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Financialtechnology

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Financialtechnology,alsoknownasfintech,isaneconomicindustrycomposedofcompaniesthatusetechnology
tomakefinancialservicesmoreefficient.Financialtechnologycompaniesaregenerallystartupstryingto
disintermediateincumbentfinancialsystemsandchallengetraditionalcorporationsthatarelessrelianton
software.[1]

Contents
1
2
3
4
5
6

Definitionandkeyareas
Awardsandrecognition
Industrycontext
Outlook
Challenges
Referencesandnotes

Definitionandkeyareas
TheNationalDigitalResearchCentreinDublin,Ireland,definesfinancialtechnologyas"innovationinfinancial
services",addingthat"thetermhasstartedtobeusedforbroaderapplicationsoftechnologyinthespaceto
frontendconsumerproducts,tonewentrantscompetingwithexistingplayers,andeventonewparadigmssuchas
Bitcoin".[2]
Fintechreferstonewapplications,processes,productsorbusinessmodelsinthefinancialservicesindustry.These
solutionscanbedifferentiatedinatleastfiveareas.[3]
1.First,thebankingorinsurancesectoraredistinguishedaspotentialbusinesssectors.Solutionsforthe
insuranceindustryareoftenmorespecificallynamed"InsurTech".
2.Second,thesolutionwithregardstotheirsupportedbusinessprocessessuchasfinancialinformation,
payments,investments,financing,advisoryandcrossprocesssupport.[4]Anexampleismobilepayment
solutions.
3.Third,thetargetedcustomersegmentdistinguishesbetweenretail,privateandcorporatebankingaswellas
lifeandnonlifeinsurance.Anexampleistelematicsbasedinsurancethatcalculatesthefeesbasedon
customerbehaviorintheareaofnonlifeinsurance.
4.Fourth,theinteractionformcaneitherbebusinesstobusiness(B2B),businesstoconsumer(B2C)or
consumertoconsumer(C2C).AnexampleisasocialtradingsolutionsforC2C.
5.Fifth,thesolutionsvarywithregardtotheirmarketposition.Some,forexample,providecomplementary
servicessuchaspersonalfinancemanagementsystems,othersfocusoncompetitivesolutionssuchase.g.
peertopeerlending.

Sector

Bank
Insurer

Businessprocess
Payments(e.g.digitalwalletsand
peertopeerpayments)
Investments(e.g.equity
crowdfundingandPeertopeer
lending)
Financing(e.g.crowdfunding,
microloansandcreditfacilities)
Insurance(e.g.riskmanagement)
Advisory
Crossprocess(e.g.bigdata
analyticsandpredictivemodeling)
Infrastructure(e.g.security)

Customer
segment

Retail
banking
Corporate
banking
Private
banking
Life
insurance
Nonlife
insurance

Interaction
form

C2C
B2C
B2B

Marketposition

Bank/insurer
Nonbank/insurer
bank/insurer
cooperation
Nonbank/insurer
bank/insurer
competition

Globalinvestmentinfinancialtechnologyincreasedmorethantwelvefoldfrom$930millionin2008tomorethan
$12billionin2014.[5]Thenascentfinancialtechnologyindustryhasseenrapidgrowthoverthelastfewyears,
accordingtotheofficeoftheMayorofLondon.FortypercentoftheCityofLondon'sworkforceisemployedin
financialandtechnologyservices.[6]SomeofthebetterknownFinTechcompaniesinLondonincludeFunding
Circle,NutmegandTransferWise.
IntheUnitedStates,therearenumerousFinTechstartups,includingAffirm,Betterment,Behalf,Fundera,IEX,
LendingClub,Money.net,Plaid,Prosper,Robinhood,SoFi,Square,Stripe,andWealthfront.[7]
InEurope,$1.5billionwasinvestedinfinancialtechnologycompaniesin2014,withLondonbasedcompanies
receiving$539million,Amsterdambasedcompanies$306million,andStockholmbasedcompaniesreceiving
$266millionininvestment.AfterLondon,StockholmisthesecondhighestfundedcityintheEUinthepast10
years.EuropesFintechdealsreachedafivequarterhigh,risingfrom37inQ42015to47inQ12016.[8][9]
IntheAsiaPacificregion,thegrowthwillseeanewfinancialtechnologyhubtobeopenedinSydney,Australia,
inApril2015.[10]ThereisalreadyanumberofstrongfinancialtechnologyplayerslikeTyroPaymentsand
Stockspotinthemarketandthenewhubwillhelpfurtheracceleratethegrowthofthesector.Afinancial
technologyinnovationlabisalsobeinglaunchedinHongKongtohelpfosterinnovationinfinancialservices
usingtechnology.[11]AnothercompanytonoteisVMoney(http://www.vmoney.com)fromthePhilippines.
Withintheacademiccommunity,onthetechnologysidetheFinancialDataScienceAssociation(FDSA)was
foundedwithitsfirsteventorganizedbymembersfromtheartificialintelligence,machinelearning,andnatural
languageprocessingdomain.TheFDSAaimstobuildaresearchcommunityaroundcomputerscienceand
investmentstatistics.Onthebusinessside,WhartonFinTechwasfoundedattheWhartonSchooloftheUniversity
ofPennsylvaniainOctober2014withtheobjectiveofconnectingacademics,innovators,investors,andother
thoughtleaderswithintheFinTechindustrytoeachotherandtotheideasthatarereinventingglobalfinancial
services.TheUniversityofHongKongLawSchoolinconjunctionwiththeUniversityofNewSouthWaleshave
publishedaresearchpapertracingbacktheevolutionofFinTechanditsregulation.[12]

