FinTech Revolution (eBook)

Sofie Blakstad is the CEO of transformational financial technology company hiveonline, which levels the competitive environment for small and micro businesses, expands sustainable investment and promotes community engagement, founded after a career building and transforming international banks. Her banking build expertise spans technology and business transformation programmes involving thousands of people in over 60 countries. Her blueprint for service aligned banks is the subject of her first book, Why Change? (2013). Sofie is an advisor to the G7 and G20 groups, the United Nations Environment Programme, and various governments and central banks on fintech, identity, trust and blockchain.Robert Allen is an engineer and payments specialist, spending much of his career delivering major transformation programmes in international banks. More recently he has co-founded the Digital Asset Services practice for PwC and built the revolutionary Vulcan blockchain platform.  Rob is passionate about financial inclusion and has been targeting use cases for his platform to support financially under-served populations with new models based on digital identity, cryptocurrency and blockchain. Rob advises UNEP on blockchain and cryptocurrencies, is a board member of the Australian Payments Council, and is a mentor and advisor to numerous fintech startups.  A keen advocate of marine conservation issues, Rob is also a director of the Shark Conservation Society.

Table of ContentsPreface: Level the field1.Ecosystem vs Egosystem and Revolution vs EvolutionDinosaurs and dynasties: the Financial Services EgosystemIf not banks, what?The transition is beginning to happenWhat’s next for financial services?Evolution or Revolution?Conclusion2.What’s the point of banks?What are banks for?Banking services and emerging alternativesConclusion3.The Death and Resurrection of capital marketsA Capital Markets PrimerThe Death of Capital Markets - the paradigm shift after the next crashBringing it togetherThe Resurrection of Capital Markets - death of the dinosaurs and rise of the mammalsWhat’s next for capital markets?Conclusion4.New payments landscapeThe Old WorldThe New WorldConclusion - Future (im)Perfect5.Central bank digital currencies and cryptocurrenciesCentral Banks and cryptocurrenciesCBDC opportunitiesWhy would central banks issue cryptocurrencies?Options for CBDC implementationGlobal response to CBDCsConclusion6.Shifting values in the connected economyWork, money and utilityDoing it allConclusion7.Leapfrogging banks in emerging marketsThe unbanked and underbanked, and access to identityWhat has this meant for real people in developing economies?Alternative finance and banksConclusion8.Alternative wealth - the cow in your pocketBehaviours and things as moneyNew asset classes, new wealthConclusion9.New standard models for BankingTraditional banking: over-diversification and complexityChallenger Banks: facing problems of maturity and experienceEcosystem Banks: collaborative, customer-centric servicesThe evolution of banking infrastructureThe Ecosystem Bank – we’re part of how your business runsConclusion: the future looks horizontal10.The Money revolution - recycling value to drive sustainabilityMoney going back into the systemConclusion11.Green FintechThe SDGs and the UNEP Inquiry into the financial system we needFintech sustainability opportunitiesUse cases for sustainable development FintechsConclusion12.SME Microfinance, Fractional Ownership and CrowdfundingSMEs and communitiesCommunity marketplacesConclusion13.International sustainable investmentThe Sustainable Development Goals and investmentEvolving perceptions of sustainable investmentBarriers to growthUNEP, the G7, the G20 and FintechEmerging Fintech solutionsThe future of sustainable investingConclusion14.Services & DemandProduct thinkingService thinkingBanking for vegetariansConclusion15.Platform ConsumersPlatform marketplaceCustomer uptake and behaviourBusinesses in the platform ageConclusion16.Technology vs SolutionTechnology as a productSo why is this a problem?Solution focusConclusion17.Career as microservices – reputation based skills validationConclusion18.Plebocracy biasWhy is critical thinking so hard?How do we identify authority figures?What does this mean for our modern reputation systems?The rise of plebocratic reputation systemsPlebocracy biasSo what can we do about it?Conclusion19.New approaches to identity and authenticationBackground to customer authentication and authorisationWho’s the customer?Borderless platforms and regulationEvolving approaches to authenticationConclusion20.Contextualised Trust SolutionsThe need for contextualised trustThe challenge of contextSolutionsConclusion21.Service ConsumersServices and youCustomer BehavioursSo what does this mean for financial services?Conclusion22.Service AlignmentBut aren’t banks service aligned already?What do we mean by Service?What makes a service work?What is Service Alignment?No more empiresNo more heroesThe banks are doing fine – why change?So what does a service aligned organisation look like?Conclusion23.Case Managed and Core Standardised CapabilitiesCase Managed, multi-skilled teams at the customer facing edgeCore Standardised, Capacity Managed CapabilitiesConclusion24.Communities of Practice and Centres of ExcellenceWhat is a Community of Practice?Centres of ExcellenceCommunity of Practice or Centre of Excellence?Conclusion25.Service ArchitectureWhat is a Service?Services, processes and capabilitiesService Model vs Capability MapServices and Customer JourneysWhy is this useful?Service Architecture and organisational structuresConclusion26.Decision ArchitectureWhat is decision architecture?ClarityService aligned decision architectureDecision architecture in the ecosystemConclusionIndexReferences