Author: psingh2

What the Article Says:

This article focuses on Asia’s development of mobile banking, suggesting that physical banks will become nearly obsolete in the future. Over the past couple of years, the number of people switching to mobile banking applications to manage their finances has increased dramatically. These figures are expected to rise to 1.8 billion users by 2019.

This rise in users is being attributed to the combination of speed and security. Consumers are increasingly demanding faster services, and at the same time, security standards are improving. In Asia, customers are using online banking almost five times more often than five years ago.

My Thoughts:

I think this article presented the information well, but there wasn’t much of a convincing argument. It’s clear that mobile banking and financial management through smartphones has increased dramatically over the past decade, but I would have liked to see more statistics than were presented.

Source: http://www.atimes.com/financial-technology-making-app-based-banks-future/

What the Article Says:

As Financial Technologies and innovations become more prevalent in China, the favoritism for frugality is now shifting toward a more generous mindset. These are thoughts of Li Zichuan, a senior analyst at a Beijing-based consulting firm. “Advances in technology and the popularity of mobile devices have together cemented the foundation of internet finance. As big data and AI technologies are becoming more mature, the uses of financial technology can be widely expanded and are fast becoming a potent driving force of consumption,” Li continues.

It is evident that companies are beginning to increase their collaboration to tap into the needs of their customers. This involves increasing online loans, bank transfers, and monetary exchanges. Spending is expected to continue rising in China, sparking even more growth for the global economy.

My Thoughts:

I think this is just as great for the U.S. as it is for China. Increasing innovation from a global perspective offers more and better products for consumers, while bringing people together from around the world. As China has typically been a manufacturer for U.S. goods, I am interested in seeing if there is a shift away from this norm as innovation rises abroad.

Source: http://www.scmp.com/business/china-business/article/2073798/how-financial-technology-driving-chinese-consumer-spending

What the Article Says:

While America is a leading country in FinTech, many others are still in the phases of entering this market. Iran has recently formed a FinTech Association when the idea was sparked by the Central Bank of Iran. The article states that the association is “set to bring industry players under a single roof, mainly to find a solution to their problems and boost innovators’ relations with regulatory bodies.”

The article lists out a few concerns that exist with this development. First, there is a huge potential for controversies to arise, such as Uber and Lyft issues which existed in the U.S. In addition, they want to ensure that there is a healthy environment for innovators and FinTech firms.

 

My Thoughts:

I think this article presented the general idea of Iran creating a FinTech Association very well. However, I also believe that it left out many details about what initiatives it plans to take, and what the Associations guiding principles and goals are. I am interested in seeing how the association develops and compares to those in the U.S., and if there is any global interaction.

 

Source: https://financialtribune.com/articles/economy-business-and-markets/60869/iran-s-fintech-association-launched

What the Article Says:

Frost & Sullivan, a growth partnership company, is hosting a Growth Innovation Leadership Council regarding Financial Technology and the Future of Financial Services in Chennai, India. The purpose of the conference is to provide an orientation on current trends in FinTech, how the sector is growing, and the opportunities it has with the Banking, Financial Services, and Insurance (BFSI) industries. Jean-Noël Georges, the Global Program Director, says, “As advanced technologies alter the financial services ecosystem, tech-savvy consumers will seek out players that support accessibility, affordability, and availability.”

My Thoughts:

The most interesting part of the article, for me, was the discussion on how sustainable physical banks are, given the growth of FinTech. Mobile money/payments, disruptive authentication and biometrics, evolving insurance market dynamics, and the impact of emerging technologies such as Blockchain and quantum computing are making people’s lives easier, and giving less of a reason for banks to exist.

Source: http://www.prnewswire.com/news-releases/will-fintech-make-banks-disappear-300411345.html

What the Article Says:

As the growth of FinTech has been exponential across the world, the first edition of the Middle East and North Africa FinTech conference will be held in Bahrain on March 26th. Sponsored by the Bahrain Economic Development Board and Arab Banking Corporation, the event will bring up a series of initiatives that have been in the works to move toward a digital, cashless economy. The article also mentioned that they will be discussing the impact of FinTech in the neighboring regions of Qatar and Dubai, where digital currencies and blockchain technology are prominent.

My Thoughts:

I think the location of the conference plays a huge part in its success. I have not heard of Bahrain having a lot of publicity in the media, especially in regards to FinTech so this may be a great starting place for their growth. There is also a huge potential for boosting the economy when FinTech leaders arrive in Bahrain.

Source: https://www.cryptocoinsnews.com/bahrain-host-inaugural-middle-east-africa-fintech-forum/

What the Article Says:

1. FinTech’s presence in modern-day society is coming to represent a variety of financial services that we use on a daily basis: mobile payments, money transfers, loans, fundraising, and asset management.

