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Tag: FInTech (page 1 of 2)

FinTech in Boston

With hundreds of startups and some of the world’s largest asset managers, custodial banks, and insurers, it’s no surprise that Boston is a hub for financial technology. Boston is home to many companies in the financial services industry, large and small, including Circle, MassMutual, Flywire, and FinTech Sandbox. In the upcoming week, September 10-14, 2018, these organizations and more will come together for Boston FinTech Week 2018. The theme of this year is: Moving Beyond Volatility.

As part of a collaboration between Boston’s accelerators, institutions, startups, universities, firms, and co-working spaces, events will highlight content on new models and technologies that move markets forward. Throughout the week there are more than 35 free events across downtown Boston celebrating FinTech innovation. Events range from Fintech for Social Impact to Innovation in Insurance. See the full list of the events taking place and register for each event individually here.

For those in the financial sector looking for the technical skill-sets necessary to build a FinTech career, Brandeis GPS will be offering the following course this fall: FinTech: The Evolution of Technology for Financial Services. The 10-week, fully online course will explore FinTech as a solution to challenges facing an inter-connected global marketplace. It will address the evolution of the financial industry landscape, the challenges and opportunities this new era presents, and the drivers behind the change.

At Brandeis GPS, you can take up to two courses before enrolling in one of our 12 master’s degrees. If you’re interested in exploring the MS in Digital Innovation for FinTech, or would like to explore technology for FinTech as part of your own professional development, contact the  GPS office for more information or to request a syllabus: 781-736-8787, gps@brandeis.edu, or submit your information.

The Evolution of Technology for Financial Services

Woman in front of buildingThe increasing use of computational power, digital assets, and big data has ushered in a new era of innovation in the industry. Financial Technology, or FinTech, has advanced diverse areas such as payments, digital ledgers, foreign exchange, lending, insurance, investment advice, and wealth management. To understand these changes, we need to understand the application of technology and the economic value of these changes to the financial services industry as well as the agents catalyzing these changes. 

During our Fall 2 session starting in October, Brandeis GPS will be offering FinTech: The Evolution of Technology for Financial Services. The 10-week, fully online course will explore FinTech as a solution to challenges facing an inter-connected global marketplace. It will address the evolution of the financial industry landscape, the challenges and opportunities this new era presents, and the drivers behind the change.

Throughout the course, students will debate FinTech innovation and entrepreneurship in the financial services sector through a combination of online discussions, case studies, group projects and guest bloggers. They will analyze well-known FinTech companies and discuss value propositions, competition, business models, and technology. They will examine recent trends and explore areas that are ripe for disruption in the industry.

Upon completion of the course, students will be able to:

  • Explain the evolution of financial technology and its current relationship to the horizontal integration of accessibility to technology, decrease in cost in computing, and access to data
  • Discern the relationship between the advancements in financial technology and the benefits and concerns that these bring to the individual and to institutions
  • Compare current trends in financial technology to emerging trends and assess the opportunities and risks
  • Apply theories of artificial intelligence or machine learning to decision making and risk mitigation and discuss their merits and drawbacks
  • Develop a proposal that determines a currently unidentified need that can be empowered or met through financial technology

At Brandeis GPS, you can take up to two courses before enrolling in one of our 12 Master’s degree programs. If you’re interested in exploring the MS in Digital Innovation for FinTech, or would like to explore technology for FinTech as part of your own professional development, contact the  GPS office for more information or to request a syllabus: 781-736-8787, gps@brandeis.edu, or submit your information.

SPOTLIGHT ON JOBS: STAKD

Spotlight on Jobs - Brandeis GPS Online Education - Brandeis GPS Blog

Members of the Brandeis GPS Community may submit job postings from within their industries to advertise exclusively to our community. This is a great way to further connect and seek out opportunities as they come up. If you are interested in posting an opportunity, please complete the following form found here.

Where: Stakd (remote position, but office space is available in Hoboken, NJ and Boston, MA)

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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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Can mono-solution providers survive?

By Mike Storiale

When FinTech began its ascent, single-solution providers opened the door to expertise and simplicity rarely brought to the table by traditional banks. Solutions designed to meet unique needs created excitement from consumers and investors alike.

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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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Boston Globe highlights Brandeis GPS FinTech program

In a recent article on the growing momentum among Boston’s financial start-ups, the Boston Globe profiled GPS faculty member Sarah Biller and her work within the FinTech sector. Biller discusses FinTech trends among millennials, and how she’s adjusting the content of her Evolution of Technology for Financial Services course to explore how the changing presidential administration may impact the industry.

Read the full article here, and request more information about studying FinTech at Brandeis here.

