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(empowered) (disaggregation) (connected) (cashless) Market Provisioning Market Provisioning

2

3Ch.1

Market Provisioning (cashless) (empowered) (connected) (disaggregation)

(predictable) ; .

(platform based), (data intensive), (capital light) .

FinTech (imminent) (banking) ; , FinTech .

(parallel strategies) ; , (access) .

( ) , , , .

FinTech (customer behaviors), , .4Ch.1

: (streamlined infrastructure)

(decentralized) (connectivity) , , .5Ch.1


: (automation of high-value activities)

(manual) (advanced algorithms) , , , (scalable) (alternative) .6Ch.1


: (reduced intermediation)

, / .7Ch.1


: (the strategic role of data)

(social data) .8Ch.1


: , (niche, specialized products)

(highly targeted) , , (end-to-end) (unbundle) .9Ch.1


: (customer empowerment)

(restricted) , , , " (prosumers)" .10Ch.1



11

(empowered) . : (mass) (mass affluent) . : , , . (agility) : . : .12

Ch.2

(Wealth Management Industry)Investment allocation strategiesActive money management (e.g., asset selection)Securities analysisDistribution of wealth products (e.g., mutual funds, ETFs, annuities, insurance products)Access to rare products and assetsBrokerage account managementWealth transfer planningEstate / tax strategiesRetirement planningPrivate bankingAdvisoryBrokerageValue-AddServices

(empowered) FinTech , .

: . . (aggregated view) . : FutureAdvisor, Personal Capital, Wealthfront, Motif Investing, Betterment .

(social trading) : . , . : eToro, Estimize, Covestor, StockTwits, Tradepop, SprinkleBit .

(retail algorithmic trading) : , , . (sophisticated) . : CoolTrade, AlgoFast, Quantopian, QuantConnect, FxPro Quant .

13

Ch.2

(empowered) FinTech : (minimum investment threshold) , .

(algorithm) : (manual-intensive) , (commoditization). .

(empowerment) : , , .

(crowd) : , , .14

Ch.2

(empowered) FinTech .

(accessibility) : (mass affluent) (mass) , .

: , , .

: , , , .

(personalized) : , (mass affluent) (mass) .

: (operating costs) , , .15

Ch.2

(empowered) : FinTech 1 (mass affluent) , .

(focus) , (relationship-based) (high net worth individuals) .16

Ch.2 Wealthfront : 2011 12 , Wealthfront , (tax loss harvesting) , (rebalanced) , . , (5,000 ), . (hurdles for entry) . 3 , Wealthfront 15 .

XX

(empowered) : FinTech 1 () . (needs) .

, (educated) . . (mass) (needs) , .

( : ) . , . , . (retail banks) .17

Ch.2

(empowered) : FinTech 1 () : (mass) (mass affluent) . : (relationship-driven) () (high/ultra net worth) , (in-person) .

?

18

Ch.2

(empowered) : FinTech 2 - ( : ) , (high net worth) .

.19

Ch.2

(commoditized) Charles Schwab : Wealthfront , Charles Schwab , , , ETF "Intelligent Portfolios" .

(empowered) : FinTech 2 - () , . , .

. .

, , " (personal)" . . (mass affluent-focused) (upstream) .20

Ch.2

(empowered) : FinTech 2 - () (empowering retail banks) : (needs) . : .

, (mass affluent) ?

21

Ch.2

(empowered) : FinTech 3 - , , .

, .22

Ch.2

Tools

Quantopian : Quantopian , , , , . Estimize : Estimize (sell-side) , (buy-side) .

(empowered) : FinTech 3 - () , (track record)., , (value proposition). (accountabilities) (disclosure standards) (regulatory control).

.

(tail risks) . , . , . , , , .

23

Ch.2

(empowered) : FinTech 3 - () (benchmarking challenge) : , (prosumers) , . : (prosumers) , .

, ?

