Future-Ready Finance: Adapting to the New Financial Landscape
DOI:
https://doi.org/10.37385/ijedr.v6i1.6577Keywords:
Future Financial Readiness, , Business Strategy Adaptation, Financial Regulatory Policies, Technological InnovationAbstract
This study examines the influence of financial regulatory policies and technological innovation on future financial readiness, with a particular focus on the mediating role of business strategy adaptation. Using a quantitative research design, data were collected from 267 Bank Syariah Indonesia (BSI) mobile banking users, primarily university students. The analysis, conducted via Smart PLS, reveals that both regulatory policies and technological advancements significantly impact future financial readiness when mediated by an adaptive business strategy. While regulatory compliance and technological adoption are essential, they do not directly enhance financial preparedness without strategic adaptation, which allows organizations to respond proactively to changing market conditions. Notably, for Islamic banking institutions like BSI, aligning dual compliance with adaptive strategies is critical for balancing Sharia and regulatory requirements with innovative capabilities. This study underscores the importance of a flexible, adaptive approach in achieving financial resilience, positioning adaptive business strategies as a key driver of sustainable competitive advantage within the evolving financial landscape.
References
Ahmed, T., & Khan, Z. (2020). Consumer expectations and regulatory challenges in Islamic digital banking: A review. Journal of Islamic Banking, 14(2), 127-140. https://doi.org/10.1016/j.jib.2020.01.127
Ali, H., & Mahmood, R. (2021). Regulating Islamic finance: Compliance with Sharia principles in modern markets. Journal of Islamic Banking Studies, 18(3), 212-227. https://doi.org/10.1016/j.jibs.2021.03.212
Almeida, T., & Costa, R. (2023). Strategic alignment in digital finance: Navigating regulatory landscapes. Journal of Financial Innovation, 10(2), 123-137.
Al-Mutairi, Y., Al-Khalidi, F., & Saad, M. (2020). Islamic banks' digital transformation and customer expectations. Journal of Financial Innovation, 6(2), 143-155. https://doi.org/10.1108/JFI.2020.101243
Anderson, R., & Malik, F. (2022). Data-driven decision-making in adaptive business strategies. Journal of Strategic Management, 21(3), 204-219. https://doi.org/10.1108/JSM.2022.03.204
Bashir, M., & Latif, N. (2023). User satisfaction in digital Islamic finance: Evidence from Southeast Asia. International Journal of Finance and Economics, 10(3), 257-273. https://doi.org/10.1108/IJFE.2023.123251
Chang, Y., & Zhang, L. (2020). Strategic adaptation and resilience in volatile financial markets. International Journal of Strategic Management, 13(3), 345-360. https://doi.org/10.1108/IJSM.2020.03.345
Chen, X., & Park, M. (2020). Strategic planning for financial stability in an evolving digital landscape. Journal of Financial Planning and Analysis, 12(3), 203-215. https://doi.org/10.1108/JFPA.2020.123456
Gibson, K., & Thompson, R. (2018). The limitations of regulatory policies in achieving long-term financial readiness. Journal of Economic Policy, 27(4), 421-434. https://doi.org/10.1016/j.jep.2018.04.421
Harrison, T., & Kim, S. (2020). The importance of strategic adaptation in volatile markets. Journal of Business Dynamics, 17(2), 123-137. https://doi.org/10.1016/j.jbd.2020.02.123
Hassan, M., & Ali, T. (2020). Challenges in the digital transformation of Islamic banks: Balancing compliance and innovation. Journal of Financial Services in Emerging Markets, 13(4), 231-246. https://doi.org/10.1016/j.jfsem.2020.08.003
Ibrahim, M., & Yusoff, N. (2019). Balancing innovation and compliance in Islamic finance for future readiness. Islamic Finance Journal, 11(1), 59-72. https://doi.org/10.1016/j.ifj.2019.01.059
Idris, F., Omar, A., & Hameed, S. (2023). Artificial intelligence in Sharia-compliant finance: Bridging the technology gap. Journal of Islamic Finance and Technology, 15(1), 98-114. https://doi.org/10.1016/j.jift.2023.01.015
Johnson, P., & Patel, S. (2022). Financial regulation during crises: Lessons from the COVID-19 pandemic. Journal of Economic Policy, 29(1), 98-114. https://doi.org/10.1108/JEP.2022.01.098
Johnson, T., & Lewis, R. (2021). Anticipating future financial risks through digital readiness. Journal of Finance and Technology, 9(2), 88-101. https://doi.org/10.1016/j.jft.2021.09.234
Karim, R., & Daud, M. (2022). Compliance and innovation in Islamic fintech: Examining AI applications. Journal of Financial Transformation, 7(2), 131-145. https://doi.org/10.1016/j.jft.2022.07.147
Khan, R., & Rodgers, T. (2021). Customer satisfaction in digital banking: The impact of fintech adoption. Journal of Digital Finance, 13(3), 201-215. https://doi.org/10.1108/JDF.2021.03.201
Kim, A., & Richardson, J. (2020). The role of business strategy in adapting to financial regulations: A study of resilience in banking. Journal of Financial Management, 19(1), 77-89. https://doi.org/10.1108/JFM.2020.01.077
Lee, H., & Chen, Y. (2021). Adapting to financial regulations: Challenges and strategies for modern businesses. Journal of Economic Perspectives, 15(1), 98-112.
