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Financial Innovation in the Connected World

Financial Innovation in the Connected World

Edited by David L. Shrier and Alex Pentland

Edited by David L. Shrier and Alex Pentland

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Category: Business |

Category: Business |

Paperback $35.00

Mar 08, 2022 | ISBN 9780262543668

Ebook $25.99

Mar 08, 2022 | ISBN 9780262369527

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    About Global Fintech

    How the global financial services sector has been transformed by artificial intelligence, data science, and blockchain.

    Artificial intelligence, big data, blockchain, and other new technologies have upended the global financial services sector, creating opportunities for entrepreneurs and corporate innovators. Venture capitalists have helped to fund this disruption, pouring nearly $500 billion into fintech over the last five years. This book offers global perspectives on technology-fueled transformations in financial services, with contributions from a wide-ranging group of academics, industry professionals, former government officials, and current government advisors. They examine not only the struggles of rich countries to bring the old analog world into the new digital one but also the opportunities for developing countries to “leapfrog” directly into digital.

    The book offers accessible explanations of blockchain and distributed ledger technology and explores big data analytics. It considers, among other things, open banking, platform-based strategies for banks, and digital financial services. Case studies imagine possible future fintech-government interaction, emphasizing that legal and regulatory frameworks can help to create trust in financial processes. The contributors offer novel takes and unexpected insights that will be of interest to fintech experts and nonexperts alike.

    Contributors
    Ajay Bhalla, Michelle Chivunga, John D’Agostino, Mark Flood, Amias Moore Gerety, Oliver R. Goodenough, Thomas Hardjono, Sharmila Kassam, Boris Khentov, Alexander Lipton,Lev Menand, Pinar Ozcan, Alex Pentland, Matthew Reed, David L. Shrier, Markos Zachariadis

    About Global Fintech

    How the global financial services sector has been transformed by artificial intelligence, data science, and blockchain.

    Artificial intelligence, big data, blockchain, and other new technologies have upended the global financial services sector, creating opportunities for entrepreneurs and corporate innovators. Venture capitalists have helped to fund this disruption, pouring nearly $500 billion into fintech over the last five years. This book offers global perspectives on technology-fueled transformations in financial services, with contributions from a wide-ranging group of academics, industry professionals, former government officials, and current government advisors. They examine not only the struggles of rich countries to bring the old analog world into the new digital one but also the opportunities for developing countries to “leapfrog” directly into digital.

    The book offers accessible explanations of blockchain and distributed ledger technology and explores big data analytics. It considers, among other things, open banking, platform-based strategies for banks, and digital financial services. Case studies imagine possible future fintech-government interaction, emphasizing that legal and regulatory frameworks can help to create trust in financial processes. The contributors offer novel takes and unexpected insights that will be of interest to fintech experts and nonexperts alike.

    Contributors
    Ajay Bhalla, Michelle Chivunga, John D’Agostino, Mark Flood, Amias Moore Gerety, Oliver R. Goodenough, Thomas Hardjono, Sharmila Kassam, Boris Khentov, Alexander Lipton,Lev Menand, Pinar Ozcan, Alex Pentland, Matthew Reed, David L. Shrier, Markos Zachariadis

    Also by Alex Pentland

    See all books by Alex Pentland

    Also by Alex Pentland

    See all books by Alex Pentland

    Product Details

    Category: Business |

    Paperback | $35.00
    Published by MIT Connection Science & Engineering
    Mar 08, 2022 | 332 Pages | 5-1/4 x 8 | ISBN 9780262543668

    Category: Business |

    Ebook | $25.99
    Published by MIT Connection Science & Engineering
    Mar 08, 2022 | 332 Pages | 5-1/4 x 8 | ISBN 9780262369527

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    Smart Words

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    Praise

    “A rare collection of expert essays… The editors have created a much-needed gazetteer to help both professionals and lay readers—an impressive achievement.”
    CHOICE Connects

