• International Commerce and Information Review
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• v.8 no.1
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• pp.417-435
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• 2006

A Systematic Wealth Management Framework (SWMF) was developed as a private banking management tool to enable more integrative personal finance management of personal wealth. It is a reference model that provides an unified framework for development, operation, and management and makes provision for personal financial services in today's complex financial environment. This study suggested some practical results from banks and insurance companies that have established SWMF as the differentiation business strategy for wealthy customers. The focus of this manuscript is on capturing the methodological approach most financial institutions in Korea adopted to execute new e-finance planning and implementation based on the SWMF. The alignment between the wealth management business goals and information system architecture at an organization constitutes the main theoretical basis of the study. Relevant discussions are made on the wealth management framework as a general business model for financial industry, on the functional relationship between new information systems and business organizations. Finally, lessons learned from the SWMF implementation are discussed.

• Journal of Intelligence and Information Systems
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• v.15 no.4
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• pp.65-78
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• 2009

The rapid changes of financial environment have increased the need and demand for personal financial advisory service from financial experts. In particular, as the individual customers want to get more customized financial services, the financial institutions created the private banking (PB) sector and have constantly expanded their PB services. However, it remains still problematic that the private banking system requires high costs so that the number of eligible customers who can have proper PB services is quite limited. To solve this problem, we propose an intelligent agent that can provides specialized and customized personal financial advisory services to the customers with low costs. The proposed agent systemizes and structures the information and knowledge of financial experts in private banking services so that individual customers can easily access to high-quality PB services when they need. On the first attempt we develop a framework of U-smart PB, an intelligent agent for personal financial management based on different scenarios related to personal financial decisions, and derive its core services. This system not only provides information simply, but also proposes to support personal investment decisions technically as an intelligent agent that embodies real-time customized financial management in a ubiquitous environment, regardless of time and place.

• Asia pacific journal of information systems
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• v.22 no.1
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• pp.53-77
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• 2012

Financial firms, especially large scaled firms such as KB bank, NH bank, Samsung Card, Hana SK Card, Hyundai Capital, Shinhan Card, etc. should be securely dealing with the personal financial information. Indeed, people have tended to believe that those big financial companies are relatively safer in terms of information security than typical small and medium sized firms in other industries. However, the recent incidents of personal information privacy invasion showed that this may not be true. Financial firms have increased the investment of information protection and security, and they are trying to prevent the information privacy invasion accidents by doing all the necessary efforts. This paper studies how effectively a financial firm will be able to avoid personal financial information privacy invasion that may be deliberately caused by internal staffs. Although there are several literatures relating to information security, to our knowledge, this is the first study to focus on the behavior of internal staffs. The big financial firms are doing variety of information security activities to protect personal information. This study is to confirm what types of such activities actually work well. The primary research model of this paper is based on Theory of Planned Behavior (TPB) that describes the rational choice of human behavior. Also, a variety of activities to protect the personal information of financial firms, especially credit card companies with the most customer information, were modeled by the four-step process Security Action Cycle (SAC) that Straub and Welke (1998) claimed. Through this proposed conceptual research model, we study whether information security activities of each step could suppress personal information abuse. Also, by measuring the morality of internal staffs, we checked whether the act of information privacy invasion caused by internal staff is in fact a serious criminal behavior or just a kind of unethical behavior. In addition, we also checked whether there was the cognition difference of the moral level between internal staffs and the customers. Research subjects were customer call center operators in one of the big credit card company. We have used multiple regression analysis. Our results showed that the punishment of the remedy activities, among the firm's information security activities, had the most obvious effects of preventing the information abuse (or privacy invasion) by internal staff. Somewhat effective tools were the prevention activities that limited the physical accessibility of non-authorities to the system of customers' personal information database. Some examples of the prevention activities are to make the procedure of access rights complex and to enhance security instrument. We also found that 'the unnecessary information searches out of work' as the behavior of information abuse occurred frequently by internal staffs. They perceived these behaviors somewhat minor criminal or just unethical action rather than a serious criminal behavior. Also, there existed the big cognition difference of the moral level between internal staffs and the public (customers). Based on the findings of our research, we should expect that this paper help practically to prevent privacy invasion and to protect personal information properly by raising the effectiveness of information security activities of finance firms. Also, we expect that our suggestions can be utilized to effectively improve personnel management and to cope with internal security threats in the overall information security management system.

• Information Systems Review
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• v.17 no.1
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• pp.141-169
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• 2015

Electronic financial accidents are constantly happening and these accidents are taking place by a combination of several causes such as technique, human, and structure. Among electronic financial accidents, personal information disclosure is most frequently happening and becomes big problems, because secondary damage like voice phishing causes great loss to society. This research model is that financial information security compliance affects the crisis response of financial institutions and financial authorities and these crisis responses affect financial information security trust. Research target is people who experienced the disclosure of their own financial information. For empirical verification, survey questionnaires were distributed and total 103 questionnaires were collected and analyzed. As results of data analysis, all hypotheses were accepted. First, financial information security compliance influenced the crisis response of financial institutions and authorities. Second, the crisis response of financial institutions and authorities affect financial information security trust. Third, at the moderating effect analysis, the importance of personal financial information moderated the effect of the crisis response of financial institutions on financial information security trust. And the disclosure level of personal financial information moderated the effect of the crisis response of financial authorities on financial information security trust.

