Digital Transformation & Fintech

Dr. HASHEIM Waleed

Doctorate in Corporate Finance
Certified Financial Modeling and Valuation Analyst FMVA®
Certified IFRS, ACCA

www.psbedu.paris/fr
 Course outline:
1- The Fintech Revolution & Introduction of Digital Transformation
- New Banking Entrants.

FIN-TECH
2- Payments and Remittances – Digital Lending Innovation
- Commercial Banking Transformation.

& Digital
3- Next Generation Commerce - Innovative Wealth Management
- Crowdfunding and Crowdinvesting.

Transformation
4- Blockchain & Distributed Ledgers - Identification & Cybersecurity
- The rise of INSURTECH - REGTECH .

5-– The Power of Big Data - The Internet of Things - TradeTech.

BIBLIOGRAPHY REFERENCES: Fintech in a flash : Financial technologies made easy- 2017 by Agustin Rubini

www.psbedu.paris/fr
 Course outline:
FinTech and Digital Transformation: M2CF Classes (3, 4, and 5) Duration : 15 Hours
Session No. Subjects Notes
1 The Fintech Revolution - Introduction of Digital Transformation Presentation by Waleed HASHEIM
2 New Banking Entrants - the future of FinTech Presentation by Waleed HASHEIM
3 Payments and Remittances (PayTech) Presentation by Waleed HASHEIM
4 Digital Lending Innovation (LendTech) - Commercial Banking Transformation Presentation by Waleed HASHEIM
5 Next Generation Commerce - Innovative Wealth Management (WealthTech) Presentation by Waleed HASHEIM
6 Neo Banks - Financial Ecosystems - The Impact of Fintech on Business Banking (SMEs) Group Presentations by Students
7 Blockchain & Distributed Ledgers - Identification & Cybersecurity - InsurTech Presentation by Waleed HASHEIM
8 Digital disruption- Cryptocurrencies - Regulatory technology (RegTech) Group Presentations by Students
9 Crowdfunding & Crowdinvesting - Cloud Accounting - The rise of TradeTech Group Presentations by Students
10 The Power of Big Data - The Internet of Things - AI in Asset management Group Presentations by Students

The Final Report by Groups:

Assessments:
List of the biggest 12 Banks or FinTech companies in France to make a report which will present that: the bank history and the details of the bank works and business, the
technology revolution for that bank and how this revolution & transformation is affected the bank performance, The FinTech works inside the Bank, Joint Venture (JV) or Merge & 10% Work inside the class
acquisition (MA) of the FinTech companies, Any additional information or resolution reports associated with the Bank digital transformation will be good and added value to the
report. 40% Groups Presentation
Books, Scientific articles, Published Reports, and Research will support you on this mission. (Group work and will assess the all group members with one report) 50% Final Reports

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 Lecture (1) : Introduction

The financial technology, or fintech,

industry, refers to the group of companies
that are introducing innovation into financial
services through the use of modern
technologies. Some fintech firms compete
directly with banks, while others have
partnered with them or supply them with
good or services.

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Introduction
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 Lecture (1) : Introduction

FinTech is a short cut of “financial technology.”

It’s a catch-all term for any technology that’s
used to augment, streamline, digitize or
disrupt traditional financial services.

Fintech refers to software, algorithms and

applications for both computer- and mobile-
based tools. In some cases, it includes
hardware, too—like smart, connected online
banks or virtual reality (VR) trading platforms.

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Introduction
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 Lecture (1) : Introduction

Financial technology integrates various types of financial

service into the day to day lives of customers, as well as
the generations coming up behind them, are used to
technology and want to manage their money in an easy
and quick manner, instead of walking to physical
branches to perform transactions and other operations.

It has expanded to include various innovations in technology,

including cryptocurrencies, machine learning, rob advice and the
Internet of Things (IoT).

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 Lecture (1) : Introduction

What is digital transformation?

Digital transformation is the integration of digital

technology into all areas of a business, fundamentally
changing how you operate and deliver value to customers.
It's also a cultural change that requires organizations to
continually challenge the status quo, experiment, and get
comfortable with failure.

