Global Fintech: Financial Innovation In The Con...
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Technological progress and innovation are the linchpins of fintech development, and will continue to drive disruptive business models in financial services. According to McKinsey analysis, seven key technologies will drive fintech development and shape the competitive landscape of finance over the next decade:
McKinsey estimates that artificial intelligence (AI) can generate up to $1 trillion additional value for the global banking industry annually. Banks and other financial institutions are tipped to adopt an AI-first mindset that will better prepare them to resist encroachment onto their territory by expanding technology firms.
Speed and scalability are critical for new businesses and financial innovation, particularly amid the intense competition and winner-takes-all dynamics of the digital economy. Open source software, serverless architecture, and software-as-a-service (SaaS) have become must-haves for technology players and traditional financial institutions launching new fintech businesses.
sub-sectors that are most adept at harnessing technological innovations to launch applications, generate value, and shape the competitive landscape. In future, traditional financial institutions will need to bring their considerable resources to bear to stay on top of the gathering wave of financial industry disruption.
This paper answers two questions that help those analyzing FinTech understand its origins, growth, and potential to affect financial stability. First, it answers the question of why \"FinTech\" is happening right now. Many of the technologies that support FinTech innovations are not new, but financial institutions and entrepreneurs are only now applying them to financial products and services. Analysis of the supply and demand factors that drive \"traditional\" financial innovation reveals a confluence of factors driving a large quantity of innovation. Second, this paper answers the question of why FinTech is getting so much more attention than traditional innovation normally does. The answer to this question has to do with the 'depth' of innovation, a concept introduced in this paper. The deeper an innovation, the greater the ability of that innovation to transform financial services. The paper shows that many FinTech innovations are deep innovations and hence have a greater potential to change financial services. A greater potential to transform can also lead to a greater chance of affecting financial stability.
Financial Innovation (FIN) is a Springer OA journal sponsored by Southwestern University of Finance and Economics. It provides a global academic forum for exchanging research findings across all fields in financial innovation in the era of electronic business. It seeks to promote interactions among researchers, policy-makers, and practitioners, and to foster research ideas on financial innovation in the areas of new financial instruments as well as new financial technologies, markets and institutions. FIN emphasizes emerging financial products, processes and services that are enabled by the introduction of disruptive technologies. FIN is peer-reviewed and publishes both high-quality academic (theoretical or empirical) and practical papers in the broad ranges of financial innovation. It has been indexed in SSCI, Scopus, Google Scholar, CNKI, CQVIP and so on.Topic areas of interest include, but are not limited to, asset pricing, behavioral finance, big data analytics in finance, computational financial intelligence, corporate finance, derivative pricing and hedging, disruptive financial models, extreme risks and insurance, financial economics, financial engineering, financial instruments, financial intermediation, financial market, financial risk management and analysis, high frequency and algorithmic trading, household finance, innovative financial services, international finance, internet and mobile finance, legal and social issues of new finance, public finance and taxation, and other relevant topics. In particular, FIN welcomes research articles that study real-world impacts surrounding applications and management of blockchain, artificial intelligence, big data, Internet-of-Things, and other advanced computing such as 5G adoption in banking and other finance services.
On August 7, a group of regulators from 11 jurisdictions published a consultation (the Consultation) on the Global Financial Innovation Network (the GFIN), which aims to promote international cooperation on innovation and the use of technology in financial services (FinTech) and in regulatory processes (RegTech).
The IBSi Global FinTech Innovation Awards 2022 seek to identify and honour banks, financial institutions and technology players for their excellence in driving impact through banking technology implementations and innovations using emerging technologies. The IBSi Global FinTech Innovation Awards is in its fourth year, celebrating the coolest in FinTech globally. IBS Intelligence invites banks, financial institutions, global banking technology pioneers and new-age FinTech suppliers to showcase their excellence in project delivery and innovation. Last year the Awards received over 183 nominations from 48 countries across the globe in 30 categories.
Financial inclusion is a cornerstone of development, and since 2011, the Global Findex Database has been the definitive source of data on global access to financial services from payments to savings and borrowing. The 2021 edition, based on nationally representative surveys of about 128,000 adults in 123 economies during the COVID-19 pandemic, contains updated indicators on access to and use of formal and informal financial services and digital payments, and offers insights into the behaviors that enable financial resilience. The data also identify gaps in access to and usage of financial services by women and poor adults.
Finovate is well-known for its fintech conference series, with events worldwide attracting tens of thousands of attendees since 2007. Its blog is updated daily and covers fintech news and interviews with a focus on innovation in financial services.
At Experian we have a deep history in pioneering tools and services that prioritize improving financial health for all. Through the ongoing development of our core products and continued innovations, we believe improving financial health is how we can make a difference for institutions and individuals alike. Our core products harness the expertise of our people and are examples to others in the industry who look to advance innovation in the fintech space and beyond.
In February 2020, Wells Fargo introduced a new organizational structure, with an added focus on digital innovation. Its newly created Strategy, Digital Platform, & Innovation group aims to drive the development and application of new technologies and business models at the bank. Focuses include the potential of artificial intelligence (AI) in financial services and online banking innovations.
Founded by JPMorgan, the Financial Solutions Lab is a $60M, 10-year program managed by the Financial Health Network and supported by Prudential Financial. The lab was designed to spur innovations that help support low- to moderate-income Americans save more and improve their credit. Teams work in collaborative groups to develop new financial apps and tools.
The innovation arm of Rabobank has 2 main focuses: develop better financial services for customers, and help solve the global food problem. While these might seem like disparate goals, Rabobank is utilizing big data, blockchain, and IoT technology to explore opportunities for both at its Strategy & Innovation hub, Innovation Factory studio, and Tech Lab.
Since 2014, Barclays has partnered with fintechs through the creation of a global fintech community called Rise, which has physical spaces located in financial hubs around the world, and through targeted accelerator programs, which are geared toward helping promising startups scale their business.
Notable investments: Portfolio investments include Kabbage, an automated platform for small businesses to access capital, and Ripple, a platform that allows users (including banks and financial institutions) to send money globally using blockchain technology.
The Stevens Center will expand student programming in financial innovation through applied FinTech research courses and mentorship. Companies will work with Wharton to develop research projects for small teams of students, who will integrate and apply what they have learned to current research challenges and business opportunities. Global leaders in FinTech will engage with students inside and outside the classroom as practitioners in residence.
FinTech Connector connects global fintech enablers and innovators via its \"real world\" communities and online platform to help them collaborate and cultivate fintech ideas into financial services innovation for the benefit of all people.
Fintech Connector organizes, hosts, and partners on virtual and real-world events offering global members and corporate partners the opportunity to connect on Fintech opportunities, share best practices to innovate financial services, and expand their sphere of influence.
Ribbit Capital is a global investment firm with a mission to change the world of finance. Founded in 2012, Ribbit's mandate is to invest in the best entrepreneurs and businesses disrupting financial services. Its current portfolio includes no-fee mobile investment platform Robinhood; consumer technology platform Credit Karma; and Affirm, which provides innovative payment options for customers.
Innovation can spur growth and competition in financial markets and provide new and better options for customers. But without careful, balanced regulation, it can also present serious risks to consumers. International examples show that regulators can encourage innovation in a manner that promotes a safe and efficient marketplace, and this study looks closely at those models and how they might help the U.S. do more to advance creative solutions that make transactions easier, faster, and safer for American consumers. 781b155fdc