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1.1 OXF FIN M1U1 Notes PDF
1.1 OXF FIN M1U1 Notes PDF
An introduction to fintech
Table of contents
1. Introduction .................................................................................................................... 3
2. Functional framework for finance ................................................................................ 4
3. The four thematic areas in fintech ............................................................................... 6
3.1 The future of money ................................................................................................... 6
3.1.1 Digital currency ................................................................................................... 7
3.1.2 Mobile money and payments .............................................................................. 8
3.1.3 Novel barter platforms ......................................................................................... 9
3.2 The future of markets ............................................................................................... 10
3.2.1 Flash crashes and the impact of AI .................................................................. 10
3.2.2 New network-enabled markets ......................................................................... 12
3.3 The future of marketplaces ...................................................................................... 15
3.3.1 Deconstructing the marketplace stack .............................................................. 15
3.3.2 New payment platforms and financial inclusion................................................ 16
3.4 Infrastructure ............................................................................................................ 17
3.4.1 Identity, cybersecurity, and regulation .............................................................. 18
3.4.2 Implication of quantum computing .................................................................... 20
4. Conclusion ................................................................................................................... 22
5. Bibliography ................................................................................................................. 23
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Learning outcomes:
LO1: Recognise the current states of various elements of the fintech landscape.
1. Introduction
Fintech is one of the most exciting and topical areas in global business today. The
emergence of a new generation of financial technology has, in a short time, had a
considerable impact not only on the financial services industry, but on the way we do
business, transact as customers, and think about our financial future. Investment in the
sector reflects this as it continues to grow with no sign of stopping. Based on recent
investment reports, over US$100 billion has been invested into fintech over the past five
years (KPMG, 2017). Venture capitalists are focusing 73% of their fintech investments into
disrupting retail banking (which consists of banking services for both personal, and small
and medium enterprises (SMEs)). Retail banking is the most profitable segment of
conventional banking (Citigroup, 2016).
• Lower barriers to entry because of new customer access methods, such as the
mobile phone replacing the retail bank branch
• New currencies and credit systems affecting incoming banking and investment
players
Fintech has created a space for financial inclusion and the rise of emerging markets, which
is driving economic growth. Because of mobile internet access, consumers who previously
could not access financial services can now use their mobile phones to access these
services. This results in opportunities for fintech start-ups to capitalise on the emerging
markets in the global south (Africa, Asia, and South America). Combined with the rise in
challenger banks, this means that a major source of revenue for traditional banks will be
significantly affected in both emerging markets and traditional markets.
In Video 1, David Shrier, the programme Co-Convenor, briefly discusses the trends and
driving forces behind fintech innovation.
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Video 1: David Shrier explains the reason for fintech innovation in financial services, discusses
what is driving the need for fintech innovation, and mentions current fintech trends. (Access this
set of notes on the Online Campus to watch this video.)
Many people have speculated about the future of banking. It is likely that incumbents will
not be able to pivot smoothly, and a combination of well-funded disruptors (Amazon,
Google, Alibaba, Tencent) and start-ups are going to upend the landscape. What do you
think?
To understand the impact of fintech on the financial services industry, it is helpful to use a
functional framework to understand fintech disruption. In this programme, you will analyse
recent trends in the fintech ecosystem, including market and fintech investment trends,
and learn to understand the challenges, opportunities, and threats in fintech, as well as
what is driving change and what the change looks like.
This set of notes provides an overview of the four thematic areas that will be explored in
more depth throughout the programme.
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systems and structures that form the foundation for these services. This framework will be
explored in more detail in Module 2.
Figure 1: The functional framework for financial services illustrates the relationship between the
architectural foundations that financial institutions are built on and the services and functions that
are enabled as a result.
