The.FINTECH.Book

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A front-line industry insider's look at the financial technology explosion The FINTECH Book is your primary guide to the financial technology revolution, and the disruption, innovation and opportunity therein. Written by prominent thought leaders in the global fintech investment space, this book ag
Many are familiar with early stage investing. Many are familiar with technology. Many are Fin Tech is about all of us-it's the future intersection of people, technology and money, familiar with disruption and innovation. Yet, few truly understand how different an animal and it's happening now there is an explosion of possibilities on our doorstep. Susanne and is the financial services industry. Such vectors as regulation, compliance, risk, handling The Fin Tech Book paint a visual picture of the possibilities and make it real for every reader other people's money, the psychological behaviours around money and capital ensure A must-read for every disruptor, innovator, creator, banker. that our financial services industry is full of quirks and complexities. As such The Fin Tech Derek white, Global head of customer solutions bbVa Book offers a refreshing take and knowledge expertise, which neophytes as well as experts will be well advised to read Fin Tech is reshaping the financial experience of millions of people and businesses around Pascal bouvier, venture Partner, Santander Inno ventures the world today, and has the potential to dramatically alter our understanding of financial services tomorrow. Were in the thick of the development of an Internet of value that will This first ever crowd-sourced book on the broad Fin Tech ecosystem is an extremely deliver sweeping, positive change around the world just as the internet itself did a few worthwhile read for anyone trying to understand why and how technology will impact short decades ago. The Fin Tech Book captures the unique ecosystem that has coalesced most, if not all, of the financial services industry. It captures and highlights the disruptive around this sector, bringing together visionary entrepreneurs, innovative finance leaders, forces at play. Start-up Fin Tech firms across the globe will have a profound impact on and forward-thinking policymakers to comment on the exciting changes taking place the future delivery of services to both institutions and individuals. This book is a terrific Chris Larsen, Co-Founder and cEo of Ripple compilation of information and prescient thought that should prove useful to both financial services practitioners and users There are few books out there that capture the pulse of how the internet is changing R. Todd Ruppert, retired CEo and President of T Rowe Price Global finance, but The Fin Tech Book has captured the views of many of the key players Investment Services and serial Fintech investor and advisor building the ValueWeb. It will prove an essential read to anyone wanting to know more about the next generation of banking, insurance and finance Sometimes a book explains how the world has changed. Rarely, a book comes along Chris skinner, Author of value Web and chair of the Financial services club that explains how the world is going to change in the future. this is one of those rare compilations that describe the fundamental changes taking place in how people Over the next decade. the notion of what a bank is will be turned on its head -where ive their lives. It portrays a world where, through a potent potion of technology and bricks and mortar give way to apps, artificial intelligence, and decentralized ledgers. The entrepreneurialism, power moves away from central banking institutions to local communities Fin Tech Book comes at a perfect time when incumbents, start-ups, and investors alike and the people within them. This book helps explain why London is the global hotspot for are trying to grasp what this future holds, for the stakes of getting it right or wrong are innovation in financial and payment technology. You won 't be able to put it down truly enormous Tony Craddock, Director General, Emerging Payments Association Greg Rogers, Executive Director, Techstars The Fin Tech Book provides an excellent open platform to hear from a wide variety of Finally Fin Tech is entering the mainstream vernacular such that more than just we thought-provoking voices. True innovative change only happens with the support of inance, banking and payments geeks and innovators are aware of the revolution collaborative ecosystems. The Fin Tech Book allows readers to hold this ecosystem in the underway. If you're looking for a crash-course on the Fin Tech industry, and the explosion palm of their hands, of innovation that it's creating across the globe, look no further. The depth and diversity of Liz Lumley, Director of Global Ecosystem Development views herein is staggering; a phenomenal compilation that will get you up-to-speed fast Startupbootcamp FinTech and InsurTech Definitely worth a read Roy Vella, FinTech Expert, Public Speaker and "a truly indispensable guide for anyone who wants to understand the market dynamics Managing Director of Vella