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A special issue of Journal of Risk and Financial Management (ISSN 1911-8074). This special issue belongs to the section "Banking and Finance".

Deadline for manuscript submissions: closed (30 June 2025) | Viewed by 27400

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Dr. Katerina Fotova Čiković

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Guest Editor

Department of Economy, University North, 48000 Koprivnica, Croatia
Interests: efficiency evaluation; data envelopment analysis; AI
Special Issues, Collections and Topics in MDPI journals

Special Issue Information

Dear Colleagues,

Banks and financial intermediaries generally play a crucial role in emerging economies by facilitating efficient resource allocation, reducing financing costs, savings, and mitigating the impact of random shocks on capital investment, thus successfully addressing market imperfections and information asymmetry.

The impact of blockchain technologies on banking in emerging economies has recently become more important and topical than ever. Emerging financial technologies (FinTech), blockchain technologies, and financial innovations are consistently improving the efficiency and accessibility of financial services and systems throughout the globe and are poised to significantly impact banking in emerging countries. These developments are transforming the global financial landscape, potentially diminishing the traditional intermediary role of banks but also presenting opportunities for emerging market banks to reach underbanked populations.

This Special Issue will feature original research papers on all banking roles in emerging countries, including the challenges brought about by blockchain technology and FinTech. Therefore, high-quality articles that introduce new theoretical and applicable notions in banking and blockchain technology (in both the developed and developing world), alongside related topics, are highly encouraged. Submitted articles should be written in non-technical language so that people outside related disciplines may understand them.

Dr. Katerina Fotova Čiković
Guest Editor

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 250 words) can be sent to the Editorial Office for assessment.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Journal of Risk and Financial Management is an international peer-reviewed open access monthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1400 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

banking industry
blockchain technology
FinTech
financial innovations
financial markets in emerging economies
risk management
econometric models for performance assessment
mathematical models for efficiency evaluation
bitcoin
financial intermediaries

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Published Papers (7 papers)

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Research

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25 pages, 377 KB

Open AccessArticle

The Impact of Financial Manager Decisions on the Business Results of Micro and Small Companies in the Republic of Croatia in the Area of the City of Split

by Toni Miljak, Ivana Martinčević and Vesna Sesar

J. Risk Financial Manag. 2025, 18(9), 522; https://doi.org/10.3390/jrfm18090522 - 18 Sep 2025

Viewed by 1783

Abstract

Doing business in today’s turbulent and, above all, changing environment represents a great challenge for financial managers in achieving quality management of the organization. Financial data and financial basis are key sources of information and a basis for the financial manager to make decisions and manage well. Financial data are the basis for the effective management of a company, they enable the monitoring of business performance and making operational and strategic decisions, and they are key for future planning and communication with stakeholders. The aim of this paper is an in-depth analysis of the business operations of selected micro and small companies from the city of Split, which are registered for the preparation and serving of food and beverages, to determine whether financial data, their proper use, and management have an impact on business performance. The resource-based view (RBV) is the basis for the development of this research framework. The RBV theory enables and explains the importance of resources, and through this study, the connection with how to interpret and use financial resources (financial data, i.e., information) and what potential effects they have on the financial performance of micro and small companies in the sector registered for the activity of preparing and serving food and beverages in the tourism sector. According to the Accounting Act in the Republic of Croatia, micro companies meet two of three criteria: total assets up to EUR 350,000, revenues up to 700,000, and an average number of employees during the business year of up to 10, while small companies meet two of the following three criteria: total assets up to EUR 4,000,000, revenues up to EUR 8,000,000, and an average number of employees during the business year of up to 50. The results of the research showed the importance of financial information as a resource necessary for business management and competitive position, but also the necessity of continuous investment in the education of financial managers in order to be able to implement the prescribed acts in a way that maximizes the evaluation of the companies’ business performance. Full article

(This article belongs to the Special Issue Commercial Banking and FinTech in Emerging Economies)

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28 pages, 788 KB

Open AccessArticle

Understanding Consumer Behavior in Digital Banking: The DABU Model as an Extension of TAM and UTAUT

by Dijana Vuković

J. Risk Financial Manag. 2025, 18(9), 507; https://doi.org/10.3390/jrfm18090507 - 12 Sep 2025

Viewed by 1795

Abstract

The aim of this research was to examine the impact of digitalisation on the use of banking products among consumers in the Republic of Croatia, with a particular focus on analysing habits, perceptions, and barriers related to digital banking. The study was conducted on a convenience sample of 820 respondents—citizens of the Republic of Croatia—representing diverse age groups, education levels, and degrees of digital literacy. To gain deeper insights into consumer behaviour, a new conceptual model—DABU (Digital Acceptance of Banking Use)—was developed. This model integrates elements of existing theoretical frameworks (TAM, UTAUT, CBM) and introduces additional variables relevant to the context of digital banking, such as digital literacy, perceived security, and perceived barriers. Data were collected using a structured survey questionnaire and analysed through descriptive statistics, factor analysis, and structural equation modeling (SEM). The findings indicate that digital literacy and perceived security are key predictors of the intention to use digital banking services, whereas perceived barriers have a significant negative effect. Moreover, differences in digital banking usage patterns were observed across age groups, education levels, and prior experience with digital technologies. The results contribute to a better understanding of the factors influencing consumer digital behaviour and provide practical guidelines for developing targeted strategies within the financial sector aimed at increasing the adoption and accessibility of digital banking services. Full article

