The Fintechs

Fintechs

Fintechs

Fintechs

Fintechshttps://pyramidsolutions.com/2016/01/fintechs-are-changing-the-face-of-banking/

• What is Fintech• What Fintechs do?• Fintechs in the World• Fintechs in Turkey• Are Fintechs Threats to Banks?• Some Statistics About Fintechs• The Future of Fintechs

What is

?http://www.livebitcoinnews.com/q1-venture-capital-investments-in-fintech-sets-records/

What is Fintech?

Fin·Tech *noun* : an economic industry composed of companies that use technology to make financial systems more efficient.

One thing it is certainly not is a buzzword!

Fintech• Finansal Teknoloji (Turkish)

• Financial Technology (English)

• Finanztechnologie (German)

• финансовые технологии (Russian)

• Technologie Financière (French)

• المالية (alttiknulujia almalia) التكنولوجيا(Arabic)

• taloudellinen tekniikka (Finnish)

• οικονομική τεχνολογία (oikonomikí technología) (Greek)

Definition of FinTech• “Fintech is the R&D function of financial services in

the digital age….less to do with technology more to do with business model reinvention and customer centric design. Fintech can be categorised as:

• Traditional fintech as ‘facilitators’ with larger incumbent technology firms supporting the financial services sector; and

• Emergent fintech as ‘disruptors’ with small innovative firms disintermediating incumbent financial services with new technology.”

http://thefinanser.com/2015/01/ghgh.html/

What is Fintech?FinTech encompasses a broad spectrum of companies, technologies and market participants. Startups, financial services companies, market infrastructure and technology companies are all changing the way financial services is done. In turn, they are being influenced by regulators, customers, investors and accelerators who are introducing new ideas and structure. FinTech describes the new technologies, services and companies which are changing financial services.

http://pwc.blogs.com/fintech/2016/04/

Fintech's Distinctive AspectsThe word “FinTech”, is an acronym for “financial technologies”. Generally it stands for a whole new industry that was built on the basis of the old fashion financial market. Fintech companies provide financial services using different kinds of high-tech solutions. Quite often you can get the same services in any bank. For example lending, payments or money transfers. But what fintech all about is to provide all this stuff in a much more convenient way.Fintech solutions make financial services cheaper, faster, and what is very important, clearer for a user.

https://www.linkedin.com/pulse/fintech-timeline-oleh-zaiats

Factors that Drive the Emergence and Growth of FinTech

• New ICT (information and communications technology) technologies (cloud computing, IoT)

• Growth of mobile devices• Demand for alternative finance after the

2008 global financial crises (since trust in banks was lost)

• Increased government support for Fintechs since they boost economic growth

Key Technologies Shaping Fintech

https://letstalkpayments.com/fintech-outlook-for-2017-report-discussing-trends-opportunities-and-challenges/

What Fintechs Do?

What are Fintechs About?

http://www.businessinsider.com/fintech-ecosystem-financial-technology-research-plus-business-opportunities-2016-2

What FinTechs ?

pwc.com/fintechreport

• FinTechs going directly to retail end-user and bypassing banks altogether.

• They offer attractive solutions to client sectors often neglected by traditional banks.

• Solutions for customers with no or poor credit scores who are unable to get loans.

• Peer-to-peer (P2P) marketplaces for customers unable to secure loans from the traditional sources.

• Personal finance management tools.

Sample Fintech ApplicationsKenshoIt’s Siri for Wall Street. The AI software uses big data to analyze new events, answer traders’ questions, and spit out reports predicting where markets are headed. Kensho has the potential to replace the Street’s trove of market strategists, and its ability to crunch data and offer advice should make investment bankers nervous too.

Sample Fintech Companies

https://www.solarisbank.de

As a tech company with a banking license, we do more than enable banking services. We offer various value-added services to help your company grow. If your business requires AML/KYC-compliant identification, we offer several identification options via one solaris API.