The functional framework will be referenced throughout this programme when exploring
the impact of fintech on the financial services industry. Module 2 will explore paying for
goods and services, moving money from today to tomorrow, and moving money from
tomorrow to today in relation to the structure and disruption in financial services. Module 5
will take a deeper dive into decision support in the context of the future of markets. Module
6 will discuss moving money from tomorrow to today, managing risk, as well as decision
support in the context of the future of marketplaces. Finally, Module 7 will explore both
infrastructure and the rules of the game.
This programme explores the pulse of fintech in the financial services industry by
contextualising the fintech ecosystem using the functional framework, and analysing the
trends and opportunities within the four thematic areas of the industry, especially those
that have arisen because of fintech innovation and recent technological advancements.
In Video 2, David Shrier explains the functional framework for finance and introduces the
four thematic areas of the fintech ecosystem.
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Video 2: David Shrier explains the functional framework for finance and introduces the four
thematic areas in the fintech ecosystem. (Access this set of notes on the Online Campus to watch
this video.)
This section introduces the thematic areas and how they can be understood in relation to
the functional framework. Each of the themes will be covered in more detail in their own
dedicated modules. This serves as an introduction to what is to come during the
programme.
In early 2017, Amazon planned to launch a cashierless convenience store, which allows
customers to shop and immediately leave the store, automatically charging the items to
the customer’s account (Garun, 2016). While it is possible that the idea of invisible banking
may become a reality in the far future, consumers and businesses will need to rely on
digital banking during the transition from legacy banking models to future models.
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Explore further:
If you are interested, find out more about the speculations of the future of invisible banking.
Fintech has changed the way people think about money and value exchange in a real-
time, digital world. This section explores some trends in fintech that have disrupted
traditional notions of money, including the following:
• Mobile banking
Explore further:
The financial services industry is one of the many industries disrupted by distributed ledger
technology. If you are interested, read more about the disruptive impact in other industries.
While people have been transacting with digitised money for years and technologies such
as distributed ledgers, blockchain and Ethereum, cryptography, and networked systems
such as the internet have long been available, the combination of these elements has
made it possible for new-generation digital currencies to disrupt the industry. This
disruption has transformed the way people think about money, which impacts the way they
engage with financial services providers.
In this video, Liana Douillet Guzmán, Senior Vice President for Growth at Blockchain,
explains the shortfall of digitised money and the reason for the increase in consumers
wanting to adopt digital currencies.
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Video 3: Liana Douillet Guzmán explains how changing consumer behaviour led to an increase in
consumers using digital currencies and value exchange platforms. (Access this set of notes on the
Online Campus to watch this video.)
This section briefly covers the theme of money: its value, how it has changed, and how
people think about it now. What will the future of money look like? Will people use one
agreed-upon form of currency? While it may be unlikely that digital currencies will render
national currencies obsolete, they have, and will continue to, change how people transact.
Explore further:
If you are interested in exploring this further, read about the future of money.
New generation organisations such as Circle, a payment app that allows you to make free,
instant, and secure transfers, and TransferWise, a payment service that enables you to
convert your money and send it abroad at lower rates, have emerged in the mobile money
payment space. BitPesa is an example of a new generation money payment organisation
that combines mobile payment and cryptocurrencies (which will be discussed in more detail
in Module 4 of this programme). This concept is sometimes called “Payments 3.0”, which
refers to a broad set of financial services and applications including digital wallets, open
application program interfaces (APIs), in-app payments, and biometrics (Ubaghs, 2016)
and allows for more flexibility for the consumer.
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Video 4: John Edge speaks about the future of payments and how payment infrastructure could
change to make transactions more efficient. (Access this set of notes on the Online Campus to
watch this video.)
The swap and sharing economy is an interesting emergence of a new market, aided by
peer-to-peer transfer technology, reviving an outdated way of trading goods or services
without exchanging any currency. Users on these bartering platforms can swap anything
from medication for toiletries or web design for home maintenance.
