Welcome to the Fintech Masterclass!
Many experts say that The banking system is fundamentally broken. they point to a financial crisis that wiped out half the world’s wealth in one blow. I’ll say that again. 50% of the world’s GDP was destroyed within that brief blip in history known as the last financial crisis of 2008. That’s $29 Trillion in one year.
Unbelievably, although it certainly eroded trust, 2008 wasn’t necessarily the trigger for the dawn of a new technological revolution that is looking to rethink, redefine and reintroduce all of the services associated with the financial sector, but in a manner that brings with it the speed, convenience and user-friendliness that the modern generations demand. Fintech is looking to use the latest cutting edge technology to bring existing financial operations and new innovative ones directly to the palm of the user, rather than expecting the user to visit the bricks and mortar establishments of the past.
Banking has been with us since the dawn of civilization, and though it would be unfair and over-simplistic to say that it has changed little since the early days of money lending. It is I think safe to say that the founding principles of the banking system still drive their operations today. The goal of most banks is to create money for its shareholders, increase its own market share, and further solidify its own place in the pantheon of banking institutions. Ostensibly their prime purpose is to create an impression of being a trusted, enduring establishment, where your money will be in safe hands. An institution of trust and uttermost permanence where lenders may confidently relinquish their hard-earned cash in the knowledge that it will remain forever safe.
So whilst this impressive history has given the financial services sector this very unique and elevated place in the psyche of the average user. It is this same narrative that has lulled the whole financial sector into a sense of complacency. If rigid, unchanging permanence was their strength in the past, it may well be the element that actually is their undoing as we go into the future. Banks are huge tanker ships with very small rudders. It takes an eon to change direction. But they never thought the system could be broken into, it was deemed to big to fail, too big to change. Clearly, if the first decades of this century have thought us anything. It is that everything can be looked at in a new way. From the way we hail a taxi, to the way we watch movies, to the way we book hotel accommodation. this is the age of the disruptors. And when disruption hits, it changes everything from the inside out. And those who ignore this mantra do so at their peril. Fintech is no longer a term that is a simple portmanteau of financial technology. It is an industry-changing trend that will permeate all areas of the financial services sector and has the potential to sweep all that has gone before it into the trash can of history. Traditional banks need to either get with the script quickly and redefine themselves accordingly or face extinction.
Welcome to the world of Fintech Recruitment!
Lecture 2Profile of a 21st Century Bank
Lecture 3A New Model for Banking and Finance
Lecture 4Neo and Challenger banks
Lecture 5Fintech Banking as a service and Open API
Lecture 6Fintech Hubs and Unicorns
Lecture 7The role of Roboadvisors
Lecture 8Fintech and the future of remittances
Lecture 9Fintech as a crowdfunding model
Lecture 10Understanding Fintech roles
Lecture 11Interviewing Fintech Specialists