24

Ch.2

(empowered) : : Robo-Advisors , " " .

: , , , .

: (commoditizing forces) , .25

Ch.2

(empowered) : , ?

, , ?26

Ch.2


27

. capacity : capacity . : (time-consuming). / : . (inconsistency) : (legacy) . (scale-driven barriers) : , . (complexity) : , .28

Ch.3

HRFinanceIn-house

FinTech (externalization) 2.0 .

(advanced analytics) : , , , (manual) , . : Ayasdi .

(cloud computing) : , / (cloud) , , (real-time processing) . : FundApps, Redkite .

(natural language) : , , . : Duco, Kensho .29

Ch.3

FinTech (platform) : , . : Novus, OpenGamma, Duco .

(as-a-service) : , (manual) , (as-a-service) . : FundApps .

(capability sharing) : , , , . : Open Bank Project, eCo Financial Technology .

" (core)" , .30

Ch.3

FinTech , .

(automation) : (commoditized), .

/ : .

: , , .

: , , (operations) , .

: . 31

Ch.3

: FinTech 1 - , , , (commoditize) (advanced) .

, ( : , ) .32

Ch.3

ABAB

Kensho : (quant) . Kensho , , , . Kensho , . (market insights) "" .

: FinTech 1 - () . (liabilities) . .

. . , .

(centralization) . , . .33

Ch.3

: FinTech 1 - () : , , .

, ?

34

Ch.3

: FinTech 2 - .

(top-tier) , (barriers to entry) , (level playing field) .35

Ch.3

vs.

Open Gamma : Open Gamma (buy-side), (sell-side), (clearing institutions) (open source) . Open Gamma , , , , . . Open Gamma , , (middle and back offices) (set up) .

: FinTech 2 - () . (liabilities) . .

, . .

, . , .

36

Ch.3

: FinTech 2 - () : , . : , , , .

, ?37

Ch.3

: FinTech 3 - , , .

, (centralized communication touch points) .38

Ch.3

FundApps : FundApps , (shareholding disclosure) , 100 (cloud-based) . FundApps . FundApps , , , .

: FinTech 3 - () . (track record). (liabilities) .

. . .

. (centralized) , (non-compliant) (liabilities). .

39

Ch.3

: FinTech 3 - () : , , , , " (black-and-white)" .40

Ch.3

: : , , , 3 .

(skill loss of workforce) : , .

41

Ch.3

: ( : , , 3 ) (capability sharing ?

(vendor models) (managed services models) , ?

42

Ch.3


43

, . : , , . : (structuring) . : / , . : , . : .44

Ch.4

SeriesA~DMid-MarketLargeSeedLocal / Private Equity / (IB)

FinTech (crowd based) : . (crowd) , , . : Seedrs, Spacehive .

(empowering individuals) : ( : ) , . " (lead)" PEF (private equity firms) (GP; general partners) . : AngelList .

(customization) : ( : , ) (customizable parameters) . , , . : Abundance, Crowdcube .

, .45

Ch.4

FinTech .

: , . " (wisdom of the crowd)" .

: , .

: , .

: , , .

: , . 46

Ch.4

: FinTech 1 - (peer-based) (seed-stage) .

(seed-stage) , (later stage) , .47

Ch.4 Seedrs : Seedrs (seed-stage) (peer-based) . Seedrs , . Seedrs , (rounds) , (custodian) .SeriesA~DMidLargeSeedLocal / Private Equity / (IB)

: FinTech 1 - () (peer-based) . (due diligence) , . (financial literacy) . (well-defined) (well-balanced) .

, (later-stage) . ( : (seed-stage) )

(seed-stage) , . (later-stage) (round) , (dilution) .48

Ch.4

: FinTech 1 - () (changes to sourcing strategy) : , .

, ?49

Ch.4

: FinTech 2 - (peer-based) , , (low-return) , (motives beyond financial return) ( : ) .

(seed-stage) (appropriate guidance for growth) .