Explore further:
If you would like to learn more about the swap economy, read about how bartering has
gone mainstream and is here to stay. You might also be interested in finding out more
about the revolutionary nature of the sharing economy.
Distributed computing formed the foundation for innovations such as blockchain and bitcoin
that have changed how people pay, save, borrow, and manage risk. You will explore the
future of money in more detail in Module 4. Throughout the course of this programme, you
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will analyse the macroeconomic factors that impact fintech innovation by exploring how
alternative money and payment tools have emerged out of fintech, as well as the impact
of money innovation on the fintech ecosystem.
• Emerging markets
• Social trading
• High-frequency trading
This section briefly covers the impact of some of these trends, but these topics will be
covered in more detail in upcoming modules.
There has been a rise in AI trading in recent years. According to Gaurav Chakravorty, Co-
Founder and Head of Strategy Development at QPlum, an organisation focused on AI-
driven investment and trading:
(Chakravorty, 2016)
Officials on Wall Street plan to use artificial intelligence systems and machine learning to
monitor the stock markets and predict patterns of fraud (Fortune, 2016).
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Explore further:
If you are interested, read more about the rise of AI trading or deep investing.
In Video 5, John Edge, Co-Founder of ID2020 and Chairman of Disk Holdings, shares his
insights on pattern recognition.
Video 5: John Edge speaks about pattern recognition and how it was developed to innovate
compliance systems to meet the needs of electronic trading markets. (Access the notes on the
Online Campus to watch this video.)
AI technology can be used to analyse large volumes of data and detect irregular patterns
much faster than a person could. Dena Hamilton, Director of Enterprise Fraud & Security
Software Solutions at NCR, explains that currently, this technology is not a panacea for
preventing fraud in the market as market manipulators are constantly employing innovative
means to commit fraud. However, AI and machine learning makes it substantially easier
for officials to examine large amounts of potentially suspicious data and patterns (Hamilton,
2017).
Explore further:
AI has also made it possible for wealth management and advice to be automated. In Video
6, Sheri Kaiserman, Managing Director and Head of Advanced Securities at Wedbush
Securities, a financial services and investment firm, comments on the impact and
implications of robo-advisors on the stock market.
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Video 6: Sheri Kaiserman shares her opinion on how robo-advisors can be used in stock market
trading. (Access the notes on the Online Campus to watch this video.)
Explore further:
If you would like to explore this further, read about how fintech is disrupting stock markets.
In Video 7, Ron Suber, President of Prosper Marketplace, explains the emergence of new
ways of lending and funding.
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Video 7: Ron Suber explains what has given rise to new ways of lending and funding in the
financial services industry. (Access this set of notes on the Online Campus to watch this video.)
Peer-to-peer lending
Peer-to-peer lending, powered by mobile technology, social networks, and big data, has
revolutionised financial services by simplifying the process for people to gain access to
funds. Peer-to-peer lending has achieved this by removing the middleman and connecting
borrowers and lenders directly to one another (Trudeau, 2017). In Video 8, Sheri
Kaiserman shares her opinion on the opportunities for peer-to-peer lending.
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Video 8: Sheri Kaiserman shares her thoughts on the opportunities and challenges of peer-to-peer
lending. (Access this set of notes on the Online Campus to watch this video.)
Explore further:
China, where peer-to-peer lending has been employed since 2007, has experienced
significant downfalls because of new regulations on the industry. If you are interested, read
more about the state of the peer-to-peer lending industry in China 10 years after its
employment.
Crowdfunding
The concept of collective intelligence, which is also referred to as the “wisdom of crowds”,
is not new. However, by using new technology, people can capitalise on this idea by
combining and aggregating the predictions of a group of people and are able to achieve
results arguably more accurate than expert prediction. This is useful in the financial
services industry when it is applied to forecasting and trading in financial markets
(Realworld Capital, 2017). This application of technology makes financial markets and
trading more accessible to the public and eliminates the need for an intermediary.
