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What new, innovative features are being added to bank cards where banks are taking advantage of new Big Data Analytics and other new Industry 4.0 technologies?
Commercial banks, in an effort to attract new customers, offer a package of financial services and banking products, implement new ICT and Industry 4.0 information technologies into their banking operations in order to improve them, improve the quality and expansion of financial and other services, create facilities for remote access to online and mobile banking offerings, enrich their offerings with new services, including not only financial services. For example, there are banks that add analytics and customer advice on healthy lifestyles and ecological, pro-environmental, pro-climate aspects to bank cards, including credit cards, in line with new trends of sustainable development and green transformation of the economy. Some banks add analytics to bank, payment or credit cards, informing cardholders not only how much money they have spent on the purchase of certain products and/or services, but also what carbon footprint is associated with certain completed or planned purchases.
In view of the above, I address the following question to the esteemed community of researchers and scientists:
What new, innovative features are being added to bank cards in which banks are taking advantage of the new capabilities of Big Data Analytics and other new Industry 4.0 technologies?
What do you think about this topic?
Please answer,
I invite everyone to join the discussion,
Thank you very much,
Best wishes,
Dariusz Prokopowicz
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1. CHIPS STANDARDIZED SECURITY MEASURES
2. MAGNETIC STRIPES FOR CUSTOMERS EASY USE
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In a decade to come, the future of the profession in Finance can it be predicted?
Join the discussion let's find out.
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It can be useful to your research to adopt a critical approaches in order to predict the future of finance profession based on an improvement logic.
I think that a litterature review of the authors like AKTOUF whose critics classical finance can be interested
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What are the factors affecting financial inclusion or basic banking services of the people? Can anyone give me some good papers on this?
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Financial inclusion aim is to bring in digital financial solutions for the economically underprivileged people of the nation.
Some notable challenges include;
low financial literacy, inadequate infrastructural facilities as well as inadequate and inefficient technology- based facilities by financial institutions, These has limited the achievement of significant expansion.
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Commercial banks are increasingly worried about competition from fintechs, including online technology companies that expand the range of financial and pre-financial services. Commercial banks are more and more actively using IT technologies of online banking, building Business Intelligence data processing platforms, extending Big Data database systems, developing integrated risk management systems and conducting advertising campaigns on social media websites. In view of the above, large commercial banks have the opportunity to conduct a sentiment analysis on data collected in Big Data database systems for the purpose of analyzing the expectations and opinions of Internet users regarding, for example, financial services. Information obtained from the Internet and processed in the aforementioned manner can be used for more precise risk analysis, credit risk management, planning subsequent advertising campaigns, modifying the financial services offer in line with changing expectations of Internet users, searching for clients on social media portals. In this way, interdisciplinary analytical processes are also developed at commercial banks, for which the information from the websites of social media portals is the source of data.
Do commercial banks have a chance to win in this matter in competition with the fintech technology companies operating on the Internet?
Besides, What is the effectiveness of online advertising campaigns run by commercial banks?
Please, answer, comments.
I invite you to the discussion.
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Dear Denis Muchunku, Haseeb Javed,
Yes. Internet advertisements are used more and more often in advertising campaigns also by financial institutions, including commercial banks presenting their offers of banking products and financial services as well as internet mobile banking offer. During the SARS-CoV-2 (Covid-19) coronavirus pandemic, the development of electronic internet banking, including mobile banking, accelerated. Therefore, commercial banks have recently been developing mainly online mobile banking for citizens, individual clients and business entities. Recently, many banks have been conducting advertising campaigns using new online media, including social media portals, to promote their online banking offers, also offered to companies and enterprises. Banks offer the opening of an online banking account primarily for business entities from the SME sector that do not yet have a mobile banking account, do not have their own website, are startups, etc. In promotional online banking offers for companies and enterprises from the SME sector, commercial banks offer additional incentives and incentives. auxiliary services creating a website for the company, creating an online platform for selling products and / or services of the client's enterprise, creating an online store, they also offer tax advisory services, financial advisory services, etc. Banks more and more often offer their financial services through social media portals, because of the research conducted market know that their customers are increasingly actively using these new online media and that these online marketing communication channels can be the most effective.
Thank you very much,
Best regards, Greetings,
Have a nice day,
Be safe and healthy,
Dariusz Prokopowicz
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Perhaps in the future the development of electronic, online banks and technology companies developing financial services as fintechs will be implemented in parallel and will lead in many respects to a synthetic model of combining different business concepts of banks and fintechs. In such a situation, it will not be possible to clearly determine who has taken over and dominated the first, or electronic banks or fintechs.