Awardsandrecognition
FinancialmagazineForbescreatedalistoftheleadingdisruptersinfinancialtechnologyforitsForbes2016global
Fintech50.[13]

AreportpublishedinFebruary2016byEYcommissionedbytheUKTreasurycomparedsevenleadingFinTech
hubs.ItrankedCaliforniafirstfor'talent'and'capital',theUnitedKingdomfirstfor'governmentpolicy'andNew
Yorkfirstfor'demand'.[14]
TheroleofFinTechinincreasingcustomersatisfactioninfinancialserviceswasrecognisedinDecember2015,
withcustomersatisfactionofFinTech8%higherthanbanking.[15]

Industrycontext
Inthefinancialadvisorysector,establishedplayerssuchasFidelityInvestmentshavepartneredwithfinancial
technologystartupssuchasFutureAdvisor(recentlyacquiredbyBlackRock),allowingnewtechnologytowork
withinaprominentcustodian.[16]EvencelebritiesincludingSnoopDogg,JaredLeto,andNasarebeginningtoput
theirresourcesintothenascentFinTechspacebyinvestinginfinancialtechnologystartupRobinhood.[17]

Outlook
Financeisseenasoneoftheindustriesmostvulnerabletodisruptionbysoftwarebecausefinancialservices,much
likepublishing,aremadeofinformationratherthanconcretegoods.Whilefinancehasbeenshieldedbyregulation
untilnow,andweatheredthedotcomboomwithoutmajorupheaval,anewwaveofstartupsisincreasingly
"disaggregating"globalbanks.[18]However,aggressiveenforcementoftheBankSecrecyActandmoney
transmissionregulationsrepresentsanongoingthreattoFinTechcompanies.[19]

Challenges
Inadditiontoestablishedcompetitors,FinTechcompaniesoftenfacedoubtsfromfinancialregulators.[20]Data
securityisanotherissueregulatorsareconcernedaboutbecauseofthethreatofhackingaswellastheneedto
protectsensitiveconsumerandcorporatefinancialdata.[21]Anydatabreach,nomatterhowsmall,canruina
FinTechcompany'sreputation.[22]Theonlinefinancialsectorisalsoanincreasingtargetofdistributeddenialof
serviceextortionattacks.[23]MarketingisanotherchallengeformostFinTechcompaniesastheyareoftenoutspent
bylargerrivals.[24]ThissecuritychallengeisalsofacedbyhistoricalbankcompaniessincetheydoofferInternet
connectedcustomerservices.[25]

Referencesandnotes
1."WhatisFinTech?".WhartonFinTech.September
2014.Retrieved9December2014.
2."SowhatisFinTech?".NationalDigitalResearch
Centre.March2014.Retrieved26November2014.
3.Alt,R.,Puschmann,T.(2012).Theriseofcustomer
orientedbankingelectronicmarketsarepavingthe
wayforchangeinthefinancialindustry.Electronic
Markets,22(4),2032015.
4."FinTechInnovationLabseligibilitycriteria".
Accenture.Retrieved26November2014.
5."TheBoominGlobalFintechInvestment"(PDF).
Accenture.2014.Retrieved9December2014.

6."WhatisFinTechandwhydoesitmattertoall
entrepreneurs?".HotTopics.July2014.Retrieved
9December2014.
7.Shin,Laura."TheFintech50InPhotos:Fintech50:
TheFutureOfYourMoney".Forbes.Retrieved
20160516.
8."StockholmFinTech:AnoverviewoftheFinTech
sectorinthegreaterStockholmRegion".Stockholm
BusinessRegion.June2015.Retrieved12July2015.
9."FintechInvestmentsSkyrocketin2016Report".
redherring.com.Retrieved12July2016.
10."SydneyFinTechhubbasedonLondonsLevel39
comingnextApril".BRW.November2014.Retrieved
26November2014.

11."FinTechInnovationLabinHongKongLaunchesWith
EightFirms".Forbes.February2015.Retrieved
9February2015.
12."TheEvolutionofFinTech:ANewpostCrisis
Paradigm?".DouglasW.Arner,JanosBarberis,RossP.
Buckley.October2015.Retrieved26October2015.
13.SamanthaSharf(20151209)."TheForbesFintech50".
Forbes.Retrieved20151210.
14."AnevaluationoftheinternationalFinTechsector"
(PDF).EY.February24,2016.RetrievedFebruary25,
2016.
15."CustomerInsightinFinancialServices".SmartMoney
People.RetrievedMay22,2016.
16."FidelityInvestmentsForgesAllianceWithLowCost
Player".TheNewYorkTimes.October2014.
17."Nas,SnoopDoggBetBigOnRobinhoodApp".Black
Enterprise.September2014.
18."HowFutureAdvisorplanstoshakeupwealth
management".Fortune.May2014.

19."CriminalizingFreeEnterprise:TheBankSecrecyAct
andtheCryptocurrencyRevolution".Westlaw's
Computer&InternetJournal.July2,2015.
20."OldLaws,NewModels".TaylorWessing.October
2014.
21."ProtectYourAssets:Cybersecurity+FinTech".
WhartonFintech.March2015.
22."FinancialStartupsReimagineBanking,butSecurity
StillParamount".Cloudbric.10July2015.Retrieved
15September2015.
23."Who'sBehindDDoSAttacksandHowCanYou
ProtectYourWebsite?".Cloudbric.10September2015.
Retrieved15September2015.
24."4RulesforLateStageFinTechMarketing".North
PointPartners.July2015.
25."WholiesbehindthelatestcyberattacksonJPMorgan
Chase?".TheEconomist.28August2014.

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