Sample Fintech Companies

Atom Bank (mobile only bank)

Applications of Machine Learning in FinTech

1. Predictive Analysis for Credit Scores and Bad Loans Lending Club, Kabbage, LendUp

2. Accurate Decision-Making Affirm, ZestFinance, BillGuard

3. Content/Information Extraction Dataminr, AlphaSense

4. Fraud Detection and Identity ManagementFeedzai, Bionym, EyeVerify, BioCatch

5. Building Trading Algorithm KFL Capital, Binatix

PSD2The Payment Services Directive, Part 2 (PSD2) came into force across the European Union (EU) in January 2016, giving member states two years to implement it. It is likely to revolutionise how financial services are delivered across Europe, initiating a wave of innovation from fintech startups. At the same time, it threatens to disrupt existing business lines for incumbent banks.Banks have to adapt. Currently bank accounts are siloed and, with a few exceptions, banks do not grant access to the information stored in customer accounts. Under the new regulation, they are asked to “open up”, but the burden of developing technical solutions is on the banks themselves, creating the APIs that everyone is talking about.

EBA RTSThe European Banking Authority (EBA) has published its long-anticipated draft Regulatory Technical Standards (RTS) on ‘strong customer authentication and secure communication’ on 12 August (2016). The RTS are considered key to achieve the PSD2 objectives of enhancing consumer protection, promoting innovation through competition and improving the security of payment services across the European Union.

https://www.innopay.com/blog/eba-rts-three-key-business-implications-for-bank-decision-makers/

PSD2 Timeline

PSD2: The Payment Services Directive Part2EBA: The European Banking AuthorityRTS: Regulatory Technical Standards

Fintechs & API

The Engine for FinTech Innovation Uses APIs as the Fuel

It won’t be wrong to say that APIs are powering a lot of new FinTech innovation.Apart from the huge drivers for FinTech innovation that we have seen – Mobility, Cloud, commerce innovations, analytics and big data, the use of APIs is another driver that is helping FinTech a lot. So what are the enablers for API Economy? Consumer Apps in every segment of FinTech, Opening up of data by Govt. & Regulatory bodies to enable market transparency, opening up of data by companies large and small, faster networks, better cloud services, ease of generating increased user base and asset light business, and more.https://letstalkpayments.com/the-engine-for-fintech-innovation-uses-apis-as-the-fuel-75-profiles/

API Economy

http://london.apidays.io/

The Open Banking Standard• The Open Banking Working Group (OBWG) was set up in

September 2015 at the request of HM Treasury to explore how data could be used to help people transact, save, borrow, lend and invest their money.

• The Open Banking Working Group (OBWG) included industry experts from banking, open data, consumer and business communities to ensure a diverse range of expert views were represented, and actively sought input from any interested party.

• The OBWG has set out an Open Banking Standard to guide how open banking data should be created, shared and used by its owners and those who access it.

http://theodi.org/open-banking-standard

http://theodi.org/news/open-banking-working-group-terms-of-reference

Announcing the Open Banking Development Group

The ODI (Open Data Institute) has launched an Open Banking Development Group (OBDG) to drive open innovation around an open banking standard, on a UK and international basis. The launch of the OBDG has been welcomed by the Financial Data and Technology Association (FDATA) and the Scale-Up Institute. The nine institutions named by the Competitions and Markets Authority (CMA) welcomed the ongoing interest from, and engagement with, all stakeholders, including the ODI as a representative of the fintech and broader communities.

AIB Group, Bank of Ireland, Barclays, Danske, HSBC Group, Lloyds Banking Group, Nationwide, RBS Group and Santander are currently working together to create the Implementation Entity that will deliver an open API standard, open data and data sharing.

http://theodi.org/news/announcing-the-open-banking-development-group

The “Do-ers” Who are Making Their APIs Available

https://letstalkpayments.com/how-to-build-a-successful-fintech-startup-in-2016-part-2/

Fintechs in

the World

FinTech Adoption

http://www.ey.com/gl/en/industries/financial-services/ey-fintech-adoption-index October 2015.