Ventures Ltd of the Fin Tech revolution and the disruption behind it. Intelligent and thought provoking you'll either be exhilarated by the scale of the growth opportunities or horrified that your Fantastic to see a book on Fin Tech brought together by the community and written by world is going to change so fundamentally the community. It will be valuable to anyone starting off in Fin Tech Dr louise beaumont head of public affairs and Nigel Verdon, Founder, Currency Cloud, Partner, Digital Change Marketing, GLI Finance Limited London has established itself firmly as a global powerhouse for Fin Tech. With the There is a lot of confusion around what Fin Tech really is and how it could be deployed by world's leading international financial centre and Europe's fastest growing technology existing financial services companies. This book is well timed as it cuts through the hype hub, London is at the forefront of the latest innovations in financial technology and we and allows the reader to review practical approaches from actual exponents and thereby are changing the way governments, businesses and consumers manage their financial educate themselves on where different technologies can be applied to their businesse affairs. We are also a city of great creativity, where new ideas thrive and disruption Brendan Bradley chief Innovation Officer and Member of the eurex Executive is welcome. All these ingredients will help London to become the Fin Tech capital of Board; Chairman of the Executive Board, Deutsche Boerse Asia Holdings Ltd the world. It is important that we continue to promote the sector and shout about our successes. The Fin Tech Book not only provides valuable insight into the industry from The Fin Tech Book really lives up to its title. Janos and Susanne have not just succeeded in some of the leading experts in London, but also shines a spotlight on what makes London explaining the key trends, drivers and implications across a wide spectrum of Fin Tech themes an ideal destination for Fin Tech companies (including payments, crowdfunding, advisory and cryptocurrencies), but have also clearly David Slater, Director of International Trade and Investment, London Partners laid out the path forward, pragmatically detailing enablers such as regulatory /compliance management, analytic capabilities, and technical competency that are required to effectively With many of the contributors to this book we shared the very first FinTech days, back capture and monetize the different Fin Tech disruptions. This is a truly cross-discipline to 2008. In the middle of the hype now, where often noise and relevance are intertwined hands-on and comprehensive Fin Tech bible, which all players in the Fin Tech space, including I am really happy to see so many meaningful thoughts and opinion pieces about what is investors, entre investors, entrepreneurs, incumbent institutions and regulators, can benefit from certainly one of the biggest pivotal shifts in financial services Robin J Loh, General Manager, Ping'an FinTech Matteo Rizzi, FinTech Investor and Co-Founder, Fin Tech Stage FINTECH Circle are at the forefront of the latest Fin Tech developments and Fin Tech innovation is an important component of economic development, especially innovation, and The Fin Tech Book reflects their open, collaborative and inclusive for emerging economies. There are few books that summarize the Fin Tech movement approach. It offers a unique insight into key trends in this industry to each part of the more completely than The Fin Tech Book. It provides a wonderful summary of the global ecosystem -entrepreneurs, investors and service providers alike will connect with innovation in the industry to date the dynamics captured here. Reaching out to such a wide range of experts provides Melissa Guzy, Managing Partner and Founder, Arbor Ventures unprecedented insight into Fin Tech, making this an interesting read for anyone interested in this space I have a passion for helping businesses invest and grow, and often the key to this is Axel Coustere Founding Partner, The Hub Exchange education. At a stroke here is a book that opens up the Fin Tech world to all who are curious, ambitious and entrepreneurial. Fin Tech is moving at a tremendous pace and this The Fin Tech book is a great jumping off point for anyone looking to understand Fin Tech, truly excellent book enables the reader to keep up and even get ahead of how global especially in Asia. As this new kind of technology becomes more ubiquitous, resources like innovation in financial and payment technology will change and shape the world we live in this book will become more and more valuable to both newbies and experienced hands. The joint editors, Susanne Chishti and Janos Barberis, have done an outstanding job Vladislav solodkiy, ceo, Life. Sreda John Davies, CEO, The Just Loans Group PLC This book is a brilliant kaleidoscope of themes, success stories, and current and future London is rapidly becoming known as a leading Fin Tech centre internationally. The trends in the financial technology space. A must-read for anyone who is interested in development of The Fin Tech Book is timely and