The widespread use of digital technologies and the current pandemic (COVID) have fueled the need and call for digital transformation in the banking sector. Although this has various benefits, it is a disruption to the norm to which a bank customer has to become accustomed. This variance means that customers would have to make some changes to their routine. This can constitute risks in terms of maintaining customer satisfaction at previous levels. These risks are associated with customer retention because a service or product needs to be aligned with customer expectations to avoid them switching to other service providers. Moreover, it can also have an effect on reputation. Offering digital account opening or remote deposits may not satisfy customers; competitive advantage depends on many aspects such as providing a hassle-free, personalized and cyber-secure experience, economic aspects and the needs of the society at large. Therefore, there is a need to understand the intensity of the risk factors that influence customer satisfaction for digitalized banking services and products. To do this, we carried out a structured survey, framed on the five dimensions of the SERVQUAL model, which was sent out to Northern Indian banking customers, to which we received 222 valid responses. We subjected the data received to Structural Equation Modelling using the SmartPLS version 3 application software. Results reveal that digital banking customers in Northern India are genuinely satisfied with the quality of services provided by digital banking. Moreover, ‘reliability’ has the strongest risk factor impact on customer satisfaction, followed by ‘tangibility’ and ‘responsiveness’.

Purpose This paper aims to determine how forensic accounting contributes to fraud detection and prevention and answer the following research questions: What are the standard techniques for fraud detection and prevention; and What are the significant challenges that hinder the application of forensic accounting in fraud prevention and detection? Design/methodology/approach The authors use the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) method to carry out a systematic literature review (SLR) to identify and assess the existing literature on forensic accounting. Findings There exists a positive correlation between forensic accounting and fraud detection and prevention. Moreover, in both the empirical and non-empirical findings, the authors note that fraud is complex, and in carrying out fraud investigations, one must be aware of its complexity. Practical implications Although drug counterfeiting is a sector where forensic accountants have paid less attention, it is a rapidly expanding fraud area. This paper finds that to detect fraud at an early stage, one must increase consumer understanding of basic forensic accounting techniques by implementing accurate supply chain monitoring systems and inventory management controls and conducting adequate and effective regulatory, honest and legitimate customs inspections. Social implications The major factors that restrict forensic accounting are a lack of awareness and education. Hence, it is essential to incorporate forensic accounting in undergraduate and post-graduate courses. Originality/value From the existing literature, it has been observed that very few studies have been conducted in this field using the PRISMA and SLR techniques. Also, the authors carried out a holistic study that focuses on three different areas – fraud detection, fraud prevention and the challenges in forensic accounting.

The current study is primarily concerned with the developments in financial technology, or fintech, that have significantly altered traditional financial systems, focusing on several risk categories that have emerged in the financial technology sector’s digital ecosystem. This paper is a review of existing literature related to the risk landscape in fintech, particularly its publication trend, journal productivity, impact, affiliated organizations, and related themes. A bibliometric and content analysis of 84 articles collected through Scopus’ structured database is performed for a comprehensive review. It is revealed that financial technology development has decreased physical crime while simultaneously increasing cybercrime. Another challenge is the asymmetrical technology between financial markets and the relevant supervisors. These current issues necessitate the creation of an Act on Fintech to create a comprehensive legislative framework. The present study’s findings are helpful for academia and industry to aid their existing knowledge about fintech and associated risks, particularly its timeline, geographical spread, and development of coherent themes.

Due to the rise in the demand for information communication technologies (ICT), the need for operational risk resilience within the European insurance market sector has grown exponentially. This study aims to use the case of blockchain to evaluate whether the five characteristics determined from the literature to be required for effective digital risk resilience (specifically, integration, flexibility, reliability, relevance, and timeliness) have an impact on effectiveness in addressing the requirements of the European Union’s proposed Digital Operational Resilience Act (DORA). To achieve this, we developed a survey with 29 statements, which participants were required to answer using a five-point Likert scale. In total, 513 valid responses were received from participants. These were analyzed using exploratory factor analysis (EFA), confirmatory factor analysis (CFA), and structural equation modeling (SEM). Results show that in the case of blockchain, reliability, flexibility, and relevance were found to significantly relate to its effectiveness in addressing DORA’s requirements, but relationships of effectiveness with integration and timeliness were found to be insignificant. However, when the experience variable was added to the model as the moderator variable, we found that timeliness and relevance have a significant relationship with blockchain effectiveness, while integration, reliability, and flexibility do not.

The synthesis of technology and finance is known as financial technology (Fintech), which brings together two of the biggest industries in harmony. Fintech disruption is a deviation from the norm, resulting in a significant shift in banking services and, as a result, risk. This article aims to investigate how Fintech has influenced recent changes in the banking industry and upcoming challenges, with a particular emphasis on blockchain technology. We perform a comprehensive thematic analysis of recent studies on Fintech in the banking industry. We found that Fintech has enormous potential to grow and impact the banking industry and the entire world. The banking industry could benefit from combining emerging technologies such as blockchain, AI, machine learning, or other decision-making layers. However, with the benefits come drawbacks, such as increased reliance on technology, high costs, increased job losses, security risks related to data and fraud, and so on. The use of emerging technology and collaboration between Fintech firms and banks can improve system-wide financial stability while minimising the negative externalities of disruption and competition. These findings can help regulators, policymakers, academics, and practitioners understand the opportunities and challenges of emerging technologies in the banking industry.