This paper aims to analyze the impact of DARQ technologies (distributed ledger, artificial intelligence, extended reality, quantum computing) in the financial sector, focusing on…
Abstract
Purpose
This paper aims to analyze the impact of DARQ technologies (distributed ledger, artificial intelligence, extended reality, quantum computing) in the financial sector, focusing on artificial intelligence (AI) applications in personalized banking, which consists of treating every customer as a segment of one. The research has two main goals. First, providing a complete and organic analysis of the DARQ technologies framework currently missing in the literature. Because this research focuses on the financial sector, more attention is dedicated to DARQ technologies in this industry. Second, studying applications of one of the DARQ technologies, AI, in personalized banking, where it appears to have a great potential impact.
Design/methodology/approach
The research analyses both the supply side, collecting secondary data from documentation, reports and research studies to study the major trends and results obtained by leading banks, and on the demand side, collecting primary data through a dedicated survey and elaborating opinions and preferences of potential customers. Using this information, a detailed go-to-market plan based on the framework elaborated by Bain and Co. in 2012 is developed, considering the hypothesis of a well-known universal bank, operating globally, with an established brand and access to modern AI technologies, which decides to invest in this field as a priority.
Findings
In addition to giving a detailed overview of DARQ technologies from a technical and a business perspective, the results related to the hypothetical case of the study help to understand which would be the most suitable target for the launch phase, which value proposition should be offered and how to deliver it, but also how to evolve the project to attract more customers and strengthen the relationship with the existing ones. Nevertheless, this research could be a starting point for future studies and updates, considering related evolutions, investigating more representative demand samples or analyzing how the combination of more DARQ technologies could be applied to the financial sector.
Research limitations/implications
Some limitations affect this work. First, the topics studied are evolving rapidly and partially dependent on other innovations under development; therefore, they may become obsolete and less significant in the next years. As regard the data collection, the supply-side analysis involves strategical information kept private by companies; therefore, the collected data probably miss some useful details. As concerns primary data, the sample could have been larger and more heterogeneous and biases and misinterpretations could have affected the answers. A compromise has been found between the time and resources available and the qualitative and quantitative characteristics of the sample.
Practical implications
This research could be a tool for financial companies interested in investing in AI for personalized banking, but it also provides useful insights about the whole DARQ framework, which could be interesting for all the financial and nonfinancial firms. Applying AI effectively and efficiently could offer great benefits, both economic and noneconomic, to financial firms but also to their customers, who could benefit from hyper-tailored services at a reasonable and affordable price, whereas in the past, they were reserved only for very important person clients. This win-win situation could lead the way to further investments and consequent innovations in the future.
Social implications
Some issues still exist, mainly about data security and privacy, but also the social risk linked to the labor market due to the AI substitution for some tasks and the related shift in professionals required by employers, which could negatively affect the salary gap among workers with different levels of educations, tightening up existing inequality problems. An effort by public and private subjects will be required to make this transition inside the labor market smoother. Despite this, the research shows that AI applications in personalized m-banking could mutually benefit both the demand and the supply of the market.
Originality/value
Apart from the organic overview offered on DARQ technologies and their related business applications, currently missing in the literature, which could be useful for a better comprehension of the topic and could also give interesting insights to firms, this research presents an original and concrete roadmap to follow for financial companies interested in delivering a personalized mobile banking service leveraging on AI. Every step presented in the output of this work is based on an in-depth analysis of past, and present actions carried out and result obtained by competitive firms on the market and on needs and preferences observed among potential customers.
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Keywords
Martin Drobňák, Radoslav Turik, Anna Šenková, Dagmara Ratnayake Kaščáková and Jan Derco
The paper deals with battlefield tourism and war monuments in the Slovak Republic, Slovenia and Poland. The care of these monuments and their use in tourism today takes place…
Abstract
Purpose
The paper deals with battlefield tourism and war monuments in the Slovak Republic, Slovenia and Poland. The care of these monuments and their use in tourism today takes place separately and it is interesting to see how the same potential can be used in different ways. One of the aims of the paper is to draw attention to this fact and at the same time to present the possibilities of how to improve the use of this heritage by mutual cooperation.
Design/methodology/approach
It is based on field research of the care of military-historical monuments. At the same time, it presents, in the form of retrospective studies, basic experiences from abroad – specifically the construction of thematic trails in Slovakia, Slovenia (The Walk of the Peace) and Poland (The First World War's Eastern Front Trail).
Findings
The paper points out aspects such as the care of battlefield tourism sites, cross-border cooperation in the creation of tourism products, the creation of a strategic conceptual framework for the protection of World War I monuments, their presentation to tourists, cooperation between the state, local government and the third sector.
Originality/value
There was no systematic research in this area in Central and Eastern Europe.
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Sergio Da Silva, Raul Matsushita, Mariana Pereira and Mariê Fontana
This paper aims to revisit the issue of anchoring effects in real estate markets to consider the current dual-processing theory of mind.
Abstract
Purpose
This paper aims to revisit the issue of anchoring effects in real estate markets to consider the current dual-processing theory of mind.
Design/methodology/approach
The effects of high and low anchors in a price estimation task are, thus, explained by both Systems 1 and 2 as these play a key role in the guess of the “correct” list price. The authors also take into account the mediation of overconfidence in the estimates and how confidence relates to cognitive ability. Moreover, the authors nuance the field experiment by considering the decisions taken by professional real estate agents and amateur students alike because experts are expected to be less prone to cognitive biases.
Findings
The large anchoring index of 67 per cent found for the real estate agents suggests these professionals make their judgment unconsciously by priming (and thus, using their System 1), despite being overconfident. In contrast, an even larger anchoring index for the undergraduates (86 per cent) was found, as expected for nonexperts. However, the authors suggest the students’ judgments use their System 2 because they are clueless in their non-anchored estimates and, as result, consider the list prices as a heuristic to deliberately anchor and adjust.
Originality/value
Anchoring effects in real estate markets have not been approached so far by the dual-processing theory of mind.
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Susanne Knoll, Cristiane Soares Simon Marques, Jiacheng Liu, Funing Zhong, Antônio Domingos Padula and Júlio Otávio Jardim Barcellos
The flow of the Sino-Brazilian frozen beef trade has intensified. Thus, the purpose of this paper is to characterize the supply chain structure, and identify its major fragilities.
Abstract
Purpose
The flow of the Sino-Brazilian frozen beef trade has intensified. Thus, the purpose of this paper is to characterize the supply chain structure, and identify its major fragilities.
Design/methodology/approach
Supply chain mapping was conducted based on the existing literature and primary data collection. Key stakeholders were detected and questioned through semi-structured interviews, which were later interpreted with content analysis.
Findings
The results reveal a low degree of chain coordination from the Brazilian farm to the Chinese consumer, arising from an immature traceability mechanism, a limited flow of reliable information between the segments, and low trust between the stakeholders.
Research limitations/implications
The infancy of the beef trade, the paucity of literature on the topic, and restricted accessibility to key governmental and official materials imposes limits on the available information. Language and cultural barriers might have also impacted the interviewees’ responses. However, the participation of Brazilian and Chinese academics in both the interview analysis and chain mapping mitigates these shortcomings.
Practical implications
The Brazilian public and private sectors need to establish a reliable traceability system and information platform. This, together with investments in marketing and branding, would facilitate differential responses among traders and consumers, and, hence, improve supply chain sustainability.
Originality/value
By adopting an inter-country approach and directly sourcing views from specific key figures in the supply chain this study offers some unique insights and contributes to the literature on the emergence of a multi-polar global food trade.