50

Ch.4 Spacehive : Spacehive ( : , ) , (peer-based) . Spacehive , .

Abundance : Abundance Generation (peer-based) . , (debentures) .SeriesA~DMidLargeSeedLocal / Private Equity / (IB)

: FinTech 2 - () (local) - (start-ups) . .

, (high social return) (local and purposeful) . .

, . , (debentures) .

51

Ch.4

: FinTech 2 - () : . ( : )

, ?

52

Ch.4

: FinTech 3 - (peer-based) .

, ( : ) .53

Ch.4 Crowdcube : Chilango, (peer-based) Crowdcube 8% 4 , , 100 . (8 % ) , Chilango 10,000 , . Crowdcube , 749 216 .SeriesA~DMidLargeSeedLocal / Private Equity / (IB)

: FinTech 3 - () (peer-based) full cost . .

( : , , ) .

underpricing under-subscription . , . .

54

Ch.4

: FinTech 3 - () : , .

(upstream) ?

55

Ch.4

: : , , .

(shortening capital raising cycles) : , , .

: , , .56

Ch.4

: ( , , ) , ? 57

Ch.4


58

, .

: (lending gap) .

: .

(margin for error) : .

: .

: (funds) .

(low return) : (risk appetite) .59

Ch.5

.

FinTech (Alternative lending platforms) P2P .

P2P (P2P lending) : . , P2P . : Funding Circle, CreditEase, Lending Club .

(lean, automated processes) : , , . , . : Zopa, OnDeck, Prosper .

(alternative adjudication) : , ( : ) . , . : Advanced Merchant Payments, Lenddo, Kabbage .

60

Ch.5

FinTech , .

(underwriting) : pricing .

(access) : .

: , .

/ : (risk profiles) , .

: , , .

61

Ch.5

: FinTech 1 - (upstream) .

, .62

Ch.5

() Zopa : 2005 , P2P Zopa , . 2014 Zopa 0.38% .

CreditEase :2006 , P2P CreditEase . , CreditEase (high net worth) .

: FinTech 1 - () , . . (secondary market) ( MMF )

(critical mass) , (asset class) .

. (overhead costs) , . , (conflict of interest) .

63

Ch.5

: FinTech 1 - () : , .

?

64

Ch.5

: FinTech 2 - (classes) .

(lending bandwidth) , (customer referral) .

65

Ch.5

() Lending Club Union Bank : 2014, Lending Club ( ) Union Bank ( ) . , Union Bank Lending Club , . , Union Bank , .

: FinTech 2 - () . . .

, / .

. (established) , .

66

Ch.5

: FinTech 2 - () : (risk-tolerant) , (profiles) .

? ( : , , )

67

Ch.5

: FinTech 3 - , .

, .

68

Ch.5

()

Advanced Merchant Payments (AMP) : AMP (underwriting) . AMP , .

: FinTech 3 - () IT . , .

. .

. .69

Ch.5

: FinTech 3 - () : , , (one-size-fits-all approach) , .

, ?70

Ch.5

: : , ( : MMF ) , .

(distributed credit) : , .71

Ch.5

: , ?

, , ?72

Ch.5


73

FinTech (virtual technologies; virtual banking 2.0) : " (direct) " 1990 (telephone banking) , / . (virtual banks) , . , , . : Fidor Bank, mBank, ZUNO Bank .

(mobile 3.0) : . , (fully functional) . , ( : P2P , , ) . : Popmoney, Mitek, USAA .74

Ch.6

FinTech () (banking as platform; 3rd party API) : (competing priorities) . . " (banking-as-platform)" 3 (customer-facing enhancements) , API . : Crdit Agricole, Open Bank Project, Yodlee .75

Ch.6

FinTech , (primary accounts) , .

(full virtual experience) : (virtual channels) , .

(customer-driven) : , .

: , .

(segment-based) : (one-size-fits-all mass market approach , .

