Keywords
public policy
digitalization
strategies
financial inclusion
knowledge-intensive services
How to Cite
Abstract
Using evidence from Spain, this study assesses the readiness of the banking sector of the EU to introduce technological and social innovations to implement the European policy of financial inclusivity. Despite the evident benefits for banks in terms of enhancing legitimacy and improving consumer knowledge and loyalty, mostly banks at present merely comply with the formal aspects of financial inclusion regulation, but are not going further in terms of technical or social innovation, using compliance to avoid the "stick" of regulation. In contrast, a review of the banks’ own corporate social responsibility strategies shows a higher level of commitment and innovation in terms of financial inclusion. Based on the analysis of institutional factors that determine the involvement of banks in the inclusivity policy, recommendations are proposed for adjusting development strategies in order to combine the efforts of the public and private sectors in the provision of public services.
References
Adeel M., Nett B., Gurbanova T., Wulf V., Randall D. (2013) The challenges of microfinance innovation: Understanding ‘private services'. In: ECSCW 2013: Proceedings of the 13th European Conference on Computer Supported Cooperative Work, 21-25 September 2013, Paphos, Cyprus, (eds. O.W. Bertelsen, L. Ciolfi, M.A. Grasso, G.A. Papadopoulos), Heidelberg, Dordrecht, London, New York: Springer, pp. 269-286. DOI: https://doi.org/10.1007/978-1-4471-5346-7_14
Anderloni L., Bayot B., Bledowski P., Iwanicz-Drozdowska M., Kempson E. (2008) Financial services provision and prevention of financial exclusion, Brussels, European Commission.
Anderloni L., Carluccio E.M. (2007) Access to bank accounts and payment services. In: New Frontiers in Banking Services (eds. L. Anderloni, M.D. Braga, E.M. Carluccio), Heidelberg, Dordrecht, London, New York: Springer, pp. 5-105. DOI: https://doi.org/10.1007/978-3-540-46498-3_2
Anguinis H., Glavas A. (2012) What We Know and Don't Know About Corporate Social Responsibility: A Review and Research Agenda. Journal of Management, 38(4), 932-968. DOI: https://doi.org/10.1177/0149206311436079
Arango-Arango C.A., Suárez-Ariza N. (2020) Digital payments adoption and the demand for cash: New international evidence. Journal of Payments Strategy and Systems, 14(4), 392-410. DOI: https://doi.org/10.32468/be.1074
Ayadi R., Llewellyn D.T., Schmidt R.H., Arbak E., Pieter De Groen W. (2010) Investigating diversity in the banking sector in Europe: Key developments, performance and role of cooperative banks (CEPS Paperbacks, September 2010), Brussels: Centre for European Policy Studies. https://ssrn.com/abstract=1677335, дата обращения 03.02.2021.
Baker S.M., Gentry J.W., Rittenburg T.L. (2005) Building understanding of the domain of consumer vulnerability. Journal of Macromarketing, 25(2), 128-139. https://doi.org/10.1177%2F0276146705280622.
Bielefeld S., Harb J., Henne K. (2021) Financialization and Welfare Surveillance: Regulating the Poor in Technological Times. Surveillance & Society, 19(3), 299-316.
Bonardi J.P., Holburn G.L., van den Bergh R.G. (2006) Nonmarket strategy performance: Evidence from US electric utilities. Academy of Management Journal, 49(6), 1209-1228. DOI: https://doi.org/10.2307/20159828
Bowen H.R. (1953) Social responsibilities of the businessman. New York: Harper.
Brenkert G.G. (1998) Marketing and the vulnerable. The Ruffin Series of the Society for Business Ethics, 1, 297-306. https://philosophia.uncg.edu/media/phi361-metivier/readings/Brenkert-Marketing%20and%20the%20Vulnerable.pdf, дата обращения 12.02.2022.
Cartwright P. (2015) Understanding and protecting vulnerable financial consumers. Journal of Consumer Policy, 38(2), 119-138. DOI: https://doi.org/10.1007/s10603-014-9278-9
Clark M., Myers A. (2018) Tailoring propositions for fairness and equality: Case studies and best practice. Reading: University of Reading. http://centaur.reading.ac.uk/82062/, дата обращения 12.01.2021.