2. FinTech is shaving weeks off of the process of obtaining funds to start up a business. Crowdfunding allows businesses to raise money quickly and cheaply from people all over the world, even if there is no physical interaction. Not only that, people can even accept credit and debit payments through Square and Paypal, making business transactions easier than ever before.

3. FinTech is shaping customers and their expectations. People depend on these relatively recent developments to make purchases and do business. They also expect the same level of service and access from a small firm as a large firm. If a business is unable to keep up with customer expectations and the latest technologies, they will be left behind.

My Thoughts:

I thought this article was a great representation of how FinTech has shaped our lives over the past decade. The author mentioned that the industry has grown from $930 million to $12 billion since 2008, and I’m not surprised to see these numbers. While consumer expectations are increasing and the dependency on these technologies increase, I think the expectations for future developments also increase. It’s a growing industry and I’m interested in seeing which direction the consumers drive it in.

Source: http://www.forbes.com/sites/bernardmarr/2017/02/10/a-complete-beginners-guide-to-fintech-in-2017/#2d53ec597542

What the Article Says:

Dealnet Capital Corp., a consumer finance company, recently launched its new financial technology platform to increase security and certain automation services. The fintech platform is initially set to automate credit and application processing on mobile and web enabled devices, tying in the new functions with the existing platform. In addition, the improvements intent to streamline the funding process for dealers, while providing a closed secure network. Dealnet intends to put out additional modules to create a smoother lending experience and allow for an efficient engagement between dealers, consumers, and the technology.

My Thoughts:

I think that Dealnet is going about these tech improvements in the right manner. While offering more resources and a smoother experience for their users, the focus on security standards is increasingly more important. There are already so many risks when it comes to lending, and ensuring that the tech platform is functioning at its best is crucial. I am curious to see how other businesses and competitors respond to their improvements, and how they decide to go about their next steps.

Source: http://finance.yahoo.com/news/dealnet-launches-financial-technology-platform-122549422.html

What the Article Says:

This article discusses Fintech and how it’s growth effects businesses and consumers of England. As the technologies emerge and flourish to produce better-targeted services with lower pricing, banks are taking advantage of “lower transaction costs, improved capital efficiency and stronger operational resilience.” When discussing its tangible benefits, the article honed in on the specific case of mobile banking. While the government must be aware of the numerous potential risks, mobile banking is becoming more flexible for businesses and consumers. Peer-to-peer lending is expanding, wholesale banking is shifting to order-driven trading, and the technologies are improving efficiency, accuracy, and security of mobile banking processes.

My Thoughts:

I think this article takes a good, unbiased approach on analyzing Fintech in England. Rather than focusing solely on the positive effects that most people see, it brings about major questions for people to consider, such as “What implications are there for the aggregate level of operational and cyber risk in the financial system?” These are questions that regulators have to address, as there are several potential fraud and privacy threats when it comes to fintech such as mobile banking.

Source: https://www.cryptocoinsnews.com/bank-of-england-governor-fintech-brings-great-promise-and-risks/

What the Article Says:

With Donald Trump’s recent election, his proposed changes are expected to have major effects on the financial services industry, especially with regards to financial technology. The types of businesses that are affected in this sector include online marketplace lenders such as bitcoin and blockchain technology, money management applications such as Mint, digital wallets, money transmitters like Venmo, and more.

The majority of the changes are in the area of controls and regulations, with a specific intent of encouraging growth and expanded access to credit through online marketplace lending. The Financial Services Innovation Act, introduced by Patrick McHenry in 2016, hopes to “encourage those with interesting and innovative ideas to come to the regulators to try to ensure a compliant product.” The bill is far from complete and Trump’s administration intends to create “drastic changes in regulatory compliance requirements.

My Thoughts:

With Trump’s new presidency, there has been an overwhelming amount of dissent in his proposed policies. While most did not have definitive terms during his candidacy, his recent election should have sparked the administration to roll out the action plans. Trump seems to have good intentions, but it’s now up to him to determine how to act to get the nation on his side.

Source: http://thehill.com/blogs/pundits-blog/finance/312047-financial-technology-rules-are-set-to-change-in-the-trump-era

According to the Research and Markets, the Australian Financial Technology market produced A$247.2 million in 2015, and has grown substantially since then. Three areas are predicted to continue the upward trend by 2020: digital payments, personal and business finance, and financial infrastructure and data analysis.

Australia has billions invested in this industry each year, and is home to numerous world leaders in FinTech. Last year, the treasurer of Australia increased the amount of clients that businesses can test without a license or approval from the Australian Securities and Investments Commission. This opened up many opportunities for new FinTech firms to establish themselves.

Source: https://www.cryptocoinsnews.com/report-australian-fintech-will-exceed-aud-4-billion-2020/