• Journal of Distribution Science
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• v.11 no.4
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• pp.81-88
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• 2013

Purpose - This paper analyzes the influence of the RMB internationalization on the KRW/dollar exchange rate using an autoregressive distributed lag model. Comparing the parameter estimators from the sample period before and after the global financial crisis, we found that the RMB/dollar exchange rate has increasingly become more influential on the KRW/dollar exchange rate. Moreover, for the past several years, the Chinese government has actively utilized the financial service FTA negotiation as a measure for the RMB internationalization. This paper simultaneously considers RMB internationalization and financial service negotiations in the Korean-Chinese FTA. The purpose of this paper is to explicitly suggest a direction for the financial service negotiations in the Korean-Chinese FTA considering the effects of RMB internationalization. Research design, data, and methodology - The research plan of this paper has two parts. First, for an empirical study, this paper uses the daily exchange rate of the U.S. dollar against the currencies of the ASEAN5, Taiwan,and Korea. By using an autoregressive distributed lag model, this paper studies the influence of the change in the RMB/dollar exchange rate on changes in the local currency/dollar exchange rate in seven economies neighboring China. Our sample periods are 06/2005 - 07/2008 and 06/2010 -02/2013. During these periods, China was under the multi-currency basket system. We exempted the period of 08/2008 - 05/2010 from the analysis because there was nearly no RMB/dollar exchange rate fluctuation during those months. Second, after analyzing the recent financial service liberalizations and deregulations in China, we recommend a direction for the financial service negotiations in the Korean-Chinese FTA. In the past several years,the main Chinese financial policy agenda has surrounded the RMB internationalization. Therefore, it is crucial to understand this in the search for strategies for the financial service negotiations in the Korean-Chinese FTA. This paper employs an existing literature survey and examines the FTA protocols in its research methodology. Results and Conclusions - After the global financial crisis, the Chinese government wanted to break away from the dollar influence and pursued independent RMB internationalization in order to continue the growth and stability of its economy. Hence, every neighboring economy of China has been strategically impacted by RMB internationalization. Nevertheless, there is little empirical study on the influence of RMB internationalization on the KRW/dollar exchange rate. This paper is one of the few studies to analyze this problem comprehensively. By using a relatively simple estimation model, we can confirm that the coefficient of the RMB/dollar exchange rate has become more significant, except in the case of Indonesia. Although Korea is not under the multi-currency basket system but under the weakly controlled floating exchange rate system, its coefficient appears as large as that of the ASEAN5. This is the basis of the currency cooperation that has grown from the expansion of trade between the two countries. These empirical results suggest that the Korean government should specifically consider the RMB internationalization in the Korean-Chinese FTA negotiations.

• Journal of Information Technology Applications and Management
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• v.31 no.3
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• pp.119-147
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• 2024

This study aims to analyze older adults's intention to use digital financial services. To verify the purpose, the '2022 Korean Senior Technology Acceptance Panel Survey' data were used. And a shortened Senior Technology Acceptance Model(STAM) reflecting the characteristics of older adults was applied. The results of Structural Equation Model analysis are as follows. First, the lower gerontechnology anxiety, the higher control beliefs reflecting perceived ease of use, self-efficacy and facilitating conditions and the intention to use digital financial services. Second, the health factor had a positive effect on the control beliefs. Third, the higher the control beliefs, the higher the attitudinal beliefs reflecting perceived usefulness and attitude and the intention to use digital financial services. Lastly, the higher attitudinal beliefs, the higher the intention to use digital financial services. The results suggest the need for interventions that can relieve gerontechnology anxiety and strengthen positive perceptions about control beliefs and attitudinal beliefs in order to increase older adults's intention to use digital financial services.

• The Korean Journal of Financial Management
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• v.26 no.4
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• pp.83-102
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• 2009

Banks traditionally focus on the financial services against the uncertain future liquidity needs, i.e. saving as well as lending. As the business model of banks has been shifted from the originate to hold model to the originate to distribute model since the enactment of Gramm-Leach-Bliley Financial Services Modernization Act in 1999, the financial services encompass information gathering and generating, underwriting and risk sharing through packaging claims for the investors, in addition to the payment and settlement services. Ensued are the financial market integration and diversification of financial services, with which the accessibility to financial services is arguably significantly enhanced. Such integration and diversification necessarily entails the risk of contagion due to the non-fulfilling service over the several other financial services, which would be contained easily under the separate financial services. This paper addresses the pricing of fees for the integrated financial services through which the contagion could spread when the users of financial service are not immune to the failure to fulfill their obligation due to the economic turmoil. Consequently the information asymmetry about the clients is unavoidable. Higher fees could drive out the otherwise good clients out of the pool of customers for the financial services. Then, the risk could be exacerbated due to the proliferation of bad clients who are vulnerable to the financial distress and liquidity crunch. So the banks should take into account the interactional effect of the fees between/among the non interest based activities and interest based activities under the information asymmetry. Contrary to our general perception, the current analysis demonstrates that the bank should focus on the reduction of cost associated with good clients rather than that of bad clients.