Digital transformation should begin with a problem

statement, a clear opportunity, or an aspirational goal,
digital transformation might be around improving
customer experience, reducing friction, increasing
productivity, or elevating profitability

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 Lecture (1) : Introduction
Going digital, faster!

Pre-COVID-19, private and public organizations were on a journey towards a digital business model,
traveling at varying speeds. But the scale of the pandemic has forced a dramatic acceleration, both in the
speed of change and the required investment in digital transformation.

To compete in the digital, post-COVID-19 age, organizations must attain the capability to connect digitally
with customers, suppliers and employees. This means addressing five key challenges:

Customer behaviour Create customer-centric business models where customers buy and
engage through integrated digital channels — increasingly with little or no physical contact.
The customer experience must be relevant, personalized, differentiated and competitive. To
understand customer needs and preferences, data and analytics should inform customer
strategies and tactics across the converging front office of marketing, sales, service and
commerce. This can help achieve the appropriate customer experience economics.
Source: https://assets.kpmg/content/dam/kpmg/au/pdf/2021/going-digital-faster.pdf

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 Lecture (1) : Introduction
Digital acceleration Rapidly build a digital technology infrastructure, to connect front, middle and
back offices, encompassing HR, IT, finance, operations, procurement, marketing, sales and
customer service.

Supply chain and operations must become more reliable and responsive. By digitally connecting
and working more closely with suppliers and service providers, companies improve flexibility to
respond to fast-changing customer needs. Suppliers become an extension of the business and are
involved in strategy and product development.

Resilience COVID-19 has demonstrated that the ‘digitally enabled’ enterprise is in fact the ‘resilient’
enterprise; digitally enabled organizations have the capabilities to withstand the impact of
pandemics (and other shocks).

Ways of working COVID-19 has reinforced the need for efficient remote working, but companies
also have been in need to ‘shape’ their workforces to ensure they can access the skills they need,
when they need them, The ‘workforce of the future ecosystem’ is becoming more and more digital.
Source: https://assets.kpmg/content/dam/kpmg/au/pdf/2021/going-digital-faster.pdf
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 Lecture (1) : Introduction
In terms of the key technologies which provide the engine for digital
transformation itself, The report identifies cloud, IoT (internet of things)
and data analytics as the core trinity. “IoT can basically be considered all
the devices that we interact with, so it’s very diverse. The cloud provides
a ‘virtual centre’ for all these distributed devices to connect and data
analytics helps to extract value from the information.”

IoT and data analytics have been applied in numerous ways throughout
FinTech, as well as usage in InsurTech (IoT wearables for health
insurance purposes) and RegTech (data analytics to detect fraud), but
we can say cloud that has distinguished itself as among the top tech Read Article:
enablers of the last 10 years. https://www.fintechmagazine.com/finan
cial-services-finserv/digital-
“The cloud has provided us near-infinite computing power,” “The transformation-accelerating-change-
fintech
quality, variety and velocity of data being controlled in one location has
enabled all kinds of advanced technologies like VR (virtual reality), NLP
(natural language processing) and more. It's truly very powerful.”

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Introduction
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 Lecture (1) : Introduction
Ways of Digital Transformation drives business value

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Introduction
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 Lecture (1) : Introduction

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Introduction
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 Lecture (1) : The Fintech Revolution
Short History of Fintech

The 1950s saw the introduction of credit cards. Instead of carrying

cash, people used these cards to pay for their purchases. ATMs
During the 50 years of fintech
were introduced in the 1960s, meaning that people no longer had
developments, innovators have
to visit bank branches for certain transactions.
created sophisticated treasury
management, risk management,
In the 1970s, firms began to trade stocks electronically. In the
data analysis tools, and trade
1980s, banks started using mainframe computers and other state-
processing for financial services
of-the-art recordkeeping and data systems. In the 1990s,
firms and institutional banks.
ecommerce business models and the Internet thrived. Because of
this, retail investors could experiment with online stock trading.

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Fintech Revolution
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 Lecture (1) : The Fintech Revolution

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Fintech Revolution
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 Lecture (1) : The Fintech Revolution
Why is Fintech Important?
Money makes the world go round, and financial services regulate
how fast it spins. Disruption caused by fintech drives the financial
industry to be smarter and more active and allows it to deal with
important problems in the world.

