Digitalization of financial services is one of the biggest challenges of the last decade, both in the EU and globally. The rapid development of digital technologies undoubtedly creates a favourable environment for significant progress in the financial sector, moreover, the Global Financial Crisis (GFC) and the pandemic have served as additional catalysts. However, several aspects on the way to financial services digitainability are still insufficiently explored. Considering the latest trends in the financial sector and advances in digital transformation, this study aims to identify the key drivers for the implementation of digital financial services and initiatives that managers should pursue to effectively transform business processes. The methodological base of the research consists of an extensive analysis of current publications in such areas as digital transformation, sustainable development, digital financial services, etc. The article investigates two aspects of financial sustainability: financial inclusion and operational efficiency of financial institutions, based on Eurostat data on financial services provided in the EU during 2011 - 2021, the Digital Economy and Society Index variables, and European Central Bank data on operational expenses. Correlation and regression analysis methods are used to study the relationships between variables under investigation, as well as statistical tests to acquire necessary evidence for statistical inferences about the proposed hypotheses. The results of the study provide the possibility to judge current trends in the use of digital financial services in the EU countries, determine the main drivers of sustainable digital financial services, as well as to observe the benefits of digital transformation in the financial sector.

/pdf/financial-services-digitainability-financial-inclusion-and-35rmv6h2.pdf

Financial Services Digitainability: Financial Inclusion and Efficiency in EU Countries

Predicting customer engagement in the banking industry is extremely crucial as it directly impacts customer satisfaction, retention, and profitability. This research delves into this vital aspect and utilizes state-of-the-art technologies, including Explainable Ensemble Learning (EEL), Evidently AI as Trustworthy Open AI, and Lime as an explainable AI technique. The study employs the publicly available Berka dataset, which undergoes feature engineering, extraction, and deep clustering to group customers into various engagement categories. Four different ensemble models are utilized, and Evidently AI is employed to test and evaluate predictions thoroughly, while LIME provides interpretability. The blending model is identified as the best in predicting customer engagement, with an impressive AUC score of 1.000 and high values for accuracy, precision, recall, and F-1 score. The developed model is robust, accurate, and easily interpretable, providing valuable insights into customer behavior and engagement. In addition, Evidently AI tests only incorrectly predicted six data points out of 2000, emphasizing the high accuracy of the model. The study’s findings provide significant insights into the potential of computational finance techniques, particularly EEL and Trustworthy Open AI, in predicting customer engagement and enhancing the accuracy and transparency of predictions in the banking industry. This research contributes to the growing body of knowledge in the area of customer engagement in the banking industry, highlighting the importance of using advanced Trustworthy AI technologies to enhance customer satisfaction, retention, and profitability. 

Explainable Ensemble Learning and Trustworthy Open AI for Customer Engagement Prediction in Retail Banking

Companies require superior services to succeed in the competition. They realize and understand the new service realities in the 21st century. The objective of the study is to analyze the various aspects of the reality. The methodology adopted is a conceptual analysis of the realities and the strategies and initiatives adopted by companies. The new service realities relate to increasing roles of technology, customer empowerment, customer co-production, and the need to satisfy both customers and employees. Enlightened companies adopt several strategies and initiatives to deal with the realities. Academicians should analyze the realities and suggest effective ways of dealing with the realities. Practicing managers focus on adopting strategies and initiatives which are effective in dealing with the new realities, developing effective customer relationships, and in achieving business excellence in the long run.

The New Service Realities

pdf/analyzing-sbi-yono-business-icici-instabiz-and-hdfc-smarthub-axegqos2xk.pdf

Analyzing SBI YONO Business, ICICI InstaBIZ, and HDFC SmartHub Vyapar: A Comprehensive Comparative Study

/pdf/analysis-of-bank-accounts-using-multi-criteria-decision-29b1rc2z.pdf

Analysis of Bank Accounts Using Multi-Criteria Decision-Making and a Custom Web Application

The banking industry in Europe is being changed by the emergence of new technologies, new players, and favorable regulatory frameworks such as the European Commission’s Payment Service Directive 2Payment Service Directive 2 (PSD2) taking effect in 2018. 

https://link.springer.com/content/pdf/10.1007/978-981-16-7830-1_8.pdf

The Changing Landscape of Retail Banking and the Future of Digital Banking

Bankers have usually viewed a wide range of external factors, including deregulation and reregulation, competition, financial innovation, and technology, as significant external drivers for changing their visions, strategies, and business models. The aim of the chapter is to outline the retail bank’s evolution from the past to the ongoing scenario where FinTech companies and new competitors are transforming the industry and boosting banks to react consistently. After a brief overview of the present challenges, the chapter is focused on how banks are undertaking their transformation in the market to regain their customers’ everyday lives centrality. 

Retail Banks’ Challenges and Opportunities from Vision and Strategy to Managing People, Processes and Capital

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The Changing Landscape of Retail Banking and the Future of Digital Banking

Retail Banks’ Challenges and Opportunities from Vision and Strategy to Managing People, Processes and Capital