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Jelena Z. Stanković, Jovica Stanković, Zoran Tomić
DIGITALIZATION AND SUSTAINABILITY – OPPORTUNITIES AND CHALLENGES FOR INSURANCE INDUSTRY
Summary:
Digital revolution and demands for sustainability are the most important determinants of the economic development in the last years. Insurance as a risk protection mechanism can support the achievement of many Global Sustainable Development Goals of the United Nations in direct or indirect manner. Decision engines and artificial intelligence support to decision-making allow insurers to propose tailored customer-centric services based on micro-segments and personalized risk profiles. Providing a more adequate set of products insurance creates a financial safety net for women, families and businesses and contributes to poverty alleviation and supports economic growth, innovations and employment. Therefore, the aim of this paper is to present the possibilities of application of information technology in insurance and challenges for its implementation.
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Petya Koralova Nozharova, Shteryo Nozharov
THE DIGITALIZATION OF TRANSPORT INFRASTRUCTURE AND ITS IMPACT ON HUMAN RESOURCE MANAGEMENT
Summary:
The article aims to analyze the effects of the pandemic related to COVID-19 on the process of digitalization of human resources in the management of infrastructure sites in the field of transport sector. It also discusses the dilemma between goal #8 of the UN SDG for high employment of the population and digitalization of the processes and human resource management. They will require using only highly qualified personnel and less human factor. Those processes can increase labour productivity and economic growth at the cost of negative effects on total demand, social inequality, and employment.
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Momchil Antov
THE NEW EUROPEAN CUSTOMS REFORM – OPPORTUNITIES AND CHALLENGES
Summary:
The customs system of the EU serves as a guardian of the single market, but in recent years, it has been subjected to increased stress due to the rapid growth in trade volume, challenges posed by e-commerce, and the growing number of standards regarding goods that need to be tracked at the borders. As a result, in early May 2023, the European Commission proposed a reform project aimed at simplifying the customs procedures by reducing bureaucracy and increasing transparency while simultaneously strengthening the protection of the EU's financial and non-financial interests. The changes can be described as revolutionary or even too ambitious, but if successful, the reform would mark the beginning of a new approach to customs control without parallel on a global scale. Every change brings new opportunities, but it can also give rise to a range of problems. In this regard, it is important to be well-prepared to maximize the benefits of the former and adequately respond to and even prevent the latter.
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Petko Angelov, Silvia Sasheva Zarkova
THE FINANCIAL TRANSPARENCY OF BULGARIA’S MUNICIPALITIES WITHIN THE EUROPEAN ECONOMIC DIGITALIZATION
Summary:
Digitalization is among the main priorities of the EU set in the Europe 2030 strategy; Bulgaria and Bulgaria’s municipalities are direct participants in this process. The global COVID-19 pandemic at the beginning of 2020 positively reflects the process of digitalization including the public sector and local self-government as the effects of it are of varying intensity. The research ascertains that the process of adjustment of the financial and budget transparency of the municipalities to modern digital solutions has resulted in a significant difference in the implementation of the concept of European economic digitalization among the various administrative units in the country. This requires the improvement of the process of digitalization which is of utmost significance for the private sector; it also necessitates taking efficient measures for the formation of favorable business environment; citizens shall also be taken into account with a view of facilitating them in performing their administrative duties.
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Reneta Dimitrova
THE FINANCIAL LITERACY OF CLIENTS – AN IMPORTANT FACTOR FOR BANKS’ SUCCESSFUL DIGITALIZATION
Summary:
The digitalization of banking operations and the opportunities it provides the clients with has been an important aspect of banking for decades. Banks are among the financial institutions that work actively so that they do not lag behind the global e-business which is moving forward. Successful banking digitalization depends on numerous factors whereas one of them is clients’ financial literacy which significantly predefines how the process of banks’ digital transformation would continue. The research is aimed at outlining banking digitalization’s dependency on the literacy level of clients and the policies to be implemented so that it is successful.