For example, automated investing paves the way for all social
classes to invest and see returns on their money. It also allows
people in developing countries to transact, even if they don’t have a
bank account. Yet, the fintech industry has a lot of room for growth
and improvement, and financial infrastructures should be revised
for the benefit of consumers.
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Fintech Revolution
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 Lecture (1) : The Fintech Revolution
Why is Fintech Important?
Fintech disruptors can also help develop better methodologies for risk
assessment. For instance, OnDeck and Kabbage use information to
assess the performance of small businesses using more than 1500
data points. Avant underwrites consumers using machine learning.
Kickstarter taps into people’s wisdom to funds start-ups. This means
that more customers can get access to lending services.

Fintech can help regulators secure financial transactions and serve

customers better by introducing regulation technologies and
sophisticated crime detection algorithms.

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Fintech Revolution
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 Lecture (1) : The Fintech Revolution
Why has Fintech Become Popular Now?

The fintech sector received a huge of funds in 2014. The start-ups that
received funding are hungry and ambitious and want to disrupt the
banking sector. There are several factors that have contributed to the
fact that fintech is flourishing now.

One of these is that fintech promises healthy returns on investments and

growth opportunities, even though the business models are not yet fully
understood. For example, nobody knows whether peer-to-peer financing
is a model that can be sustained in the long term.

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Fintech Revolution
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 Lecture (1) : The Fintech Revolution
Why has Fintech Become Popular Now?

Additionally, new technologies have been emerging in several

industries that can also be applied to financial services. These
include blockchain technology, advanced machine learning
software, micro-sized card readers and chips, and powerful
servers capable of performing intelligent analytics.

Social networks and micro marketing have also broken down the
barriers to entering the industry, as some fintech's can achieve
very low acquisition costs, as little as 1% of the costs of national
and community banks.

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Fintech Revolution
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 Lecture (1) : The Fintech Revolution
Why has Fintech Become Popular Now?

Customer expectations also drive this increased interest

in the industry. Previous generations failed to experience
a respect-based, personalised, and one-to-one
relationship with their bank. However, millennials
demand it. With advanced personalisation and Internet
technologies, they can access the kind of banking
relationships that they have come to expect. The use of
data provides the potential for financial services
companies to know and treat their customers better.

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Fintech Revolution
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 Lecture (1) : The Fintech Revolution
Why has Fintech Become Popular Now?

Finally, regulation changes have also helped fintech.

Generally, regulations can block inflow of capital and
growth. They can slow things down because they are
there to protect and control the public. However, many
regulators have recognised the value of technology and
have provided innovation sandboxes or flexed the rules
for small players. The lack of regulation for some
segments, such as peer-to-peer lending, has helped
new companies grow at a fast pace.

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Fintech Revolution
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 Lecture (1) : The Fintech Revolution

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Fintech Revolution
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 Lecture (1) : The Fintech Revolution

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Fintech Revolution
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 Lecture (1) : The Fintech Revolution
Global Fintech Investment

Global fintech investments in H1

2861

2021 recorded $98B with 2,456 deals

2456

Global fintech investments in 2020 recorded

$105.3B with 2,861 deals $105.3

2020
$98
2021 H1

Source: https://assets.kpmg/content/dam/kpmg/xx/pdf/2021/08/pulse-of-fintech-h1.pdf
https://assets.kpmg/content/dam/kpmg/xx/pdf/2021/02/pulse-of-fintech-h2-2020.pdf

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Fintech Revolution
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 Lecture (1) : The Fintech Revolution
Global Fintech Investment

Source: https://assets.kpmg/content/dam/kpmg/xx/pdf/2021/08/pulse-of-fintech-h1.pdf

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Fintech Revolution
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 Lecture (1) : The Fintech Revolution
USA: Fintech Investment in the second half of 2020

- US VC investment in fintech surged past 2020’s

peak high of $22 billion with 6 months left in the
year, led by the $3.4 billion raise by Robinhood, a
$600 million raise by Stripe and $500 million
raises by Better, ServiceTitan, and DailyPay.