(externalized) : , , (in-house approach) .76

Ch.6

: FinTech 1 - , (ownership of customer relationships) .

capacity , .

77

Ch.6Risk Taking

Risk Taking

(primary accounts)

PayPal Discover, Google Wallet U.S. Bancorp : (established) , (white-label) . , ( : , UX, ) . Google Wallet US Bancorp Visa , PayPal , , , Discover .

: FinTech 1 - () , . .

, . . .

, . , , . , .

78

Ch.6

: FinTech 1 - () : , (a a-la-carte basis) , .

( : Amazon, Google) " (shopping) , ? 79

Ch.6

: FinTech 2 - ( : , ) (niche alternative providers) , , (account management) " (light)" .

(a network of alternative provider) (full-service) .80

Ch.6 Simple : Simple , , , (primary account) , (virtual-only) . Simple . Visa (debit cards) , Venmo , Bankcorp CBW FDIC , Allpoint ATM .

: FinTech 2 - () . . . . .

. .

, . . . .

81

Ch.6

: FinTech 2 - () : (gateway) , (end-to-end) .

, ? (trade-offs) , ?82

Ch.6

: FinTech 3 - (needs-based transaction) , , .

(financial value-adds) ( : ) .83

Ch.6

SUSAA : .NatWest : ATM .Moven : .BankAmeriDeals : .Halifax : (Augmented reality) .Barclays : (lockbox).

: FinTech 3 - () . (needs) , .

. , 3 .

(quasi-financial services) . , , .

84

Ch.6

: FinTech 3 - () (new set of risks) : , , .

, , (tangential) ? ( : )

85

Ch.6

: : (stand-alone basis) .

: , , .

: .86

Ch.6

: ?87

Ch.6


88

(disaggregation) FinTech , , (value chain) .

- (online aggregators) : (commoditized) ( : ), (online aggregators) . : Gocompare.com, Moneysupermarket.com, BizInsure .

- : , . Google 54 , BeatThatQuote . : Google, Amazon .

(underwriting) - (self-driving cars) : , (connectivity), M2M . , (principal of insurance) . : Volvo, Mercedes-Benz, Tesla .89

Ch.7 online aggregator : .

(disaggregation) FinTech () (underwriting) - (sharing economy) : (pay-as-you-go) , , (one-to-one) . : Zipcar, Airbnb, Getaround .

- (securitization) : (catastrophe bonds) (Insurance linked securities) (insurance pools) , (pools of capital) . : Leadenhall Capital Partners, Eskatos Capital Management, LGT Capital Management .

- : , , (value chain) . : TriplePoint Capital, Paulson & Co., S.A.C. Capital Management .

90

Ch.7

(disaggregation) FinTech , (value chain) , .

- : (online aggregators) (personal) (small commercial) . (online aggregators) , . .

(underwriting) - (commoditization) : (, ) , . (actuarial) . (personal) (small commercial) .

- (decoupling) : ( : ) , . (risk capital) (access) .

91

Ch.7

(disaggregation) : FinTech 1 - (commoditization) , (importance of scale) , (market consolidation) .

.

(access) , (excess underwriting capacity) .92

Ch.7ABCAC

GEICO, USAA, Progressive : (pricing) , 10 . M&A , R&D , . , 10 2000 59% 2012 71% .

(disaggregation) : FinTech 1 - () (, ). (underwriting) , (benefits of scale) . (commoditization) .

(economies of scale), . .

(oligopolistic) , (collusion) . , (systemic risk) .93

Ch.7

(disaggregation) : FinTech 1 - () (regulatory complexity) : , .94

Ch.7

(disaggregation) : FinTech 2 - - (product-based insurance) (customer-based insurance) .

(commoditization) (cross sell) (bundle) .

, , .

(connectivity) "" .95

Ch.7

ABCDA

Farm Family : Farm Family , , / . ( : 10). , (multi-line) , (bundling discounts) , .