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You will explore these concepts in more detail further in this programme, including the
following:
• The benefit of harnessing the wisdom of crowds with prediction markets (Modules
5 and 6)
• How fintech innovation can prevent flash crashes, fraud, and market manipulation
(Module 5)
• Mobile
• Financial inclusion
New payment platforms and mobile devices have a great impact, not only in terms of
economic benefits, but also in terms of moral benefit, as they have become a gateway for
people who previously did not have access to financial services. The previously unbanked
and underbanked can now transact globally. This has led to the increase in fintech start-
ups and innovations that are focused on emerging markets such as Africa, Asia, and South
America. The effect of emerging markets and the potential for innovation in the financial
inclusion marketplace will be explored in more detail in upcoming modules.
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(Coppey, 2017)
The global financial crisis of 2007-2008, coupled with higher regulation and
capital costs for loans to SMEs, has made it even more difficult for SMEs
to secure financing. However, the financial crisis has also created a
plethora of disruptors in the FinTech area…who, with their innovative ways
to originate, assess credit risk and fund SME loans, have provided
alternative ways for SMEs to secure funding for their growth.
(WEF, 2015)
SMEs face many challenges when it comes to funding their businesses, including being
part of the underbanked or unbanked (due to the regulations that have been placed on
banks because of the financial crisis of 2008) and lacking the skills and resources to
manage funds effectively. Fintech innovation has made it possible for SMEs to access
funding in new ways, which has a positive effect on boosting economic growth as SMEs
contribute significantly to the creation of new jobs.
According to Sparkup, a business accelerator that helps to raise funds for start-ups, some
of the disruptive trends that support SME growth include the following:
• Invoice financing
• Capital raising
• Trade financing
(Sparkup, 2017)
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These disruptive trends, as well as mobile trading, equity funding, and online capital
markets, have changed the game for SMEs by providing them with access to alternative
platforms and avenues to obtain funding.
Explore further:
These trends have sparked a paradigm shift in how the banking industry is approaching
funding start-ups and SMEs. Read about the new era in banking SMEs.
Some of the technologies that underpin this movement include blockchain, mobile
platforms, and big data. In the Video 9, Nuria Oliver, Director of Data Science Research at
Vodafone and Chief Data Scientist at Data-Pop Alliance, discusses how mobile devices
have created opportunities for providing services to the underbanked and unbanked.
Video 9: Nuria Oliver discusses the opportunity created by mobile devices to address the issue of
financial inclusion and providing services to the underbanked. (Access this set of notes on the
Online Campus to watch this video.)
3.4 Infrastructure
Infrastructure is the system that enables the movement and regulation of transactions in
the financial services space. Technology has radically altered the financial services
infrastructure. Traditionally, banks controlled the transfer of money and related processes.
However, because of recent technological innovation, there are faster and better ways for
people to transact. This also means that with more consumers wanting to transact in a
frictionless way, security and privacy technologies need to be improved. Additionally,
because consumers’ personal data is being used there are greater risks of consumer
information being hacked or compromised. This creates room for disruption and innovation
in the financial services industry, especially in financial services infrastructure where the
way trade takes place is evolving.
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• Cybersecurity
In Video 10, David Shrier briefly touches on the concept of regulation and infrastructure in
financial services.
Video 10: David Shrier speaks about trends in regulation, such as jurisdiction shopping and
regtech. (Access this set of notes on the Online Campus to watch this video.)
In the next section, you will engage with the opinions and experiences shared by experts
in the industry regarding the previously mentioned technologies, including the Husayn
Kassai, Co-Founder and CEO of Onfido, Stan Stalnaker, Founding Director of Hub Culture,
and Micheal Cooper, CTO of BT Radianz.
In Video 11, Stan Stalnaker, Founding Director and Chief Strategy Officer at Hub Culture,
a social network service that operates the global digital currency Ven, speaks about the
challenges of identity and cybersecurity.