- Fintech investment in the US will likely remain

robust in H2’21, particularly in payments,
wealthtech, and crypto; interest in lending could
also open up as consumers look to travel and
spend more post-pandemic.

Source: https://assets.kpmg/content/dam/kpmg/xx/pdf/2021/08/pulse-of-fintech-h1.pdf

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Fintech Revolution
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 Lecture (1) : The Fintech Revolution
EMEA: Fintech Investment in the second half of 2020

Source: https://assets.kpmg/content/dam/kpmg/xx/pdf/2021/08/pulse-of-fintech-h1.pdf

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Fintech Revolution
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 Lecture (1) : The Fintech Revolution

France: Fintech Investment in 2019

$1.3B, Paris, France

Institutional/B2B

Source: https://home.kpmg/xx/en/home/campaigns/2020/02/pulse-of-fintech-h2-19-global-trends.html

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Fintech Revolution
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 Lecture (1) : The Fintech Revolution
France: Fintech Investment in the H1 of 2021
-The fintech market in France has evolved very rapidly over
the past couple of years, with numerous fintechs attracting
larger deals; in H1’21, Ledger raised $380 million, PE firm
AnaCap bought 60% of Market Pay for $363 million, Shift
Technology raised $220 million, and Alan raised $219 million.

-Fintech investors in France are focused on a wide range of

opportunities, including insurtech, B2B services,
cybersecurity, and ‘buy now, pay later’ offerings.

-Digital banks in France have focused significantly on

building partnerships with other fintechs, such as creditas-a-
service or payment-as-a-service partners to improve their
capabilities and better serve their clients. In H1’21, Orange
Bank announced a partnership with Younited to boost its
consumer credit offerings

-The French government is very focused on fintech as a

growth opportunity and is committed to a range of
ecosystem support activities, including education to develop
talent with essential fintech capabilities.

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Fintech Revolution
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 Lecture (1) : The Fintech Revolution
Below is a list of the top 50 fintech companies in Europe, based on their valuations.
Ranking Company Funding Valuation Country Ranking Company Funding Valuation Country
1 Adyen $266M $22B Netherlands 26 Oodle Car Finance £160M >$850M U.K.
2 Nexi Public $8.2B Italy 27 Qonto $151.5M >$770M France
3 Klarna $1.4B $5.5B Sweden 28 Starling Bank £363M >$600M U.K.
4 Checkout $380M $5.5B U.K. 29 Atom Bank £429M $590M U.K.
5 Revolut $917M $5.5B U.K. 30 Raisin $206M <$550M Germany
6 Transferwise $1.1B $5B U.K. 31 Tradeplus24 $103.5M >$550M Switzerland
7 Greensill $1.7B $3.5B U.K. 32 Kreditech $347.5M <$500M Germany
8 N26 $782.8M $3.5B Germany 33 Pleo $78.8M $500M Denmark
9 Oaknorth $1B $2.8B U.K. 34 Smava $188.7M $500M Germany
10 IZettle €273.2M $2.2B Sweden 35 Tink $205.5M >$500M Sweden
11 MetroBank Public $1.92B U.K. 36 Pagantis €76.2M >$400M Spain
12 Wefox $268.5M $1.65B Germany 37 Gocardless $122.3M >$400M U.K.
13 Funding Circle $746.4M $1.5B U.K. 38 Wynd $123.5M >$400M France
14 Monzo £384.7M $1.24B U.K. 39 Moneyfarm $127.3M >$400M U.K.
15 Rapyd $170M $1.2B U.K. 40 Soldo $83.2M >$400M U.K.
16 Ledger $88M $1.2B France 41 Ratesetter £43M $360M U.K.
17 Avaloq CHF350M $1.1B Switzerland 42 solarisBank €155.1M $360M Germany
18 Deposit Solutions $198.9M $1.1B Germany 43 Bitstamp $12.4M $350M U.K.
19 Ivalua $134.4M <$1.0B France 44 Tinubu Square €79.3M >$350M France
20 Sumup $425.6M $1.0B U.K. 45 Nutmeg $153.6M $318M U.K.
21 Radius Payment £150M $1.0B U.K. 46 Banking Circle N/A $300M Denmark
22 Numbrs $78.8M $1.0B Switzerland 47 BIMA $170.6M $300M Sweden
23 Monese $80.4M $1.0B U.K. 48 LendInvest $1.3B >$300M U.K.
24 Worldremit $407.7M <$900M U.K. 49 PayFit $101.1M >$280M France
25 Ebury $123.5M >$900M U.K. 50 Curve $74.2M $250M U.K.

