Deep Tech Fintech is Disrupting Financial Services Globally
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- Cecily Norton
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1 Deep Tech Fintech is Disrupting Financial Services Globally Lending Investments Protection Strategic Investments
2 Not too long ago, the thought of a bank holiday would fill customers with dread. After all, they depended on these institutions for their basic and complex financial requirements. Right from depositing a cheque to having a loan approved, required them to physically go to the bank. But, all of this has changed with the emergence of financial technology (fintech) services. In the last few years, fintech organizations have revolutionized our approach to financial services addressing almost every financial need with the tap of a phone or click of a button. Leveraging the strength and accessibility of technology, customers are offered round-the-clock services, eliminating the hassle of physical interaction. These advents have dawned an era of true customer-centricity in the financial services domain a transformation from the previous era of banking-centricity when institutions and business took precedence over people and progress. Traditional finserv organizations have no choice but to adopt to the rapid transformation of the sector fuelled by the innovation and agility of fintech enterprises. While it is evident that deep tech fintech isdisrupting financial services globally, there are concerns pertaining to data security and regulations of transactions in the context of a digital setting. Fintech enterprises, although popular, do not inspire the same levels of trust as their traditional counterparts. What is essentially required, then, is to integrate the wisdom of tradition with the convenience of the modern. In this paper we examine the current financial services scenario and analyse implications of the next phase of fintech advances on the consumers, the economy and the industry itself. From barter systems of payments to voice-driven payment solutions, our civilization has witnessed radical changes in the manner in which money is treated and consumed. But Deep Tech Fintech is Disrupting Financial Services Globally 01
3 what remains unchanged is the attitude towards financial services we strive continually to bring our finances under our control and look for means to increase it. Illustration 1: The Building Blocks of Fintech In the age of connectivity, there is a growing demand for digital integration in financial services. The new-age customer seeks a wider spectrum and greater personalization of services and suggestions pertaining to money matters. This vision is rapidly becoming a reality, thanks to the advent of the technologies in financial management better known as the fintech industry. Artificial Intelligence Crypto currency Blockchain Big Data Fintech Industries: Decoding its Beginning and Defining the Future Over the last decade, the global financial services landscape has witnessed some milestone developments. These changes were set-off by the Lehman Brothers collapse the incident that opened up Pandora s box of challenges facing the sector. Since then, policymakers across key markets have introduced a plethora of regulations to fortify its vulnerabilities. Technological interventions are an important part of these protocols. The fintech ecosystem challenges the fundamentals of the archaic financial services landscape. By definition, fintech covers a broad range of technologies as well as alternative financial products and services (refer Illustration I: The Building Blocks of Fintech). It has evolved to meet digital-age customer requirements and has led to greater financial inclusion around the world. According to the Fintech Adoption Index 2017 steered by global consultancy firm, Ernst & Young, a third of financial services consumers worldwide, use two or more fintech services. 84 percent of finserv consumers are aware of fintech services a dramatic increase from 22 percent, listed in the previous year. Deep Tech Fintech is Disrupting Financial Services Globally 02
4 WHITEPAPER Indeed, fintech services have transferredthepower Chart 1: Fintech Investments Across Key to the hands of the customer, and turned the Markets 2017 (USD Billion) business to consumer perspective on its head from B2C to C2B. The modern consumer realizes 4.3 that his data is currency and is ready to share more of it with service providers in exchange of enhanced companies and personalized services. Fintech are willing to capitalize on 2.4 thisopportunity and provide consumer with the comfort of more personalized services. However, 2 consumers want to also retain control over their data and consequently demand additional security measures to opt-in to the services provided by fintech companies. USA Fintech: What Drives the Demand? UK India The rise in demand for fintech services is evident accelerate their digital transformation agendas. across varied markets. Between 2010 and 2017, the with services that will replace the traditional Fintech organizations are no longer experimenting going by the investments the sector attracts global investments in fintech ventures peaked at financial services, but are focused on creating USD 97.7 billion. In 2017 alone, investments in the opportunities of value that will benefit the entire segment registered an all-time high of USD 27.4 stakeholder ecosystem. billion. Most of the investments were across the regions of USA, UK and India (refer Chart I: Fintechv Consequently, there is an increased focus on Investments Across Key Markets). new-age trends such as insurtech, blockchain and challenger banks. These changes are defining the The number of deals increased by 50 percent - future of financial services resulting in a from 1800 in 2016 to 2700 in 2017, underscoring paradigm shift in the landscape of the entire increased investor appetite for innovation in the sector. financial services segment. At the beginning of the fintech The 3 Pillars of Fintech Services revolution, Fintech enterprises have a palpable competitive longstanding finserv incumbents such as banks, advantage over their traditional counterparts insurance companies and asset management owing to their innate attributes of inclusion, firms, were under competitive siege threatened innovation by the prospect of their businesses being efficiency overtaken by new-age fintech trends. However, integrity. enables fintech The consequent organizations to redefine consumer experiences. Together, these investors today perceive fintech services as factors empower the sector to reconfigure strategic partners that will enable organizations to Deep Tech Fintech is Disrupting Financial Services Globally and 03
