Raed Abueid*
Departement Accounting and Finance, Faculty of Administrations Sciences and Economics, AlQuds Open University, Palestine
Received: 14 June, 2024; Accepted: 28 August, 2024; Published: 30 August, 2024
Citation: Raed Abueid. “The Role of Financial Technology in Enhancing the Application of Cloud Accounting in Banks”. J Glob Entrep Manage (2024): 115. DOI: 10.59462/JGEM.2.2.115
Copyright: © 2024 Raed Abueid. This is an open-access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.
• Financial technology • Cloud accounting • Financial technology techniques • Financial technology platforms
In light of the rapid advancement of the digital age we live in today, technology has become indispensable in all industries, and the field of accounting is no exception. Gone are the days of manually recording financial transactions in ledgers and crunching numbers on calculators. Thanks to the advent of technology, the accounting profession has undergone a radical transformation, becoming more efficient, accurate, and able to adapt to the rapidly changing business landscape. Through the use of advanced accounting software and enterprise resource management systems, accountants today can perform financial analysis and reporting processes quickly and accurately, which contributes to... Improving financial communications and making strategic decisions based on accurate and reliable data [1].
FinTech plays a vital role in transforming the financial services industry and enhancing its effectiveness and efficiency. By applying modern technologies such as artificial intelligence, machine learning, and blockchain, financial technology has been able to improve risk management processes, analyze financial data, and develop new financial services. In addition, financial technology contributes to improving the user experience by providing innovative and easy-to-access financial services via smartphones and electronic applications. Financial technology also contributes to enhancing financial inclusion by providing opportunities for individuals and small and medium-sized companies to access financial services at affordable prices and with ease, which enhances economic growth and investment in emerging markets. In this way, FinTech is a key driver of innovation and development in the financial services sector and promoting financial and economic stability at the global level.
Financial technology is a key factor in enhancing the application of cloud accounting, as it contributes to improving access to financial data and providing efficiency in accounting processes. Thanks to cloud computing, accountants can access data and their accounting files from anywhere and at any time, which increases work flexibility and mobility. In addition, financial technologies contribute to improving cooperation and coordination among members of the accounting team, as files can be shared and worked on jointly, which enhances common understanding of data and improves decision-making processes. Thanks to the integration of financial technologies with cloud computing, cost savings and increased efficiency are achieved, as data can be stored and processed securely and efficiently without the need for significant investment in infrastructure. Ultimately, the application of financial technology contributes to enhancing the quality of accounting services and increasing the ability of companies to adapt to rapid transformations in the operating environment [2]
As a result, a new term “cloud accounting” emerged, which is a modern and innovative technology that allows banks and companies to manage their business, plan resources, and store, manage, and process their data that can be retrieved from anywhere and at any time. It stores a large amount of information, simplifies and facilitates work procedures, and saves effort by reducing the use of equipment and avoiding disruption. Devices. Hence the idea of the study came to highlight the role of financial technology in enhancing the application of cloud accounting in banks operating in the city of Yatta.
Study problem and its questions: In light of the rapid shift towards financial technology and cloud accounting worldwide, some banks operating in the city of Yatta continue to face challenges in adopting these modern technologies. The main problem is that these banks do not interact sufficiently with financial technology and the application of cloud accounting, which may negatively affect the efficiency of financial operations and competitiveness in the local and global market. Challenges such as lack of technology awareness, security challenges, and high costs of adoption are major barriers hindering the implementation of cloud accounting in these banks. Therefore, analyzing this problem is vital to understand the factors influencing the technology adoption process and identify ways to overcome these challenges and enhance the use of financial technology in the banking sector operating in Yatta.
The problem of the study is to answer the main study question, “What is the role of financial technology in enhancing the application of cloud accounting in banks operating in the city of Yatta?” The following sub-questions branch out from this question:
- What is the impact of the areas of use of financial technology in enhancing the application of cloud accounting in banks operating in the city of Yatta?
- What is the impact of financial technology platforms in enhancing the application of cloud accounting in banks operating in the city of Yatta?
- What is the impact of financial technology techniques in enhancing the application of cloud accounting in banks operating in the city of Yatta?
Study importance
This study gains its importance through its subject and its study community. The importance of the study was represented in the following:
• This study forms a knowledge base on the role of financial technology in enhancing the application of cloud accounting in banks operating in the city of Yatta.
• It is the first study of its kind that discusses and analyzes the role of financial technology in enhancing the application of cloud accounting in operating banks.
• The results of the study add a new database that contributes to providing feedback to bank officials
• Understand the challenges facing the process of adopting these technologies and work to develop effective solutions for them.
Study objective
The purpose of this study is to achieve a set of objectives, which can be explained as follows:
-Identifying the areas of using financial technology to enhance the application of cloud accounting in banks operating in the city of Yatta.