Do you agree with me on the above matter?
In the context of the above issues, I am asking you the following question:
Is there more competition or synergy between the development of online banks and fintechs?
Please reply
I invite you to the discussion
Thank you very much
Best wishes
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Business, banking, and financial organizations in the USA and Europe are very closely related to Fintech. This is no longer just a connection, but a symbiosis of technology, finance, and commerce. According to the research by IndustryARC’s market analyst, the Fintech market volume exceeded $150 billion last year and continues to grow.
That is, in today’s article we’ve made the research on such related questions:
  • What are the main directions for the development of financial technologies in 2021?
  • Fintech integration: why do the bank and business need it?
  • What do the digital ecosystems mean for the bank, Fintech, and the customer?
  • How to understand in which direction to develop your digital ecosystem and how to position it?
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Commercial banking has several hundred years of development history. Fintechs have been developing only since the end of the 20th century, but the development of some fintechs is many times faster than most banks currently operating. This is the main reason why banks are interested in the development of fintechs. In most countries, fintechs are not yet a significant direct competition for commercial banks, but taking into account their dynamic development in the field of new technologies, online settlements and payments, combining information services with financial or other services and e-commerce, with e-commerce , e-business, however, this may change in the future and this competition may increase significantly in the future.
Banks that are not afraid of competition from fintechs usually do not cooperate only by observing new technologies introduced to the online market of financial transactions by fintechs. However, commercial banks that are afraid of competition from fintechs are either interested in this type of cooperation in the field of technology development or take over these entities in capital transactions, including selected fintechs to capital groups managed by a given bank. There have been transactions of this type in which a commercial bank took control of a fintech, which was a dynamically developing startup or a thriving technology company operating in the new online media sector and new techniques for settlements and payments made electronically. Some banks, fearing competition from fintechs, observe their functioning and try to introduce into their business model solutions similar to those that develop fintechs with positive effects.
In view of the above, I am asking you the following question: Do banks cooperate with fintechs?
Please reply. I invite you to the discussion
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Yes, banks need fintechs to advance technology in banking and finance. Bank staff will not have the capacity to introduce the latest financial technology, except in partnership with these fintech companies at principal level relationship either as a partner or shareholder.
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This study is to illustrate the difference between Islamic and traditional banks in relation to consumer decision-making. Data is taken from both banking sectors for evaluation. The difference in the term factors affecting customers and banks and the quality of service provided to the customer is examined, so this study seeks to assess the performance situation and improve the quality of service in the Islamic financial system. We are looking at this issue through a variety of methods such as the creation of a quantitative portfolio, the economic modeling of diversification advantages, the theoretical development of the quality of financial service and the qualitative analysis of semi-structured interviews on perceptions of how quality of banking will affect both performance and financial innovation in Islamic finance. Iraq is experiencing a high level of competition between Islamic and traditional banking services that use quality of service as a profitable strategy The aim of this study is to describe and understand the decision-making process for clients in terms of recognizing differences in the quality of services between Islamic and traditional banks and the extent to which customers are affected by banking services.
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Decision making when religion is a factor (religiosity) is interesting. Most consumers depend on price and income in decision making. Habits formed from religion will affect consumer decision making. Jewish and Islamic consumers will stay away from non-halal products. Similarly for investment products, interest is forbidden in Islamic society to be replaced with profit sharing.
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I am writing to ask if you can recommend a research paper that can explain or/and support the effect of expertise in the below example.
Please assume a situation where a service provider with well-known certificates (e.g., CPA) provides customers with financial services. This service provider is confronted with the two kinds of customers: one with a high level of financial expertise and the other with a low level of financial expertise.
I thought that the customers with a high level of financial expertise will highly value the CPA certificates because they understand how it is difficult to get CPA certificates. In contrast, I thought that the customers with a low level of financial expertise will at least moderately value the CPA certificates because they do not understand how it is difficult to get CPA certificates.
Based on the above inferences, I expected that compared to novice consumers, expert consumers will perceive the financial service provider with CPA certificates more competent.
The point is that while expertise consumers can interpret the value of CPA, novice consumers cannot.
Can you please recommend a paper to support the above point? Your recommendation will be appreciated highly.
Thank you so much!
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Very Interesting topic!
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Hello, i am working on my thesis at this moment and i am searching more related references for process mining in best case at use in the area of financial services. I want to give an introduction and overview of process mining in this area.
Thank you
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Kindly refer following references
Werner, M. (2017). Financial process mining-Accounting data structure dependent control flow inference. International Journal of Accounting Information Systems, 25, 57-80.