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Fintech Revolution
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 Lecture (1) : The Fintech Revolution
Below is a link of the top 50 fintech companies in Europe, based on their valuations.

https://finovate.com/a-look-at-the-top-50-fintech-companies-in-europe/

These companies have raised over $16.8B (€14.3B) in

venture capital funding and are valued, collectively, at
over $92B (€78B).

The U.K. fintechs are valued at nearly $40B (€34B). The

Netherlands are second, all thanks to Ayden, the most
valuable fintech in Europe.

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Fintech Revolution
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 Lecture (2) : The Effect of Digital Technology
Traditional banks have two types of customers: depositors and borrowers.

The bank acts as an intermediary, using money entrusted to them by

depositors to lend to borrowers at a higher interest rate.

Banks have two main revenue streams, one being income from interest
and the other the fees they charge. On top of this, they can earn
additional revenue from cross-selling other products such as insurance.

Traditional banking has thrived for years because customers trust the
system. The strength of these banks lies in their large datasets and
customer bases.

Traditional banks profit because of the large volume of funds that they
manage, and the spread that they make on the interest rates between
borrowing and lending. So far, it has been difficult for new entrants to
compete with them because of their size and capital.
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The Effect of DT
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 Lecture (2) : The Effect of Digital Technology
Digital technology challenges banks in two ways.

It is transforming traditional businesses.

An example of this is the number of financial

transactions that have shifted from
traditional channels to mobile and web
applications, thereby providing customers
with more choice. Another is how financial
processing is being sped up, and transaction
costs are being reduced.

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The Effect of DT
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 Lecture (2) : The Effect of Digital Technology
Digital technology challenges banks in two ways.

Technology is reinventing businesses

new business models are being introduced. Most

disruption in the future is likely to come from
outside the banking world. Traditional banks are
struggling to fuse their physical and digital assets
together to transform their present businesses. New
entrants might be able to reach customers more
effectively as they are starting with a clean slate.

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The Effect of DT
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 Lecture (2) : The Effect of Digital Technology
Digital technology challenges banks in two ways.

Technology is reinventing businesses

It is important for retail banking to ride the wave of

digital technology because new, innovative financial
service start-ups are popping up every day, supported
by accelerator hubs and incubators in various major
cities worldwide. Traditional banks have to defend their
positions against these start-ups to stay current and
profitable.

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The Effect of DT
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 Lecture (2) : New Banking Entrants
New Operating Models for Banking

Banks can choose to continue operating their current full-service

model by providing corporations and individuals with various
products and services. However, banks will find it difficult to
compete with some providers because of their legacy software.

Because of the emergence of new technologies and regulations,

it has become necessary for the banking industry to develop new
business models.

In terms of business models, some banks choose to become

infrastructure providers to fintech companies or other financial
institutions.

Other banks choose to become aggregators or distributors of

financial services products.
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New Bank Entrants

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 Lecture (2) : New Banking Entrants
Banking as a Service and Open APIs

An API (Application Programming Interface) is a

collection of functions that developers can use to create
applications.

Instead of developing interfaces from scratch when

working with third parties, developers can take
advantage of these APIs.

New financial service start-ups want to build solutions

quickly and at a low cost by collaborating with other
firms.

if I sell ecommerce platforms and I want to offer a cheap

payment system using multiple currencies, I could decide
to use an API from a provider such as Stripe or PayPal.

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New Bank Entrants

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 Lecture (2) : New Banking Entrants
Benefits of Offering APIs for Fintech Providers

Challenger banks wanting to develop their services fast can use APIs.