• Proceedings of the Korean Society for Quality Management Conference
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• 2009.10a
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• pp.109-114
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• 2009

Recently, there has been growing interest in the financial and economic effectiveness of service quality and customer satisfaction. It means that the final goal of customer satisfaction is the maximization with firms' financial performance, enterprise could survive through the creation of continuous financial performance. Companies are working in various ways to identify the direct relationship of service quality and customer satisfaction with financial and economic effectiveness in order to justify and validate customer satisfaction management. In this study, the influence of customer satisfaction on the financial performance is examined. Also, we have analyzed customer satisfaction by comparing financial outcome of each industry Customer satisfaction index, the key non-financial performance measure has significant association with firms' financial performance index. Moreover, high customer satisfaction has a competitive advantage, so it can be the key success factor of firm's financial performance improvement.

• Journal of Information Technology Services
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• v.19 no.3
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• pp.1-15
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• 2020

This study applies the Delphi method to design services with convergence characteristics in the financial sector. In designing a service robot for practical deployment that can support and replace bank teller, the opinions and judgments of various expert groups were extracted and a consensus process was made through feedback. A total of six dimensions and thirty service elements were derived over three rounds. Coefficient of Variation and content validity were used to verify the suitability and reliability of the selected service elements. As a result, the essential service element of robots was interaction with customers, followed by basic and professional financial services. Based on these service factors, we proposed two types of service models. support mode to assist employees during business hours and alternative mode on behalf of employees outside business hours. It is hoped that this study will use the Delphi technique in the design of IT convergence services.

• The Journal of Society for e-Business Studies
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• v.27 no.2
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• pp.137-152
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• 2022

Consumers' enhanced intention to adopt the Mydata service or their voluntary provision of personal information is a very essential element in the stable growth of the Mydata industry along with the creation of corporate values. The growing leakage of customer information according to the rising value of data can have negative impacts on the use of Mydata service and shrink quality custom service needs based on the personal information provided by financial consumers. This study set out to identify security risks that financial consumers could recognize and security factors that could supplement them and investigate the effects of these security factors on consumers' intention to adopt the Mydata service, thus providing useful implications for increasing the acceptance of financial consumers and finding a strategy to expand safe utilization. The findings raise a need to guarantee the stability and transparency of information provided by customers as information subjects, and they should be essential requirements for the Mydata service. The security factors applied to guarantee them should include convenience in terms of financial service.

• Proceedings of the Safety Management and Science Conference
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• 2009.04a
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• pp.501-510
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• 2009

Recently, there has been growing interest in the financial and economic effectiveness of service quality and customer satisfaction. It means that the final goal of customer satisfaction is the maximization with firms' financial performance, enterprise could survive through the creation of continuous financial performance. Companies are working in various ways to identify the direct relationship of service quality and customer satisfaction with financial and economic effectiveness in order to justify and validate customer satisfaction management. In this study, the influence of customer satisfaction on the financial performance is examined. Customer satisfaction index, the key non-financial performance measure has significant association with firms' financial performance index. Moreover, high customer satisfaction has a competitive advantage, so it can be the key success factor of firm's financial performance improvement.

• Knowledge Management Research
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• v.21 no.2
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• pp.177-196
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• 2020

Since the adoption of K-IFRS(Korean International Financial Reporting Standards), the amount of financial footnotes has been increased. However, due to the stereotypical phrase and the lack of conciseness, deriving the core information from footnotes is not really easy yet. To propose a solution for this problem, this study tried financial footnote analysis for financial ratio predictions based on text-mining techniques. Using the financial statements data from 2013 to 2018, we tried to predict the earning per share (EPS) of the following quarter. We found that measured prediction errors were significantly reduced when text-mined footnotes data were jointly used. We believe this result came from the fact that discretionary financial figures, which were hardly predicted with quantitative financial data, were more correlated with footnotes texts.

• Journal of Platform Technology
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• v.8 no.1
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• pp.10-15
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• 2020

Recently, various industrial sectors have introduced cloud service actively in their business because cloud computing technology enables storage·management and analysis·utilization of data easily in anytime, anywhere. Especially in financial sector, the business provocatively adopted the service and creates various innovative cases; furthermore, already in abroad, the sector has been accelerating digitization of analysis in cases of credit risk, financial fraud data, stock trading etc. On the contrary, in the domestic financial industry, not only the cloud service introduction and innovation cases are underperformed, but most of them are focused on the back-office service. Most Korean financial corporations are burdened with the adoption of cloud service due to various conservative regulatory requirements, such as regulations on data storage and management, regulations on privacy, and other tasks such as developing decision models and establishing responsibility standard for security incidents and service failures. In this study, it would be aimed to contribute to promote the introduction of the cloud in the domestic financial sector by drawing up preemptive challenges and inspecting priorities.

• Journal of Information Technology Services
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• v.20 no.2
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• pp.111-126
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• 2021

A Kano model was used to classify the quality attributes of the service robot function for actual deployment that can support and replace bank employees. Quality attributes for a total of 6 dimensions and 23 service elements were divided into bank employees and customer groups, and service priorities were derived after comparative analysis. The Decision tree model was used to supplement the excessive simplification of quality attributes by the modest number of Kano models and to classify and predict by segment market. Of the 23 services, 16 were classified into the same attributes in both groups. 6 services classified as combination attributes used a Decision tree to identify differences in perception of quality attributes among groups. In terms of basic financial services and professional financial services, it was confirmed that bank employees feel financial service robots more attractive than ordinary customers. In the design of IT convergence service, we propose a methodology for deriving quality attributes by combining a Kano model for classifying quality attributes of two groups and a Decision tree for forecasting subdivision markets.