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2019 | Buch

The Digital Triumvirate of Computation, Data, and Connectivity Kapitel lesen Erstes Kapitel lesen

The Future of Finance

The Impact of FinTech, AI, and Crypto on Financial Services

verfasst von: Prof. Henri Arslanian, Fabrice Fischer

Verlag: Springer International Publishing

Enthalten in: Springer Professional "Wirtschaft+Technik" , Springer Professional "Wirtschaft"

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Über dieses Buch

This book, written jointly by an engineer and artificial intelligence expert along with a lawyer and banker, is a glimpse on what the future of the financial services will look like and the impact it will have on society.

The first half of the book provides a detailed yet easy to understand educational and technical overview of FinTech, artificial intelligence and cryptocurrencies including the existing industry pain points and the new technological enablers.

The second half provides a practical, concise and engaging overview of their latest trends and their impact on the future of the financial services industry including numerous use cases and practical examples.

The book is a must read for any professional currently working in finance, any student studying the topic or anyone curious on how the future of finance will look like.

Inhaltsverzeichnis

Frontmatter
Correction to: The Future of Finance
Henri Arslanian, Fabrice Fischer

Part I

Frontmatter
1. The Digital Triumvirate of Computation, Data, and Connectivity
Abstract
The past 50 years have seen rapid technological change that has fundamentally shifted the boundaries of human possibility, enabling radical improvements in productivity, new scientific advances, and the advent of both new communities and new divisions within society. These changes have forced a rapid transformation of both the operational structure and the core tenets of competitiveness for every industry, creating a host of new challenges and opportunities for businesses, their customers, and the policymakers responsible for governing them.
Henri Arslanian, Fabrice Fischer
2. New Interfaces for the Digital World
Abstract
The previous chapter detailed the rapid acceleration of computational power, data creation, and connectivity, as well as the impact of these three trends. However, the new capabilities of these technologies are only useful if humans can easily and effectively interact with them. Interfaces are critical to the success of any technology product. They collect data, facilitate user requests, and deliver the processed information back to the user. Moreover, creating interfaces that gather new and richer sets of data on their users is increasingly central to the business models of many firms.
Henri Arslanian, Fabrice Fischer

Part II

Frontmatter
3. The Rise of Fintech
Abstract
The decade since the financial crisis has seen an explosion of new entrants into financial services. Agile, technology-focused ‘fintech’ firms have sought to upend the established order of financial services, changing the dominant operating models and competitive dynamics of an industry that, in the 50 years prior, had seen remarkably little change in market structure.
Henri Arslanian, Fabrice Fischer
4. Incumbent Financial Institutions and Their Response to Fintechs
Abstract
The challenges that fintechs face in their efforts to achieve scale raise an important question about the broader dynamics of the financial ecosystem. Given the significant obstacles that fintechs face, how have they succeeded in acquiring millions of users and billion-dollar valuations? Why haven’t incumbent financial institutions been the ones leading the innovation within their own industry?
Henri Arslanian, Fabrice Fischer
5. The Emergence of Techfin
Abstract
Until recently, most of the analysis into the potential for competitive disruption in financial services revolved around new fintech entrants as the key catalyst for change to the structure of the financial ecosystem. But today, more and more attention is being given to a potentially much more disruptive set of new entrants: ones who bring vast sums of capital and unparalleled technical capabilities as well as enormous pre-existing user bases who engage with them via digital channels on a daily basis. These are, of course, the world’s large technology companies. A growing number of financial executives fear that their entry into financial services as direct competitors is simply a matter of time.
Henri Arslanian, Fabrice Fischer
6. The Changing Structure of the Financial Ecosystem
Abstract
Brash new fintechs with extensive venture backing, banks seeking to reinvent themselves, and technology companies poised on the edge of becoming techfins: it’s clear that the business of financial services is primed for rapid and transformative change. But how will that change play out, and what will the financial ecosystem of tomorrow look like? The answer is unlikely to be simple. It’s improbable that a single class of competitor will emerge as the uncontested winner. Instead, it is likely that each of these types of organizations will emerge to play a unique role in an even more competitive landscape.
Henri Arslanian, Fabrice Fischer
7. Financial Innovation and Inclusion
Abstract
New technology and fintech innovators are playing an important role in addressing the serious challenge of financial inclusion. The majority of the world’s adult population, almost three billion adults, are unbanked, meaning they have no access to a bank account or any other banking service.
Henri Arslanian, Fabrice Fischer

