网络金融交易中的创新外文文献翻译.docx

网络金融交易中的创新外文文献翻译.docx

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网络金融交易中的创新外文文献翻译

网络金融交易中的创新外文文献翻译

英文

DiffusionofInnovationTheoryUtilizationOnlineFinancialTransaction:

LiteratureReview

SyahadiyantiLitafira; ApolSubriadi.

ABSTRACT

Paymentsystemisasystemrelatedtothetransferoftheamountofmoneyfromoneparttoanotherpart.Theuseofonlinefinancialtransactionsistheimplementationoftechnologyinthepaymentsystemtobefaster,preciseandaccurate.Infact,onlinetransactionveryrarelyusedbythesociety.Thisreviewwasrequiredtoanalyzeexistingstudiesontheadoptionofonlinefinancialtransactions.Basedontheliteraturereviewconducted,therewereseveralstudiesthatstatethatnotallvariablesincludedinthediffusionofinnovationtheoryinaccordwiththeconditions.Onlyafewvariablesweresuitablefortheadoptionofonlinefinancialtransactionsatthistime.Therewerethreeconceptualmodelsthatcanbeconsideredfromtheresultsofaliteraturereview.Thisliteraturereviewisprovidednewresearchopportunitiestoprovetheconceptualmodelofonlinefinancialtransactionsadoptionreviewedinthispaper.

Keywords:

Adoption,OnlineFinancialTransaction,DiffusionofInnovationTheory

INTRODUCTION

Technologyandinformationsystemsaregrowingrapidlyinlinewiththetimes.Informationtechnologyisnowinternet-basedsothatallcanbeaccessedanytimeandanywhere.Giventhecurrenttechnologicalimprovements,entrepreneursorbusinesspeopleareutilizingtoexpandtheirbusinessandimprovetheirperformance.ResearchAPJII（AssociationofIndonesianInternetServiceProviders）statesthenumberofinternetusageisincreasing.ThenumberofInternetusersis140millionby2015（APJII,2016）.

Technologicaladvanceshavemultipliereffects.Advancesintechnologyinthefieldofcommunicationsandmobilephonesareveryinfluentialinthedevelopmentofpaymentsystems（Hidayati,2014）.Thetechnologyofthispaymentsystemismovingtowardsanincreasinglyefficientdirection.Theefficiencyofthepaymentsystemcanbemeasuredbythelevelofaccuracyandspeed.Theneedofpaymentsystemsishigher,wheretheefficiencyofthepaymentsystemisamajorfactorofeconomicactivityundertakenbythecommunityandentrepreneurs.

ThenumberofpopulationinIndonesiaamountsto29%ofpeoplewhousetheinternetforonlinetransactions.Inotherwords,oftheentirepopulationofIndonesia,only39%ofurbansocietyand11.1%ofruralcommunitiesperformonlinetransactions（MARS,2016）.ThisshowsthatwithallthebenefitsgainedinusingonlinefinancialtransactionsdoesnotnecessarilyencouragepeopleinIndonesiatouseit.Technologyencouragesthebankingworldinutilizingtheinternet.Bankingtransactionsprovideconvenienceandconvenienceforcustomerstoconductfinancialtransactionsonline（Widyarini,2005）.BasedonInnovationDiffusionTheorywhichexplainsthatthecharacteristicsofinnovationarethenatureofthediffusionofinnovation,wherethecharacteristicsofinnovationareonethatdeterminesthesuccessfuluseoftechnology.（Rogers,1983）suggeststhereare5characteristicsofinnovation,namely:

Relativeadvantage,compatibility,complexity,trialabilityandobservability.Intheresearch（Kapooretal.,2013）statesthatonlythreevariablesofInnovationDiffusionTheory.RelativeAdvantage,Compatibility,andComplexitythataffecttheacceptanceofonlinefinancialtransactions.Intheresearch（Lin,2011）and（MianandRizwan,2013）useonlytwoofthefiveexistinginnovationcharacteristics:

RelativeAdvantagesandCompatibility.Andbothvariablesareproventohaveapositiveeffectontheuseofonlinefinancialtransactions.Whileinthestudy（GounarisandKoritos,2008）,statesthatinnovationdiffusiontheoryislessaccuratetopredicttheacceptanceofonlinefinancialtransactionsbyconsumers.Andonlythreevariablesareconsideredaccurateinpredictingacceptanceofonlinefinancialtransactions,namely:

Relativeadvantage,compatibility,andtrialability.Thisisalsoreinforcedbyresearchcusingonlythreevariablesofinnovationdiffusiontheory:

Relativeadvantage,compatibilityandtrialabilityofthethirdthesevariableshaveapositiveimpactontheacceptanceofonlinefinancialtransactions.

Thisstudyprovidesthreeconceptualmodelsofonlinefinancialtransactionsadoptionthatcanbeconsideredfromtheresultsofaliteraturereviewthathasbeendone.Conductingaliteraturereviewofthedevelopmentofonlinefinancialtransactionsadoptionresearchcanprovidenewresearchopportunitiestoprovetheconceptualmodelofonlinefinancialtransactionsadoptionreviewedinthispaper.

LITERATUREREVIEW

Thestudyofthetheorydiscussesthebasictheoriesandconceptsrelatedtoresearchinordertoobtaintheoreticalconstructionfoundationasaguideandbenchmarkofresearch.Thetheoreticalstudiesofthisstudyincludeonlinefinancialtransactionsanddiffusionofinnovationtheory.

