Acceptance of New Technologies by Employees in Financial Industry

Veronika Belousova, Vasily Solodkov, Nikolai Chichkanov and Ekaterina Nikiforova

Chapter 56 in Handbook of Financial Econometrics, Mathematics, Statistics, and Machine Learning:(In 4 Volumes), 2020, pp 2053-2080 from World Scientific Publishing Co. Pte. Ltd.

Abstract: Banks now are facing strong competition from both technological giants and small fintech startups. Under these conditions, banks also have started to implement disruptive technologies in their day-to-day operations. However, in some cases huge investments in different technological systems do not lead to the increase in company performance due to the resistance of employees. In this chapter, we focus on both internal and external factors that may influence employees’ labor productivity and performance of the whole company. The sample includes 148 employees with education in banking and finance. The model was estimated based on Partial Least Squares Structural Equation Modelling (PLS-SEM). We show that both motivation to use disruptive technologies and digital skills have a strong impact of labor productivity, while both labor productivity and organizational support positively contribute to the improvement of company performance that is based on the usage of new technologies.

Keywords: Financial Econometrics; Financial Mathematics; Financial Statistics; Financial Technology; Machine Learning; Covariance Regression; Cluster Effect; Option Bound; Dynamic Capital Budgeting; Big Data (search for similar items in EconPapers)
JEL-codes: C01 C1 G32 (search for similar items in EconPapers)
Date: 2020
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