• Journal of Family Resource Management and Policy Review
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• v.5 no.1
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• pp.33-47
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• 2001

The purpose of this study is to investigate the effects of home informatization on the family system. This study is based on the systems approach. A family system is composed of two major subsystems-personal and managerial. Managerial subsystem is concerned to instrumental function, such as time management and financial management. Personal subsystem is concerned to expressive function, such as family relations and interactions. So this study attempts to analyze the effects of Internet on the family system through time management, financial management, and family relations. The results from reviewing several related researches are that home informatization through Internet use has changed time management, financial management, and family relations. Finally this study suggests three plans of home informatization for contributing to improve the quality of family living.

• Asia pacific journal of information systems
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• v.34 no.1
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• pp.114-149
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• 2024

Internet-only banks (IOB) refer to financial institutions which provide services entirely through online digital platforms without physical branches. Although IOBs have been around for over 26 years, there is still room for investigating what factors motivate customers to use them continuously and extensively. Therefore, this study aims to examine what factors lead to customers' intention of continued use and cross-buying on IOBs by extending the Post-Acceptance Model of IS Continuance (PAMISC). The result shows that perceived economic benefit and ongoing trust have significant relationships with the intention of continued use and that ongoing trust has significant direct and mediating (via intention of continued use) relationships with the intention of cross-buying. Also, personal innovativeness positively moderates the relationship between ongoing trust and the intention of cross-buying. This study sheds light on the literature on branchless financial services and PAMISC. IOB practitioners should revisit the effectiveness of customers' economic benefits to establish ongoing trust with customers.

• Journal of the Korea Institute of Information and Communication Engineering
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• v.19 no.9
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• pp.2044-2055
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• 2015

Financial information systems play such a pivotal role in the financial institution services that are provided for a large customers on the basis of various information including the personal information. As for the personal information collected during the transactions in the financial information systems, huge efforts and investment have been made to protect previously them from being inappropriately misused or illegally used if they could be released. Unfortunately, the frequent accidents on the leakage of sensitive personal information have occurred recently not only by external service users but even by internal system users. Therefore, the aim of this study is to suggest a model of advanced two-channel authentication for internal users in order to increase the stability of financial information systems with enhanced security.

• The Journal of Korean Institute of Communications and Information Sciences
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• v.40 no.8
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• pp.1577-1587
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• 2015

Privacy of financial customers is becoming important due to frequent leakage of personal information. Financial customers, who experience the leakage of personal information, feel threatened by their privacy and this changes customer's awareness about financial institutions or behavioral intentions. By examining the influence relation of personal information security vulnerability of the bank information system with usefulness, trust and attractiveness perceived by bank customers, this study aims to analyze the effect of each variable on bank customers' willingness to stay.

• Journal of Internet Computing and Services
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• v.19 no.6
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• pp.9-20
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• 2018

Financial service industry has introduced and operated management systems such as information security management system (ISMS), personal information security management system, business continuity management system to protect and maintain suitably customer's financial information and financial service. This study started that it's desirable financial industry takes consideration of ISMS and it can be different types among various organizations taking consideration of culture, practical work, and guideline of information security. The study derives primary control areas of ISMS through analyzing non-conformity trends and control factors according to certification audit for finance-related organizations introduced international ISMS of ISO27001 which is well known and commonly applicable irrespective of areas in financial service industry. Through case analyses for five finance-related organizations operating ISMS, this study analyzed improvement effects of ISMS. It has a meaning as an initial research though it was difficulty in acquiring data for empirical study because of rare organizations maintaining certification in financial sector. As a result, number of non-confirmity from the first audit to three years' elapse was decreased every year. Physical and environmental security, communication and operations management, and access control having the highest frequency of non-conformity each presented 23%, 19%, and 17%, which reached 59% in total and they are derived into primary control areas. ISMS can fulfill technical, managerial, physical security issues, which have not been treated importantly in financial industry. In addition, this study presented that ISMS can be an effective management system applicable for financial service industry.

• Management & Information Systems Review
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• v.19
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• pp.49-81
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• 2006

The private college education plays a crucial role both in training and supplying manpower needed for national economic growth and in increasing employability and personal labor earnings of individual workers. In oder for private college education to effectively respond to the rapid changes in industrial and occupational structures, it is necessary to secure appropriate level of investment funds and manage them efficiently. For this, it is required to discuss the structure, magnitude and management mechanism of the current private college education finance, changes in future demand for private college education and resultant changes in budget estimates, and new financial resources and allocation schemes. This study attempted to analyze current status and problems of private college education finance in Korea and, based on this analysis, to suggest future policy directions to improve private college education finance system. In order to make the private college education system in Korea competent and competitive enough to survive in international market, it is prerequisite to provide enough budget for the private college education and to manage the private college education finance in more efficient ways. First, for securing the adequacy and stability of investment budget for the private college education, it is recommended to 1) increase the government budget and put emphasis on the private college education; 2) diversify financial resources and induce financial contribution from private sector such as school juridical persons and enterprises. Second, for higher efficiency of financial management, it is recommended 1) make valid allocation standards and mechanism; 2) introduce competition system; 3) develop and utilize evaluation mechanism for the private college education finance to check adequacy, efficiency, accountability, and effectiveness; 4) apply consumer-oriented financial management scheme. In addition to the above policy measures, it is necessary to 1) make scientific forecasts of industrial and occupational structures periodically and apply these analyses to medium & long-term the private college education planning; and 2) redesign budget accounting system and develop the private college education performance indicators for the evaluation of accountability of the private college education institutions and administration institutes.