5 financial services delivery, addressing dual objectives: to reach an expanded audience base and to cater to the evolving needs of tech-savvy customers. Inclusion The complex nature of banking and its cold-shoulder treatment to the marginalized sections spurned away large number of members present at the bottom of the pyramid. As a result, 1.7 billion adults worldwide are unbanked. As many as 54 percent of this population belongs to emerging economies (refer chart II: Unbanked Adults by Economy, 2017). A common misconception these institutions harbour is that the unbanked are un-bankable. In reality, they don t have accounts with financial institutions for a wide range of reasons (refer chart II: Barriers to Bank Account Ownership). Chart III: Barriers to Bank Account Ownership Adults without a financial institution account reporting barrier as a reason for not having one (%), 2017 Not enough money Do not need an account Accounts too expensive Chart II: Unbanked Adults by Economy, 2017 Family member already has an account 3 13 Financial institutions too far away 11 Lack of necessary documentation 6 Lack of trust Religious Reasons Source: Global Findex Database Bangladesh India Mexico Pakistan China Indonesia Nigeria Rest of world Citied as a sole reason Citied with other reasons Source: Global Findex Database Note: Respondents could choose more than one reason. Deep Tech Fintech is Disrupting Financial Services Globally 04
6 Therefore, their need for financial services remained unaddressed. Financial technology (fintech) companies emerged as transformational agents - turning this attitude on its head. Today, fintech companies have surpassed steep mountains, navigated through subterranean rivers and accessed remote regions to reach the customer. They have given users the ability to access financial services without the need to hold a bank account. A large number of successful fintech companies are innovated by non-bankers to ease the problems faced by the common man. Clearly, fintech companies are replacing the exclusivity associated with banking services, with accessibility and democracy. They are erasing the traditionally defined boundaries between feasible and unfeasible customer segments. In the process, they are absorbing an increasing number of individuals within the periphery of financial inclusion. As the 2017 Global Findex Report rightly points out, advances in digital technology are the key to achieving the World Bank s number one priority of universal financial inclusion by Innovation Personalization of services is the mainstay of modern consumerism. The new-age finserv user demands that his/her data is used to personalize financial advice and services tailored to personal goals, life stages and financial needs. In fact, optimizing the customer experience by making it easier and enhancing value, is the top priority for fintech enterprises world over. By means of disruptive innovation, fintech organizations are making this demand the basis of rendering modern financial services. Financial services are traditionally defined by the characteristics of permeating computing power, ubiquitous connectivity and colossal data. Combining these with modern tools such as artificial intelligence and analytics, fintech organizations are lending greater efficiency and personalization to essential services. Also emerging alongside are new and alternative models of collaborative financial services that occur directly between individuals, without the intermediation of any traditional financial institution. Examples include peer-to-peer lending and investing, crowdfunding, cryptocurrencies, time banks etc. All these new-age finserv models are made possible with the advent of new-age connectivity,-specifically the internet and the innumerable social media platforms. The onset of the fintech industry proved constructive to the overall financial services sector enabling a much-needed Deep Tech Fintech is Disrupting Financial Services Globally 05
7 improvization to its approach to business. Besides enhancing consumer experiences, fintech innovators empower traditional financial services businesses to manage regulatory requirements, optimize costs and induce greater efficiencies in back-office operations. Most importantly, fintech companies are helping the sector rebuild trust amongst its consumers and reconnect with its audiences. Integrity Deviating from the trend of overregulated financial institutions, modern fintech institutions are mostly unregulated operating on basis of a high trust factor. Their success is indicated by their booming numbers. In 2016, the crowdfunding industry surpassed the funding figures of the venture capital industry. However, as these services witness an unprecedented surge among users, fintech innovators need to ensure ways in which their services render greater security to the user audience. As their nexus with the real economy enhances, these organizations need to grow and adapt to a comprehensive, sophisticated regulatory framework. For instance, an organization s compliance to the General Data Protection Regulations (GDPR) (refer Illustration II: Impact of GDPR on Fintech Sector) will induce greater confidence among consumers granting them greater power to control the manner in which their personal data is accessed, communicated and stored in the digital setting. The global peer-to-peer lending was valued at USD 64 billion in It is expected to touch USD 1000 by In January 2018, the global cryptocurrency hit a new record high of over USD 700 billion. Clearly, alternative sources of financing are gaining rapid precedence in the new world. Illustration II: Impact of GDPR on Fintech Sector Customer's Consent Right to be forgotten Heightened vigilance in data sharing Biometrics as a key enabler Timely communication of security breach Pseudonymisation Deep Tech Fintech is Disrupting Financial Services Globally 06
8 Conclusion Fintech organizations are undoubtedly revolutionizing the manner in which financial services are rendered and consumed. They have also improved the efficiency and agility of financial transactions leading to benefits not just for consumers, but for traditional institutions as well. As consumers demand greater personalization and accessibility to the management of their finances, large financial institutions need to re-architect their approach to business aligning it with fintech-fuelled momentum. Beyond the obvious advantages, advances in the fintech sector contribute to the larger cause of financial inclusion. reach an expanded audience base. Non-traditional and traditional financial services companies will need to reinvent and constantly strive to cater to the evolving needs of their customers. The best way to infuse efficiency and enable a win-win situation for all stakeholders is by constructing value chains that optimize the best solution at each link. In the era of rising social awareness, this license to do good for the community and by extension, for the economy, ordains financial institutions with an opportunity for resurgence, following their series of failure that began with the financial crisis of Conclusively, it is clear is that technology has the power to reconfigure product delivery Deep Tech Fintech is Disrupting Financial Services Globally 07
9 References About Wadhawan Global Capital Wadhawan Global Capital (WGC) is one of the leading financial services group. WGC manages US$ 22 billion of assets through its Lending, Investment and Insurance platforms. WGC has partnered with leading financial institutions such as International Finance Corporation (IFC), Washington, Prudential Financial Inc., United States, Asian Development Bank and Korean Development Bank. For more information, contact info@wgcms.com Deep Tech Fintech is Disrupting Financial Services Globally 08
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