De Weerdt, J., Schupp, A., Vanderloock, A., & Baesens, B. (2013). Process Mining for the multi-faceted analysis of business processes—A case study in a financial services organization. Computers in Industry, 64(1), 57-67.
Gehrke, N., & Mueller-Wickop, N. (2010, August). Basic Principles of Financial Process Mining A Journey through Financial Data in Accounting Information Systems. In AMCIS (p. 289).
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There is a really strange phenomenon in Chinese stock markets. When the regulation institution decides to get some new companies listed (it is noteworthy that IPO has to get permission from Securities Regulatory Commission in China), the stock market drastic falls and the Chinese investors sell out their stocks crazily.
Some argue that more stocks listed means that more money is needed by the market, but the supply is constant in the short term. So the stock price falls. But I don't think it explains well what we observe.
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This is an interesting phenomenon. I hope by now (2020), the situation has much improved.
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What is the potential for Fintechs to become large purveyors of Financial Services in Rural India?
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Fintech also need financial literacy and education. The benefits is enormous and will help to uplift the rural community to learn by doing and be connected to the world.
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I am writing one paper regarding taxing financial services under VAT in developing countries. I would be very grateful if anyone has any paper about it(or book that can be downloaded for free). Thanks.
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I would like to recommend you a study that assesses the effects of imposing VAT on the services provided by the Bulgarian banking sector: https://www.researchgate.net/publication/335961831_Assessing_the_Effects_of_Imposing_VAT_on_the_Services_Provided_by_the_Banking_Sector_-_The_Case_of_Bulgaria (https://www.ceeol.com/search/article-detail?id=793543)
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I am interested in knowing more about IT Audit, which I believe has a lot of potential in the future. Therefore I am interested to write a thesis on IT audit. But don't know which area to look into and what could possibly be a good topic for that.
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Here are a few IT audit papers which may help you in choosing a topic and doing your literature review. They are all available in full and free of charge.
If you decide to use any of them please 'recommend' and cite them in your thesis:
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I will do an Internship at one of the big four at Financial services. I'm free to choose any audit topic.
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Chris Kelly, that's right.
And more than that, I feel like some large audit companies might have spotted frauds but looked the other way because of the fear of loosing a client if they made the fraud public.
Therefore, I have thought for a long time that if there was no 'client- service provider' relationship between audit companies and audited companies (for example, if audit companies were publicly appointed), frauds would arise earlier.
Maybe this could be analysed.
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The objectives are as follows-
Investigate the reason behind the fishers dependency on non-formal credit ,find out the impact (Social-ecological) of the non -formal credit system in a fishery and propose a fishers friendly credit system.
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Thanks a lot Emmanuel.Would be glad if you can advise any empirical studies article.
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While many IT organisations have a well-defined Project Management practices/methodologies that include Risk management strategies, they often face failures on the projects primarily related to Cost, Schedule and Quality. Hence I would like to understand the correlation between the PM practices and Risk management particularly in IT organisations but also in any other industries like Banking, Financial services, Construction, etc. Please get back to me with any studies already done on this matter or any pointers to the information sources.
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Assuming financial criminals are rational, they deal with large sums of money, have feasible alternatives of finding legal ways of making money, financial crime must offer attractive rates of return. What might the rate of return be?
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It would vary a lot across individuals. In financial markets, there is one discount rate for a paticular level of risk because financial assets are tradable. However, commiting a crime is certainly person-specific, this risk cannot be diversified away, and therefore it would vary hugely across people.
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In relation to product design, place and people
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My dear friend,
My new book has published. It is about design
as you are in this field i hope you will like it
Please read it and share it with everyone. It is talking about prosumer also for the first time in this book we talk about magic and its power in product design. It is talking also about future of consumers .I request you put the link of book on your page and your school website for your students.
Name: Everyone Is a Designer
Author: Mohsen Jaafarnia
Publisher: MJ
Ghochan, 2017
In Persian, Chinese and English
Topic: Industrial Design
Jaafarnia, Mohsen (2017). Everyone Is Designer. Ghochan, Iran : MJ Publication. ISBN: 978-600-04-7870-4
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i.To what extent does physical proximity to financial institutions affect financial inclusion among the targeted members/low-income population?
 ii.What are the available financial services and innovations and how effective and sustainable are they in enhancing financial inclusion among the demographic differences of members/ low-income population in the selected SACCOs?
iii.What is the level of financial literacy and capability existing among the people on the various available financial services and products and how does financial literacy and capability impacts on financial inclusion for inclusive growth?
iv.How consumer protection does influences financial inclusion for inclusive growth through SACCOs in Uganda?
 v.What enabling environment exists in Uganda and changes that will enable SACCOs to take an active part in the financial inclusion for inclusive growth and emerge as sustainable, transparent and accountable member-based financial organizations?
vi.How does, financial inclusion leads to inclusive growth (members’aggregate welfare improvement) in Uganda?
vii.To what extent are the expected outcomes of financial inclusion for inclusive growth through SACCOs available to members/low-income population?
