptive theoretical and empirical methods. The survey assesses the level of young customers’ financial literacy, examines young customers’ decision factors and correlation between them and basic financial knowledge and skills.
Environmental, social, and governance (ESG) factors are becoming increasingly relevant for banks as entities that play an essential role in supporting the development of enterprises, individuals and the whole economy. The paper aims to evaluate the impact of the ESC directive on banks’ energy behavior disclosures, explicitly relating to behaviors towards energy use and its impact on banks’ performance. We developed a methodology to provide the objective characteristic of banks’ energy behavior. In the paper, the banks’ energy behavior (BEB) index is calculated using sixteen indicators, followed by further analysis of its relationship with banks’ performance measured by indexes referring to banks’ characteristics, efficiency, and solvency. Our results are based on an analysis of the disclosures in nonfinancial reports. We find correlations that indicate that banks that are more likely to demonstrate energy behaviors (with a high BEB index) are those that better manage their costs and are more attractive for investors. Further analysis suggests that banks’ energy behavior has no statistically significant correlation with other performance indicators. We find only limited evidence of statistical associations between energy behavior and the net interest margin. We argue that our results contribute to the significant body of literature supporting the role of ESG in active engagement with energy issues.
New technology has already influenced almost all aspect of human life. Innovativeness is considered as one of the most important requirements for both companies and employees. Even such traditional entities like banks should develop their propensity and ability to incorporate changes in business practices through the creation and adoption of new ideas, solutions, and technology. Today, as a result of significant changes on banking markets, the innovativeness becomes one of the condition for banks' sustainability. Strong competition increased by a necessity to compete with new market players requires developing new managers and employees' skills as creativity and intrapreneurship. The purpose of the paper is to investigate to what extent bank's innovativeness impacts a bank's efficiency that lead to sustainable market position. It presents banks' innovativeness among other competitive advantage factors, their assessment from the perspective of their potential in the process of building bank's competitive advantage and a correlation between the level of bank's innovativeness and market efficiency. The majority of the innovativeness research concentrate on developed countries and very little is known about developing, transition countries. Moreover, the few of them explore banks as a specific entity. On the banking market, they focus rather on distribution channels or product innovations. To the best authors' knowledge, this is the first attempt to empirically examine the relationship between a bank's innovativeness and market efficiency in a transition banking market in Europe. The paper uses data retrieved from the research survey. The survey's target group consisted of all retail banks operating in Poland defined as banks that offer a broad range of financial services to different segments of individual customers. The research was conducted under the auspices of the Polish Banks Association. The data was collected by two methods -PAPI (personal and pencil interviews) and CAWI (computer assisted web interviews). The questionnaire was applied to executive managers of retail banks operating on Polish banking market and banks' customers. The data used for assessing banks' efficiency were derived from banks' annual reports. The results provide direction for banks' decision makers concerning innovativeness' factors that should be taken into account in the process of building competitive advantage and sustainable market performance.
New and innovative methods for electronic funds transfer are emerging globally. These new payment tools include extensions of the established payment systems as well as new payment methods that are substantially different from traditional transactions. They have made the retail payments faster, cheaper, easier and more convenient for customers. Simultaneously, these payment innovations influence retail payment market around the world. During the last few decades it has changed remarkably and has become a very competitive one. Financial institutions are increasingly in competition with technology companies and other organizations to be the preferred providers of consumer payment services. There are huge differences between retail payment markets in developing countries and those in the mature markets. Payment habits are mostly influenced by local cultural drivers, so global trends are few and far between. Nevertheless, as consumer expectations and habits are becoming more homogenized and financial institutions start to be interested in new markets, the opportunities to learn from the experiences of other economies appear. The paper discusses theoretical and empirical foundation of retail payment innovations diffusion, presents the retail payment taxonomy and the results of a survey held in Poland in 2013. It is concluded that Polish experience can be assessed as a benchmark for searching determinants of retail payment markets development. However, copying success factors for sustainable market development is rather impossible with regard to payment culture, experiences and habits.
FinTech and its interaction with banking is widely discussed today as a new phenomenon notwithstanding the relationship between technology and financial services is not a new topic. Most of the research focuses on innovations and determinants of their adoptions including among other innovations in the payment system. The studies dedicated directly to PayTechs as a special kind of a FinTech entity and its market activity are a relatively new field of research. This paper aims to fill this gap. The multidimensional character of this exploratory research causes the necessity to apply various research methods, including both inductive and deductive methods, together with comparative analysis. The theoretical analysis conducted in the paper for defining PayTechs from the perspective of business model and market behavior was based on an in-depth literature review. In this section, the inductive method and comparative analysis were mostly applied. The empirical part of the paper includes the analysis of quantitative data published by the National Bank of Poland (NBP), Central Statistical Office (GUS), and Bank for International Settlements (BIS). The subject of the case is the Polish Payment Standard referred to as BLIK implemented in Poland in 2015 for mobile payments. The BLIK diffusion is measured by the number of entrants and acceptants as well as the scope of transactions while the adoption by the number of customers using BLIK in everyday transactions. The results present the market behavior of BLIK as an open business model and the key success factors of BLIK adoption and diffusion and the determinants for further open payment innovations’ development. The newly developed definition of PayTechs, the identification of the major components of the PayTech open business model, as well as the indication of the key success factors of adoption and diffusion of m-payments, constitute the original contribution of the paper.
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