-Explaining the role of financial technology platforms in enhancing the application of cloud accounting in banks operating in the city of Yatta.
-Explaining the role of financial technology techniques in enhancing the application of cloud accounting in banks operating in the city of Yatta.
Introduction
In light of the rapid developments the world is witnessing in various fields, contemporary technology has created a field that combines financial knowledge and technological skills in providing financial services to companies and institutions, and it is called financial technology. Banks, as the main engine of countries’ economies, and to maintain this position are working to ride the wave of financial technology, improving... Renewing their basic structures has become an urgent necessity to confront the competition imposed by financial technology companies, and the impact of this was clear in the banking sector and the transformation of commercial banks into digital banks. Because cloud accounting is considered one of the technologies of the era of digital transformation and the most prominent outcomes of financial technology that has revolutionized the world of business, institutions are striving to benefit from its use in the field of its renewable services as much as possible. This revolution has greatly affected financial technology because most institutions have become able to perform their activities more efficiently and effectively than before [2]
The intensity of competition and rapid technological development in the business world has imposed great challenges and complex changes, which requires organizations to focus on the importance of sound awareness of these challenges, and correct and realistic appreciation of the opportunities to deal with them, which is a matter of the organization’s survival and growth It has become difficult and critical, and requires concerted, integrated and coordinated efforts at various levels. Whereas administrative information systems play an important role in providing institutions with information that they use in making rational decisions that lead the organization to safety, and one of the partial systems that make up administrative information systems is the accounting information system, which is of great importance as a system. Partial within the organization, as it depends on its outputs in making many decisions. A good accounting system is one of the necessary requirements to provide management and other parties with the data and information required to analyze business and make decisions as an information system. In the past, the accounting system was merely a tool to indicate the nature of operations of a financial nature practiced by institutions Recording these transactions in a book in accordance with generally accepted accounting rules. But it has become viewed in the present and in the future, in addition to being a tool for recording operations, as a system for producing the necessary accounting information, providing the required basis for decision-making and helping to prepare periodic follow-up reports that in turn help achieve effective control [3].
Financial technology services have emerged as a key element in achieving financial inclusion, as they facilitate access to a wide range of banking and digital services for people with limited incomes, residents of remote areas, and those not benefiting from traditional bank financing. Which is generally safer than carrying cash, in addition to enhancing transparency through instant review and thus reducing fraud.
The concept of financial technology: Financial technology plays an important role in the financial and banking services sector in light of the remarkable development in modern means of communication such as smart phones, as well as with the increased speed of Internet flow.
The Financial Stability Board has defined financial technology as technology-based financial innovations that can create new business models, applications or products that have a tangible impact on financial markets and institutions, and in the provision of financial services [4]
The Basel Committee on Banking Supervision defined it as a financial technology or innovation that results in a new business model, process, or product that has an impact on financial markets and institutions [3]
The National Center for Digital Research in Ireland defined it as innovations in the field of financial services through competition between new investors with existing investors in the financial sector, and through technology, new financial products and services were issued, such as paper currencies and modern means of payment and settlement [5]
Financial technology is known as a new field in financial management. Technology uses innovative and creative ideas to improve payment processes by proposing technology solutions according to different business conditions, such as: the use of smart phones in banking services, mobile investment services, and encrypted digital currencies whose goal is to provide financial service in... Customer reach.
The most important factors that helped in the transition to financial technology
The spread of financial technology is due to the tremendous development in technological industries that can be used in the financial field. The factors that contributed to the transformation of financial technology can be summarized as follows:
-The communications and information revolution that led to fundamental changes in the nature of the financial sector’s work.
-The rapid pace of use of smart phones and the Internet, in addition to the huge availability of data and information.
-E-commerce, which has many characteristics that distinguish it from traditional commerce.
-The increasing entry of many non-banking financial institutions, such as insurance companies and finance companies, and their competition with banks. Until many of these institutions provide a range of financial services closely related to the work of banks.
-Increasing acceptance by customers of technologically enabled financial services as a result of the positive impact of modern banking operations [5].
-Increasing the spread of smartphones with multiple capabilities around the world.
-Availability of facilities for using information networks and searching through the Internet.
-The emergence of versions of many programs that help in using financial technology.
-Issuing many laws and legislation that protect dealing with financial technology and help in its use.
-The rapid spread of cryptocurrencies, crowdfunding, and the emergence of artificial intelligence (AI) and big data [6].
