Fintech Knowledge – 26th June to 31st June – CFTE Blog

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Curated Stories

CFTE is in the News!

It’s been about a month since our launch and we’re already in the FT! Sorry to gloat, but this feat is too good no to broadcast to the world. Laura Noonan, FT’s smart cat banking correspondent spoke to Huy and Tram Anh about their ambitions for CFTE. It’s a great piece which really sums up what we’re all about.

So if you’re still unclear about what CFTE stands for then read the full article here.

Ernest & Young’s Global Fintech Adoption Analysis

EY provide us with a snapshot of the markets where Fintech services have penetrated into the mainstream of consumer consciousness. If you’ve been following Fintech development, then it will be no surprise to learn Asia leads the way.

The region is experiencing massive adoption in Fintech services like mobile payments and lending services, and in places like China and India, it’s becoming commonplace to pay with mobile. In China, for example, people can use mobile to transact payments with merchants on platforms like Alipay (Alibaba) and WeChat (Tencent), both of whom dominate the landscape, holding 90% of the market.

View the engaging infographics here.

Will a ‘Bank of Amazon’ disrupt finance even more?

Amazon has just made a move to control the grocery supply chain by buying Whole Foods and it seems banking could be the next vertical they try and leverage their massive scale against. A mass of consumer data and technological capabilities that are sometimes hard to fathom makes it a real possibility. In the coming years you could see them make inroads into providing financial service to their massive customers base and beyond.

Hard to imagine?

Not really. CFTE’s Co-founder, Huy Nguyen Trieu regularly lectures to packed audiences at major academic institutions like Oxford Said Busines School, London Business School, Imperial College. One of his favourite questions to MBA students and undergraduates is which company will be the biggest provider of financial services in the next 10 years?

Here’s is the answer:

A word cloud which that highlights Google, Alibaba and Amazon as the future of financial services

The world cloud highlights opinion that today’s major tech companies will be tomorrow’s major finance providers.

The fact is, Amazon have been interested in providing financial services since 2004 when they filed a patent that eluded to their ambitions in finance. For us, it’s not a matter of if, but more of a question of the likely scale of the disruption.

Read Digiday’s take here.

On its 10 year anniversary, a look at how the i-phone enabled Fintech as we know it today

Traditional banking seems to be under threat from multiple angles. From the tech giants like Amazon but also from the new Fintech startups. And in a ironic twist, who enabled these Fintech’s? A tech giant!

It’s the i-phones 10 year anniversary and its advent has spawned numerous innovations and technologies that have transformed people’s lives in unimaginable ways. In particular, the ability for entrepreneurs to develop apps which integrate into its OS that expands the functionality of the device to create social connections, organise people lives and now to manage individual finances.

The concept of the mobile operating system has also allowed for entrants like Google’s Android OS which extends the functionality to an ever-increasing mobile audience. For example payment platforms on Android devices in developing countries are now bringing basic financial services to the unbanked.

Read Bindi Karia full article with input from Fintech leaders like Anne Boden here.

How can the Liberal Arts help Technology fulfil it’s Potential?

Yes, technology is transforming the world we live in, the way we live and conduct our day to day lives and the way we interact with each other. But surely there’s a bigger question that needs to be addressed.

How do we as individuals manage the cause and effect equation that results from the human impact technological innovation has?

Contemplation of the bigger picture is something that has come more as an afterthought to creating the next ‘big thing’. For example, social media as a medium, sometimes encourages online bullying with adverse effects like suicide and depression. Only after the negative event is action taken. But maybe by integrating the study of the liberal arts and humanities together with the STEM subjects can we can create news a new breed of innovators who understand more about the people, cultures, and behaviors they are going to be impacting.

A former ‘techie’ shares her experiences on the road to meta cognition that marries learning skills across multiple disciplines with the humanities in mind, read here for full story.

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