Title:
FinTech : The Technology Driving Disruption in the Financial Services Industry
Personal Author:
Physical Description:
xiii, 261 pages : illustrations ; 24 cm.
ISBN:
9781138294790
General Note:
Includes index
Abstract:
Everything that we know about the world of finance is changing before us. Innovation is happening constantly, despite the protests of the traditional financial industry. With all the new technology that we have today, it is almost mind-blowing to think about the kind of technology that we will have in another ten years or so. The change is going to keep coming, the only thing we can do is get on board with it. This book introduces the basics of FinTech and equips readers with the knowledge to get on the cutting edge of the age we live in today
Available:*
Library | Item Barcode | Call Number | Material Type | Item Category 1 | Status |
|---|---|---|---|---|---|
Searching... | 30000010369654 | HG173 A75 2018 | Open Access Book | Book | Searching... |
Searching... | 33000000017454 | HG173 A75 2018 | Open Access Book | Book | Searching... |
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Summary
Summary
Everything that we know about the world of finance is changing before us. Innovation is happening constantly, despite the protests of the traditional financial industry. With all the new technology that we have today, it is almost mind-blowing to think about the kind of technology that we will have in another ten years or so. The change is going to keep coming, the only thing we can do is get on board with it. This book introduces the basics of FinTech and equips readers with the knowledge to get on the cutting edge of age we live in today.
Author Notes
Parag Y, Arjunwadkar, PMP, TOGAF is Head of the Digital Touchpoints/Mobile practice (FSGBU) at Capgemini India Pvt. Ltd. As head of digital channels practice, he has developed and delivered digital strategy and road-map for multiple customers comprising of digital factory, innovation factory, mobile office, enablement and transformation roadmap, and UX Studios.
Table of Contents
| Introduction | p. ix |
| Author | p. xiii |
| 1 Evolution of the Financial Services Industry | p. 1 |
| The Evolution of Banks: Temples to Challenger Banks | p. 3 |
| The Evolution of the Wealth Management Industry: Merchant Banking to Robo-Advising | p. 10 |
| The Evolution of the Insurance Industry: Lloyd's of London to Pay per Mile Insurance | p. 18 |
| Emerging FinTechs | p. 23 |
| The Rise of FinTechs | p. 27 |
| 2 Reshaping the Financial Services Industry | p. 35 |
| FinTechs in the Payments Industry | p. 40 |
| Multichannel Digital Wallets | p. 41 |
| Digital Wallets | p. 42 |
| Applications Supporting Wallets | p. 47 |
| Onboarding and KYC Applications | p. 48 |
| POS Systems | p. 50 |
| FinTechs in the Lending Industry | p. 51 |
| Formal Lending | p. 51 |
| Informal Lending | p. 53 |
| FinTechs Disrupting the Lending Business | p. 53 |
| P2P Lending | p. 55 |
| POS Lending | p. 60 |
| Online Lending (B2B/B2C) | p. 67 |
| Payday Lending | p. 72 |
| Microfinance | p. 75 |
| Crowdfunding | p. 77 |
| FinTechs in a Wealth Management Industry | p. 80 |
| Financial Advice | p. 81 |
| Automated Investing | p. 83 |
| Socially Responsible Investing | p. 86 |
| Equity Research Fin Techs | p. 88 |
| FinTechs in the Insurance Industry | p. 89 |
| Ushering in the New Age of Collaborative Insurance through P2P Insurance | p. 91 |
| On-Demand Insurance: Insuring only When One Wants It | p. 97 |
| Reducing Healthcare Claims through On-Demand Consultation | p. 102 |
| Introducing New Ways of Customer Engagement | p. 104 |
| Quote to Sell | p. 104 |
| Policy Servicing | p. 105 |
| Claims Management | p. 106 |
| Technology Reshaping the Insurance Industry | p. 106 |
| Leading Innovation in Nontraditional Insurance | p. 109 |
| 3 Technology Disruptions Enabling FinTech Innovations | p. 113 |
| 4G and 5G Networks Fueling FinTech Opportunities | p. 120 |
| 1G Networks | p. 120 |
| 2G Networks | p. 121 |
| 3G Networks | p. 122 |
| 4G Networks | p. 123 |
| Mobile Applications and Smartphones Reshaping the Customer Experience | p. 123 |
| FinTechs Making Life Simple by Using Embedded Sensors | p. 125 |