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 Please thank you for the response to my question
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Does anyone know of a prosocail brand measurement scale?
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Thank you Amir. I will have a read today.
Thx
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  • In the meantime, how should digital approach the customer experience in the current economy?
A little sharing here.
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Consumer's demand for a product is a function of the purchasing power which the economic challenge would have reduced significantly.
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I am looking for longitudinal data on pension assets (both public and private). The OECD database runs from 1995- (for private) and 2001 (for public), but not for all countries. Also, I'm hoping to extend the analysis to at least the 1990's. Does anyone know whether such a dataset exist? Bits and pieces of information can be found in e.g. BIS reports, so perhaps someone has collected this kind of data before. 
Many thanks in advance!
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I think that Global Financial Development database contains what you are searching for. It contains a variable "Pension fund assets to GDP". 
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I hope to help me to suggest some hot topics in Behavioural finance.
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Dear Ahmad
my viewpoint is little different though. When I started my research career, I used to think everything could be mathematically proven. However later I realized that bounded knowledge is dangerous. It covers the truth rather than uncovering it. Hence, though my models are still quite mathematical, yet I find queer resemblance with many behavioural finance theory. Thus I write from both the perspectives. My advice will be take a problem statement from finance, and work on it. If you find behavioural bias, then that's perfectly fine. Forcefully we can't compartmentalize knowledge.
This is my theory. It could be wrong also.
Best
Bikram
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I am doing research on factors affecting retail equity investors, so for my introduction i need some data on retail equity investors in India.
Thanks & Regards
Hiral 
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Uruguayan bankruptcy law allows the creditors with mortgage to continue with the individual execution of his credits, 120 days after the declaration of bankruptcy.. Generally, every valuable asset is mortgaged assets, so if the bankruptcy process reaches the stage of liquidation, the financial creditor (that, in general, is the one that enjoys the above mentioned guarantees) executes independently his credit, in detriment of the workers, of the State and of the suppliers of goods and not financial services. What I put to consideration is if a different regulation would have negative effects on the economy, for its relation with an eventual restriction of the credit or increase in its costs.
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In India, the liabilities to workers could take precedence over payment to secured lenders.
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I am working on a project involving stock price estimation, so I want investor sentiments or behavioral bias to be an independent factor, impacting stock price movement. So, are there any means by which I can quantify this variable ?
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Hi, in the US market the most popular and professional approach is to use the data of Baker & Wurgler at the bottom of this page: http://people.stern.nyu.edu/jwurgler/.
Alternatively, you can take a look also at this paper: https://ssrn.com/abstract=2778060.
Best!
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I had an hypothesis that perceived barriers significantly and negative influence rural citizens' attitude towards usage of financial services.
But using SEM (AMOS)- the results were : perceived barriers positively influence  attitude.
Can anyone please assist; what could be the possible reason for that. 
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Hi,
one possible explanation may be a mediating effect due to different degrees of involvement in the topic. A positive attitude could lead to more thinking about the topic, gathering of information etc. which - in turn - increases awareness of problems and barriers. 
Best,
Holger
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Looking at how an owner of a financial services firm can combat the effect of fintech on their practice by the correct use of strategy, ie Porter 5 Forces, PESTEL etc
I am looking at other possible angles on this and would appreciate any insight
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can refer to
Robo advice - when machines manage your assets (Fintech #8)
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Hi, my current data set takes into consideration 15 countries over a 10 year period looking at FDI inflows. FDI being the dependant variable, and I have currently used 5 independant variables based upon typical FDI determinants. I've been able to carry out various panel data tests on stata,(Pooled OLS, Fixed effects, Random effects, Hausman test) using online tutorials however i'm not sure whether I have missed something important which should be considered. As i am not an econometrics student I feel as if i need some extra guidance. Thanks
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Dear Lee Squirrell
I totally agree to your concern due to the problem of panel data, I guess that your independent variables should be following the traditional gravity variables such as cultural distance factors, parent-country per capita GDP, relative labor endowments, and regional trade agreements...in which honorly I suggest that you should check the endonenous problem of panel data and you can use GMM or GMM estimator or LSDV of IV estimator to solve this problem. I attach some papers below in the case of your consideration. If you have problem with the GMM estimators, I may help in some case.