The development of financial technology to increase profitability, innovate financial services, improve risk control, and also improve financial business, reduce operating costs, improve service efficiency, strengthen risk control capabilities, and create more attractive business models for customers, thus improving their competitiveness, changing the spending habits of consumers and helping them. In providing specialized financial services appropriate to their financial needs and increasing operational efficiency through the use of technology to digitize operational processes, which affects the quality of work and the way it is performed and facilitates the analysis of big data for the purposes of risk management and fraud detection [7].
Financial technology is not a goal in itself for banks and financial institutions, but rather it is considered a tool or means used to achieve planned goals. Some believe that financial innovations can improve the ability of banks to bear risks, which has an impact on increasing credit in the financial markets and thus leads to financial crises.
Cloud accounting
Cloud accounting concept: The term “Cloud” generally refers to the possibility of accessing programs and data over the Internet at any time, from anywhere, and by any device that secures an Internet connection. As for the term “Accounting Cloud,” it is considered a description of the use of information technology that depends on transferring accounting processing and computer storage space to what is called the cloud, which is accessed through the user’s web browser, and thus accounting programs transform from products to services [8].
Cloud accounting is an accounting program that runs on a remote server instead of a local computing tool such as a desktop. The software sends the information to the cloud for processing and then returns it to the user. Users can access the data in the hosted application using any device connected to the Internet, and then it can be accessed off-site and without a desktop application. Using the software has its share of benefits and challenges facing businesses, and it is referred to as cloud accounting. To online accounting, which performs the same function as accounting software, and works through servers and accessed using an online web browser [9].
Cloud accounting is defined as: applications for accounting processors that are hosted on remote servers. It processes and returns data that the user submits, and all application functions are performed off-site and not on the user’s desktop [10].
Cloud accounting jobs
The most important functions of cloud accounting are as follows:
Data is no longer limited to the hard disk of the user’s device.
-Cloud accounting has led to reduced requirements for advanced hardware on the client side.
Companies do not have to purchase a set of software or business software licenses for each employee.
-Companies may save money for IT support.
-If the back end of the computing system is a network computing system, this means that the client can benefit from the power of the entire network [11].
-Self-service upon request; It is a feature that enables the cloud user to request storage and processing services as needed, automatically, with the aim of reducing the need for direct interaction with the cloud provider.
-Access to an extensive network; It includes network access from anywhere to the cloud provider’s resources.
-Collecting sources.
-Rapid flexibility.
-System reliability.
-Trust in the cloud itself.
-Perceived benefit.
-Ease of use. On the other hand, it indicated the presence of obstacles that limit the adoption decision, including the security and confidentiality of data, the availability of the appropriate application and economic feasibility, the availability of comprehensive coverage for quick access to the Internet, and the conviction of officials and decision-makers of the feasibility of moving to the cloud accounting model [12].
The role of financial technology in enhancing cloud accounting
The relationship between financial technology and cloud accounting lies in a set of technologies used by financial technology and is explained in the following points:
-Financial and accounting information system: Accounting information systems depend on electronic devices, and the computer is characterized by the enormous ability of the data processor to process a huge amount of data with high speed and accuracy, as it consists of several components that help it achieve its goals, the most important of which are papers and documents that support financial operations, databases, computer applications and programs. Used in processing accounting data in order to transform it into a set of useful information.
-The Internet of Things: It is an emerging global information architecture based on the Internet whose purpose is to provide an information technology infrastructure to facilitate the exchange of goods and services in a safe and reliable manner, meaning that its function is to overcome the gap between things in the physical world and their representation in information systems. It is also considered a technology that works to connect devices to the Internet. With connected devices, such as connecting a car to a car without human intervention, the potential of Internet of Things applications can currently be identified through a wide range and in different fields [13].
-Artificial Intelligence: It is a method of making a robot that is controlled by a computer or a program that thinks intelligently in the same way that intelligent humans think. It can be said that it is considered an imitation of intelligent human behavior and has four types of intelligent systems: systems that think like humans and systems that act like humans. Systems that think rationally Systems that act rationally. Also, some view artificial intelligence as a science that is a branch of the computer itself, while others view it as one of the computer applications. Others see that software is what provides artificial intelligence, while others believe that it can do so. The main goal of artificial intelligence is to simulate human intelligence using advanced software. To solve atypical problems or train to solve them, as it gains the ability on some identified devices to understand and analyze the inputs to provide outputs that meet the user’s needs efficiently [14].
- Big Data: It is the use of techniques to examine and process huge amounts of data to reveal trends and relationships that help understand activities and functions, make predictions, and make decisions based on the results obtained. It can analyze a set of huge data used to discover models, market trends, user preferences, and other valuable information that It could not previously be analyzed using traditional tools [3].