The Top 10 companies in the Fintech 100

1. ZhongAn (China) 2. Oscar (USA)3. Wealthfront (USA)4. Qufenqi (China)5. Funding Circle (UK)6. Kreditech (Germany)7. Avant (USA)8. Atom Bank (UK)9. Klarna (Sweden)10. OurCrowd (Israel)

1. Ant Financial (China) 2. Quadian (China) 3. Oscar (USA)4. Lufax (China) 5. ZhongAn (China) 6. Atom Bank (UK)7. Kreditech (Germany)8. Avant (USA)9. Sofi (USA)10. JD Finance (China)

https://h2.vc/reports/fintechinnovators/2016

for 2015 for 2016

https://www.zhongan.com/

https://www.hioscar.com/

https://www.wealthfront.com/

http://www.qufenqi.com/

https://www.fundingcircle.com/uk/



https://www.kreditech.com/

https://www.avant.com/

https://www.atombank.co.uk/

https://www.klarna.com/us

https://www.ourcrowd.com/




https://www.hioscar.com/




https://www.atombank.co.uk/

https://www.kreditech.com/




Top US FinTech 2015

https://letstalkpayments.com/how-to-build-a-successful-fintech-startup-in-2016-part-2/

FinTech in Europe

https://letstalkpayments.com/everything-you-wanted-to-know-about-fintech-in-europe/

Fintechs

in Turkey

Strategic Location of Istanbul

http://bkm.com.tr/wp-content/uploads/2016/02/Banking-and-FinTech.pdf

Finance Technopark«Turkey’s first thematic Science and Technology Park (STP), called the Finance Technopark, will be created in Istanbul with the partnership of the Borsa Istanbul and Bogazici University. The STP will conduct research and development (R&D) activities and create value-added financial technologies for domestic and international markets. By 2023, Turkey aims to become the world’s first cashless society and country where all transactions are made with payment systems.»


Fintech - Payments in Turkey


IBTECH

http://bkm.com.tr/wp-content/uploads/2016/03/BKM-Fortune.pdf

http://bkm.com.tr/2016-turkiyede-fintech-yili-olacak-infografik/

http://bkm.com.tr/wp-content/uploads/2016/03/BKM-Fortune.pdf

How Turkish Banks Embrace FintechAkbank Direkt Bankacılık Genel Müdür Yardımcısı Orkun Oğuz:“Yapay zeka ve sanal gerçeklik dijital bankacılığın yeni bileşenleri olacakAkbank olarak bu alanda yatırım yapma konusunda çok istekliyiz. Akbank olarak gelecek vaat eden ve önümüzdeki dönemde karşılıklı fayda sağlayabileceğimiz yaklaşık 10 Fintech ile önümüzdeki yıl birlikte çalışmalar gerçekleştirmek planlarımız içinde yer alıyor. Bu Fintech’lere yatırım yapmayı hedefliyoruz. Gelecek yıllarda . . . bu sayıyı artırabiliriz.Fintech konusunda gelişimi desteklemek amacıyla tüm uygulama geliştiricilerin diledikleri zaman ve mekanda girip çalışabilmeleri için API açan ilk banka olduk.»

http://www.fortuneturkey.com/dijital-musterinin-tercihi-dijital-bankacilik-34828

How Turkish Banks Embrace Fintech


ING Bank Bireysel Bankacılık Genel Müdür Yardımcısı Barbaros Uygun:

«ING Bank olarak kendimizi bankacılık lisansına sahip teknoloji şirketi olarak konumlandırıyoruz. Geleneksel bankacılık ve iş yapış şekillerinden uzak, bugün bilinen bankacılığın ötesinde, yepyeni bir modeli gerçekleştirmek için çalışıyoruz. «