(disaggregation) : FinTech 2 - - () . (coverage) (pricing) (capacities) . .

"" "" , . (mono-line) , (product-specific) .

(adverse selection) . .

96

Ch.7

(disaggregation) : FinTech 2 - - () (acquisition of capabilities) : (mono-line) (multi-line) .

, ?97

Ch.7

(disaggregation) : FinTech 3 - (personal lines) (value chain) ( : ) (commercial lines) .

, (relatively more manual) , .

98

Ch.7DCBA SME

DCBA SME

Bought by Many : (start-up) Bought by Many ( : , , , ) , . Bought by Many (commoditization) .

(disaggregation) : FinTech 3 - ()99

Ch.7 (commercial lines) . . .

( : ) . , .

(niche risks) , .

(disaggregation) : FinTech 3 - ()100

Ch.7 (relationship-driven distribution) : , , .

(disaggregation) : : , (personal lines) (commoditization) , , .

(self-insurance models) : , , (self-insurance) .

(competitive benchmarking) : , (pricing) . 101

Ch.7

(disaggregation) : (commoditization) , ?

, (self-insurance models) ?102

Ch.7


103

(connected) (backward-looking) : , (historical) . (pricing models) (real-time) .

(limited interactions) : , (claim-free) , .

(passive) : , .104

Ch.8

3

(connected) (telematics) (telematics) , .

(device) : , " (moment of truth)" .

(selection) : , , .

(delays) : (connectivity), , (analytical power) .

(incentives) : , (discounts) .105

Ch.8

(connected) FinTech , , .

(drivers) : (smarter, cheaper sensors).IoT (Internet-of-Things). (communication protocols). (advanced analytics).

(connected) (Innovations) :

(connected cars) : ( ), , , . : Ford Sync, GM, Tesla, Car 2 Car Communication Consortium .

(connected homes) : ( : ) , ( : ) , , . : Nest Labs, Ninja Blocks, Kochi smart city, WeMo .

106

Ch.8

(connected) FinTech () (connected lifestyles; wearables computers) : (wearable) , , , , . , , . (vitals) , , . : Runtastic, UP24, Scanadu, AliveCor .

(standardized platforms) : (interoperability) . , . (connected) . : Apple CarPlay, Open Automotive Alliance, SmartThings .

(easier utilization of data) : (connectivity) , (, ) . (real-time communication) : , , , , (real-time) . (mix-and-match of data) : , .

107

Ch.8

(connected) FinTech (connected) .

(personalization) : (availability) (cluster-based) (individualized) (pricing) .

(accuracy) : , (pricing accuracy) , .

(transparency) : , , .

(data-rich) : (historical) (static) (, ) , (, ) , (custodian) .

(engagement) : (connected) , .

108

Ch.8

(connected) : FinTech 1 - (connected) (empirical) , (underwriting) .

, (connected) (personalization) , (event-based coverage) .109

Ch.8

3

/

Open Automotive Alliance (OAA), Apple CarPlay : (apps) , . .Nest Labs, SmartThings : ( : , ) , .UP by Jawbone, Apple Health : (lifestyle) (wearable) , . , OS .

(connected) : FinTech 1 - () (connected) . (real-time data streams) . , , . .

, (underwriting) . .

(connected) , . , . (connected) (personalized) (red-lining) .

110

Ch.8 red-lining : () .

(connected) : FinTech 1 - () : (individualized) , .

(historical) (data streams) , (early adopters) ? , ( : , ) , ?

111

Ch.8

(connected) : FinTech 2 - (connected) . ( : )

(concierge) , , , .

112

Ch.8

3 Risk Advice

Marmalade : Marmalade Insurance , e- .

Vitality : Vitality Health (app) (lifestyle) . , (app) , (lifestyle) .

(connected) : FinTech 2 - () . . .

( : ) . .

. . (connected) .113

Ch.8

(connected) : FinTech 2 - () : , .

, (connected) , ?