Corrado G., Corrado L. (2015) The geography of financial inclusion across Europe during the global crisis. Journal of Economic Geography, 15(5), 1055-1083. DOI: https://doi.org/10.1093/jeg/lbu054
Cull R., Demirgüç-Kunt A., Lyman T. (2012) Financial inclusion and stability: What does research show? (CGAP Brief 71305), Washington, D.C.: World Bank. https://openknowledge.worldbank.org/bitstream/handle/10986/9443/713050BRI0CGAP0f0FinancialInclusion.pdf?sequence=1, дата обращения 15.10.2021.
Culpepper P.D. (2002) Associations and non-market coordination in banking: France and Eastern Germany compared. European Journal of Industrial Relations, 8(2), 217-235. https://doi.org/10.1177%2F095968010282006.
Davenport S., Grimes C., Davies J. (1998) Research collaboration and behavioural additionality: A New Zealand case study. Technology Analysis and Strategic Management, 10(1), 55-68. DOI: https://doi.org/10.1080/09537329808524304
De Serres A., Roux M. (2006) Les stratégies de responsabilité sociale dans les banques: comment contribuer à renforcer la cohèsion sociale à travers les activités de la finance. Gestion, 31(2), 101-110.
De la Cuesta-González M., Fernández-Olit B., Ruza C., Paredes-Gázquez J.D (2021) The relationship between vulnerable financial consumers and banking institutions. A qualitative study in Spain. Geoforum, 119, 163-176. DOI: https://doi.org/10.1016/j.geoforum.2021.01.006
De la Cuesta-González M., Froud J., Tischer D. (2020) Coalitions and public action in the reshaping of corporate responsibility: The case of the retail banking industry. Journal of Business Ethics, 173, 539-558. DOI: https://doi.org/10.1007/s10551-020-04529-x
Delgado J., Salas V., Saurina J. (2007) Joint size and ownership specialization in bank lending. Journal of Banking and Finance, 31(12), 3563-3583. DOI: https://doi.org/10.1016/j.jbankfin.2007.01.009
Devlin J.F., Sanjit K.R., Sekhon H. (2014) Perceptions of fair treatment in financial services. European Journal of Marketing, 48(7), 1315-1332. DOI: https://doi.org/10.1108/EJM-08-2012-0469
Engert W., Fung B., Segendorff B. (2019) A tale of two countries: Cash demand in Canada and Sweden, (Sveriges Riksbank Working Paper Series 376), Stockholm: Bank of Sweden.
European Commission (2011a). Commission Recommendation of 18 July 2011 on Access to a Basic Payment Account. 2011/442/EU (OJ L 190, 21 July 2011), Brussels: European Commission.
European Commission (2011b) A Quality Framework for Services of General Interest in Europe. 20 December 2011. COM(2011) 900 final, Brussels: European Commission.
European Commission (2014). Directive 2014/92/EU of the European Parliament and of the Council of 23 July 2014 on the comparability of fees related to payment accounts, payment account switching and access to payment accounts with basic features, Brussels: European Commission.
Freeman R.E. (1984) Strategic Management: A Stakeholder Approach, Boston, MA: Pitman Publishing.
Froud J., Tischer D., Williams K. (2017) It is the business model… Reframing the problems of UK retail banking. Critical Perspectives on Accounting, 42, 1-19. DOI: https://doi.org/10.1016/j.cpa.2016.04.001
Gloukoviezoff G. (2007) From financial exclusion to overindebtedness: The paradox of difficulties for people on low incomes? In: In: New Frontiers in Banking Services (eds. L. Anderloni, M.D. Braga, E.M. Carluccio), Heidelberg, Dordrecht, London, New York: Springer, pp. 213-245.
Goodhart C., Ashworth J., (2020) The Surprising Recovery of Currency Usage. International Journal of Central Banking, 16(3), 239-277.
Gopalakrishnan S., Damanpour F. (2000) The impact of organizational context on innovation adoption in commercial banks. IEEE Transactions on Engineering Management, 47(1), 14-25. DOI: https://doi.org/10.1109/17.820722
Gupte R., Venkataramani B., Gupta D. (2012) Computation of financial inclusion index for India. Procedia-Social and Behavioral Sciences, 37, 133-149. DOI: https://doi.org/10.1016/j.sbspro.2012.03.281
Guttmann R., Pavlik C., Ung B., Wang G. (2021) Cash demand during Covid-19 (RBA Bulletin, March), Sydney: The Reserve Bank of Australia.
Gómez-Barroso J.L., Marbán-Flores R. (2013) Basic financial services: A new service of general economic interest? Journal of European Social Policy, 23(3), 332-339. https://doi.org/10.1177%2F0958928712471226.
