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Year 2021, Volume: 1 Issue: 2, 35 - 53, 15.07.2021

Yusuf Dinç Ruslan Nagayev S M Rashed Jahangir

Abstract

References

  • Amel, D. F., & Jacowski, M. J. (1989). Trends in banking structure since the mid-1970s. Fed. Res. Bull., 75, 120.
  • Amin, M. (2016). Internet banking service quality and its implication on e-customer satisfaction and e-customer loyalty. International journal of bank marketing.
  • BBVA (2019, Januray). How does Banking-as-a-Service differ from open banking? Retrieved from: https://www.bbva.com/ndb/en/article/how-does-banking-as-a-service-differ-from-open-banking/.
  • Belouafi, A., & Chachi, A. (2014). Islamic finance in the United Kingdom: Factors behind its development and growth. Islamic Economic Studies, 22(1).
  • Beer, S. (2006). Customers Preference on Internet Banking. Retrieved from: http://www.itwire.com/content/view/4570/53.
  • Bessenbach, J. (2019). How Banking as a Service can open the doors to Europe's mobile banking market. Retrieved from: https://www.solarisbank.com/blog/how-banking-as-a-service-can-open-the-doors-to-europes-mobile-banking/.
  • Bihari, D. S. C., & Murdia, M. (1970). CRM in Banking Sector with special reference to New Age Banks. The Journal of Internet Banking and Commerce, 18(1), 1-19.
  • Desai, F. (2016). The Evolution Of Fintech. Forbes Magazine. Retrieved from: www.forbes.com/sites/falgunidesai/2015/12/13/the-evolution-of-fintech/#62f2dea07175.
  • Dinc, Y. (2019). The New Age Financial Intermediation and Islamic Fintech [PowerPoint presentation]. Available at: iaif.ir › images › seminar3 › islamic_fintech.
  • EPC (n.d.). Countries applying the SEPA schemes. European Payment Council. Retrieved from: https://www.europeanpaymentscouncil.eu/about-sepa.
  • Ferrer, R. (2018). Who are the Millennials? CaixaBank Research. Retrieved from: https://www.caixabankresearch.com/en/economics-markets/labour-market-demographics/who-are-millennials.
  • Haque et al., (2009). Issues of e-banking transaction: an empirical investigation on Malaysian customers perception. Journal of applied Sciences, 9(10), 1870-1879.
  • IAMAI (2006). IAMAI Report on Online Banking 2006. Retrieved from: https://www.scribd.com/document/36911530/IAMAI-Report-on-Online-Banking-2006.
  • insha (n.d.). Legal Documents. Retrieved from: https://www.getinsha.com/en/legal-documents.
  • insha (n.d.). Pricing. Retrieved from: https://www.getinsha.com/en/pricing.
  • Kmeid, R. (2017). Islamic Banking & Digitalization in the New Age. Retrieved from: https://journal.wahedinvest.com/islamic-banking-digitalization-in-the-new-age/.
  • Maierbrugger, A. (2020). Malaysia builds framework for digital Islamic banks. Retrieved from: https://www.gulf-times.com/story/654386/Malaysia-builds-framework-for-digital-Islamic-bank.
  • Moneythor (2020). Banking-as-a-Service. Back to Basics. Retrieved from: https://www.moneythor.com/2020/01/09/banking-as-a-service-back-to-basics/.
  • Ozuru et al., (2010). The use of traditional payments and electronic payment systems in Nigeria: A discourse. Moving Africa Toward Sustainable Growth and Technological Development, 11, 8-15.
  • Padmaavathy, P. A., & Adalarasu, B. (2015). The Next Generation Banking: Cyber Transformation. International Journal of Marketing Management., 1(1), 88-99.
  • Rani, K. U., & Kavitha, N. (2014). A Study on E-Banking services: Perceptions of select customers. International Journal of Innovative Research and Development, 3(12), 368-379.
  • Roslan, B. (2019). Malaysia Interested to have Islamic Digital Bank. Retrieved from: https://maishince.online/malaysia-interested-to-have-islamic-digital-bank/.
  • Shankar, K. T., & Khanna, P. (2011). E-Banking: The New Age Banking Tool of CRM-A Study in the Western Uttar Pradesh with Special Emphasis to Meerut City. Vision Catalyst, 17.
  • Singh, T., & Kaur, M. (2012). Internet banking: content analysis of selected Indian public and private sector banks' online portals. Journal of Internet Banking and Commerce, 17(1).
  • Singhal, D., & Padhmanabhan, V. (2008). A study on customer perception towards internet banking: Identifying major contributing factors. Journal of Nepalese business studies, 5(1), 101-111.
  • Tinnila, M. (1970). Impact of future trends on banking services. The Journal of Internet Banking and Commerce, 17(2), 17-15.
  • Williamson, G. D., & Money–America's, G. E. (2006). Enhanced authentication in online banking. Doctoral dissertation, Utica College.

