2. What is FinTech?
Technologies for banking and corporate finance,
capital markets, financial data analytics, payments,
and personal financial management
- Accenture/CB Insights
Finance
Technology
FinTech
17. Benefits vs challenges
- “Condemned to the freedom of
choice”
- “Freedom with responsibility”
- Increased spending,
overextending private economy
- Loss of privacy and integrity of
data
- Risk of fraud
- Cybersecurity
- Difficulty in being a good
citizen?
- E.g., Income tax filing
+ Increased choice
+ Improved ease of transactions
+ 24/7/365 access
+ Reduced financial fees
+ Alternative investment
possibilities
+ Lowered switching costs
18. But will it truly be
cashless?
Increased use of
EUR and USD?
21. Future consequences of
EU Payment Services Directive (PSD)?
Payment Services Directive 2 (PSD2) passed on January 12, 2016
Must be included in domestic legislation by January 13, 2018
Among other things, requires that banks open up, through APIs
Intention is to improve consumer experience
Some precedent (e.g., Tink), but no longer discretionary
What does this mean for FinTech and banks?