-Block chain technology: Block chain technology is used for secure digital transactions. It processes information and stores data in the same way as any other computer system, but it differs from it in block chain technology. It ensures the application of fair practices in the world of globalization, and the block chain is a security relay. A series of blocks. This technology is called by many names, including distributed ledger technology, as it is considered an open and distributed database, through which transactions between institutions can be recorded in a permanent way, and they can also be verified. Block chain technology is considered one of the most advanced that the world has reached today in the sector of recording transactions, whether Financial, commercial, or electronic services in sectors, especially the financial sector, and the block chain is considered a distributed database that has the ability to manage an ever-increasing list of records called blocks.
-There is an unclear connection between financial technology and cloud accounting, as it has been shown from the above that financial technology is a tool for finding innovative solutions, which is considered a means of obtaining alternative financing sources, but information security is necessary, and from here cloud accounting technology appears to aim at this point as well, Some technologies were found, namely: the financial and accounting information system, the Internet of Things, artificial intelligence, big data, and the blockchain [2].
Previous studies
Study [2] The study aimed to try to identify the role of financial technology in enhancing the application of cloud accounting in commercial banks. The field study was conducted at the Foreign Bank of Algeria - Tebessa Agency, and the descriptive and analytical approach was used, and the interview with employees, and analyzed the opinions of the study sample based on a questionnaire form analyzed by the statistical program Spss, and various statistical methods. The study reached a set of results, the most important of which are: There is a positive and statistically significant role for the contribution of financial technology in its dimensions (fields, platforms, techniques) in enhancing the application of cloud accounting in commercial banks, and that the use of financial technology increases the efficiency and effectiveness of banking services and operations, and based on the results of the study Some recommendations were presented to the bank under study, the most important of which is the necessity of providing job qualification and training courses to keep pace with technological developments in the banking field and to know the most important technologies used.
The study aimed to identify the role of cloud computing in serving finance and business, as the communications and information technology sector leads the contemporary world to multiple worlds in various fields of development as it is one of the basic pillars of countries’ progress and growth. Among the technologies that paved the way for the future of information technology is what is known as cloud computing, which in itself is a technical revolution. Being a means to increase effectiveness and flexibility and reduce cost, this study aims to know cloud computing technology, as one of the most prominent and influential technologies used in most fields, the advantages of cloud computing and its applications at the world level, and to analyze the size of the global market for cloud computing, which shows growth rates, current and future market size, and spending. Global use and development of this technology. The study concluded that legislating policies, regulations, and incentives based on the “cloud computing first” policy accelerated the adoption and adoption of cloud services for important Saudi companies and sectors, including: the health sector, the banking sector; Industrial sector; Restaurants and cafes sector; Communications and information technology sector.
[15] The study aimed to identify and analyze the impact of financial technology on the banking industry and determine the most important benefits coming from these institutions and how to benefit from them in developing the business model of Algerian public banks. Through the study, it was found that Algeria worked to introduce banking technologies to keep pace with current developments. In the banking industry through the adoption of electronic banking in the banking system and electronic banking services. The results have shown: Financial technology institutions adopting a business model characterized by innovation and based on the desires of the customer. Providing services that intersect primarily with banking services provided via the Internet makes them a strong competitor to banks, and one of the most important... Recommendations: Adapting to new variables and realizing the magnitude of the risks and opportunities that financial technology holds for banks.
This study aimed to study the most important factors that may affect the use of cloud accounting. To address this research, we relied on the descriptive approach to clarify the theoretical framework of cloud accounting. As for the applied aspect, we relied on a case study approach through design Questionnaire It includes the main aspects of the research topics, in addition to personal interviews with officials to obtain information that can be used in this study. A sample of 44 individuals included accountants, bookkeepers, and university professors from the Faculty of Economics at the University of Chahid Hama Lakhdar in El Oued. The study concluded that cloud accounting is characterized by its low costs and the high efficiency of accounting information technology.
The study aimed to identify the most important factors that affect the adoption of cloud computing technology in the field of accounting using the Technology Acceptance Model (TAM) by testing three hypotheses. These hypotheses relate to whether there is a positive moral relationship between the adoption of cloud computing technology in the field of accounting and each of the following factors: perceived usefulness, ease of use, and trust in the online accounting system. The methodology of this study was based on a field study to test the hypotheses, where a questionnaire form was designed to collect the necessary data. The results indicated that there is evidence regarding the suitability of using the technology acceptance model (perceived usefulness and ease of use) to determine the factors influencing the adoption of cloud computing technology in the field of accounting. There is also evidence indicating that trust in the online accounting system positively affects the adoption of computing technology. Cloud. One of the most important recommendations reached by the study is the need to hold training courses related to the use of cloud computing technology for employees before adopting it in the field of accounting, and the need to consider the need for online accounting applications to be compatible with the principles of privacy, operational integrity, and data and information security.