Analysis of Europe's First Fully-Fledged Islamic Digital Bank in the Arena of New Age Banking

Year 2021, Volume: 1 Issue: 2, 35 - 53, 15.07.2021

Yusuf Dinç Ruslan Nagayev S M Rashed Jahangir

Abstract

The study aims to provide the first systematic account of Europe's first fully-fledged digital Islamic banking service and review in detail with the available information. It explains the new-age banking concept and theory as well as identifies the role of insha in digital trends. The research primarily focuses on the concept of new-age banking and demonstrates the application of this concept by scrutinizing an Islamic digital banking platform. It selects ‘insha’, a digital banking service platform [in other words, Bank-as-a-Service platform] that provides digital banking services in Europe, as a case for this study. The study reveals two Tiers of the new age banking: Tier I NAB brought cost efficiency by reducing personnel expenses by replacing the workforce, and Tier II NAB has come front to reduce personnel expenses by replacing workforce intelligence directly. Besides, it also discloses four aspects of new-age banking: i) Accessibility, ii) Cost Advantage, iii) Time Efficiency, and iv) Security. On the other hand, the study shows the application of new-age banking by spotlighting an Islamic digital bank, insha, which experienced significant tractions within two months of inauguration, and the app has been downloaded over 9,000 times. This paper provides an excellent case, insha, to comprehend the concept of new-age banking, and manifests how it could facilitate customers to access the banking platform. 

Keywords

New age banking Fintech Islamic Fintech Digital banking Banking-as-a-Services Islamic finance