Please don't hesitate to contact me
Cheers
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There is no good research about the actual demand for Islamic financial services among Muslims in the West. Why are so many scholars spending so much energy exploring the finer details of Islamic banking when they really have no clue about how many potential customers there are?
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In 2015 In Seattle, Washington  our Mayor has opened up the thought and possible opportunities to Islamic compliant financing to our local Islamic population. I have been asked about Sharia compliant financing from various industry driven individuals, always referred them to proper channels for more details than I understand. Interest free checking and savings products are available at almost every bank if not all of them here.
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I am working on low cost distribution solutions for financial services. can any one please suggest relevant literature
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Thank you !!
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The vast majority of the world’s people will have access to internet through smart phones and tablets. Internet access could transform the way financial service providers and customers interact and facilitate a richer interface with customers.
What scenarios are possible and are providers ready to respond?
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Thanks Every one..
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Monetization levels vary widely by context and over time. Macro-level data is not very helpful because it jumbles many differently monetized contexts. Are there studies in behavioral economics, microeconomics, cognitive psychology etc. that address this question?  
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Dear Brett Matthews 
Greetings,
Please find the two attached files , may be related to your topic and useful for analyzed monetization as a discrete variable in processes of financial inclusion ,
Best Regards,
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Our team is quantifying the amount of global fiscal support that the financial sector receives. The estimate will examine the full range of direct and indirect fiscal support for private financial services sector, including fiscal incentives for savings and pensions, bank deposit insurance, implied support for systemically important financial institutions, fiscal incentives for green investment, and tax structures that provide incentives for various assets and trading activities.
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Thanks Giacomo, this is very useful, good information about interventions in reaction to the financial crisis. Our scope is wider than the 2008 - 12 period but this is useful nonetheless.
Veli, your response is appreciated too. You make an interesting point about considering illicit financial flows from low-income countries to wealthy countries as subsidies. This does raise a difficulty in quantifying since they are inherently difficult to detect. We'll have to dig deeper into this.  
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I want to study the brand equity in the three biggest banks in the Philippines namely, BPI, BDO and Metro Bank. The closest framework I have so far is Keller's Framework on Consumer Based Brand Equity which is more of a marketing tool than an economic one.
Hope anyone can help me with this. Thank you! 
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i suggest that you look at the literature on game theory and advertising.  brand equity invariably creates two agents, the vendor and the stakeholders (customers, future owners of the brand).  there is work done by the Harvard Business School, International Forum on Marketing Science (Chengdu, China 2006)
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What are the general issues to be studied about the latent management in the financial sector ? A research student asked me this question. While I noted that the availability of talent, retention policy, required skills for talent in the financial sector, turnover, relation of talent with productivity, are some areas , probably to be considered and emphasized to refine further as we go along. Need your suggestion as to what should be covered in a study of talent management in the financial sector.
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Dear Ljubomir,
Thanks for the links. This gives a great insight about the talent management issues in the financial sector. cheers Binod
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Brand health measurement for categories like FMCG, durables and telecom services have a standard pattern of metrics considering higher involvement of customers. But in categories like general insurance and some financial services the familiarity and involvement level are rather low. There seems to be a need for improvised new metrics and pattern for measuring brand health in such sectors. What are your thoughts?
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Brand Asset Valuator is one of the metrics, I used to use a lot for all sorts of industries. The way it works is it compare brand value across four main pillars, energized differentiation, esteem, knowledge and regards. The reason this might be good one is because while deriving the brand health or value, we take into consideration all types of brands to compare with, right from FMCG to branking to insurance. All types were used, so this might be a good metric. 
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Can anyone may give me any classical or recent results?
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This is perfect to start with: thank you very much
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Theories of capital structure
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The static trade off theory attempts to explain the optimal capital structure in terms of the balancing act between the benefits of debt (tax shield from interest deduction) and the disadvantage of debt (from the increased expected bankruptcy costs). The tax shield benefit is the corporate income tax rate multiplied by the market value of debt and the expected bankruptcy costs are the probability of bankruptcy multiplied by the estimated bankruptcy costs. The pecking order theory is the preferred, and empirically observed, sequence of financing type to raise capital. That is, firms first tap retained earnings (internal equity) finance, second source is debt and the last source is issuing new common stock shares (external equity). The empirical evidence of non-financial firm debt ratios coupled with the decision making process of top management and the board of directors point to greater adherence to the pecking order theory.