| Accelerometers | p. 125 |
| Gyroscopes | p. 126 |
| Magnetometers | p. 126 |
| Barometers | p. 126 |
| Thermometers | p. 126 |
| Air Humidity | p. 126 |
| Heart Rate Monitor | p. 126 |
| Fingerprint Scanners | p. 127 |
| Radiation Level Sensors | p. 127 |
| Cameras | p. 127 |
| Microphone and Speakers | p. 127 |
| Smartphone Operating Systems | p. 127 |
| FinTechs Transforming the Customer Experience Using Social Media | p. 128 |
| App Stores Helping FinTechs Expand Globally | p. 131 |
| FinTechs Make Payments Seamless Using Mobile Payments | p. 134 |
| Loyalty Redefined by FinTechs | p. 135 |
| Cloud Computing | p. 137 |
| Anybody Can Start a FinTech Using Pay-per-Use Models from the Cloud | p. 137 |
| Cloud Service Models | p. 138 |
| Cloud Deployment Models | p. 138 |
| The Cloud Enables FinTechs to Offer Premium Products at Affordable Prices | p. 139 |
| How FinTechs Are Leveraging the Cloud Service Providers | p. 140 |
| FinTechs Using Web2.0 and Responsive Web Design (RWD) for Rapid Launches | p. 144 |
| RWD Making Cross-Channel Application a Reality for FinTechs | p. 145 |
| Media Queries | p. 146 |
| Fluid Grid | p. 146 |
| Flexible Images | p. 146 |
| FinTechs Launching New Products at an Unmatched Pace Using New Age JS (Javascript) Technologies | p. 147 |
| API-fication | p. 149 |
| FinTechs Monetizing Their Platforms through API-fication | p. 151 |
| Powered by PSD2, FinTechs Have an Exciting Future | p. 152 |
| AISP | p. 153 |
| PISP | p. 153 |
| FinTechs Enabling Payment Integration Leveraging API-fication | p. 154 |
| FinTechs Extending Their Wealth Management Platforms | p. 158 |
| FinTechs Leveraging API-fication to Offer Proprietary Platforms | p. 160 |
| IOT | p. 161 |
| FinTechs Employing Intelligent Devices to Disrupt Financial Services | p. 162 |
| IOT Disrupting the Way Banking, Payments and Insurance Is Done | p. 165 |
| Big Data, Analytics and AI | p. 166 |
| FinTechs Redefining Credit Scoring Using Big Data, AI and Analytics | p. 167 |
| FinTechs Enabling Just-in-Time Information and Analysis for Investors | p. 170 |
| FinTechs Encouraging Transparent Lending and Customer Friendly Ways of Debt Recovery | p. 172 |
| Blockchain | p. 175 |
| Blockchain Explained | p. 175 |
| FinTechs Adopting Blockchains to Bring in Security and Transparency | p. 178 |
| 4 The State of FinTechs Globally | p. 187 |
| The United States: The Revolution Started from Here | p. 191 |
| Europe and the UK | p. 194 |
| UK: The FinTech Hub | p. 194 |
| FinTechGermany: Playing the Catch-Up Came | p. 195 |
| Sweden: The Place Where Skype and Spotify Were Born | p. 196 |
| France: Gearing Up for the Next Revolution, the FinTech Revolution | p. 196 |
| China: The FinTech Dragon Awakens | p. 197 |
| India: The FinTech Tiger Is Roaring | p. 199 |
| Africa: A Young FinTech Continent | p. 203 |
| Australia, New Zealand and Brazil: The Emerging FinTech Countries | p. 206 |
| 5 Incubating the FinTechs and Early Stage Funding | p. 209 |
| Coworking Space: A Place for FinTechs to Enrich and Rediscover Themselves | p. 214 |
| Surf Office | p. 217 |
| Incubators | p. 218 |
| Accelerator Programs | p. 221 |
| Impact Hub | p. 223 |
| Established Financial Institutions Incubating Start-Ups | p. 224 |
| 6 The Road Ahead | p. 227 |
| FinTechs as Disruptors | p. 230 |
| Compelling User Experience | p. 230 |
| Tapping the Untapped Opportunity Space | p. 230 |
| Automation for Efficiency and Effectiveness | p. 231 |
| Using Unconventional Channels to Market Themselves | p. 232 |
| Agile and Asset Light | p. 232 |
| Collaboration with Peers and Competitors | p. 233 |
| Recent Failures and Lessons Learned | p. 234 |
| Financial Institutions Collaborating with FinTechs to Create an Ecosystem | p. 236 |
| Partnering with FinTechs to Increase Their Offering | p. 236 |
| Using FinTech Products by White-Labeling or by Cobranding | p. 237 |
| Acquiring FinTech Companies | p. 238 |
| Engaging FinTech Companies through Investment/Accelerator Programs | p. 239 |
| The Future of FinTechs | p. 239 |
| The New Financial World | p. 241 |
| Technology Empowering the Tomorrow Land in Financial Service | p. 245 |
| Local Solutions for a Global Service | p. 247 |
| Index | p. 251 |
