The FINTECH Book - Susanne Chishti - ebook

The FINTECH Book ebook

Susanne Chishti

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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 aggregates diverse industry expertise into a single informative volume to provide entrepreneurs, bankers and investors with the answers they need to capitalize on this lucrative market. Key industry developments are explained in detail, and critical insights from cutting-edge practitioners offer first-hand information and lessons learned. The financial technology sector is booming, and entrepreneurs, bankers, consultants, investors and asset managers are scrambling for more information: Who are the key players? What's driving the explosive growth? What are the risks? This book collates insights, knowledge and guidance from industry experts to provide the answers to these questions and more. * Get up to speed on the latest industry developments * Grasp the market dynamics of the 'fintech revolution' * Realize the sector's potential and impact on related industries * Gain expert insight on investment and entrepreneurial opportunities The fintech market captured over US$14 billion in 2014, a three-fold increase from the previous year. New startups are popping up at an increasing pace, and large banks and insurance companies are being pushed toward increasing digital operations in order to survive. The financial technology sector is booming and The FINTECH Book is the first crowd-sourced book on the subject globally, making it an invaluable source of information for anybody working in or interested in this space.

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“Many are familiar with early stage investing. Many are familiar with technology. Many are familiar with disruption and innovation. Yet, few truly understand how different an animal is the financial services industry. Such vectors as regulation, compliance, risk, handling other people's money, the psychological behaviours around money and capital ensure that our financial services industry is full of quirks and complexities. As such The FinTech Book offers a refreshing take and knowledge expertise, which neophytes as well as experts will be well advised to read.”

Pascal Bouvier, Venture Partner, Santander InnoVentures

“This first ever crowd-sourced book on the broad FinTech ecosystem is an extremely worthwhile read for anyone trying to understand why and how technology will impact most, if not all, of the financial services industry. It captures and highlights the disruptive forces at play. Start-up FinTech firms across the globe will have a profound impact on the future delivery of services to both institutions and individuals. This book is a terrific compilation of information and prescient thought that should prove useful to both financial services practitioners and users.”

R. Todd Ruppert, retired CEO and President of T. Rowe Price Global Investment Services and serial FinTech investor and advisor

“Sometimes a book explains how the world has changed. Rarely, a book comes along 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 live their lives. It portrays a world where, through a potent potion of technology and entrepreneurialism, power moves away from central banking institutions to local communities and the people within them. This book helps explain why London is the global hotspot for innovation in financial and payment technology. You won't be able to put it down.”

Tony Craddock, Director General, Emerging Payments Association

“Finally FinTech is entering the mainstream vernacular such that more than just we finance, banking and payments geeks and innovators are aware of the revolution underway. If you're looking for a ‘crash-course' on the FinTech industry, and the explosion of innovation that it's creating across the globe, look no further. The depth and diversity of views herein is staggering; a phenomenal compilation that will get you up-to-speed fast. Definitely worth a read.”

Roy Vella, FinTech Expert, Public Speaker and Managing Director of Vella Ventures Ltd

“Fantastic to see a book on FinTech brought together by the community and written by the community. It will be valuable to anyone starting off in FinTech”.

Nigel Verdon, Founder, Currency Cloud, Partner, Digital Change

“FinTech is about all of us – it's the future intersection of people, technology and money, and it's happening now there is an explosion of possibilities on our doorstep. Susanne and The FinTech Book paint a visual picture of the possibilities and make it real for every reader. A must-read for every disruptor, innovator, creator, banker.”

Derek White, Global Head of Customer Solutions, BBVA

“FinTech is reshaping the financial experience of millions of people and businesses around the world today, and has the potential to dramatically alter our understanding of financial services tomorrow. We're in the thick of the development of an Internet of Value that will deliver sweeping, positive change around the world just as the internet itself did a few short decades ago. The FinTech Book captures the unique ecosystem that has coalesced around this sector, bringing together visionary entrepreneurs, innovative finance leaders, and forward-thinking policymakers to comment on the exciting changes taking place.”

Chris Larsen, Co-Founder and CEO of Ripple

“There are few books out there that capture the pulse of how the internet is changing finance, but The FinTech Book has captured the views of many of the key players building the ValueWeb. It will prove an essential read to anyone wanting to know more about the next generation of banking, insurance and finance.”