[16] This study aimed to reveal the advantages and threats facing the implementation of the cloud accounting information system from the point of view of external auditors. For this purpose, a questionnaire was developed and after its distribution, 198 copies were retrieved ready to carry out statistical analyzes using the SPSS program, where the study found that the main advantages of cloud accounting are reducing the costs of accounting work as well as the possibility of accountants working from anywhere, while penetration, interruption, and confidentiality are the main threats. The study also found that there is a strong relationship between implementing cloud accounting information systems and reducing tampering. With financial information, the study recommended security monitoring of cloud accounting systems and holding courses for auditors to enhance their ability and understanding of the cloud accounting work environment.
[17] The study aimed to identify and discuss future scientific and professional aspirations for accounting according to the technological reality from a local Iraqi perspective. The study started from two main dimensions of the concept of accounting for the future (analysis of challenges and ways to confront them), as these two dimensions were dealt with in accordance with Requirements for global accounting unification and developments in the foundations of information technology and their reflection in microeconomic accounting represented by the activation of accounting information systems through the use of cloud computing and Blockchain and in macroeconomic accounting represented by government and tax accounting, as well as audit accounts, where the descriptive and analytical approach was adopted in analyzing the current accounting reality. And local developments in accounting from a future perspective. A questionnaire was distributed to a number of academics affiliated with Iraqi universities. The research concluded that the contributions of information technology will be clearer in shaping accounting for the future through activating accounting information systems for Iraqi companies, followed by auditing and finally government accounting. One of the most important challenges for the future of accounting in Iraq is the absence of pressure groups that work to consolidate accounting developments in actual practices in the Iraqi environment, and one of the most important ways to confront challenges is to develop sound and objective plans that are compatible with future internal environmental conditions.
[18] The study aimed to test the degree of acceptance of cloud accounting by measuring three factors: ease of use, data security, and expected benefit. The sample consisted of 123 accounting students studying the accounting information technology scale. These students Using cloud accounting for a period of six months, the participants were then given an online questionnaire using Google Form, and then filled out the provided questionnaire. The data was then analyzed using Partial Least Square (PLS) and processed using SmartPLS, as the study found that ease of use is the most important element. At the same time, the security feature is an important enough variable to support users to adopt cloud accounting. This is because there is a commitment from cloud accounting service providers to provide data security guarantees. However, the expected benefit variable does not have a significant impact. On cloud accounting use behavior, this is because the sample used in the study only uses cloud accounting for learning, causing uncertainty about the addition that the latter offers.
The study aimed to identify the impact of cloud computing on the field of accounting, as it addressed the different viewpoints and definitions assigned to the concept of cloud accounting, as well as the potential benefits and risks when adopting it. Moreover, the study analyzes the main aspects that any company should consider. When making the decision to switch to cloud systems, the interview method was used to collect data. The study concluded that the concept of cloud accounting is still in its early stages among some institutions, while others have not even heard of this technology. The study also recommended intensifying studies on this topic not only Theoretical but also experimental.
Where the study aimed: to show developments in the TECH FIN sector in the 1700s and to re-evaluate the trends observed in previous studies of the Financial Services Institute ifz, where a secondary classification system was included for the TECH FIN network. The network allows for classification an alternative to tech fin companies, based on the company’s product orientation and technological use, and then also including the second innovation, which is the analysis of the tech fin ecosystem and startups. In addition to these two innovations, the study addresses the question of how banks position themselves towards tech fin, and provides a survey of information about Trends and developments in information technology departments in Swiss banks. On the other hand, analyzing the banks’ annual reports in order to determine the expected importance of digitization and tech fin in the banking industry. Among the results of the study is that the customer attaches greater importance to the simple use of modern technologies because there are still some gaps. In the application of new technologies, as another result, the concept of financial technology moved from theory to reality. This was confirmed in the year 1700 by the continued development of Swiss tech fin companies and the formation of investment capital. However, the decline in the importance of banks is not the result of irresponsible competition by tech fin companies. Or technology companies, in many cases, are simply faster and more efficient at implementing and applying new technologies. Of course, traditional banks can stand to gain from digital transformation if they have the skills and corporate culture to implement technological innovations quickly and consistently.
After presenting previous studies, and the results they produced showing that all of them are related to the variables of the study, the study [2] aimed to identify the role of financial technology in enhancing the application of cloud accounting in commercial banks. The study sought to identify to cloud computing and its role in serving finance and business. [15] conducted a study that aimed to identify the impact of emerging institutions in the field of financial technology on public banks in Algeria. The study expanded to identify cloud accounting and the factors affecting its adoption. It sought the study identified the factors affecting the adoption of cloud computing technology in the field of accounting using the technology acceptance model. As for the study [16], this study aimed to reveal the advantages and threats facing the implementation of the cloud accounting information system from the point of view of auditors. External accounts. The study [17] sought to identify and discuss future scientific and professional aspirations for accounting according to technological reality from a local Iraqi perspective. As for the study [18], the study aimed to test the degree of acceptance of cloud accounting by measuring Three factors: ease of use, data security, and expected benefit. The study aimed to identify the impact of cloud computing on the field of accounting.
