Abstract

The digital economy has revolutionised financial service provision and compelled financial services institutions to adopt technologies that help deliver quality service at a minimal cost. Due to the recent disturbance in the financial sector in the country, there is an urgent need for financial service providers to adopt relevant technologies to help reduce operational inefficiencies and maintain service quality. This article analyses the implications of the digital economy for enhancing the efficiency of financial markets. Drawing the existing literature, it concludes that the financial institutions in the country have quite embraced and integrated digitisation into their activities. Given the perceived high level of digital illiteracy among the populace, it was surprising to discover the number of people who have signed on unto such financial products. It was recommended financial institutions integrate their operations with the necessary digital technologies as it helps reduce operational costs. Furthermore, they need to invest in digital infrastructure and skills of their staff to embrace technology in service delivery. It is also suggested that policymakers strengthen the laws, policies, and regulations such as data protection and cybercrime to enable the players of the market to operate freely and confidently.

摘要

数字经济彻底改变了金融服务提供方式，并迫使金融服务机构采用有助于以最低成本提供优质服务的技术。由于该国金融部门最近的动荡，迫切需要金融服务提供商采用相关技术来帮助降低运营效率低下并保持服务质量。本文分析了数字经济对提高金融市场效率的影响。总结现有文献，得出的结论是，该国的金融机构已经完全接受数字化并将其纳入其活动。鉴于人们普遍认为数字文盲率很高，令人惊讶的是发现了签署此类金融产品的人数。建议金融机构将其运营与必要的数字技术集成在一起，因为这有助于降低运营成本。此外，他们需要在数字基础架构和员工技能上进行投资，以将技术应用于服务交付中。还建议政策制定者加强法律，政策和法规，例如数据保护和网络犯罪，以使市场参与者能够自由，自信地运作。