Gök A., Edler J. (2012) The use of behavioural additionality evaluation in innovation policy making. Research Evaluation, 21(4), 306-318. DOI: https://doi.org/10.1093/reseval/rvs015
Hardy D., Holden P., Prokopenko V. (2003) Microfinance institutions and public policy. The Journal of Policy Reform, 6(3), 147-158,. DOI: https://doi.org/10.1080/1350485032000175637
Jeucken M.H., Bouma J.J. (1999) The changing environment of banks. Sustainable Banking. The Greening of Finance (eds. J.J.Bouma, M. Jeucken, L. Klinkers), London: Routledge, pp. 21-35. DOI: https://doi.org/10.4324/9781351282406
Jobst C., Stix H. (2017) Assessing recent increases in cash demand. In: War on Cash: Is there a Future for Cash? (Proceedings of the International Cash Conference 2017, Frankfurt-am-Main, April 2017), Berlin: Deutsche Bundesbank, pp. 539-564. https://www.bundesbank.de/resource/blob/710118/6bab368611007785b02fbb008f368cf7/mL/war-on-cash-data.pdf, дата обращения 12.02.2022.
KaffenbergerM., Sobol D. (2017) Mystery shopping for digital financial services: A Toolkit (CGAP and ITU Working Papers), Geneva: ITU. https://www.cgap.org/sites/default/files/researches/documents/Working-Paper-Mystery-Shopping-for-DFS-Apr-2017.pdf, дата обращения 27.10.2019.
Kear (2013) Governing homo subprimicus: Beyond financial citizenship, exclusion, and rights. Antipode, 45(4), 926-946. DOI: https://doi.org/10.1111/j.1467-8330.2012.01045.x
Kosse A., Vermeulen R. (2014) ‘Migrants' choice of remittance channel: Do general payment habits play a role? World Development, 62(C), 213-227. DOI: https://doi.org/10.1016/j.worlddev.2014.05.002
Lazarus J. (2017) About the universality of a concept: Is there a financialization of daily life in France? Civitas-Revista de Ciências Sociais, 17, 26-42. DOI: https://doi.org/10.15448/1984-7289.2017.1.25942
Lazarus J., Luzzi M. (2015) Les pratiques monétaires des ménages au prisme de la financiarisation. Critique internationale, 4, 9-19. https://www.jstor.org/stable/24567257.
Marron D. (2013) Governing poverty in a neoliberal age: New labour and the case of financial exclusion. New Political Economy, 18(6), 785-810. DOI: https://doi.org/10.1080/13563467.2012.753043
Matten D., Moon J. (2008) Implicit and explicit CSR: A conceptual framework for a comparative understanding of corporate social responsibility. Academy of Management Review, 33(2), 404-424. DOI: https://doi.org/10.5465/amr.2008.31193458
Maudos J., De Guevara J.F. (2007) The cost of market power in banking: Social welfare loss vs. cost inefficiency. Journal of Banking and Finance, 31(7), 2103-2125. DOI: https://doi.org/10.1016/j.jbankfin.2006.10.028
McWilliams A., Siegel D.S. (2011) Creating and capturing value: Strategic corporate social responsibility, resource-based theory, and sustainable competitive advantage. Journal of Management, 37(5), 1480-1495. https://doi.org/10.1177%2F0149206310385696.
Mellahi, K., Frynas, J. G., Sun, P., & Siegel, D. (2016) A review of the nonmarket strategy literature: Toward a multi-theoretical integration. Journal of Management, 42(1), 143-173. https://doi.org/10.1177%2F0149206315617241.
Mendoza R.U. (2011) Why do the poor pay more? Exploring the poverty penalty concept. Journal of International Development, 23(1), 1-28. DOI: https://doi.org/10.1002/jid.1504
Molyneux P. (2007) What are the specific economic gains from improved financial inclusion? A tentative methodology for estimating these gains. In: New Frontiers in Banking Services (eds. L. Anderloni, M.D. Braga, E.M. Carluccio), Heidelberg, Dordrecht, London, New York: Springer, pp. 191-211. DOI: https://doi.org/10.1007/978-3-540-46498-3_5
Morgan P., Pontines V. (2014) Financial stability and financial inclusion (ADBI Working Paper Series 488). Mandaluyong: Asian Development Bank Institute. https://www.adb.org/sites/default/files/publication/156343/adbi-wp488.pdf, дата обращения 15.10.2021.
