FinTech https://www.youtube.com/watch?v=LzRsjNop5KA

Definition of FinTech Financial technology, also known as FinTech, is an economic industry composed of companies that use technology to make financial services more efficient. Financial technology companies are generally startups trying to disintermediate incumbent financial systems and challenge traditional corporations that are less reliant on software.

Issues in FinTech(mind map)

What is FinTech? As a definition, Fintech is usually applied to the segment of the technology startup scene that is disrupting sectors such as mobile payments, money transfers, loans, fundraising and even asset management. A recent report from Accenture found that global investment in fintech has skyrocketed from $930 million back in 2008 to over $12 billion by the beginning of 2015. Europe experienced the highest growth rate, with an increase of 215% to $1.48 billion in 2014.

4 major areas of FinTech

Area and Scope of FinTech

Why fintech matters to the business world? From crowdsourcing to mobile payments, there has never been as much choice to entrepreneurs as there is presently. It’s never been cheaper to not only set-up your business, but also to expand it. Crowdsourcing, for example, allows people with big ideas to get funding quickly and easily from anywhere in the world from people they have never met. Instead of months of investor talks, entrepreneurs can – thanks to the shop-window that is the internet – pitch directly to the world.. Transferring money across borders is another area that is being reworked and reframed by innovators. TransferWise has turned the traditional (and expensive) banking solution to sending money across borders on its head and enables small firms and individuals to transfer money far cheaper than was previously possible.

How fintech changed the customer The rise of the smartphone has massively changed the behavior of consumers. Thanks to the ‘always online’ culture we live in today – and the proliferation of services and apps that feed it – people can not only access information and data they had never previously been able to, they can do so whilst waiting for a bus. Whether it’s checking their online account or setting up an online investment portfolio, people now expect to handle financial affairs as easily and conveniently as they do their email or Facebook page. It’s a huge opportunity for businesses and soon no enterprise will succeed and flourish without the right fintech services in place

2 FinTech Cases

10 emerging trends in digital banking Blockchain Gamification Nudge theory Robo advising Voice processing Biometrics Social integration Personalization Big data Open API and clouds

Block chain A blockchain— originally block chain — is a distributed database that maintains a continuously-growing list of records called blocks secured from tampering and revision. Each block contains a timestamp and a link to a previous block. The blockchain is a technology that underlies bitcoin—conceived in 2008 and first implemented in 2009—where it serves as the public ledger for all transactions. In the bitcoin case, every compatible client is able to connect to the network, send new transactions to it, verify transactions, and take part in the competition to create new blocks.

Gamification Gamification is the application of game-design elements and game principles in non-game contexts. Gamification commonly employs game design elements which are used in so called non-game contexts in attempts to improve user engagement, organizational productivity, flow, learning, crowdsourcing, employee recruitment and evaluation, ease of use and usefulness of systems, and physical exercise

Nudge theory Nudge theory (or Nudge) is a concept in behavior science, political theory and economics which argues that positive reinforcement and indirect suggestions to try to achieve non-forced compliance can influence the motives, incentives and decision making of groups and individuals, at least as effectively, than direct instruction, legislation, or enforcement.