This study is distinguished from previous studies in the temporal limits, as it was set at (2024), while the previous studies ranged between (2023-2019), and the spatial limits were set in banks operating in the city of Yatta only, while the previous studies were distributed between Arab and foreign countries, but in terms of variables, they focused This study focused on two variables: financial technology and enhancing cloud accounting. However, in these studies, it relied on different variables. The most important thing that distinguishes this study is that financial technology plays an important and fundamental role in enhancing cloud accounting. However, despite this, the field of financial technology in Arab countries is still weak in comparison. In foreign countries, due to the weakness of Arab competencies and the weak response of some institutions to studies and research that are presented by specialists, in addition to the political conditions that some countries in general, Palestine and its governorates suffer from, especially from the occupation, which hinders the development process and the progress of institutions to remain affiliated with the occupying state to prevent our progress and development.
Study hypotheses
Based on the theoretical framework and previous studies, the study hypotheses were formulated as follows:
• There is no statistically significant effect at the significance level (α≤0.05) between the areas of using financial technology in enhancing the application of cloud accounting in banks operating in the city of Yatta.
• There is no statistically significant effect at the significance level (α≤0.05) between financial technology platforms in enhancing the application of cloud accounting in banks operating in the city of Yatta.
• There is no statistically significant effect at the significance level (α≤0.05) between financial technology techniques in enhancing the application of cloud accounting in banks operating in the city of Yatta.
This study relied on the descriptive and analytical approach, which helps to understand and describe the phenomenon in an accurate quantitative manner. This approach does not depend only on collecting information, but rather links and analyzes the relationship between the variables of the study to reach the desired conclusions through the study.
Study population: The study population consisted of employees in banks operating in the city of Yatta.
Study sample: The sample size was (50) employees of banks operating in the city of Yatta.
The Arab Bank refused to cooperate with us and was excluded. The questionnaire was distributed to them in a simple random manner. (28) valid questionnaires were retrieved for analysis.
Study tool: In order to achieve the desired goal of the current study, and after reviewing the educational literature and previous studies related to the subject of the study in some studies, the study tool, the questionnaire, was built and developed based on the study [2], and the required modifications were made to it in order to answer the questions (Table 1).
| percentage | the number | the level | variable |
|---|---|---|---|
| 71 % | 20 | male | Sex |
| 29 % | 8 | feminine | |
| %100 | 28 | the total | |
| 7 % | 2 | diploma | Qualification |
| 93 % | 26 | Bachelor's | |
| %100 | 28 | the total | |
| 36 % | 1 0 | Less than 5 years | Years of Experience |
| 43 % | 1 2 | From 5-10 years | |
| 21% | 6 | More than 10 years | |
| %100 | 28 | the total | |
| 7 % | 2 | boss | Job title |
| 18 % | 5 | Head of the Department | |
| 36 % | 10 | administrative employee | |
| 39 % | 11 | Other | |
| %100 | 28 | the total |
Table 1. shows the distribution of the study sample according to the primary data variables.
The questionnaire consisted of two parts:
The first section: Primary data (gender, educational qualification, number of years of experience, job title).
The second section: It consists of two main axes:
The first axis: financial technology, which includes three areas:
Areas of financial technology: Paragraphs (1-6)
Financial technology platforms: Paragraphs (7-9)
Financial technology techniques: Paragraphs (10- 18)
The second axis: Cloud accounting, paragraphs (19- 32)
Stability of the study tool:
To ensure the stability of the study tool measures, the two researchers calculated reliability and internal consistency using Cronbach’s Alpha equation, and (Table 2): shows this:
| Cronbach alpha | Number of paragraphs | Number of cases | The scale |
|---|---|---|---|
| 0.887 | 18 | 28 | Financial technology |
| 0.873 | 14 | 28 | Cloud accounting |
Table 2. Values of the reliability coefficient of the study tool scales using the Cronbach Alpha method
It is clear from (Table 2) that the values of the Cronbach alpha reliability coefficient for the financial technology scale reached (88.7%), and it is also noted that the Cronbach alpha reliability coefficient for the cloud accounting scale reached (87.3%). These values are considered high, and thus the questionnaire and its two scales have an acceptable degree of stability and can be adopted to achieve the objectives of the study.