Liu, X., & Shieh, C. (2021). Blockchain applications in finance: Enhancing security and transparency. Journal of Financial Innovation, 18(2), 154-167. https://doi.org/10.1016/j.jfi.2021.02.154
Mansoor, F., & Ishak, R. (2020). Technological innovations in Islamic finance: Balancing compliance and competitiveness. Journal of Islamic Financial Studies, 14(1), 77-90. https://doi.org/10.1108/JIFS.2020.01.077
Martin, J., & Lee, H. (2021). Competitive advantage through strategic adaptation: Insights from the digital age. Journal of Competitive Strategy, 9(4), 291-306. https://doi.org/10.1108/JCS.2021.04.291
Miller, S., & Zhang, Q. (2021). Technological innovation in finance: The role of strategic alignment in achieving resilience. Journal of Finance and Technology, 15(3), 307-321. https://doi.org/10.1108/JFT.2021.03.307
Morris, T., & Greene, L. (2021). The impact of post-crisis financial regulations on market stability. Journal of Financial Stability, 13(4), 341-357. https://doi.org/10.1016/j.jfs.2021.04.341
Mustafa, M., & Rashid, K. (2022). User satisfaction in Islamic digital banking: A case study on BSI. International Journal of Islamic Finance, 19(3), 205-218. https://doi.org/10.1108/IJIF.2022.19.3.101
Nasrullah, R., & Khan, A. (2023). Artificial intelligence in Islamic banking: Enhancing service personalization. Journal of Digital Financial Services, 16(1), 99-115. https://doi.org/10.1108/JDFS.2023.110136
Nguyen, L., & Tran, D. (2020). The role of regulatory compliance in strategic adaptation for financial readiness. Journal of Financial Regulation, 14(2), 143-157. https://doi.org/10.1016/j.jfr.2020.02.143
Noor, A., & Ibrahim, H. (2021). Customer loyalty in Islamic digital banking: An empirical analysis. Journal of Islamic Financial Studies, 11(4), 187-201. https://doi.org/10.1016/j.jifs.2021.04.123
O’Connor, M., & Park, E. (2022). Organizational culture and strategic flexibility in business adaptation. Journal of Management and Innovation, 23(3), 177-193. https://doi.org/10.1108/JMI.2022.03.177
O’Donnell, B., & Williams, T. (2022). Regulatory compliance as a foundation for strategic adaptability in finance. Journal of Strategic Compliance, 23(1), 78-92. https://doi.org/10.1108/JSC.2022.01.078
Omar, Z., & Fatima, H. (2023). Navigating compliance challenges in digital finance: A strategic approach. Journal of Finance and Regulation, 9(4), 233-248. https://doi.org/10.1108/JFR.2023.04.233
Patel, D., & Singh, A. (2021). Resource reallocation in adaptive business strategies. Journal of Operations Management, 18(2), 210-225. https://doi.org/10.1016/j.jom.2021.02.210
Qasim, M., & Malik, R. (2020). User acceptance of fintech in Islamic finance: A case study of mobile banking. International Journal of Fintech Studies, 8(3), 114-128. https://doi.org/10.1108/IJFS.2020.113087
Rahim, A., & Latifa, S. (2023). Regulatory challenges in Islamic finance: Sharia compliance and technological adoption. International Journal of Financial Regulation, 16(1), 33-49. https://doi.org/10.1108/IJFR.2023.01.033
Rahman, S., & Aziz, H. (2019). Challenges of digital transformation in Islamic banks: An overview. Journal of Islamic Economic Studies, 12(5), 207-219. https://doi.org/10.1108/JIES.2019.05.119
Sadiq, L., & Rehman, A. (2022). Building a secure and compliant digital infrastructure in finance. Journal of Financial Management, 17(5), 318-331. https://doi.org/10.1016/j.jfm.2022.05.318
Smith, A., & Wang, R. (2019). Financial regulatory policies and strategic flexibility in banking. Journal of Financial Innovation, 10(1), 45-59. https://doi.org/10.1016/j.jfi.2019.01.045
Taylor, J., & Ahmed, S. (2022). The impact of digital transformation on financial readiness. Journal of Digital Finance, 14(1), 111-126. https://doi.org/10.1108/JDF.2022.01.014
Thompson, J., & Patel, M. (2022). Artificial intelligence in finance: Opportunities and challenges. Journal of Financial Analytics, 16(2), 102-118. https://doi.org/10.1108/JFA.2022.02.102
Williams, T., & Chen, B. (2020). The role of fintech in transforming financial services. Journal of Financial Technology, 12(4), 219-235. https://doi.org/10.1016/j.jft.2020.04.219
Yusuf, A., Hasan, M., & Zain, R. (2021). Technological innovation in Islamic banking and customer satisfaction. Journal of Islamic Banking and Economics, 9(4), 213-227. https://doi.org/10.1108/JIBE.2021.04.213
Zahra, S., Rahim, R., & Ismail, K. (2022). The impact of digital upgrades on customer engagement in Islamic banking. Journal of Financial Digital Transformation, 10(2), 151-167. https://doi.org/10.1108/JFDT.2022.10.102
Zaman, S., & Usmani, F. (2021). Digital transformation in Sharia-compliant banking: Future trends and consumer impacts. Journal of Islamic Economics and Finance, 12(5), 289-304. https://doi.org/10.1108/JIEF.2021.100145
Zulkifli, I., & Hassan, N. (2021). Service efficiency and security in Islamic mobile banking: Customer perspectives. Journal of Islamic Finance, 15(1), 174-186. https://doi.org/10.1016/j.jif.2021.01.152
