emerging fintech trends and data analytics cass goh 15 ... · 15 november 2017 emerging fintech...
TRANSCRIPT
Cass Goh
15 November 2017
Emerging Fintech Trends
and Data Analytics
Internet Revolution & Consumerization of IT
• Internet made connecting and distributing information and services
effectively free
• Today, APIs have exposed technology once locked in an enterprise
server to individuals
• Redistribution of technology has led to consumerization of IT,
whereby hard- and software infrastructure and services will be used by both
businesses and consumers
• Consumerization leads to demand driven strategies. Enterprises used
to apply take-it-or-leave-it strategies, today strategies are driven by consumer
needs
In the finance world, this technology revolution is what defines
Fintech
So Then, What’s Fintech
Tailored Solutions Quick to AdaptVarious Input
SourcesZero
Marginal Cost
Fintech Ecosystem
Payments
Remittances Personal Finance
Lending Blockchain
Insuretech
Emerging / Continuing Trends in Fintech
Collaboration between
Banks and Fintech
RegTech /
Identity Management InsureTechBlockchain
as a Service
Examples – Processing Healthcare Claims Faster
Clinics / Hospitals
• Patient healthcare data
• Challenges:
• Data not digitalised
• Medical terms not standardised to industry
Wearables
• Lifestyle data
• Challenges:
• Outside of EHR system
Examples – Personal Wealth Management Robo-Advisory
Bank Accounts
• Financial portfolio data
Historical Data
• Asset / return correlations
Investor Risk Assessment
• Responses to standard questions, e.g. stages of life, financial circumstances, goals / objectives
• Challenges:
• Not fully analysed by banks to determine usefulness of questionnaire response
• Challenges:
• Data not consolidated across bank accounts
• Investment reporting not presented in an easy to understand manner
Potential Stumbling Blocks
Cybersecurity Trust Data Integrity