The Financial Technology Revolution

By Josh Deems

The saga of finance technology, dubbed “fintech,” is on a delayed start compared to other industries. When the proverbial innovation alarm clock rang around 2004, a digital revolution ignited media,telecom, retail, and other nimble segments into transformation. New ideas, technologies, and companies emerged and became entrenched in our daily lives. In the meantime, financial services hit the snooze button… but why?

Innovation in finance has happened before

In the 1950’s, the invention of the credit card was thought to render physical cash obsolete. By the 1960’s, ATMs appeared, threatening the existence of live tellers and bank branches. Starting in the 1970s, stock brokers ditched phone and paper based trades for electronic systems. From 1998 on, consumers and retailers began transacting for goods and services through linked-bank accounts via the online payments system, PayPal.

Major advancements in banking technology have happened every decade since the end of the Second World War, but none harnessing the disruptive power of the revolution we’re facing today.

Why now?

Fast forward to 2008. New banking services materialized again, this time driven by the millennial thirst for digitization, the anti-establishment distrust of arcane banking processes, and the chutzpah of start-
ups and investors. Concepts such as peer-to-peer lending, digital wealth management, and the first fully electronic currency, Bitcoin, became the focal point of innovation. The theme shifted to the ‘unbundling’ of core banking services often thought as too large, too complex, and too regulated to face disruption.

<<Learn more about the MS in Digital Innovation for FinTech at Brandeis>>

Overview of new services

Highlighted below are two of the more prominent technologies involved in the paradigm shift of the banking industry. Blockchain, the distributed ledger technology and buzzword associated with Bitcoin, and robo-advisors, or digital wealth platforms changing the way we manage personal portfolios.

Blockchain

  • What is it? Distributed, immutable, and fully secure database technology. Underlying engine of bitcoin, and supporting technology for peer-to-peer payments worldwide.
  • Key Players Open source blockchain providers (Ethereum, Hyperledger); enterprise blockchain companies (Chain, itBit, Symbiont); financial services consortium (R3, Post Trade Distributed Ledger Group); global payments (Ripple); bitcoin-enabled services (Coinbase, Bitfinex)
  • Potential Impact
    •  Send payments across the globe in seconds (remember Western Union, anyone?)
    • Tokenize and track the movement of assets across the world’s financial markets
    • Shared ledgers and asset records across regulators, buy-side, sell-side, and custodians
    • Immutable history of every financial institution’s transactions
    • Digitization of fiat currency (Bank of England is experimenting with this)
    • Automated compliance and settlement processes

Robo-Advisors

  • What is it?  Umbrella term for digital wealth management advice. Covers anything from fully-automated and algorithm-based portfolio generation to digital client engagement tools used by human wealth advisors.
  • Key Players Institutional (Schwab, Fidelity, Vanguard, BlackRock); Standalone Robo’s (Betterment, Wealthfront, SigFig, LearnVest)
  • Potential Impact
    • For consumers, cheaper investment advice, diversified portfolio with lower fees through ETF-based offerings, access to features (tax-loss harvesting and portfolio rebalancing) formerly only offered by professional managers to high net worth individuals
    • For advisors, broaden scope of managed portfolios beyond high net worth individuals and increase AUM, especially by engaging and targeting millennials. Enhanced market analytics and insights to provide clients.

How to stay ahead

From behemoth banks to lean start-ups, the appetite for seasoned bankers, savvy coders, and entrepreneurial-minded individuals who can bridge the tech and finance gaps is growing. According to LinkedIn data from September 16, 2016, there are over 450 fintech job recommendations between New York, San Francisco, and Boston, and over 650 in London. And these figures ignore the opportunities unlocked by starting your own fintech.

If you’re interested in learning more, a great place to start is the MS in Science for Digital Innovation offered by Brandeis University. The program condenses the fintech ecosystem, and blends the finance and technology skillsets required to build your own personal fintech toolkit. And the secret sauce? The program is taught by experienced professionals who are engaged in the academic, finance, and technology communities.

The finance digital revolution is upon us, and our economy is becoming increasingly mobile and on-demand. Become an active participant in the movement and take the opportunity to learn new topics, network with like-minded individuals, and explore how companies are changing the way banking is conducted worldwide. Soon, you will become the face of the fintech revolution as well.

Josh Deems is an AVP and business strategist at State Street Corporation’s Emerging Technologies Center. Prior to joining State Street, Josh was a management consultant, focusing on operating model improvement and digital experience for asset managers. Josh holds a Bachelors of Business Administration from the George Washington University with a concentration in finance.

Picture of the author, Josh Deems

Josh Deems

 

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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