Part III

Frontmatter
8. The Basics of Cryptography and Encryption
Abstract
To properly understand the significant interest around crypto-assets and the claim that it holds the potential to transform the financial system, we must first understand a bit about the ‘crypto’ part of their name, that is, the technology that enables these assets to function.
Henri Arslanian, Fabrice Fischer
9. The Rise of Bitcoin
Abstract
Context is critical to understanding the creation of Bitcoin. In 2008, the world was in the midst of the greatest financial crisis since the Great Depression. The prestigious 164-year-old investment bank Lehman Brothers filed for bankruptcy and American International Group (AIG), the biggest insurer in America, had to be bailed out with a US$85 billion loan by the New York Federal Reserve Bank.
Henri Arslanian, Fabrice Fischer
10. Blockchain As an Enabling Technology
Abstract
Before giving further consideration to the emerging role that crypto-assets are playing in the financial ecosystem, it is important to take a moment to consider the broader impacts of the technical innovations encapsulated in the Bitcoin white paper. This chapter will consider how the broader application of this technology—typically called blockchain—is shifting the way in which the financial services community thinks about the potential architecture of the systems that enable financial transactions. We will consider the characteristics and challenges facing the application of blockchains and explore several potential use cases.
Henri Arslanian, Fabrice Fischer
11. The Proliferation of Crypto-assets
Abstract
While Bitcoin claimed the title of the world’s first crypto-asset, it was certainly not the last. In this chapter, we will explore how the success of Bitcoin, and a desire to deliver new types of services on public blockchains, led to an explosion in the number and valuation of crypto-assets in the years following its launch. We will provide a brief overview of the state of crypto-assets at the time of writing, consider the various ways in which new assets come into existence, and dedicate particular attention to the sale of new crypto-assets commonly called an initial coin offering.
Henri Arslanian, Fabrice Fischer
12. A High-Level Taxonomy of Crypto-assets
Abstract
The creation of Bitcoin and subsequent proliferation of crypto-assets have established a financial environment where new digital networks for the exchange of value can be rapidly deployed at relatively low cost. This creates potential opportunities for the establishment of new asset classes, improvements to the liquidity and transparency of existing markets, and the formation of new communities. However, these low barriers to entry mean that the universe of crypto-assets is in constant flux, making it extraordinarily difficult to keep track of the assets within it or to understand how such assets should be valued.
Henri Arslanian, Fabrice Fischer
13. The Crypto-asset Ecosystem
Abstract
Blockchain technology enables a significant reduction in the number of intermediaries in the financial ecosystem. It enables counterparties to engage in direct peer-to-peer transactions. However, this does not remove the need for a number of specialized players to exist in order for crypto-assets to fulfill some of their more complex and ambitious goals. As with any other financial system, crypto-assets require an ecosystem to flourish. In this chapter, we will explore a number of critical aspects of that emerging ecosystem.
Henri Arslanian, Fabrice Fischer

Part IV

Frontmatter
14. Understanding Artificial Intelligence and Its Capabilities
Abstract
There are few topics that inspire as much excitement, fear, and confusion as artificial intelligence. Outspoken pundits argue that it will bring about everything from a utopian world of leisure to the end of human civilization, and yet even the very definition of the term is plagued with uncertainty. In this chapter, we will seek to clarify some of the confusion surrounding artificial intelligence and do away with some of the myths. We will advance a definition of AI and explore some high-level AI techniques and their resulting capabilities, before concluding with a few thoughts on the implications of AI on the business sector at large.
Henri Arslanian, Fabrice Fischer
15. Applications of Artificial Intelligence in Financial Services
Abstract
Having explored the definition of artificial intelligence, the core capabilities that it offers, and the dynamics of its evolution, we will now turn our attention to the application of artificial intelligence in financial services. Unlike some large technology companies, very few financial services firms are directly involved in pushing the boundaries of what artificial intelligence can do. Instead, most financial institutions are focused on the deployment of existing artificial intelligence techniques and capabilities against key strategic problems, and in the areas of competitive opportunity.
Henri Arslanian, Fabrice Fischer

Part V

Frontmatter
16. Fintech and the Future of the Financial Ecosystem
Abstract
The world is changing fast for executives at incumbent financial institutions. Fintech startups that were once dismissed as irrelevant now play an important role in shaping the pace and direction of innovation, forcing incumbents’ labs and corporate venture funds to compete for the opportunity to partner with them. At the same time, the threat that the largest technology companies in the Western world will decide to compete for a piece of the financial services pie feels ever more inevitable. Whereas a few short years ago, the world’s largest financial institutions might have seemed unassailable, today it is clear to most that their existing business models will need to be transformed to remain economically viable.
Henri Arslanian, Fabrice Fischer
17. The Continuing Evolution of Crypto-assets
Abstract
At the time of writing, the crypto-assets ecosystem could be thought to be facing serious headwinds. No longer buoyed by the record-high valuations of 2017, the community faces a growing number of disappointing and abandoned ICO projects and a drop in overall crypto-asset prices. Yet despite these challenges, a growing number of highly established stakeholders, including large financial institutions, large technology firms, and even central banks, are accelerating their experimentation and investments in this field.
Henri Arslanian, Fabrice Fischer
18. Future Trends in Artificial Intelligence
Abstract
With the development of AI capabilities a top priority for many financial institutions, there is little doubt that in coming years we will continue to see changes in the operational structure and competitive dynamics of financial services as a result of the progressively more sophisticated AI-enabled strategies.
Henri Arslanian, Fabrice Fischer

Part VI

Frontmatter
19. Selected Scenarios for a Crypto-AI World
Abstract
We don’t have a crystal ball to tell us how the future will unfold, but we can tell ourselves a few stories about how AI and crypto might interact to transform financial services. These scenarios may seem crazy or wild and potentially (if not probably!) turn out to be completely wrong, but it is worth discussing and reflecting on them.
Henri Arslanian, Fabrice Fischer
Backmatter
Metadaten
Titel
The Future of Finance
verfasst von
Prof. Henri Arslanian
Fabrice Fischer
Copyright-Jahr
2019
Electronic ISBN
978-3-030-14533-0
Print ISBN
978-3-030-14532-3
DOI
https://doi.org/10.1007/978-3-030-14533-0