Ladder key answers
First: The Financial Technology Scale: The Financial Technology Scale was formed in its final form after extracting validity from (18) items distributed over three areas, and all items represented a positive trend. Second: Cloud Accounting Scale: The Cloud Accounting Scale was formed in its final form after extracting validity from (14) items, and all items represented a positive trend.
The respondent was asked to rate his answers using a five-point Likert scale, and weights were given to the items as follows: strongly agree (5) degrees, agree (4) degrees, neutral (3) degrees, disagree (2) degrees, strongly disagree (1), one degree.
Accordingly, (Table 3) the response levels for the study tool are as follows:
| The Level | Relative weight | Arithmetic mean |
|---|---|---|
| Low level | Less than 46.8% | Less than 2.34 |
| Average level | 46.8%-73.4% | 2.34-3.67 |
| High level | Or more 73.4% | 3.67-5 |
Table 3. Degrees calculating the level of financial technology and cloud accounting
Results related to the first question: What is the role of financial technology in banks operating in the city of Yatta?
To answer the first question, arithmetic means and standard deviations were calculated for the role of financial technology in banks operating in the city of Yatta, arranged in order of importance, and (Table 4) shows this:
| Class | Relative weight % | Standard deviation | SMA | The field | Domain number | Ranking |
|---|---|---|---|---|---|---|
| High | 84.0 | 0.51 | 4.20 | Field of financial technology | 1 | 1 |
| Medium | 72.8 | 0.96 | 3.64 | Fintech tech- niques | 3 | 3 |
| High | 82.7 | 0.55 | 4.13 | Fintech platforms | 2 | 2 |
| High | 81.5 | 0.51 | 4.07 |
Table 4. Arithmetic means, standard deviations, and percentages for each area of the financial
Table 4. Arithmetic means, standard deviations, and percentages for each area of the financial technology scale in banks operating in the city of Yatta and on the scale as a whole.
It is clear from (Table 4) that the arithmetic means of the study sample’s estimates on the financial technology scale in banks operating in the city of Yatta as a whole reached (4.07), a standard deviation of (0.51), a percentage of (81.5%), and a high estimate.
The arithmetic means, standard deviations, and percentages of the study sample members’ estimates were calculated on the items of each area of the financial technology scale, each area separately, as follows:
Financial technology fields
Table 5. Arithmetic means, standard deviations, and percentages for items in the areas of financial technology in banks operating in the city of Yatta, arranged in descending order according to the arithmetic means
| Class | Relative weight % | Standard deviation | SMA | Paragraphs | Paragraph number | Ranking |
|---|---|---|---|---|---|---|
| High | 89.0 | 0.686 | 4.45 | The bank’s management has a comprehen- sive idea about financial technology and the mechanism for its implementation in banks | 1 | 1 |
| High | 87.4 | 0.589 | 4.37 | Application of financial technology in the bank in the field of online banking | 3 | 2 |
| High | 84.8 | 0.852 | 4.24 | The use of financial technology in the bank helps to achieve financial stability | 2 | 3 |
| High | 84.8 | 0.634 | 4.24 | Adopting financial technology in account work contributes to responding quickly to surrounding changes | 6 | 4 |
| High | 79.4 | 0.636 | 3.97 | Application of financial technology in the bank in the field of insurance | 4 | 5 |
| High | 79.0 | 1.012 | 3.95 | Adopting financial technology in account- ing work helps in the availability of timely information at the work place or on the go regardless of where it is located | 5 | 6 |
| High | 84.0 | 0.51 | 4.20 | Total | ||
Table 5:
It is clear from (Table 5) that the overall score for the areas of financial technology in banks operating in the city of Yatta was high, as its arithmetic mean was (4.20) and standard deviation (0.51).
FinTech techniques
Table 6. Arithmetic means, standard deviations, and percentages for items on financial technology techniques in banks operating in the city of Yatta, arranged in descending order according to arithmetic means.
| Class | Relative weight % | Standard deviation | SMA | Paragraphs | Paragraph number | Ranking |
|---|---|---|---|---|---|---|
| High | 78.4 | 0.997 | 3.92 | It is financial transactions the bank relies on lending platforms. |
7 | 1 |
| Medium | 73.2 | 1.146 | 3.66 | The bank relies in its financial transactions on crowdfunding platforms |
8 | 2 |
| Medium | 66.8 | 1.361 | 3.34 | The bank relies in its financial transactions on barter platforms |
9 | 3 |
| Medium | 72.8 | 0.96 | 3.64 | Total | ||
Table 6:
It is clear from (Table 6) that the overall score for financial technology techniques in banks operating in the city of Yatta was average, as its arithmetic mean was (3.64) and standard deviation (0.96).
