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Summary

How the global financial services sector has been transformed by artificial intelligence, data science, and blockchain.

Artificial intelligence, big data, blockchain, and other new technologies have upended the global financial services sector, creating opportunities for entrepreneurs and corporate innovators. Venture capitalists have helped to fund this disruption, pouring nearly $500 billion into fintech over the last five years. This book offers global perspectives on technology-fueled transformations in financial services, with contributions from a wide-ranging group of academics, industry professionals, former government officials, and current government advisors. They examine not only the struggles of rich countries to bring the old analog world into the new digital one but also the opportunities for developing countries to “leapfrog” directly into digital.

The book offers accessible explanations of blockchain and distributed ledger technology and explores big data analytics. It considers, among other things, open banking, platform-based strategies for banks, and digital financial services. Case studies imagine possible future fintech-government interaction, emphasizing that legal and regulatory frameworks can help to create trust in financial processes. The contributors offer novel takes and unexpected insights that will be of interest to fintech experts and nonexperts alike.

Contributors
Ajay Bhalla, Michelle Chivunga, John D’Agostino, Mark Flood, Amias Moore Gerety, Oliver R. Goodenough, Thomas Hardjono, Sharmila Kassam, Boris Khentov, Alexander Lipton, Lev Menand, Pinar Ozcan, Alex Pentland, Matthew Reed, David L. Shrier, Markos Zachariadis

Author Biography

David L. Shrier is a Professor of Practice (AI and Innovation) with Imperial College Business School. He is coeditor of New Solutions for Cybersecurity (MIT Press). Alex “Sandy” Pentland directs the MIT-wide initiative MIT Connection Science. Called one of the “seven most powerful data scientists in the world” by Forbes, he has cofounded more than a dozen companies and is the author of Social Physics and coauthor of Building the New Economy (MIT Press).

Introduction 1
I Foundations
1 Fintech Foundations: Convergence, Blockchain, Big Data and AI 7
David L. Shrier and Alex Pentland
II Transitioning to the Digital Era
2 Edge Effects: Bridging from Old to New 35
Boris Khentov
3 Open Banking: How Platforms and the API Economy Change Competition in Financial Services 57
Markos Zachariadis and Pinar Ozcan
4 Digital Financial Services 73
David L. Shrier
5 Policy and Fintech, Part I: Frameworks 91
Oliver R. Goodenough, Mark Flood, Matthew Reed, David L. Shrier, Thomas Hardjono, and Alex Pentland
6 Policy and Fintech, Part II: Use Cases 137
Oliver R. Goodenough, Mark Flood, Matthew Reed, David L. Shrier, Thomas Hardjono, and Alex Pentland
7 Digital Banking Manifesto 2.0 173
Alex Lipton, David L. Shrier, and Alex Pentland
III Fintech Possibilities
8 Regulatory Sandboxes 203
9 Leapfrogging with Nextgen Fintechs and Emerging Tech for the Growth of Africa 219
Michelle Chivunga
10 The Rise of Regtech and the Divergence of Compliance and Risk 251
Amias Moore Gerety and Lev Menand
11 On Governance and (Technical) Complexity 267
John D'Agostino (with contributions from Sharmila Kassam)
12 Responsible Technology: Advancing Trust and Securing the Ecosystem 283
Ajay Bhalla
Conclusion 293
Contributors 295
Index 299

Supplemental Materials

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