(This article belongs to the Special Issue Commercial Banking and FinTech in Emerging Economies)

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17 pages, 302 KB

Open AccessArticle

Banking in the Age of Blockchain and FinTech: A Hybrid Efficiency Framework for Emerging Economies

by Vladimir Ristanović, Dinko Primorac and Ana Mulović Trgovac

J. Risk Financial Manag. 2025, 18(8), 458; https://doi.org/10.3390/jrfm18080458 - 18 Aug 2025

Viewed by 5240

Abstract

In the present era where digitalization, FinTech, and blockchain technologies are reshaping the global financial landscape, traditional measures of bank performance need to evolve. This paper introduces a hybrid approach that combines multi-criteria efficiency assessment and econometric modeling to evaluate bank performance within the context of digital transformation in emerging economies. Focusing on a panel of banks across selected emerging markets, this study first applies a multi-criteria decision-making technique (Data Envelopment Analysis) to assess operational efficiency using both conventional indicators and digitalization-driven metrics, such as mobile banking penetration and blockchain adoption. We then employ a panel econometric model to investigate the factors that shape efficiency outcomes, with special attention to FinTech and blockchain innovations as potential drivers. The results reveal a nuanced picture of how digital technologies can influence bank performance, highlighting both opportunities and constraints for financial institutions in less developed markets. The findings offer actionable insights for bank managers, regulators, and policymakers striving to balance traditional operational priorities with the demands of digital transformation. By linking efficiency measurement with an examination of the digitalization process, this paper provides a timely contribution to the literature on banking and financial innovation, serving as a foundation for future research and strategic decision-making in the FinTech and blockchain era. Full article

(This article belongs to the Special Issue Commercial Banking and FinTech in Emerging Economies)

29 pages, 1519 KB

Open AccessArticle

The Impact of Fintech Risk on Bank Performance in Africa: The PVAR Approach

by Queen Magadi Mabe and Beatrice Desiree Simo-Kengne

J. Risk Financial Manag. 2025, 18(8), 456; https://doi.org/10.3390/jrfm18080456 - 15 Aug 2025

Cited by 1 | Viewed by 1770

Abstract

This paper presents an empirical investigation into the role of Fintech risk, measured by the Fintech Financial Stress Indicator (FFSI), in shaping the dynamic behavior of bank performance by employing a panel vector autoregressive (PVAR) methodology on a dataset comprising 41 banks across 11 African economies over the semi-annual period from June 2004 to December 2020. The findings reveal that bank performance, measured by return on equity (ROE), exhibits a negative and short-lived response to FFSI shock, while the effects on bank stability, cost efficiency, and return on assets (ROA) are statistically insignificant. In addition, an increase in FFSI significantly enhances both ROA and ROE, with negligible impacts on cost efficiency and stability. In contrast, a decline in FFSI has a significant negative effect on ROE and stability but remains insignificant for ROA and cost efficiency. These results indicate that FFSI shocks have asymmetric effects on ROA, cost efficiency, and bank stability but a symmetric effect on ROE. The findings suggest that engagement in financial innovation initiatives may yield performance benefits for banks, provided such strategies are pursued within a sound regulatory framework to mitigate potential excessive risk-taking. Full article

(This article belongs to the Special Issue Commercial Banking and FinTech in Emerging Economies)

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25 pages, 722 KB

Open AccessArticle

The Impact of Financial Technology (FinTech) on Bank Risk-Taking and Profitability in Small Developing Island States: A Study of Fiji

by Shasnil Avinesh Chand, Baljeet Singh, Krishneel Narayan and Anish Chand

J. Risk Financial Manag. 2025, 18(7), 366; https://doi.org/10.3390/jrfm18070366 - 1 Jul 2025

Cited by 3 | Viewed by 9856

Abstract

With the increasing adoption of technologies such as mobile banking and blockchain, the banking sector in developing and emerging economies is experiencing both opportunities and challenges. This study examines the impact of FinTech on bank risk-taking and profitability in the small island economy of Fiji, spanning the period from 2000 to 2024. We employ a fixed-effects model and conduct robustness checks using random effects, pooled ordinary least squares (OLS), and the generalized method of moments (GMM) method, focusing on seven banks (five commercial banks and two non-bank financial institutions). Our analysis evaluates the effect of FinTech while controlling for other bank-specific factors that may influence risk-taking and profitability. The results indicate that FinTech development significantly reduces bank risk-taking and enhances profitability, suggesting a positive and substantial impact on financial performance and stability. The findings highlight the need for banks operating in Fiji and similar small economies to continue and expand their investments in FinTech innovations. Furthermore, the study suggests that regulatory bodies and policymakers should strengthen institutional and regulatory frameworks to support and guide FinTech’s evolution within the banking sector. Full article

