Scribd
Upload
10 views37 pages

Module 1

Uploaded by

Siva Kishore
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
10 views37 pages

Module 1

Uploaded by

Siva Kishore
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 37

INTRODUCTION

Meanings

Creativity:- it is an act of creating new ideas, imaginations and possibilities.


thinking something new

Invention:-creation of new idea or concept

Innovation:- introducing something new,

Creativity involves two processes: thinking then producing


Ruth represented as C = ƒa(KIE),
she indicated that creativity is generated by the interaction between Knowledge (K), Imagination (I), and Evaluation (E).
Furthermore, she suggested that a crucial catalyst in this formula is the individual's attitude (A).
Introduction to FinTech

Finance + Technology New offering of financial


=FinTech products

FinTech?

New Usage of intensive


processes/business models technology (cloud,
mobile, metadata,
mining)
 “Financial technology” or “FinTech” refers to technology enabled financial solution.
 FinTech firms aim to attract customers with products and services that are more user-friendly, efficient,
transparent, and automated than those currently available (Dorfleitner,Hornuf, Schmitt, & Weber, 2017)
 Financial innovation can be defined as the act of creating and then popularizing new financial instruments as well
as new financial technologies, institutions and markets. It includes institutional, product and process innovation.
(Farha Hussein 2015)
Current Biggest Trends in Fintech
 Open Banking (or BaaS, Banking as a Service)
It enables secure data sharing and collaboration between financial institutions, technology companies, and customers.
Users can allow their financial data to be accessed by authorized third-party service providers and leverage
personalized solutions such as budgeting apps, investment platforms, and loan marketplaces.
Facebook and Instagram are leading this fintech trend with services like marketing and shopping, but many others are
in line.

 Embedded Finance
Embedded Finance involves fluidly incorporating financial services and products into non-financial platforms, like e-
commerce websites, mobile apps, or other digital landscapes. Technological advancements, such as Application
Programming Interfaces (APIs) and cloud computing, have contributed to the rapid growth of embedded finance.
Various industries, including e-commerce, ride-sharing, healthcare, and social media platforms, are assimilating
embedded finance to offer a more comprehensive customer experience.

 Internet of Things (IoT)


Internet of Things, or IoT, refers to the network of physical objects or "things' equipped with internet connectivity,
software, and sensors. Without human interference, these devices collect and exchange data in real-time and perform
specific actions, including financial transactions, fraud detection, and credit scoring.
 Artificial Intelligence and Machine Learning
AI and ML are one of the major key trends in fintech. Artificial Intelligence (AI) refers to stimulating machines with
human intelligence and enabling them to perform functions that need human reasoning. Machine Learning (ML) is a
subset of AI that allows devices and systems to learn from data using algorithms and improve without explicit
programming.
The fintech industry has leveraged AI and ML to automate tasks such as managing client data, detecting human
errors, recommending management strategies, preventing fraud, and performing quality checks.

 Neobanking
Online banks that operate without physical branches are among the growing fintech trends in India. These digital-only
banks, also known as Neobanks, offer everything a traditional bank offers: online account opening, virtual bank cards,
instant payments, budgeting tools, and much more.

 Buy Now Pay Later (BNPL)


This emerging fintech trend allows users to make purchases and defer the payment over time. With BNPL, customers
can split the total amount into smaller, interest-free instalments, usually over a fixed period

 Alternative lending (or P2P lending)


Alternative lending is a fintech trend that refers to unconventional lending models and platforms that provide access
to credit apart from traditional banks. It includes peer-to-peer lending, crowdfunding, and online lending
marketplaces.
 Biometrics
Biometrics has been in use since around 2015, but it has recently gained traction as one of the main trends of fintech.
This technology uses unique physical characteristics, such as fingerprints, facial recognition, voice recognition, or iris
scans, to verify and authenticate individuals in financial transactions. The use of biometrics in financial technology
has significantly enhanced security, reduced fraud, and improved the user experience.

 Gamification
Making finance fun and easy, and encouraging positive financial behaviors, here is one of the biggest trends in
fintech- Gamification. Applying game-like elements such as badges and digital rewards, cashback and vouchers,
loyalty points, etc., to financial services engages and motivates users.

 Regulation Technology
Businesses and financial institutions must adhere to numerous regulations and laws like maintaining customer data,
accounting records, tax and income reports, etc. Regtech (Regulatory Technology) leverages technology like
compliance monitoring, data analytics, risk management tools, and reporting systems to facilitate regulatory
compliance in the fintech industry.
INTRODUCTION TO DESIGN THINKING

Design thinking is a methodology that designers use to brainstorm and solve complex problems related to

designing and design engineering. It is also beneficial for designers to find innovative, desirable and never-thought-

before solutions for customers and clients. Design thinking is used extensively in the area of healthcare and

wellness, agriculture, food security, education, financial services, and environmental sustainability, to name a few.

Design thinking has helped in the digital space, contributed to the development physical products, spurred social

innovation projects and much more


Design thinking helps you learn the following.
 How to optimize the ability to innovate?
 How to develop a variety of concepts, products, services, processes, etc. for
End users?
 How to leverage the diverse ideas of innovation?
 How to convert useful data, individual insights and vague ideas into feasible reality?
 How to connect with the customers and end-users by targeting their actual
requirements?
 How to use the different tools used by designers in their profession for solving your
customers’ problems?
“A minimum viable product is the version of a new product which allows a team to collect the maximum amount
of validated learning about customers with the least effort”.
- Eric Ries, “The Lean Startup”
What is the Minimum Viable Product?

The Minimum Viable Product is the narrowest set of features and functionality
for which you will deliver the first valuable, usable, differentiated and feasible
version of your product, to acquire and learn from your first loyal customers
An MVP Satisfies Three Criteria
1.The customer gets value out of using the product(value + usability)
2.The customer pays for the product (or you have a demonstrable commitment or path to monetization)
3.The product starts a customer feedback and iterative improvement loop The MVP are the Must Haves in your Product

You might also like