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Video 11: Stan Stalnaker, CEO of Hub Culture, explains the challenge of KYC (know your
customer) and AML (anti money laundering). (Access this set of notes on the Online Campus to
watch this video.)
By addressing the challenges that come with regulation and security of new technology
and innovation in the financial services industry, innovators have found ways to capitalise
on the many opportunities. In Video 12, Husayn Kassai, CEO and Co-Founder of Onfido,
an identity verification organisation, describes the challenge and opportunity of addressing
identity verification in an online environment.
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Video 12: Husayn Kassai speaks about using technology to improve the identity verification
process. (Access this set of notes on the Online Campus to watch this video.)
Quantum computing could easily break the public key infrastructure (PKI)
verification procedure we've come to rely on for one-time passwords (OTP)
to access a bank account, or indeed the cryptography technology that the
blockchain relies upon.
(Ainger, 2017)
Michael Cooper, CTO of BT Radianz speaks about the increasing risk of cyberattacks, the
associated challenges for security in financial technology and how these threats can be
addressed using new technologies such as quantum computing and artificial intelligence.
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Video 13: Michael Cooper, CTO of BT Radianz, comments on cybersecurity and the opportunity
for AI and quantum computing in fintech. (Access this set of notes on the Online Campus to watch
this video.)
In Video 14, David Shrier concludes with the solutions that future technologies can provide
to address the concerns that were raised in Video 1.
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Video 14: David Shrier speaks about the solutions that future technologies can provide for
financial services. (Access this set of notes on the Online Campus to watch this video.)
4. Conclusion
The current financial services landscape is ripe for change because of changing customer
expectations, an increase in access to venture capital using crowdfunding, lower barriers
to entry, and the accelerating technological evolution. Traditional financial services
providers are at risk of losing their revenue to fintech start-ups and innovations (PwC,
2017). However, financial incumbents and other large organisations have also begun to
develop strategies to foster innovation and remain relevant in the face of the uncertain
future of financial services.
This module introduced the main themes that will be covered throughout this programme.
In future modules, you will be guided through the changing fintech landscape and explore
tools and theories presented by leaders in the fintech and financial services industry to
help you understand disruption and the potential for disruption in the uncertain future of
financial services.
Here is a preview of some of the many experts in fintech and financial services, that you
will engage with during the next ten weeks of this programme.
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Video 15: Highlights of some of the many speakers to feature during the next 10 weeks of this
programme. (Access this set of notes on the Online Campus to watch this video.)
5. Bibliography
Accenture. 2017. The future of fintech and banking: Digitally disrupted or reimagined?
Available: https://www.accenture.com/_acnmedia/Accenture/Conversion-
Assets/DotCom/Documents/Global/PDF/Dualpub_11/Accenture-Future-Fintech-
Banking.pdf#zoom=50 [2017, August 23].
Ainger, N. 2017. Coming technology: Fintech developers tell you what to look for and
why the fintech revolution arose. Available:
https://www.cnbc.com/2017/06/15/fintech-developers-technology-apple-
microsoft-xerox-kodak-revolution.html?view=story&%24DEVICE%24=native-
android-mobile [2017, September 19].
Bakker, E. 2016. Technology is disrupting the financial services industry — here's how.
Available: http://www.businessinsider.com/technology-is-changing-the-financial-
services-industry-2016-1 [2017, August 23].
Chakravoty, G. 2016. What is the difference between AI trading and algo trading?
Available: https://www.quora.com/What-is-the-difference-between-AI-trading-and-
algo-trading [2017, September 19].
CNBC. 2017. Coming technology: Fintech developers tell you what to look for and why
the fintech revolution arose. Available: https://www.cnbc.com/2017/06/15/fintech-
developers-technology-apple-microsoft-xerox-kodak-revolution.html [2017,
August 29].