OnlineFinancialTransaction

Digitaltechnologyhaschangedpeople’sbehaviorinalmosteveryaspectoflife,suchase-commerce,digitalsocialinteractions,electronicbooks,electronicnewspapers,publictransportation,tourismsupportservices,andfinancialtechnology（Kusumaningrum,2015）.Utilizationofdigitalinformationtechnologyhashelpedmanypeopleinrunningtheeconomybecomesmoreeffectiveandefficientinthefinancialsector（Widyarini,2005）.Thedevelopmentofelectronicpaymentproductsnamelye-money（e-money）hasbeenintroducedtoseveralcountriesincludingIndonesia.Thedifferenceofelectronicmoney（e-money）withotherelectronicpaymentinstrumentssuchas（creditcard,ATMcard,debitcard,etc）isfromtheusageside.Electronicmoney（e-money）doesnotrequireauthorizationandisnottieddirectlytothecustomer’saccountatthebank.Accordingto（KumariandKhanna,2017）thecashlesspaymentmethodismoretransparentbecauseeachtransactioncanbetracedeasilyasitleavesthetransactionproof.Hereisanexampleofcashlesstransactions:

1.ATM:

ATMisanelectronicdevicethatservesbankcustomerstotakemoneyandchecktheirsavingsaccountswithoutneedingtobeservedbyahumanteller.

2.MobileMoney:

MobileMoneyisaproductthatallowsuserstotransferfunds,makepaymentsorviewbalancesontheirphones.

3.E-Transfer:

E-transferreferstoelectronictransfersthatcanbemadeovertheinternetonPCs,laptopsandotherdevices.Bankcustomerswhohavesubscribedtointernetbankingcanperformbasicbankingtransactionsthroughtheweb.

4.E-Wallet:

E-Walletisavirtualwalletthatcanstorecreditcards,debitcardsandotherinformation.E-Walletcustomersandmerchantsbothneedasmartphonewithanactiveinternetconnection.ThemostpopularexampleofE-WalletisPayPal.E-Walletisthesimplestcashlesspaymentmethod.

5.CreditCard:

Acreditcardisaplasticcardissuedbyabankorcreditcardcompany,whichentitlesthepersonwhomeetscertainrequirementsandisnamedonthecardtouseitasameansofpaymentoncreditfortheacquisitionofgoodsorservices;andortowithdrawcashwithinthecreditlimitasdeterminedbythecreditcardissuer.

Theworldismovingtowardacashlesseconomy,thecountryneedstheimportantthingsdiscussedbelow:

1.Power:

Powermustbeincreaseddrasticallytoaccommodatethesmoothnessoffinancialactivities

2.Infrastructure:

Thefinancialinfrastructureofacountryisveryimportanttorealizeasocietywithoutcash.

3.Availabilityofrealdata:

Identificationofappropriateandaccurateaccountholdersmustbeguaranteedbyallfinancialinstitutions.Collaborationbetweengovernmentandprivateagenciesresponsibleforthecollectionofindividualdata.

4.Investment:

Technologyisnotcheapandisalwayschangingveryquickly.Investmentsinbillionsofdollarscommittedininfrastructure,training,marketing,security,networkmaintenanceandsoonwillbedoneannuallyforthecomingyearsandthereshouldbecollaborationoreffortsbyallthoseinvolved.

5.Security:

Thesecurityoftheproposedpaymentsystemshouldbeupgradedtoprotectusersfrommalware,hackers,fraudsters,viruses,andidentitytheft.Asitrelatestolegislation,thereisaneedtoapplynewtransactionsandculturalmethodsthatareconstantlychanging,thegovernmentmustensuretheformulationofappropriatelegislation.

6.Online,real-time,everytime:

Thisalternativepaymentmethodrequiresdifferentmediatobeusedonlinereal-timeandanytime（OkoyeandEzejiofor,2013）.

7.Awarenessandliteracyamongsociety:

Theimportantfactorinsuccessfulimplementationofcashlesstransactionsisthelevelofawarenessandcapabilityofthesociety（KumariandKhanna,2017）.

ThesimplicityofdoingfinancialtransactionsmaybethegreatestmotivatorforGo-Digital.Cashlesspaymentshaveseveralbenefits,whichareneveravailablethroughtraditionalpaymentmethod,someofwhichare;privacy,integrity,compatibility,efficiency,acceptability,convenience,mobility,lowfinancialrisk,anonymity（KumariandKhanna,2017）.Therearemanybenefitsofcashlessdiscussedasbelow:

1.ThesimplicityofDoingFinancialTransactions:

Thereiseaseindoingfinancialtransactions,whichmaybethebiggestmotivatorforGo-Digital.Innon-cashpayments,thereisnoneedtobringalumpofcashorevenqueueupinlongqueuesatthebank.Thiswillbeveryusefulincaseofanemergency.Userscanpayeasilyduringbusinesshours.

2.Reducetherisk:

Thispolicywillhelpcombatcorruption/moneylaunderingandreducetheriskofcarryingcashandreducingcosts.

3.Reducetaxavoidance:

Non-cashtransactionsbenefitfromtaxavoidancereductions.

4.Transparency:

Itisnotonlytheeasiestwaytotransactbutalso