Chris Skinner, Author of ValueWeb and Chair of the Financial Services Club

“Over the next decade, the notion of what a bank is will be turned on its head – where bricks and mortar give way to apps, artificial intelligence, and decentralized ledgers. The FinTech Book comes at a perfect time when incumbents, start-ups, and investors alike are trying to grasp what this future holds, for the stakes of getting it right or wrong are truly enormous.”

Greg Rogers, Executive Director, Techstars

“The FinTech Book provides an excellent open platform to hear from a wide variety of thought-provoking voices. True innovative change only happens with the support of collaborative ecosystems. The FinTech Book allows readers to hold this ecosystem in the palm of their hands,”

Liz Lumley, Director of Global Ecosystem Development, Startupbootcamp FinTech and InsurTech

“A truly indispensable guide for anyone who wants to understand the market dynamics of the FinTech 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 world is going to change so fundamentally.”

Dr Louise Beaumont, Head of Public Affairs and Marketing, GLI Finance Limited

“London has established itself firmly as a global powerhouse for FinTech. With the world's leading international financial centre and Europe's fastest growing technology hub, London is at the forefront of the latest innovations in financial technology and we are changing the way governments, businesses and consumers manage their financial affairs. We are also a city of great creativity, where new ideas thrive and disruption is welcome. All these ingredients will help London to become the FinTech capital of the world. It is important that we continue to promote the sector and shout about our successes. The FinTech Book not only provides valuable insight into the industry from some of the leading experts in London, but also shines a spotlight on what makes London an ideal destination for FinTech companies.”

David Slater, Director of International Trade and Investment, London & Partners

“With many of the contributors to this book we shared the very first FinTech days, back to 2008. In the middle of the hype now, where often noise and relevance are intertwined, I am really happy to see so many meaningful thoughts and opinion pieces about what is certainly one of the biggest pivotal shifts in financial services.”

Matteo Rizzi, FinTech Investor and Co-Founder, FinTechStage

“FINTECH Circle are at the forefront of the latest FinTech developments and innovation, and The FinTech Book reflects their open, collaborative and inclusive approach. It offers a unique insight into key trends in this industry to each part of the ecosystem – entrepreneurs, investors and service providers alike will connect with the dynamics captured here. Reaching out to such a wide range of experts provides unprecedented insight into FinTech, making this an interesting read for anyone interested in this space.”

Axel Coustere, Founding Partner, The Hub Exchange

“The FinTech book is a great jumping off point for anyone looking to understand FinTech, especially in Asia. As this new kind of technology becomes more ubiquitous, resources like this book will become more and more valuable to both newbies and experienced hands.”

Vladislav Solodkiy, CEO, Life.Sreda

“This book is a brilliant kaleidoscope of themes, success stories, and current and future trends in the financial technology space. A must-read for anyone who is interested in FinTech, it provides a solid overview of the various ways digital innovation can transform banking and finance.”

Dr Markos Zachariadis, Assistant Professor, Warwick Business School; FinTech Research Fellow at Cambridge Digital Innovation, University of Cambridge

“There is a lot of confusion around what FinTech really is and how it could be deployed by existing financial services companies. This book is well timed as it cuts through the hype and allows the reader to review practical approaches from actual exponents and thereby educate themselves on where different technologies can be applied to their businesses.”

Brendan Bradley, Chief Innovation Officer and Member of the Eurex Executive Board; Chairman of the Executive Board, Deutsche Boerse Asia Holdings Ltd

“The FinTech Book really lives up to its title. Janos and Susanne have not just succeeded in explaining the key trends, drivers and implications across a wide spectrum of FinTech themes (including payments, crowdfunding, advisory and cryptocurrencies), but have also clearly laid out the path forward, pragmatically detailing enablers such as regulatory / compliance management, analytic capabilities, and technical competency that are required to effectively capture and monetize the different FinTech disruptions. This is a truly cross-discipline, hands-on and comprehensive FinTech bible, which all players in the FinTech space, including investors, entrepreneurs, incumbent institutions and regulators, can benefit from.”