References

  • Amel, D. F., & Jacowski, M. J. (1989). Trends in banking structure since the mid-1970s. Fed. Res. Bull., 75, 120.
  • Amin, M. (2016). Internet banking service quality and its implication on e-customer satisfaction and e-customer loyalty. International journal of bank marketing.
  • BBVA (2019, Januray). How does Banking-as-a-Service differ from open banking? Retrieved from: https://www.bbva.com/ndb/en/article/how-does-banking-as-a-service-differ-from-open-banking/.
  • Belouafi, A., & Chachi, A. (2014). Islamic finance in the United Kingdom: Factors behind its development and growth. Islamic Economic Studies, 22(1).
  • Beer, S. (2006). Customers Preference on Internet Banking. Retrieved from: http://www.itwire.com/content/view/4570/53.
  • Bessenbach, J. (2019). How Banking as a Service can open the doors to Europe's mobile banking market. Retrieved from: https://www.solarisbank.com/blog/how-banking-as-a-service-can-open-the-doors-to-europes-mobile-banking/.
  • Bihari, D. S. C., & Murdia, M. (1970). CRM in Banking Sector with special reference to New Age Banks. The Journal of Internet Banking and Commerce, 18(1), 1-19.
  • Desai, F. (2016). The Evolution Of Fintech. Forbes Magazine. Retrieved from: www.forbes.com/sites/falgunidesai/2015/12/13/the-evolution-of-fintech/#62f2dea07175.
  • Dinc, Y. (2019). The New Age Financial Intermediation and Islamic Fintech [PowerPoint presentation]. Available at: iaif.ir › images › seminar3 › islamic_fintech.
  • EPC (n.d.). Countries applying the SEPA schemes. European Payment Council. Retrieved from: https://www.europeanpaymentscouncil.eu/about-sepa.
  • Ferrer, R. (2018). Who are the Millennials? CaixaBank Research. Retrieved from: https://www.caixabankresearch.com/en/economics-markets/labour-market-demographics/who-are-millennials.
  • Haque et al., (2009). Issues of e-banking transaction: an empirical investigation on Malaysian customers perception. Journal of applied Sciences, 9(10), 1870-1879.
  • IAMAI (2006). IAMAI Report on Online Banking 2006. Retrieved from: https://www.scribd.com/document/36911530/IAMAI-Report-on-Online-Banking-2006.
  • insha (n.d.). Legal Documents. Retrieved from: https://www.getinsha.com/en/legal-documents.
  • insha (n.d.). Pricing. Retrieved from: https://www.getinsha.com/en/pricing.
  • Kmeid, R. (2017). Islamic Banking & Digitalization in the New Age. Retrieved from: https://journal.wahedinvest.com/islamic-banking-digitalization-in-the-new-age/.
  • Maierbrugger, A. (2020). Malaysia builds framework for digital Islamic banks. Retrieved from: https://www.gulf-times.com/story/654386/Malaysia-builds-framework-for-digital-Islamic-bank.
  • Moneythor (2020). Banking-as-a-Service. Back to Basics. Retrieved from: https://www.moneythor.com/2020/01/09/banking-as-a-service-back-to-basics/.
  • Ozuru et al., (2010). The use of traditional payments and electronic payment systems in Nigeria: A discourse. Moving Africa Toward Sustainable Growth and Technological Development, 11, 8-15.
  • Padmaavathy, P. A., & Adalarasu, B. (2015). The Next Generation Banking: Cyber Transformation. International Journal of Marketing Management., 1(1), 88-99.
  • Rani, K. U., & Kavitha, N. (2014). A Study on E-Banking services: Perceptions of select customers. International Journal of Innovative Research and Development, 3(12), 368-379.
  • Roslan, B. (2019). Malaysia Interested to have Islamic Digital Bank. Retrieved from: https://maishince.online/malaysia-interested-to-have-islamic-digital-bank/.
  • Shankar, K. T., & Khanna, P. (2011). E-Banking: The New Age Banking Tool of CRM-A Study in the Western Uttar Pradesh with Special Emphasis to Meerut City. Vision Catalyst, 17.
  • Singh, T., & Kaur, M. (2012). Internet banking: content analysis of selected Indian public and private sector banks' online portals. Journal of Internet Banking and Commerce, 17(1).
  • Singhal, D., & Padhmanabhan, V. (2008). A study on customer perception towards internet banking: Identifying major contributing factors. Journal of Nepalese business studies, 5(1), 101-111.
  • Tinnila, M. (1970). Impact of future trends on banking services. The Journal of Internet Banking and Commerce, 17(2), 17-15.
  • Williamson, G. D., & Money–America's, G. E. (2006). Enhanced authentication in online banking. Doctoral dissertation, Utica College.
There are 27 citations in total.

Details

Primary Language English
Subjects Economics
Journal Section Research Articles
Authors

Yusuf Dinç 0000-0002-5321-2723

Ruslan Nagayev 0000-0001-7102-9618

S M Rashed Jahangir 0000-0002-2979-0451

Publication Date July 15, 2021
Submission Date April 4, 2021
Published in Issue Year 2021 Volume: 1 Issue: 2

Cite

APA Dinç, Y., Nagayev, R., & Jahangir, S. M. R. (2021). Analysis of Europe’s First Fully-Fledged Islamic Digital Bank in the Arena of New Age Banking. Journal of Islamic Economics, 1(2), 35-53.
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