(This article belongs to the Special Issue Commercial Banking and FinTech in Emerging Economies)

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18 pages, 258 KB

Open AccessArticle

Assessing Basel Capital Regulations: Exploring the Risk and Efficiency Relationship in Emerging Economies

by Adnan Bashir, Asma Salman, Rania Itani and Alessio Faccia

J. Risk Financial Manag. 2025, 18(1), 36; https://doi.org/10.3390/jrfm18010036 - 15 Jan 2025

Viewed by 4444

Abstract

This research investigates the relationship between Basel capital regulations, bank risk, and bank efficiency in the context of Pakistani and Indian commercial banks. This study examines the period from 2009 to 2022 and specifically analyses the impact of Basel III capital requirements on risk and efficiency. Quantitative methods are employed, utilising data from central bank websites and the BankScope database to construct a comprehensive sample of commercial banks in Pakistan and India. The system-generalised method of moments (GMM) estimation technique addresses potential endogeneity issues in the regression models. The findings shed light on the effectiveness of these regulations and provide insights for policymakers and regulators in both countries. The results indicate that Basel capital regulations have generally increased banks’ risk-taking behaviour in Pakistan and India. However, they have not improved the overall efficiency of the banking sector in either country. Bank efficiency declined during the study period, highlighting the limited effectiveness of Basel capital regulations in enhancing efficiency. Furthermore, the impact of these regulations on risk and efficiency varies between the two countries. In Pakistan, the regulations do not significantly affect bank efficiency, while in India, they decrease efficiency. Additionally, Basel III capital regulations do not significantly impact the risk taken by banks in either country. This study concludes by emphasising the need for alternative mechanisms or policies to improve the banking industry’s efficiency, as Basel capital regulations alone have proven ineffective. The findings offer valuable insights for central banks and regulators in assessing the relationship between capital regulations, risk, and efficiency and implementing appropriate measures to enhance the performance of the banking sector. This study recommends the following key points: the adoption of tailored regulatory approaches to address specific challenges, achieving an optimal balance between risk management and operational efficiency, enhancing the effectiveness of management roles, considering the influence of macroeconomic factors, and evaluating the implications of long-term policy development for sustainable progress. The present study adds to the prevalent literature on the impact of capital regulations on bank risk and efficiency nexus. This study focuses on Pakistan and India, which are two important developing nations. Moreover, another important contribution of this study lies in the effect of Basel III capital regulation on bank risk, as these capital regulations are different from other Basel capital requirements. Full article

(This article belongs to the Special Issue Commercial Banking and FinTech in Emerging Economies)

Other

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19 pages, 2528 KB

Open AccessSystematic Review

The Nexus Between Green Finance and Artificial Intelligence: A Systemic Bibliometric Analysis Based on Web of Science Database

by Katerina Fotova Čiković, Violeta Cvetkoska and Dinko Primorac

J. Risk Financial Manag. 2025, 18(8), 420; https://doi.org/10.3390/jrfm18080420 - 1 Aug 2025

Viewed by 1711

Abstract

The intersection of green finance and artificial intelligence (AI) represents a rapidly emerging and high-impact research domain with the potential to reshape sustainable economic systems. This study presents a comprehensive bibliometric and network analysis aimed at mapping the scientific landscape, identifying research hotspots, and highlighting methodological trends at this nexus. A dataset of 268 peer-reviewed publications (2014–June 2025) was retrieved from the Web of Science Core Collection, filtered by the Business Economics category. Analytical techniques employed include Bibliometrix in R, VOSviewer, and science mapping tools such as thematic mapping, trend topic analysis, co-citation networks, and co-occurrence clustering. Results indicate an annual growth rate of 53.31%, with China leading in both productivity and impact, followed by Vietnam and the United Kingdom. The most prolific affiliations and authors, primarily based in China, underscore a concentrated regional research output. The most relevant journals include Energy Economics and Finance Research Letters. Network visualizations identified 17 clusters, with focused analysis on the top three: (1) Emission, Health, and Environmental Risk, (2) Institutional and Technological Infrastructure, and (3) Green Innovation and Sustainable Urban Development. The methodological landscape is equally diverse, with top techniques including blockchain technology, large language models, convolutional neural networks, sentiment analysis, and structural equation modeling, demonstrating a blend of traditional econometrics and advanced AI. This study not only uncovers intellectual structures and thematic evolution but also identifies underdeveloped areas and proposes future research directions. These include dynamic topic modeling, regional case studies, and ethical frameworks for AI in sustainable finance. The findings provide a strategic foundation for advancing interdisciplinary collaboration and policy innovation in green AI–finance ecosystems. Full article

(This article belongs to the Special Issue Commercial Banking and FinTech in Emerging Economies)

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