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Index
Cover
Title Page
Copyright
Dedication
About the Authors
Contents
Preface
Part 1: An Overview of Fintech
Chapter 1: Fintech and the Disruption of Financial Services
The Ecosystem of Financial Services Intermediaries
Basic Skills of the Fintech Revolution
The Evolution of Financial Services Activities
Compliance Processes
Transaction Processing
Insurance Calculations
Investment and Risk Management Decisions
Investment Solutions
Financing Solutions
The Journey of Evolution for Financial Services Organizations
Chapter 2: Fintech in the Context of the Digital Economy
Fintech Startups
The 10 Stacks of a Digital Economy
#1 Trusted Digital Identity
#2 Trusted Digital Data
#3 Customer Consent Architecture
#4 Public Infrastructure for the Digital Economy
#5 Data Residency Policies
#6 Scaled Computing
#7 Open Architecture
#8 Digital Literacy, Talent and Entrepreneur Growth
#9 Policy Making by Experimentation and Empirical Data
#10 Cyber-security
The Impact of Policymaking on the Journey of Fintech
Challenges in the Fintech Journey
Implementation of New Technology to Develop New Products and Services
Deployment of New Products and Services within the Physical Ecosystem
Speed of Adoption and Consumption of Fintech-based Products and Services
Chapter 3: The Landscape of Fintech
Why Is the World Interested in Fintech Now?
Landscape and Trends
Funding Trends
Investor Trends
How Banks Are Responding
Banks Are Driving a “Technology-First” Agenda
The Move Toward Greater Digitalization and Ecosystem Platforms
Conclusion
Part 2: Enablers of a Digital Economy
Chapter 4: Digital Identity
Why We Need Digital Identities
Components of Digital Identity
The Market for Personal Digital Identity Management
Problems Solved by Digital Identity
Enhanced Efficiency and Reduced Risk
Power Complete Digitization
The Impact of Digital Identity on Business Models
Issues Concerning Digital Identity Management
A Digital Identity Application Use Case: Aadhaar
Why Was Aadhaar Conceived?
The Evolution of Aadhaar
Aadhaar-based Authentication
The Role of Technology in the Authentication Process
The Issues and Concerns Regarding Aadhaar
How Successful Has Aadhaar Been?
Chapter 5: The Importance of Cloud Computing
It Can Rain Too
Governmental Access
The Cloud and Data Science
The Cloud Services
The Private Cloud
The Public Cloud
Hybrid Clouds
Why Implement a Cloud?
Why Not Use the Cloud?
Mitigating Risk
The Cloud Life Cycle
Cloud Architecture
Serverless Computing
DevOps
The DevOps Maturity Model
Compliance
Cloud Security
Levels of Security
Chapter 6: Data Science and Big Data
Applications of Data Science and Big Data
What Is Data Science?
Machine Learning vs. Artificial Intelligence
What Data Science Is Not
What Is Big Data?
Data Science and Big Data in Industry Practice
Step 1—Defining the Problem
Step 2—Data Collection
Step 3—Data Preparation
Step 4—Modeling
Step 5—Experimentation
Big Data Technology Stack
Data Collection Toolkit
Data Processing Toolkit
Data Workflow Toolkit
Challenges and Lessons from Data Science Projects
Conclusion
Chapter 7: Blockchain and Distributed Ledger Technology 2.0
Emerging from the Shadows of the Internet
Blockchain Technology Architecture
Blockchain—How It Works
Private vs Public Blockchains—A Closer Look
Private Blockchain Technology—What Is Next?
The Way Forward with Blockchains
Chapter 8: Use Cases of Blockchain Technology in Financial Services
What Is Currently at Stake?
Use Case: Payments
Problem Statement
Application of Blockchain Technology
Implementation Examples
Use Case: Workflow Tracking and Supply Chain Management
Problem Statement
Application of Blockchain Technology
Implementation Examples
Use Case: KYC (Know Your Customer) Process
Problem Statement
Application of Blockchain Technology
Implementation Examples
Use Case: Tokenization of Investment, Consumption and Physical Assets
Problem Statement
Application of Blockchain Technology
Implementation Examples
Use Case: Exchanges and Post-trade Settlement
Problem Statement
Application of Blockchain Technology
Implementation Examples
Use Case: Parametric Insurance
Problem Statement
Application of Blockchain Technology
Implementation Examples
Looking Ahead
Chapter 9: Cryptoassets
Introducing Cryptoassets
What Is a Cryptoasset?
Traditional Financial Assets vs. Cryptoassets
Cryptoasset Terminology
Evolution of Cryptoassets
Blockchain 1.0
Blockchain 2.0
Blockchain 3.0
Real World Assets on the Blockchain
Initial Coin Offerings (ICO): A New Way of Fundraising?