114

Ch.8

(connected) : FinTech 3 - (connected) (lifestyle) (view) , (behavioral) .

, ( : ) , .

115

Ch.8

3

Insure the Box : , (behavioral) . Insure the Box , (telematics) .

(connected) : FinTech 3 - () , , (guardians) . .

. ( : )

. , .116

Ch.8

(connected) : FinTech 3 - () (merchant relationships) : , , .

, ?117

Ch.8

(connected) : (real-time data and analytics) : (connected) .

(strategic role of insurance business) : (behavioral) , , (needs) . ( : ).

(importance of customer lifecycle management) : , . .118

Ch.8

(connected) : (connected) ? ?119

Ch.8


120

(cashless) (merchant adoption) : , (electronic payments) .

(convenience) : (small denomination payments) .

(accessibility) : (under-banked) (primary accounts) , .

(fraud) : , (electronic transactions) .121

Ch.9

Point of Sale(POS)Issuer Acquirer

(cashless) FinTech (connectivity) , 5 .

(mobile payments) : (mobile wallets). (mobile-based merchant payment solutions). : Android Pay, CurrentC, MasterPass, Visa Checkout, Samsung Pay, Apple Pay, LevelUp, Square, PayPal .

(streamlined payments) : (location-based payments; geotagging). M2M (machine-to-machine payments). : MagicBand, BPAY, ViB, Eaze, Skip Wallet .

(integrated billing) : (mobile ordering & payment apps). (integrated mobile shopping apps). : iBeacon, Stop & Shop, OrderMate, Uber, OrderAhead .

(next generation security) : (biometrics) / (location-based identification). (tokenization standards). : Biyo, XYverify, Nuance, Daon, VISA, MasterCard, Host Card Emulation .122

Ch.9

(cashless) FinTech (simplicity) : (connectivity; : , ) .

(interoperability) : , , , .

(value-add services) : , ( : , ) .

, (front-end) .123

Ch.9

(cashless) FinTech (cashless) : (small denomination transactions) (payment cards) , (electronic transactions) .

(back of mind) : , , (needs) ,

(engagement) : , (payment transactions) .

(data-driven) : (electronic payments) , , , , .

(increased access to loans) : (electronic processes) , , .

: , .124

Ch.9

(cashless) : FinTech 1 - Amazon 1- Uber (seamless payments) , (single default card) , (lose visibility) .

(default cards share of wallet) , .125

Ch.9

UBER, Order Ahead : (mobile apps) (In-app purchases) , (single tap) , .

Amazon.com, Apple Pay, Google Wallet : (virtual payment processing services) (payment credentials) , , .

(cashless) : FinTech 1 - () (everyday-spend) , . . ( : )

, .

, , .126

Ch.9

(cashless) : FinTech 1 - () (competitiveness of bank-issuers) : (stand-alone) . 360 (360 view of customers) : (share of wallet) (default cards) , .

(default cards) ? , ?

127

Ch.9

(cashless) : FinTech 2 - (digital wallets) / , (optimize card usage) .

(share of wallet) , (proliferation of niche and merchant issued cards) .128

Ch.9

Apple Pay, Google Wallet : , (digital wallets) ( ) , ( : Apple 8, Google ) / .

Walla.by : (digital wallets) , (wearable) .

(cashless) : FinTech 2 - () . ( : , ) , (smart wallets) , .

(private label solutions) , . .

. ( ) , . .129

Ch.9

(cashless) : FinTech 2 - () (customer retention) : , . (distributed credit) : (credits) , .

?130

Ch.9

(cashless) : FinTech 3 - (revolving) , (point of sale) (vendor financing schemes) .

(transactional card) , .131

Ch.9 PayPal, Google Wallet : , (bank-funded transactions) .

MCX CurrentC, Google Wallet : (merchant loyalty programs) , , , .

PayPal Credit, Affirm : (point-of-sale) (vendor financing schemes) (credit card financing) (revolving) (purchase-specific) (line of credit) .