Table 7. Arithmetic means, standard deviations, and percentages for items on financial technology platforms in banks operating in the city of Yatta, arranged in descending order according to arithmetic means.
| Class | Relative weight % | Standard deviation | SMA | Paragraphs | Paragraph number | Ranking |
|---|---|---|---|---|---|---|
| High | 90.0 | 0.604 | 4.5 | The bank uses smartphone appli- cations as a mean of introducing its various banking services | 15 | 1 |
| High | 89.0 | 0.645 | 4.45 | The bank provides continuous auto- mated teller machines (ATMs) | 14 | 2 |
| High | 84.2 | 0.622 | 4.21 | The bank has an advanced financial and accounting system |
18 | 3 |
| High | 83.2 | 0.823 | 4.16 | The bank relies on data analysis to combat fraudulent transactions | 12 | 4 |
| High | 82.6 | 0.875 | 4.13 | The bank relies on advanced systems to avoid human errors | 13 | 5 |
| High | 82.2 | 0.764 | 4.11 | The use of technological means con- tributes to providing accurate financial information | 17 | 6 |
| High | 80.6 | 0.788 | 4.03 | The bank develops electronic applica- tions in creative ways in order to raise the level of performance | 16 | 7 |
| High | 77.4 | 0.906 | 3.87 | The bank has specialized center to develop innovations in services and technologies | 11 | 8 |
| High | 75.2 | 1.149 | 3.76 | 10 | 9 |
Table 7:
It is clear from (Table 7) that the overall score for the field of financial technology platforms in banks operating in the city of Yatta was high. Its arithmetic mean was (4.13) and its standard deviation was (0.55).
Results related to the second question: What is the effectiveness of cloud accounting in banks operating in the city of Yatta?
To answer the second question, arithmetic means, standard deviations, and percentages were calculated for the effectiveness of cloud accounting in banks operating in the city of Yatta, arranged in order of importance, and (Table 8) shows this:
| Class | Relative weight % | Standard deviation | SMA | Paragraphs | Paragraph number | Ranking |
|---|---|---|---|---|---|---|
| High | 85.2 | 0.86 | 4.26 | The ability to access accounting data from all departments when applying cloud accounting | 20 | 1 |
| High | 83.6 | 0.652 | 4.18 | The information available in the cloud account- ing system is compatible with the requirements of decision makers | 22 | 2 |
| High | 83.2 | 0.754 | 4.16 | The bank has a comprehensive idea about cloud accounting | 19 | 3 |
| High | 82.2 | 0.798 | 4.11 | The bank is familiar with the nature of the ac- counting cloud | 28 | 4 |
| High | 81.6 | 0.712 | 4.08 | Easy expansion of technology applications when using the accounting system in the banks. | 24 | 5 |
| High | 81.6 | 0.673 | 4.08 | Cloud accounting provides protection, security, confidentiality, and privacy for a bank’s financial information | 25 | 6 |
| High | 81.0 | 0.733 | 4.05 | Cloud accounting facilitates the process of exchanging information | 30 | 7 |
| High | 80.6 | 0.753 | 4.03 | Ease of relying on financial statements provided by cloud accounting in banks |
23 | 8 |
| High | 79.4 | 0.753 | 3.97 | Cloud accounting contributes to achieving the best results for the bank by improving the per- formance of accounting functions | 21 | 9 |
| High | 79.4 | 0.854 | 3.97 | The use of cloud accounting ensure that some data and information are encrypted and viewed according to permissions | 31 | 10 |
| High | 78.4 | 0.632 | 3.92 | Using cloud accounting technology results in faster access to stored financial information and data | 32 | 11 |
| High | 75.2 | 0.883 | 3.76 | Clod accounting provides financial services to clients once they are accessible automatically, fairly and equitably | 26 | 12 |
| High | 75.2 | 0.714 | 3.76 | Cloud accounting technology has contributed to providing a firewall to confront viruses and software penetration | 29 | 13 |
| High | 74.8 | 0.76 | 3.74 | The accounting cloud is adopted in preparing the bank’s financial statements |
27 | 14 |
| High | 80.1 | 4.01 | 4.01 | Total | ||
Table 8:
Table 8. Arithmetic means, standard deviations, and percentages for the items on the effectiveness of cloud accounting in banks operating in the city of Yatta, arranged in descending order according to the arithmetic means
It is clear from (Table 8) that the overall degree of effectiveness of cloud accounting in banks operating in the city of Yatta was high, as its arithmetic mean was (4.01) and standard deviation (0.464)
Hypothesis testing
The first main hypothesis: There is no statistically significant effect at the significance level (α<.05) for the role of using financial technology in enhancing the application of cloud accounting in banks operating in the city of Yatta.
To verify the validity of the hypothesis, use the Simple Regression coefficient as shown in (Table 9):