innovative, capturing the knowledge Fin Tech, it provides a solid overview of the various ways digital innovation can transform of the City's ecosystem players. It will be a valuable resource for those seeking to banking and finance understand the implications of these disruptive technologies for the finance landscape Dr Markos zachariadis, Assistant Professor Warwick Business school: FinTech Professor Michael Barrett, Cambridge Judge Business School Research Fellow at Cambridge Digital Innovation, University of Cambridge Academic Director, Cambridge Digital Innovation The finTech Book This edition first published 2016 C 2016 Susanne Chishti and janos barberis Registered office John Wiley Sons Ltd, The Atrium, Southern Gate, Chichester, West Sussex, P019 8SQ, United Kingdom For details of our global editorial offices, for customer services and for information about how to apply for permission to reuse the copyright material in this book please see ourwebsiteatwww.wiley.com All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical photocopying, recording or otherwise, except as permitted by the UK Copyright, Designs and Patents Act 1988, without the prior permission of the publisher Wiley publishes in a variety of print and electronic formats and by print-on-demand. Some material included with standard print versions of this book may not be included in e-books or in print-on-demand. If this book refers to media such as a Cd or dVD that is not included in the version you purchased, you may download this material at http://booksupport.wileycomFormoreinformationaboutWileyproductsvisitwww.wiley.com Designations used by companies to distinguish their products are often claimed as trademarks. All brand names and product names used in this book are trade names, service marks, trademarks or registered trademarks of their respective owners. The publisher is not associated with any product or vendor mentioned in this book Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best efforts in preparing this book, they make no representations or warranties with respect to the accuracy or completeness of the contents of this book and specifically disclaim any implied warranties of merchantability or fitness for a particular purpose It is sold on the understanding that the publisher is not engaged in rendering professional services and neither the publisher nor the author shall be liable for damages arising herefrom. If professional advice or other expert assistance is required, the services of a competent professional should be sought Library of Congress Cataloging-in-Publication Data Names: Chishti, Susanne, author. Barberis, Janos, author Title: The FinTech Book/Susanne Chishti, Janos Barberis Description Hoboken: Wiley, 2016. Includes index dentifiers: LCCN 2016000567 ISBN 9781119218876 (paperback) Subjects: LCSH: Banks and banking. Bank loans. Credit. Financial services industry-Information technology. BISAC: BUSINESS ECONOMICs/ Finance ClassificationLccHg1601.C472016ddc332.1028/4-dc23Lcrecordavailableathttp://ccn.loc.gov/2016000567 A catalogue record for this book is available from the British Library SN978-1-11921887-6bk)ssN978-1-11921893-7(ebk) lSBN978-1-11921888-3(ebk)lBN978-1-11921890-6(ebk) Cover Design: Wiley Cover Image: O pkproject/Shutterstock Set in 8/13 Helvetica LT Std by Aptara, New Delhi, India Printed in great britain by Tu International Ltd, Padstow, Cornwall, UK The finTech Book The Financial Technology Handbook for Investors, Entrepreneurs and visionaries Edited by Susanne chishti Janos barberis WILEY Contents Preface viii Smartphones, FinTech, and Education- Helping the Unbanked About the editors X Reach Financial Inclusion 75 Acknowledgements xii The Social Impact of Fin Tech in Nigeria 78 India and the Pyramid of opportunity 81 z 1. ntroduction 5. FinTech Solutions 9 Banking and the E-Book Moment 6 Why We're so Excited About FinTech 10 Rewiring the Deal-The Path Forward for B2B Supply Chains 88 Current Trends in Financial Technology 13 Payments and Point of Sales(POS)Innovation 92 2 FinTech Themes Predictive Algorithms- Building Innovative Online Banking Solutions 95 Big Data is the Cornerstone of Regulatory Compliance Banks Need to Think Collaboration Rather Than Competition Systems 100 Global Compliance is Key 22 Fin Tech Solutions in Complex Contracts Optimization 106 Lending(Capital)in the 21st Century 25 Behavioural Biometrics- A New Era of Security 109 The Next Big Innovation in FinTech - Identity 28 Ultra-Fast Text Analytics in Trading Strategies 112 Tech Giants Becoming Non-Bank Banks 31 Regulated Crowdfunding Ecosystems 117 Design is No Longer an Option -User Experience(Ux)in FinTech 34 Remittances -International Fx Payments at Low Cost 120 Fin Tech solutions for small Businesses 123 3. FinTech Hubs Payment Solutions Including Apple Pay 125 Fin Tech Solutions Benefiting other Sectors 128 Nurturing New Fin Tech Communities 42 Fin Tech Innovation for Wearables 131 La (french) FinTech Connection 45 The Journey Towards an Integrated FinTech Ecosystem -The 6. Capital and Investment Netherlands 48 Luxembourg, a Future FinTech Hub? 51 Investment and Capital- Back to Basics 138 Vienna as the No. 1 FinTech Hub in Mobile Payments? 