Drawbacks of Cryptoassets: “Blockchain, not Bitcoin”
Why Are Tokens Necessary?
Possibilities of Tokenization
The Cryptoasset Ecosystem
Cryptofinance
Case Study: QCP Capital and Trading Cryptoassets
Online Communities
Emerging Blockchain Hubs
What’s Next?
Chapter 10: Open Banking: Digital Payments Systems
A Changing Landscape
What Is Open Banking?
Open Banking Regulation and Adoption
Essentials for Operating in the Open Banking Space
Compliance and Competitive Threats
Open Banking Adoption Challenges
Open APIs
Leveraging the Open Banking/Digital Payments Opportunity
API Strategy
Collaboration and Aggregation
Open Banking Ecosystem
Life Stage Management
Digital Payments for the Digital Customer
New Technologies Positively Impact Customers
Changes to the Payments Landscape
Chapter 11: Theories of Artificial Intelligence and : Machine Learning
AI Techniques and Tools
Search Algorithms
Genetic Algorithm
Artificial Neural Networks (ANNs)
Fuzzy Logic Systems (FLS)
Natural Language Processing (NLP)
Expert Systems (ES)
Robotics
Reinforcement Learning (RL)
Deep Learning (DL)
AI in Financial Services: Present and Future Applications
AI Algorithmic Trading
Robo-Advisors
Chatbots
Fraud Detection
Loan/Insurance Underwriting
Chapter 12: A Practical Approach to Machine Learning (ML) and Artificial Intelligence (AI)
Are AI and Machine Learning the Same Thing?
Machine Learning Covers a Lot
Neural Networks Are a Special Type of Machine Learning
Should We Always Use Neural Networks?
Reasons Not to Use Neural Networks Every Time
The Simple Alternatives to Neural Networks
Linear Is Straightforward
Trees Are Understandable
Putting It into Practice
Tools of the Trade
Frameworks to Focus on Solutions
Creating Your First ML Solution
Automation of Automation
How Software Is Currently Created
How (Simple) Machine Learning Can Help You Create Better Software
Teach Logic to Your Software
Automation of Machine Learning Itself
Part 3: Fintech Innovations and Disruptions
Chapter 13: Disruption in Asset Servicing
The Asset Management Sector Is Ripe for Disruption
Disruptive Technologies
Blockchain
Robotic Process Automation (RPA)
Cognitive Technology
Preparing for the Wave of Disruption
Possible Outcomes
Chapter 14: Disruption in the Capital Markets
How Did We Get Here?
What’s Happening Now?
Equities
Foreign Exchange
Fixed Income
Open Banking
The Future
Case Study—Saxo
Chapter 15: Disruption in Investment Management
The Transition Toward Outcome-Oriented Absolute Return Products
Transition Toward Allocation as the Central Investment Problem
Implementation of Multiple Concurrent Allocation Investment Processes
Diversity in Allocation Investment Processes
Change in the Asset Owner Portfolio Structure
Change in the Asset Owner Portfolio Process
Redefinition of the Concept of Asset Class Risk Premium
The Transition to an Exposure-based Framework
Creation of Large Number of Indices as Passive Product Benchmarks
Redefinition of Risk Measures to Include Intra-horizon Risk
Asset Management Distribution to Change from Product-centric to Clientcentric
Incorporation of Technology in the Investment Model
Implications of the New Investment Model
Chapter 16: Alternative Data in Portfolio Management
A Paradigm Shift in Active Investing
The History: 30 Years of Quantitative Investing
The Future of Active Investing—Big Data Evolution
Using Satellite Imagery Data in Sales Forecasting
A Brief Introduction
An Example: Chipotle Mexican Grill, Inc. (CMG)
Natural Language Processing and Management Presentation
Readability Index and Language Complexity
Sentiment or Tone Analysis Based on Lexicons
Conclusion
Chapter 17: Online Marketplace Lending
US
China
Institutional Investors
New Borrowers
Requirements for Online Marketplace Lending
Borrower Data
Historical Default Rates
Risk Framework
Machine Learning Platform
Case Study: Applying Machine Learning to Online Marketplace Lending
Business Case and Data Model
Identifying Patterns
Deployment and Iteration
Comparison of US and Chinese Online Marketplace Lending
Customer Segmentation
Customer Acquisition
Charge-offs
Cost of Funding
Chapter 18: Lending and Crowdfunding
Crowdfunding and Its Entry into Lending
Importance of Debt-based Crowdfunding
Lower Cost to Serve
Greater Accuracy and Access
Impact across the Globe and in Southeast Asia
Digital Crowdfunding Technology
The Early Days
Moving Past the Minimum Viable Product into Growth
Key Pieces of Technology in a Digital Crowdfunding Firm
Applications Developed at Funding Societies | Modalku
A Competitive and Evolving Market
Evolution in Digital Crowdfunding Technology
From Crowdfunding to Digital Financing Everywhere
Conclusion
Chapter 19: Robo-Advisory and Multi-Asset Allocation
What Is Robo-Advisory About?