Robin J. Loh, General Manager, Ping'an FinTech

“FinTech innovation is an important component of economic development, especially for emerging economies. There are few books that summarize the FinTech movement more completely than The FinTech Book. It provides a wonderful summary of the global innovation in the industry to date.”

Melissa Guzy, Managing Partner and Founder, Arbor Ventures

“I have a passion for helping businesses invest and grow, and often the key to this is education. At a stroke here is a book that opens up the FinTech world to all who are curious, ambitious and entrepreneurial. FinTech is moving at a tremendous pace and this truly excellent book enables the reader to keep up and even get ahead of how global innovation in financial and payment technology will change and shape the world we live in. The joint editors, Susanne Chishti and Janos Barberis, have done an outstanding job.”

John Davies, CEO, The Just Loans Group PLC

“London is rapidly becoming known as a leading FinTech centre internationally. The development of The FinTech Book is timely and innovative, capturing the knowledge of the City's ecosystem players. It will be a valuable resource for those seeking to understand the implications of these disruptive technologies for the finance landscape.”

Professor Michael Barrett, Cambridge Judge Business School, Academic Director, Cambridge Digital Innovation

This edition first published 2016 © 2016 Susanne Chishti and Janos Barberis

Registered officeJohn Wiley & Sons Ltd, The Atrium, Southern Gate, Chichester, West Sussex, PO19 8SQ, United Kingdom

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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. Identifiers: LCCN 2016000567| ISBN 9781119218876 (paperback) Subjects: LCSH: Banks and banking. | Bank loans. | Credit. | Financial services industry—Information technology. | BISAC: BUSINESS & ECONOMICS /

Finance.

Classification: LCC HG1601 .C47 2016 | DDC 332.1028/4—dc23 LC record available at http://lccn.loc.gov/2016000567

A catalogue record for this book is available from the British Library. ISBN 978-1-119-21887-6 (pbk) ISBN 978-1-119-21893-7 (ebk) ISBN 978-1-119-21888-3 (ebk) ISBN 978-1-119-21890-6 (ebk)

Cover Design: Wiley Cover Image: © pkproject/Shutterstock

The FinTech Book

The Financial Technology Handbook for Investors, Entrepreneurs and Visionaries

Edited by

Susanne Chishti

Janos Barberis

List of Illustrations

Preface

Figure 1

What is the highest educational qualification of our authors?

Figure 2

Areas in which our authors have domain expertise (multiple choices were possible)

Figure 3

Type of company in which our authors were working

Figure 4

Size of companies for which our authors work

4 Emerging Markets and Social Impact

Figure:

The pyramid of opportunity

5 FinTech Solutions

Figure:

Ironically, in today’s 24/7/365, uber-connected era of business, most businesses still have little control or visibility of the status of their payment processes – and the consequences are staggering

Figure:

Elements of a dynamic payments platform

Figure:

Time series clustering

Figure:

Backtesting

Figure:

Integration examples

Figure:

Big data approach to combining internal and external data

Figure:

Hadoop framework

Figure:

Twitter stock prices affected by news

Figure:

Annotated text

Figure:

ATRAP screenshot – a successful trade after information extraction

Figure:

Sentiment analysis example

Figure:

Greece tweet assessment

Figure:

Crowdfunding ecosystem participants and responsibilities Source: Koreconex

Figure:

A sample payment ecosystem

Figure:

Penetration of mobile users vs. credit card users in India

6 Capital and Investment

Figure:

Innovation and industry/product performance over time

Figure:

Daily returns to 1-day reversal strategy, August 2007

Figure:

TIM Indicator cumulative decile returns, global

Figure:

Cumulative residual returns to >5% surprises

Figure:

Cumulative signed mean return to ideas by region

Figure:

Cumulative residual returns blogger recommendations

Figure:

TRSS cumulative L/S decile

7 Enterprise Innovation

Figure:

Defining your innovation lab – decision tree

Figure:

Innovation labs – focus and approach

Figure:

Author’s Twitter feed

Figure:

From output to action

9 Crypto-currencies and Blockchains

Figure:

Digital asset management and value exchange

Figure:

Value creation and exchange in the digital economy + the Internet of Things

Figure:

Convergence of FinTech

Figure:

The value chain

Figure:

Distributed deployment challenges

10 The Future of FinTech

Figure:

APIs everywhere

Figure:

The graph was created from Gartner’s research as quoted above

Guide

Cover

Table of Contents

Preface

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Preface

We both started off delving into the field of FinTech at roughly the same point in time. Eager to learn more, we quickly discovered that there existed no single, consolidated, and authoritative source on the subject. On a remarkably sunny London day, we met up in a local café, ascertaining our mutual passion for FinTech and our desire to find out more. Typically of entrepreneurs, we decided to fill the currently existing gap in FinTech knowledge and produce a FinTech book ourselves, a book that would provide food for thought to FinTech newbies, pioneers, and well-seasoned experts alike. This is how The FinTech Book was born.

The reader will notice that this is the first “globally crowdsourced” treatment of the subject. The reason we decided to reach out to the global FinTech community in sourcing contributors for the book lies in the inherently fragmented nature of the field of Financial Technology. There was no single author, organization, or indeed region in the world that could exhaustively cover all the facets and nuances of FinTech. What is more, by being able to call upon a truly global contributor base, we not only stayed true to the spirit of FinTech, making use of technological channels of communication in reaching out to, selecting, and reviewing our would-be contributors, we also made sure that every corner of the globe had the chance to have its say. Thus, we aimed to fulfil one of the most important purposes of The FinTech Book, namely to give a voice to those that would remain unheard, those that did not belong to a true FinTech community in their local areas, and spread that voice to an international audience. We have immensely enjoyed the journey of editing The FinTech Book and sincerely hope that you will enjoy the journey of reading it, at least as much.

More than 160 authors from 27 countries submitted 189 abstracts to be part of the book. We asked our global FinTech community for their views regarding which abstracts they would like to have fully expanded for The FinTech Book. From all these potential contributors, we selected 86 authors who have been asked to write full chapters, which have now been included in this book. We conducted a questionnaire among all our selected authors to further understand their background and expertise.

Our selected final authors come from 20 countries. The majority have postgraduate university degrees (60%) (Figure 1), strong domain expertise across many fields (Figure 2), and 93% of our finalist authors have had articles published before.

Figure 1 What is the highest educational qualification of our authors?

Figure 2 Areas in which our authors have domain expertise (multiple choices were possible)

Figures 3 and 4 show that almost half our finalist authors are entrepreneurs working for FinTech start-ups (many of them part of the founding team), a quarter come from established financial and technology companies, and another quarter from service providers such as consulting firms or law firms servicing the FinTech sector.

Figure 3 Type of company in which our authors were working

Figure 4 Size of companies for which our authors work

Almost a fifth of our authors work for start-ups with up to five people and another 55% for start-ups/small and medium-sized enterprises (SMEs) of up to 100 people. 17% of our contributors are employed by a large organization of more than 1,000 employees.

In summary, we are very proud of our highly qualified authors, their strong expertise, and passion for FinTech through being either entrepreneurs or often “intrapreneurs” in large established organizations who all are committed to play a significant role in the global FinTech revolution. These remarkable people are willing to share their insights with all of us in these pages.

Firstly, this project would not have been possible without the dedication and efforts of all contributors to The FinTech Book (both those who submitted their initial abstracts for consideration by the global FinTech community, as well as the final authors whose insights you will be reading shortly). In addition, we would like to thank Inna Amesheva, Suki Jutla, and Maya Petersohn for their invaluable help in the final stages of the editing process. Last, but certainly not least, we would like to thank our editors at Wiley whose guidance and help ensured that the project which started off as an idea in a London café has become the book which you are now holding in your hands.

Susanne Chishti and Janos Barberis

The FinTech Book Editors

2016

About the Editors

Susanne Chishti

Susanne Chishti is the CEO of FINTECH Circle, Europe’s 1st Angel Network focused on FinTech investments, founder of London FINTECH Tours, and Chairman of FINTECH Circle Innovate. Selected as one of the 100 leading Women in FinTech and top 15 FinTech UK Twitter influencers, she was recognized in the European Digital Financial Services ‘Power 50’ 2015, an independent ranking of the most influential people in digital financial services in Europe.

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