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Tag: FInTech (page 3 of 3)

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.

Study the evolution of FinTech online at Brandeis

Did you know that Brandeis GPS offers courses for professional development? Enroll in an online course this fall and network with new colleagues in a 10-week, seminar-style online classroom capped at 20 students. Registration is now open and we’re celebrating by profiling our favorite fall courses.

Get an introduction to the evolution of the financial industry landscape, the challenges and opportunities presented in today’s new era, and the drivers behind industry changes. With this 10-week, graduate-level course, you’ll analyze case studies of well-known FinTech companies and discuss leading business models, technology and trends. Topics will include:

  • The History of FinTech: from Mesopotamia to today
  • The digitization of banking
  • Big Data: structured and unstructured
  • Cryptocurrency, Blockchain and digital ledgers
  • Quantitative trading

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Fall courses run Sept. 14-Nov. 22. Whether you’re looking to complete a full degree or advance your career through professional development, this course is designed to equip you with the necessary skills for making an impact in any industry or organization.

How it works:
Take a part-time, online course this fall without enrolling in one of our graduate programs. If you like what you learn and want to continue your education, you can apply your credits from this fall toward a future degree. Questions? Contact our enrollment team at gps@brandeis.edu or 781-736-8787 or fill out our first-time registration form and we’ll be in touch.

 

Thought Leadership Webinar Recording: Learning from FinTech Startups

July’s thought leadership webinar was led by Timothy Bosco, Senior Vice President of Investor Services at Brown Brothers Harriman.

Read more FinTech insights from Bosco here.

Register for our next thought leadership webinar, The State of FinTech, here.

Access other GPS thought leadership webinars here.

What Established Companies Can Really Learn From Startups

The following blog post was written by Timothy Bosco, Senior Vice President of Investor Services at Brown Brothers Harriman. Tim will be hosting a webinar on this topic on Thursday, July 28 at 2 p.m. EDT (rsvp here). 

Today, some of the most successful financial service providers are seeking lessons about risk taking from an unlikely source – early stage startup companies.

Whether it’s through the venture investment community or directly with leading fintechs, more and more established companies are looking to model startup behaviors despite the fact that these emerging companies actually fail more than 90% of the time.1

Learn more about the newest GPS master's degree: MS in Digital Innovation for FinTech

Learn more about the newest GPS master’s degree

It is easy to assume this growing trend must be because the fast-paced, innovative startup culture inspires established companies to take bigger chances in search of bigger rewards. The real reason for this new fascination, however, is often just the opposite. It might actually be the way startups deal with uncertainty and efficiently mitigate their risk of failure that is driving the real interest.


Clearly, the “eat-or-be-eaten” environment in which most startups operate has a way of forcing efficiency and creativity. When something is not working to plan, only those with the willingness and the ingenuity to shift fast enough have a chance of making it.

It’s that dexterity large organizations envy most. In fact, there probably isn’t a corporate innovation team out there that hasn’t, at some point, incorporated the “fail fast” mantra into their lexicon.

Large companies also recognize that many of the same factors that threaten a startup’s success can impact their own product strategies to the same degree – technology can evolve overnight, customer preferences are fickle, funding is always limited, and new competition can spring up from anywhere at any time.

The difference for startups, though, is that they have the most to lose by ignoring signals to fail fast. In most cases, it is their survival instincts that draw out the entrepreneurial resiliency needed to bootstrap success even if that means setting aside their original ambitions.

Pinterest is one of many great examples of a startup that was forced to abandon its initial plan only to architect an even bigger opportunity. In 2009, the founders of Pinterest initially attempted to launch the very first mobile-enabled shopping application called Tote. Despite strong customer demand, retailer support, and adequate seed funding, the idea never took off because of the relative immaturity of mobile payment technologies. Instead of doubling down and waiting for payment technologies catch up, Tote switched gears and relaunched a much simpler application that kick started a new visual social network phenomenon. It turns out that Pinterest is among the most likely IPO candidates in 2016 with an anticipated $11 billion valuation.2

While large companies can’t necessarily manufacture the competitive environments that shape actual startup behaviors, there is still a lot they can learn from successful entrepreneurs about staying lean, focused, and in control of new product innovation. The following table outlines a few key success factors commonly found among startups that reinvented themselves early in their lifecycles.

Adopting Successful Startup Strategies

What Established Companies Figure 1

Within the corporate context, these startup strategies also suggest an ideal investment profile for mitigating risk. The minimum and maximum ranges depicted below illustrate the relative levels of investment in terms of both time and money throughout the product development cycle.

Creating the Right New Product Investment Profile

What Established Companies Figure 2
It clearly takes both practical decision making and an unconditional commitment to make it big as a startup. The people who run them are responsible for every detail, every success, and every failure. It is that entrepreneurial perspective that guides startups to fail fast. For that reason, established companies must understand the importance of empowering their product teams to own their decisions about how to incorporate failure before it gets expensive or even worse… before it becomes destructive.

1 Forbes, 90% of Startups Fail: Here’s What You Need to Know About the 10%, January 2015.

2 Nasdaq, Is Pinterest a Top IPO Candidate for 2016?, December 2015.

This blog post was originally published on Brown Brothers Harriman’s Insights blog on May 6, 2016. RSVP to Tim’s webinar, What Can Established Companies Really Learn from FinTech Startups, here.

GPS launches master’s degree in Financial Technology

FinTech Revolution - Brandeis GPS Blog - Brandeis GPS online Education

GPS is excited to announce the launch of a fully online, part-time master’s degree that is the first of its kind among U.S. colleges and universities: a Master of Science in Digital Innovation for FinTech.

The FinTech degree is geared toward creative thinkers who work for organizations that rely on technology for providing efficient financial services and systems. Developed in conjunction with experts in the field, the program seeks to service a global financial industry where digital advancements are becoming increasingly critical to economic success and market growth. A March 2015 report published by Accenture shows that investments in FinTech tripled between 2013 and 2014 alone. To stay competitive and meet industry demands, startups and international corporations alike will need to invest in untapped technologies and innovations.

View a sample FinTech curriculum or request more information

“Financial technology is everywhere, whether you’re using mobile banking to pay for your monthly mortgage or an app to pay for your morning coffee,” said Anne Marando, executive director of Brandeis GPS. “In a world where more and more institutions are turning to mobile technology to transact business, this program gives financial professionals the tech skills necessary to develop innovative solutions and approaches.”

The program’s part-time nature allows students to complete the 30-credit degree in 1.6 to 3 years. The FinTech curriculum captures the industry’s latest tools and best practices while incorporating the rigorous standards of excellence that make Brandeis one of the country’s top universities. A professional advisory board will monitor and ensure the currency and relevance of the program’s courses, which will cover topics in finance, software, analytics and UX design. Required courses will include:

  • The New Economy: Global Disruption and the Emergence of FinTech
  • Launching FinTech Ventures
  • Mobile Applications and Responsive Web Design

Students interested in joining the MS in FinTech’s inaugural cohort should submit their applications by Aug. 16, 2016. Students may also take individual courses prior to applying for admission or for professional development purposes. Registration for the fall 2016 term opens on Aug. 23, with courses beginning Sept. 14. Visit www.brandeis.edu/gps for more information.

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