Mulgan G. (2006) The process of social innovation. Innovations: Technology, Governance, Globalization, 1(2), 145-162. DOI: https://doi.org/10.1162/itgg.2006.1.2.145
Ozili P.K. (2020) Theories of Financial Inclusion. In: Uncertainty and Challenges in Contemporary Economic Behaviour (eds. E. Özen, S. Grima), Bingley: Emerald Publishing Limited, pp. 89-115. DOI: https://doi.org/10.1108/978-1-80043-095-220201008
Ozili P.K. (2021) Financial inclusion-exclusion paradox: How banked adults become unbanked again. Financial Internet Quarterly, 17(2), 44-50. DOI: https://doi.org/10.2478/fiqf-2021-0012
Pinar M., Eser Z., Strasser S. (2009) Using mystery shopping to compare the service quality of banks in Turkey. Services Marketing Quarterly, 31(1), 1-26. DOI: https://doi.org/10.1080/15332960903408369
Pérez A., Rodríguez del Bosque I. (2015) An Integrative Framework to Understand How CSR Affects Customer Loyalty through Identification, Emotions and Satisfaction. Journal of Business Ethics, 129, 571-584. DOI: https://doi.org/10.1007/s10551-014-2177-9
Roa Garcia M.J. (2016) Can financial inclusion and financial stability go hand in hand. Economic Issues, 21(2), 81-103.
Sawyer M.C. (2014) What is financialization? International Journal of Political Economy, 42(4), 5-18. DOI: https://doi.org/10.2753/IJP0891-1916420401
Schmidpeter R. (2013) Social innovation: A new concept for a sustainable future? In: Social Innovation. CSR, Sustainability, Ethics & Governance (eds. T. Osburg, R. Schmidpeter), Heidelberg, Dordrecht, London, New York: Springer, pp. 1-9. DOI: https://doi.org/10.1007/978-3-642-36540-9_1
Storm S. (2018) Financialization and Economic Development: A Debate on the Social Efficiency of Modern Finance. Development and Change, 49(2), 302-329. DOI: https://doi.org/10.1111/dech.12385
Surroca J., Tribó J.A., Waddock S. (2010) Corporate responsibility and financial performance: The role of intangible resources. Strategic Management Journal, 31(5), 463-490. DOI: https://doi.org/10.1002/smj.820
Tarantola C., Vicard P., Ntzoufras I. (2012) Monitoring and improving Greek banking services using Bayesian Networks: An analysis of mystery shopping data. Expert Systems with Applications, 39(11), 10103-10111. DOI: https://doi.org/10.1016/j.eswa.2012.02.060
Tunay K.B., Tunay N., Akhisar I. (2015) Interaction between Internet banking and bank performance: The case of Europe. Procedia-Social and Behavioral Sciences, 195, 363-368. DOI: https://doi.org/10.1016/j.sbspro.2015.06.335
Vassakis K., Petrakis E., Kopanakis I. (2018) Big data analytics: Applications, prospects and challenges. In: Mobile Big Data. A Roadmap from Models to Technologies (eds. G. Skourletopoulos, G. Mastorakis, C.X. Mavromoustakis, C. Dobre, E. Pallis), Heidelberg, Dordrecht, London, New York: Springer, pp. 3-20. DOI: https://doi.org/10.1007/978-3-319-67925-9_1
Wilson A.M. (1998) The role of mystery shopping in the measurement of service performance. Managing Service Quality, 8, 414-420. DOI: https://doi.org/10.1108/09604529810235123
Xiao S., Zhao S. (2012) Financial development, government ownership of banks and firm innovation. Journal of International Money and Finance, 31(4), 880-906. DOI: https://doi.org/10.1016/j.jimonfin.2012.01.006
Yeoman I. (2016) Personalised price. Journal of Revenue Pricing Management, 15(1). DOI: https://doi.org/10.1057/rpm.2015.52
Yip A.W., Bocken N.M. (2018) Sustainable business model archetypes for the banking industry. Journal of Cleaner Production, 174, 150-169. DOI: https://doi.org/10.1016/j.jclepro.2017.10.190
Ülgen F. (2018) Collective action and the institutionalist approach to financial regulation. Journal of Economic Issues, 52(2), 541-549. DOI: https://doi.org/10.1080/00213624.2018.1469934
Ülgen F. (2021) Public good, collective action and financial regulation. Annals of Public and Cooperative Economics, 92(1), 147-167. https://onlinelibrary.wiley.com/doi/epdf/, дата обращения 12.02.2022. DOI: https://doi.org/10.1111/apce.12308
This work is licensed under a Creative Commons Attribution 4.0 International License.