Pain Points Addressed by Robo-Advisory
A Brief History of Robo-Advisory (including B2B vs B2C vs B2B2C)
Why Is Robo-Advisory Important?
Bringing Significant Changes to the Wealth Management Industry
Helping People in Personal Financial Management
How Does Robo-Advisory Work?
Introduction to Robo-Advisors’ Technology
Digital Financial Advice
Automated Fund Management
Limitations
How Can Robo-Advisors Reduce Costs?
How Can Robo-Advisors Improve Quality?
Applications: The StashAway Case
Competitive Landscape
The US Landscape
The Rest of the World
How Is This Technology Likely to Evolve?
Is Robo-Advisory Here to Stay?
How Will the Products and Technology Change?
Implications for Current Business Models and Processes
Impact on Existing Models
Options Available for Incumbents
How to “Skills Future-proof” the Workforce
Conclusions
Chapter 20: WealthTech
Asia and Greater China
WealthTech versus Traditional Wealth Management
The Changes Taking Place in Asia
Customer Demand
Regulatory Change
New Product Evolution
Operational Efficiency
The Cutting Edge
Artificial Intelligence
Big Data
Blockchain
Cloud Computing
How Wealth Management Business Models Are Changing
The Rise of Bionic Advisory
Client Acquisition and Engagement
Provision of Advice
Looking to China: New Ecosystems
Looking into the Digital Crystal Ball
Chapter 21: RegTech: We are coming out of Fintech!
Putting RegTech in Context
RegTechs to the Rescue
Ecosystem and Trends
Landscape of RegTechs
Ecosystem: Who Are the Stakeholders and Why?
FI Applications & Adoption
Case Example: Silent Eight
Adoption
Challenges to Adoption
The Future: At the Tipping Point of Adoption
RegTech Associations
Conclusion
Chapter 22: Digitalizing the Client Lifecycle and KYC/AML with RegTech
What’s Wrong with Client Lifecycle Management Today?
The Future of CLM Is Digitalization
What Does Digitalization Actually Mean?
So Where Are We in Tech Evolution?
Pivot versus Disruptive
Pivot Innovation
Centralize for Re-Use
Embracing Disruptive Technologies
Five Ways to Apply Disruptive Technology to AML/KYC
Robotics Process Automation (RPA)
Key Success Factors for Digitalizing Client Lifecycle Management
Conclusion
Chapter 23: InsurTech: Using China as an Example
Introduction
What Is InsureTech?
Trends and Challenges
Technology Enablers and Applications
Digital
Artificial Intelligence and Big Data
Blockchain
Mobile & IoT
Market Landscape
Future of InsurTech
Part 4: The Impact of Fintech
Chapter 24: Technology and the Dislocation of the Fast Moving Consumer Goods Industry
Chapter 25: Legal Implications of Fintech
The Challenge: How and Why to Regulate Fintech
The Digital Customer Journey
Due Diligence
Marketing and Design Considerations
Pricing/Quoting
Advisory Services
Purchasing the Product or Service
Data Storage
Customer Complaints
Ongoing Customer Relationship
Smart Nations: Collaboration and Competition Between Jurisdictions
Collaboration
Competition
Future Developments
Conclusions
Chapter 26: Talent Development and HR Implications for Fintech
Talent Development Infrastructure and Pipeline in Singapore
Developing Fintech Capabilities
Workforce Demand and Supply Gap
International Talent Attraction Targeting Fintech Start-ups and Experts
Talent Development in Institutions of Higher Learning
Talent Development through Trade Associations, Organizations, and Government Agencies
Understanding Fintech Roles, Skills, Sentiments, and Priorities of the Banking and Financial Community
Traditional Technology and Operations Roles versus Emerging Fintech Roles
Contextual Application and Disruptive Innovation Impact: Differential Factors for Fintech Skills in Demand
Institute of Banking and Finance (IBF) Future-Enabled Skills
Industry Sentiments and Priorities
An Integrated and Multimodal Approach for Effective Fintech Skills Development
Recognizing and Redefining the Components of a Fintech Skill
Developing Fintech Skills
Human Resources Trends for Fintech Talent in the Near Future
Conclusion
Index
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