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Tag: Ashley Nagle Eknaian

Five ways to close the gender gap in FinTech

By Ashley Nagle Eknaian

It’s no secret that women in both banking and technology tend to be in the minority. When you combine those two fields into the phenomenon that is FinTech, “super minority” becomes a more accurate label. In recent years, organizations like Girls Who Code and Girls Who Invest have made a tremendous effort to encourage young women to take an interest and pursue careers in STEM fields. Supporting and championing these types of programs are vital to create meaningful change for the gender gap in the coming decades. However, we also need solutions that can benefit women currently in the workforce. Here are five things that can help increase gender diversity in FinTech today:

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Brandeis GPS to partner with inaugural Boston FinTech Week

For the first time ever, the city of Boston will be hosting Boston FinTech Week, a four-day event featuring some of the world’s biggest and brightest financial services institutions and the people behind them.

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FinTech is changing your life, and you don’t even know it

By Ashley Nagle Eknaian

Don’t believe me? Answer the following questions:

  1. Do you have any cash in your wallet right now?
  2. Have you ever bought something using your mobile phone?
  3. Have you been inside a bank branch in the last 6 months?

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Innovation Experts Discuss the State of Fintech

On Aug. 18, 2016, Brandeis GPS hosted a webinar led by Ashley Nagle Eknaian, chair of the new Master of Science in Digital Innovation for FinTech, with Jason Zaler, FinTech Partnerships Lead at PwC. This interesting and interactive discussion helped us celebrate the launch of the program, which is welcoming its first students this fall.

Just voted #36 in Onalytica’s list of top 100 FinTech innovators and brands, Zaler offered valuable insight into the evolving world of FinTech and the many industries impacted by this important technology. Zaler began the discussion by pointing out the many ways that most people use FinTech in everyday life through apps such as Venmo, Square, mobile banking apps, and robo-advice services. Because FinTech’s reach is constantly increasing, Zaler stressed the need to continuously reassess the industry.

“Learning so much about what was happening and seeing how fast it changed drove us to reevaluate the way we deliver insight and consulting,” Zaler said. “It propels us to develop a platform to provide that information to clients in real time.”

Zaler and Eknaian also discussed Fintech’s role in financial service institutions, technology companies, pay networks, and of course, FinTech startups. These groups are all trying to figure out how to best interact with one another to understand and maximize the new technologies available — to create the perfect marriage between financial institutions and technological innovation. The dialogue and new questions springing from these groups constantly draw many into this emerging field.

Competition with FinTech startups
Today in FinTech, some of the most important services exist on the backend of operations that consumers don’t often see. For example, FinTech services are used to clean up bank ledgers.

FinTech startups are essentially disrupters in the industry, knocking out other companies who would otherwise control this back-end technology. In order to help customers, big financial institutions are directly acquiring apps and cutting out big companies, making the process more efficient. As there is a lot of competition in this evolving industry, better products are constantly coming out for people to use on a day-to-day basis.

“It’s really an ecosystem where there’s a lot of movement, a lot of competition,” said Zaler. “The thing to be aware of is that as these companies jockey for a position, there is one benefit to the consumers: better products with better interfaces that you can use in your daily lives.”

Keeping customers through FinTech
Today, banks are working toward keeping their customers from the time they open their first account in college to an eventual retirement. To carry customers through their banking journey, banks now offer FinTech services for each stage of a customer’s experience. Zaler noted that customers today use an average of three to five FinTech products, so banks want to make sure their FinTech app stays on their customers’ phones.

FinTech around the world
FinTech is now a global industry, with major hubs in Silicon Valley, New York, London, Singapore, Israel, Dublin and Scandinavia. Regulations imposed on FinTech companies are what shape each country’s approach to FinTech throughout the globe. While Europe has more regulations that prevent FinTech companies from partnering with banks, the regulatory policies in China focus on making it easier for FinTech products to come to market, which causes major fraud issues and mistrust of these products in potential customers. With 30 percent of FinTech companies now under investigation in China, companies need to convince people they’re trustworthy before they can even begin to directly market their products.

Zaler also went on to discuss the benefits of large financial institutions relying on startups for services. He noted that there are three ways to think about how financial institutions can get FinTech services:

  • Buying them from another provider
  • Partnering with another company
  • Building their own

While many companies do opt to build their own or partner with other companies, often startups are cheap and have already developed the technology the large financial institution is looking for, making it more cost effective to just buy the technology.

This webinar, held in conjunction with the announcement of the new MS in Digital Innovation for FinTech at Brandeis GPS concluded with Zaler giving suggestions of how to stay up to date with FinTech news through following key influencers on Twitter and using the Denovo site, built by his company, PwC.

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