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Coppey, L. 2017. Will blockchain(s) eat the marketplace stack? – point nine land –
medium. Available: https://medium.com/point-nine-news/will-blockchain-s-eat-
the-marketplace-stack-cf5952889aa0 [2017, August 29].
Deloitte United States. 2017. The rise of the sharing economy l Deloitte US l Travel,
Hospitality, and Leisure. Available:
https://www2.deloitte.com/us/en/pages/consumer-business/articles/the-rise-of-
the-sharing-economy-impact-on-the-transportation-space.html [2017, August 25].
Ernst & Young Global Limited. 2015. Emerging technology trends: The road to the bank
of the future. Available: http://www.ey.com/au/en/industries/financial-
services/banking---capital-markets/ey-banking-agenda-issue-2-2015-emerging-
technology-trends [2017, September 05].
Ernst & Young LLP. 2015. The rise of the sharing economy. Available:
http://www.ey.com/Publication/vwLUAssets/ey-the-rise-of-the-sharing-
economy/%24FILE/ey-the-rise-of-the-sharing-economy.pdf [2017, August 27].
Hamilton, D. 2017. AI and machine learning for fraud prevention: What's the difference?
Available: http://banking.com/analysis/ai-machine-learning-fraud-prevention-
whats-difference/ [2017, August 27].
IFC. 2010. The SME banking knowledge guide. 2nd ed. Available:
https://www.ifc.org/wps/wcm/connect/b4f9be0049585ff9a192b519583b6d16/SME
E.pdf?MOD=AJPERES [2017, August 27].
IFC. 2013. Closing the credit gap for formal and informal micro, small, and medium
enterprises. Available:
http://documents.worldbank.org/curated/en/804871468140039172/Closing-the-
credit-gap-for-formal-and-informal-micro-small-and-medium-enterprises [2017,
September 15].
Kuepper, J. 2016. 7 things that will shape the future of fintech. Available:
http://www.investopedia.com/articles/investing/112916/7-things-will-shape-future-
fintech.asp [2017, August 23].
Michael Parsons, B. 2017. The difference between digitised and digital money. Available:
https://www.coinsilium.com/education/the-difference-between-digitised-and-
digital-money/ [2017, August 24].
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PwC. 2017. Redrawing the lines: Fintech's growing influence on financial services.
Available: https://www.pwc.com/jg/en/issues/redrawing-the-lines-fintechs-
growing-influence-on-the-financial-services-2017.html [2017, September 08].
ResponsAbility. 2017. Micro and SME finance market outlook 2017. Available:
http://www.responsability.com/investing/de/1211/Research-Publikationen.htm
[2017, September 05].
Shaw, M.D. 2017. Swapping and enjoying the rewards of the sharing economy: Trade
with trust. Available: http://www.huffingtonpost.com/michael-d-shaw/swapping-
and-enjoying-the_b_9476888.html [2017, August 23].
Sparkup. 2017. FinTech: How is technology changing the face of finance for SME.
Available: http://sparkup.co/blog/fintech-technology-changing-face-finance-
smes/?lang=en [2017, August 29].
Syndicate Room Ltd. 2017. What is equity crowdfunding? | Equity Crowdfunding UK.
Available: https://www.syndicateroom.com/investors/what-is-equity-crowdfunding
[2017, August 28].
Trisk, A. 2016. Why the sharing economy is more than a trend–it's a revolution. Available:
https://www.inc.com/adam-trisk/why-the-sharing-economy-is-more-than-a-trend-
its-a-revolution.html [2017, August 23].
WEF. 2015. The future of fintech a paradigm shift in small business finance. Available:
http://www.smefinanceforum.org/post/the-future-of-fintech-a-paradigm-shift-in-
small-business-finance [2017, September 19].
Freedman, D.M. & Nutting, M.R. 2015. A brief history of crowdfunding. Available:
http://www.freedman-chicago.com/ec4i/History-of-Crowdfunding.pdf [2017,
September 19].
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