(cashless) : FinTech 3 - () : , , (digital wallet), , (needs). ( : , ) , . . . (fraud monitoring) , .132

Ch.9

(cashless) : FinTech 3 - () (revolving) (case-by-case) , . .

(non-interoperable) (nationally exclusive) . . . .133

Ch.9

(cashless) : FinTech 3 - () (shift in credit business models) : , . (loyalty programs) : , .

? ?134

Ch.9

(cashless) : (reduced control over customer experience) : (digital wallets) , .

(customer targeting) : , .

(merchant relationships) : , , , .135

Ch.9

(cashless) : , ?136

Ch.9


137

. .

(reciprocal accounts) , (assurance of payment) (clearing house) (correspondent bank) , .

.138

Ch.10

/ /

FinTech (crypto currency) : (decentralized) (cryptographic protocols) , (value) . : Bitcoin, Ripple, Litecoin, Namecoin .

: . . . (open source). , .139

Ch.10

FinTech ()140

Ch.10 (mobile money) P2P (P2P transfer) : P2P (value) (underbanked) , (value) , (central party) . : Kopo Kopo, Mjara, TransferWise, Azimo, Avuba, M-PESA, CurrencyFair, clearXchange )

: , . (transfer costs) . ( : ATM) , . .

, (adoption) .

FinTech (value) , , .

(global) : (value) , (underbanked) .

(fast) : (value) .

(transparent) : .

(secure) : .

: .141

Ch.10

: FinTech 1 - ( : , , /, , ) (alternative payment schemes) .

(keep) , .

(points of interaction) .142

Ch.10 BitPay, Coinbase : (Bitcoin exchanges) Bitcoin (value) . Bitcoin ( : BitPay - merchant processor, Coinbase - ), , Bitcoin (value) .

Kopo Kopo (M-PESA), Mjara Loan : ( : M-PESA) , .

: FinTech 1 - () (native currency) . . . . (value) (fiat currency) . , (entry points) .

.

( : Mt. Gox) . . .

143

Ch.10

: FinTech 1 - () : , , / .

, ?

144

Ch.10

: FinTech 2 - ( : Bitcoin , )

, ( : ) .145

Ch.10 Fidor Bank, Ripple : (full-service) Fidor , Ripple protocol . Ripple protocol , (clearing house) (correspondent bank) , .

CIC M-BIMA, M-Pesa : CIC (underbanked) , M-Pesa ( : ) . CIC (loyalty) .

: FinTech 2 - () ( : vs. ) , , .

, (connectivity) . ( : KYC, AML) , . (foreign exchange) . .

. . .

146

Ch.10

: FinTech 2 - () (new sets of risks) : , , .

, ?

147

Ch.10

: FinTech 3 - (catalyst) .

, .

, (flow of money) (retain) .148

Ch.10 Interac e-Transfer, clearXchange : P2P (money transfer) . , , .

: FinTech 3 - () . . , , . .

, .

., .149

Ch.10

: FinTech 3 - () : , .

?150

Ch.10

: (revised margin structure) : , .

(global implementation) : , .

(changing role of trusted intermediaries) : , ( : ) .151

Ch.10

: , ?

, , ?152

Ch.10


153

Market Provisioning FinTech .

(machine readable data) : (news feeds) . . : SNTMNT, Thomson Reuters, SemLab, MNI .

(big data) : . (correlations mapping) (insights) . . : Teradata, SAS, Palantir, Hadoop, IBM, Ayasdi .

(Artificial Intelligence), (machine learning) : (advanced analytics) , , , . (machine learning) (prescriptive analytics) . : Rebellior, Portware, Lucena Research, Sentient Technologies, Opera Solutions, Ayasdi .154

Ch.11 (provisioning) : ( ) (needs) .

Market Provisioning FinTech (agility) : , (real-life) .

(accuracy) : . , , .