53 Angel Investing-Access to"Smart Money"to Fund the Best Indias FinTech Ecosystem 56 Fin Tech Companies 141 Singapore, the FinTech Hub for Southeast Asia 58 Crowdfunding and Marketplace(P2P)Lending-Online Capital Marketplaces as New Asset Classes to Access Funding 144 4. Emerging Markets and Social Impact The Digital Investment Space- Spanning from Social Trading to Digital Private Banking-A FinTech Sector Made for Fin -The Not so Little Engine That Can 66 Disruption? 147 Why Am I Not gonna be able to Enter a Bank? 69 Leading the Way with an Investor-led Approach to The rise of the rest in fin Tech 72 Crowdfunding 149 My Robo Advisor was an iPod Applying the Lessons from 9. Crypto-currencies and Blockchains Other Sectors to FinTech Disruption 152 Crowdsourced Alpha 155 Fin Tech +Digital Currency -Convergence or Collision? 212 To Crowdsource a Hedge Fund 160 Blockchain and Crypto-currencies 217 Providing Capital and beyond 162 10. The Future of finTech 7. Enterprise Innovation 226 Can Banks Innovate? 170 How Emerging Technologies Will Change Financial Services The future of financial services 229 So, You think the innovation lab is the answer? 173 Banking on Innovation Through Data 232 FinTechs and Banks- Collaboration is Key 179 Why Fin Tech Banks Will Rule the World 2352 Partnerships Are the Key to Addressing Financial and Digital The FinTech Supermarket - The Bank is Dead, Long Live the Bank! 238 Z Exclusion 183 Banks Partnering with Fin Tech Start-ups to Create an Integrated Corporate Venture Capital The New Power Broker in the Customer Experience 241 FinTech Innovation Ecosystem 186 The Rise of BankTech-The Beauty of a Hybrid Model for Banks 245 The Insurance Opportunity 190 Fin Tech Impact on Retail Banking-From a Universal Banking Model to Banking Verticalization 248 8. More Success stories Embracing the Connected API Economy 253 Banking Like Water 258 e Toro- Building the World's Largest Social Investment Network 196 Eliminating Friction in Customers'Financial Lives 261 Avoka-An Overnight Success, 13 Years in the Making 198 Fin Tech is the Future Itself 264 Bankable-Banking as a service 201 A Future Without Money 267 The Next Chapter in Citis Story of Innovation 203 Ethics in FinTech? 270 FinTech Trends from the Frontline - Building collaborative Opportunities for Start-ups, Market Infrastructures, and List of contributors 273 Wholesale banks 206 Index 291 Preface We both started off delving into the field of FinTech at roughly the same point in use of technological channels of communication in reaching out to, selecting time. Eager to learn more, we quickly discovered that there existed no single and reviewing our would-be contributors, we also made sure that every corner consolidated, and authoritative source on the subject. On a remarkably sunny of the globe had the chance to have its say. Thus, we aimed to fulfil one of the W London day, we met up in a local cafe, ascertaining our mutual passion for Fin Tech most important purposes of The Fin Tech Book, namely to give a voice to those f and our desire to find out more. typically of entrepreneurs we decided to fill the that would remain unheard, those that did not belong to a true Fin Tech community currently existing gap in Fin Tech knowledge and produce a Fin Tech book ourselves, in their local areas, and spread that voice to an international audience. We have a book that would provide food for thought to Fin Tech newbies, pioneers, and well- immensely enjoyed the journey of editing The Fin lech Book and sincerely hope that seasoned experts alike. This is how The Fin Tech Book was born you will enjoy the journey of reading it, at least as much The reader will notice that this is the first " globally crowdsourced"treatment More than 160 authors from 27 countries submitted 189 abstracts to be part of of the subject. The reason we decided to reach out to the global Fin Tech the book. We asked our global Fin Tech community for their views regarding which community in sourcing contributors for the book lies in the inherently fragmented abstracts they would like to have fully expanded for The Fin Tech Book From al nature of the field of Financial Technology. There was no single author, these potential contributors, we selected 86 authors who have been asked to organization, or indeed region in the world that could exhaustively cover all the write full chapters, which have now been included in this book. We conducted facets and nuances of FinTech. What is more, by being able to call upon a truly a questionnaire among all our selected authors to further understand their global contributor base, we not only stayed true to the spirit of FinTech, making background and expertise Education of our authors Expertise of our Authors 51%49%48%48%46% 50% 43%43% 39% High School Degree 30% 25%24%24%23%19%18%17% 29% Undergraduate University Degree 10% Postgraduate University Degree 0% Figure 1: What is the highest educational qualification of our Figure 2: Areas in which our authors have domain expertise(multiple authors choices were possible) 【实例截图】
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