    Awards

    Choice Outstanding Academic Titles WINNER 2022

    Table Of Contents

    Introduction 1
    I Foundations
    1 Fintech Foundations: Convergence, Blockchain, Big Data and AI 7
    David L. Shrier and Alex Pentland
    II Transitioning to the Digital Era
    2 Edge Effects: Bridging from Old to New 35
    Boris Khentov
    3 Open Banking: How Platforms and the API Economy Change Competition in Financial Services 57
    Markos Zachariadis and Pinar Ozcan
    4 Digital Financial Services 73
    David L. Shrier
    5 Policy and Fintech, Part I: Frameworks 91
    Oliver R. Goodenough, Mark Flood, Matthew Reed, David L. Shrier, Thomas Hardjono, and Alex Pentland
    6 Policy and Fintech, Part II: Use Cases 137
    Oliver R. Goodenough, Mark Flood, Matthew Reed, David L. Shrier, Thomas Hardjono, and Alex Pentland
    7 Digital Banking Manifesto 2.0 173
    Alex Lipton, David L. Shrier, and Alex Pentland
    III Fintech Possibilities
    8 Regulatory Sandboxes 203
    9 Leapfrogging with Nextgen Fintechs and Emerging Tech for the Growth of Africa 219
    Michelle Chivunga
    10 The Rise of Regtech and the Divergence of Compliance and Risk 251
    Amias Moore Gerety and Lev Menand
    11 On Governance and (Technical) Complexity 267
    John D’Agostino (with contributions from Sharmila Kassam)
    12 Responsible Technology: Advancing Trust and Securing the Ecosystem 283
    Ajay Bhalla
    Conclusion 293
    Contributors 295
    Index 299

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    Global Fintech: 9780262543668 | PenguinRandomHouse.com: Books (2024)

    FAQs

    Why is Fintech interesting? ›

    Fintech offers banking services to people in remote communities. Mobile banking and digital payment platforms are bridging the gap for those far from bricks-and-mortar banks, offering essential services like money transfers, bill payments and savings accounts.

    How do I start a Fintech business book? ›

    How To Get Started In Fintech: 5 Best Books and Guides
    1. The Future of Money: How the Digital Revolution Is Transforming Currencies and Finance. ...
    2. Mastering Bitcoin: Unlocking Digital Cryptocurrencies, Their Properties, and Future. ...
    3. Blockchain for Dummies. ...
    4. Principles of FinTech Investing.
    Dec 12, 2022

    Why fintech is difficult? ›

    Learning FinTech involves mastering industry-specific tools such as Python, as well as constantly staying ahead of technological innovation in the field. Professionals in FinTech need to combine both hard skills, such as data visualization and programming, with soft skills like communication and business acumen.

    How does fintech make money? ›

    Transaction Fees: Charging a fee for each financial transaction conducted through their platforms. Subscription Models: Offering premium services or features through subscription plans. Licensing and Partnerships: Earning revenue by licensing their technology or forming partnerships with other companies.

    How much fintech pays? ›

    Average Fintech hourly pay ranges from approximately $16.43 per hour for Business Development Representative to $83.43 per hour for Registered Nurse. The average Fintech salary ranges from approximately $45,940 per year for Sales Representative to $111,812 per year for Partnership Manager.

    How much money do I need to start a fintech company? ›

    The cost of starting a fintech company can vary widely depending on factors such as the complexity of your product, regulatory requirements, and geographic location. On average, you can expect to spend anywhere from $100,000 to several million dollars.

    What is fintech for beginners? ›

    The term “fintech company” describes any business that uses technology to modify, enhance, or automate financial services for businesses or consumers.

    What is fintech and why is it so popular? ›

    ​​​At its core, fintech is utilized to help companies, business owners, and consumers better manage their financial operations, processes, and lives. It is composed of specialized software and algorithms that are used on computers and smartphones. Fintech, the word, is a shortened combination of “financial technology.”

    What is fintech and why is it important? ›

    FinTech simplifies financial transactions for consumers or businesses, making them more accessible and generally more affordable. It can also apply to companies and services utilizing AI, big data, and encrypted blockchain technology to facilitate highly secure transactions amongst an internal network.

    Why is fintech so popular? ›

    One of the key drivers of fintech's success is its ability to streamline processes and reduce costs. By eliminating the need for physical branches and manual paperwork, fintech companies are able to offer financial services at a fraction of the cost compared to traditional banks.

    What is a trend in fintech that you find really interesting? ›

    Among many fintech trends in 2024 include the widespread adoption of Embedded Finance, the transformative impact of Open banking, the rise of sustainable finance practices, the continued evolution of Artificial Intelligence (AI), and the dynamic growth of models like "Buy Now Pay Later" and alternative lending, shaping ...

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