APIs can be used by both banks and their fintech partners. For
example, if a bank wants to connect with PayPal on the bank’s mobile
app, the PayPal API would allow customers to see the funds they
have available in PayPal, and details of recent transactions.

A company that offers a card which can store several cards from
different banks, might decide to integrate both the bank and PayPal’s
APIs, so that customers can establish a set of rules which dictate how
a transaction is paid for when they use their Card.

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New Bank Entrants

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 Lecture (2) : New Banking Entrants
Pay with PayPal as Example of API:

Most online stores offer PayPal and other payment methods, utilizing API
connections to these services.

Ever used PayPal to pay for something, directly within an eCommerce store?
That’s also an API at work. Just like with logging-in using a social media service,
the “Pay with PayPal” functionality is built with APIs to ensure that the end
application can only do what it needs to, without being exposed to sensitive
data or gaining access to unintended permissions.

In terms of the inner-workings of this handy function, it’s very similar to the log-
in process described above. When the user clicks the “Pay with PayPal” button,
the application sends an “order” request to the PayPal API, specifying the
amount owed and other important details. Then, a pop-up validate the user and
confirms their purchase. Finally, if everything goes to plan, the API sends
confirmation of payment back to the application.
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New Bank Entrants

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 Lecture (2) : New Banking Entrants
A challenger bank:

is a new bank that competes with large

national ones for business. It has the potential
to offer better deals and superior service.
Instead of having physical branches, it offers
online and mobile banking; although there are
challenger banks that collaborate with other
banks to accept money over-the-counter. It
depends on customer deposits and lends
money to individuals with lower interests.

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New Bank Entrants

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 Lecture (2) : New Banking Entrants
A Group Presentation is required for NeoBank!

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New Bank Entrants

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 Lecture (2) : The Future of Fin-Tech
The Future in a Flash

In most regions, there is space for more competition, and

it is likely that some of the new entrants will end up being
profitable in the long run. Also, it is very likely that some of
the traditional banks won't manage to adapt well enough
to the new environment, which requires constant
Innovations and change.

Hence, some of these might disappear, or have to change

their models radically.

The concept of banking will change and integrate a lot

more with our daily lives; however, the same big brands
that we are used to seeing will retain a lead.
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FinTech Future
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 Lecture (2) : The Future of Fin-Tech
Top Fintech: Trends in 2021 and Beyond

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FinTech Future
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 Lecture (2) : The Future of Fin-Tech
The Future in a Flash
Drivers of innovation: A variety of factors are at work when we look at the advancement of FinTech.

Technological advancements have changed how we do

nearly everything in our day-to-day lives. Technologies such
as IoT, AI, blockchain and cloud computing are the major
drivers of FinTech companies.

Consumer behaviour, particularly in Gen X, Y and Z, has

shifted and the previously existing financial systems in some
markets are simply not keeping pace with societal changes,
allowing technology enabled players to enter the market

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FinTech Future
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 Lecture (2) : The Future of Fin-Tech
The Future in a Flash
Drivers of innovation:

Barriers to entry have lowered as technology has prospered, forcing financial

institutions to change or be left behind. It has opened the door for new challenger
start-ups, like Monzo in the banking industry, who are targeting consumers with
different needs and behaviours.

Greater access to information through analytics, artificial intelligence, and cloud

computing allow companies to see trends – and adjust to them – more quickly.

Investment in the sector has been expanded and is continuing to grow rapidly,
ensuring we will see many more advancements in the near future.

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FinTech Future
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 Lecture (2) : The Future of Fin-Tech

FinTech as an enabler for

better financial services

Blockchain
Financial &
RegTech Internet of
markets Things

Borrowing
Assets
&
GrandTech InsurTech
Lending management
money

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FinTech Future
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 Lecture (2) : The Future of Fin-Tech
New consumer markets

FinTech is enabling financial services

providers to explore new markets and
allowing consumers in areas where
options were few to access services
previously unavailable, through the use
of mobile devices. Access to under-
banked and un-banked consumers is
allowing FinTech companies to reach and
capitalise on markets that have been
underserved to date, particularly in Asia
and the Southern Hemisphere.

https://tcrn.ch/2SP6kgi

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FinTech Future
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 Thank you!

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