(privileged) : , , , .155

Ch.11

Market Provisioning : FinTech 1 - (machine readable news) , (real-life) (responding to real-life events) , . , .156

Ch.11 Dataminr, SNTMNT : Dataminr, SNTMNT ( : , M&A ) . , (real-life) .

Market Provisioning : FinTech 1 - () (competition for data sources) : (real-life) , . (increased specialization) : , , (real-life) (broader approaches) .

, ?

157

Ch.11

Market Provisioning : FinTech 2 - , (view) .

(market-making) , .158

Ch.11 Ayasdi : Ayasdi , (topological) . , Ayasdi , (real-life) . , , . Neuro Dimensions TradingSolutions , (neural networks) (genetic algorithms) (artificial intelligence) . , .

Market Provisioning : FinTech 2 - () (marginalized returns) : (machine learning) , (real-life) , . (competition for speed) : , (insights) (execution) .

, , ?159

Ch.11

Market Provisioning : FinTech 3 - (feeds) .

(market making) , .

160

Ch.11 Twitter : 2013 4 23 AP Twitter . Twitter (feeds) , . , Twitter 2 S&P 500 1,360 . 3 , Twitter (second-guess) .

Market Provisioning : FinTech 3 - () (competitive uncertainty) : ( : , , ) . (impetus for agility) : , .161

Ch.11

Market Provisioning : (reduced role of humans) : , , . , , .

(larger impact of errors) : (end-to-end) , (data integrity), , .

162

Ch.11

Market Provisioning : (end-to-end) , ?

, , , ?

163

Ch.11


164

Market Provisioning (OTC; over-the-counter) .

(operational Inefficiency) : , , .

(suboptimal pricing) : , (view) .

(limited liquidity) : , .

(limited visibility) : , , , .

(limited access) : .165

Ch.12

(OTC) A B C D E F

, .

Market Provisioning FinTech .

, , : Algomi (), Novus (, fund of funds), Bison (private equity, ), Liquity ( ), SecondMarket ( ), ClauseMatch ( )

(social) : , , , , .

(standardization) : , (metrics) .

(automation) : , , .

(market-making) , .

166

Ch.12

Market Provisioning FinTech , , , .

(increased liquidity) : , , , , .

(improved price accuracy) : , , , , .

(transparency) : , ( : ; agent conflict of interest) .

(improved access) : , , , .

, (faster, cheaper transactions) : , , .

167

Ch.12

Market Provisioning : FinTech 1 - (relationship-driven) (market making) , .

(fact-based measures) , .

168

Ch.12 Novus : Novus , fund-of-funds . , fund-of-funds . , fund-of-funds , , . Novus , . fund-of-funds , .

Market Provisioning : FinTech 1 - () / (buy-in). , .

, . .

/ . (counterparty risks) .169

Ch.12

Market Provisioning : FinTech 1 - () (reduced fee structure) : , , .

, , ?170

Ch.12

Market Provisioning : FinTech 2 - .

/ , , (barriers of entry) .

171

Ch.12

Market Provisioning : FinTech 2 - () ( : ) . . .

. .

. , .172

Ch.12

Market Provisioning : FinTech 2 - () (direct investments by established institutions) : (market framework) , , .

(established) , (, ) , ?173

Ch.12

Market Provisioning : FinTech 3 - , .

, , .174

Ch.12 Liquity : Liquity , . Liquity (escrow) (custodial services) , .

Market Provisioning : FinTech 3 - () . (OTC) . .

(high-value) . , (needs) .

( ) . .

175

Ch.12

Market Provisioning : FinTech 3 - () (reduced value proposition to institutional customers) : , .

(high net worth individuals) (value) ?176

Ch.12

Market Provisioning : (less differentiation among intermediaries) : (transaction) , .

(redistributed negotiating power) : , .

(shift to advisory models) : , .177

Ch.12

Market Provisioning : , ?178

Ch.12

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