Yapı Kredi Alternatif Dağıtım Kanalları Genel Müdür Yardımcısı Yakup Doğan:“Dijital bankacılığın geleceğinde IoT ve Fintech’ler önemli rol oynayacak”Önümüzdeki süreçte de giyilebilir teknolojiler, artırılmış gerçeklik, nesnelerin interneti gibi kavramlarla birlikte bankacılık diğer tüm sektörler gibi daha fazla dijitalleşecek. Finans sektöründe tüm dünyada etkisini göstermeye başlayan finansal teknoloji (Fintech) şirketleri, Türkiye’de de sektöre yenilikler getirecek. Fintech girişimlerinin bankalarla işbirliklerinin de artacağını öngörüyoruz. Bununla birlikte şu an için hayatımızda olmayan pek çok yeni teknoloji üzerine dijital bankacılık hizmetlerinin gelişmeyi sürdüreceğini söyleyebiliriz.Biz de finansal teknoloji alanındaki çalışmalarımızla sektöre öncülük etmeye devam edeceğiz. Ödeme sistemlerinden yatırım danışmanlığına, bütçe planlamadan güvenliğe kadar birçok farklı alanda binin üzerinde Fintech ve startup inceledik. Londra, Milano, Kopenhag, Viyana ve San Francisco gibi birçok şehirde bu girişimlerle görüşmeler yapıyoruz ve şirketlerin sunduğu çözümlerle müşterilerimiz için nasıl katma değer yaratabileceğimizi değerlendiriyoruz. Bunun yanında; ortağımız UniCredit ile işbirliği içerisinde bankacılığa yeni bir bakış açısı getiren Blockchain altyapısı üzerine de çalışmalar yürütüyoruz. Yapı Kredi olarak öncü özelliğimizi koruyarak, bu yeni teknolojileri kısa bir süre içinde müşterilerimizin hizmetine sunmayı hedefliyoruz.



Türkiye İş Bankası Genel Müdür Yardımcısı Yalçın Sezen:“Dijital bankacılık, nakitsiz bankacılığa kapı aralıyor”Önümüzdeki dönemde bankacılık sektörünün dijital bankacılık alanında Fintech girişimleriyle işbirlikleri daha artacaktır. Bankalar Fintech girişimleriyle kuracağı ortaklıklar, yapacağı işbirlikleri sonucunda inovatif çözümlerle müşteri deneyimini en üst seviyeye çıkarma şansına sahip olacaklar.

İş Bankası olarak Fintech uygulamalarının geliştirilme aşamasında müşterilerimizin yaşam döngüsü ve dijital ayak izi araştırmaları ile hackathon gibi inovatif düşünce yapısının geliştirilmesine yönelik çalışmaları süreçlerimize dahil ediyoruz. Bunun yanı sıra teknoloji iştirakimiz SoftTech, finansal teknolojilerdeki en büyük güçlerimizden biri. SoftTech’in bünyesinde kurulan “SoftTech Garage” başarılı bir Fintech girişimi olarak alanında önemli çalışmalar yürütüyor. Bu çalışmaları yürütürken işbirliklerine giderek kazan-kazan ilkesiyle hareket ediyoruz. SoftTech vasıtasıyla Silikon Vadisi’ndeki gelişmeleri de odağımızda tutabilme şansına sahip oluyoruz.



Finansbank Bilgi Teknolojileri, Operasyon, Kanallar ve İş Geliştirme Genel Müdür Yardımcısı Mehmet Kürşad Demirkol:Teknoloji, alışkanlıklarımızı değiştirdiği gibi iş yapış yöntemlerimizi ve müşteri beklentilerini de değiştirdi. Dijital dönüşüm bizlere; verimlilik, etkinlik, beklentileri karşılama ve dolayısıyla müşteri memnuniyeti gibi fırsatları sundu. Yapılan araştırmalarla cep telefonlarımız ile günlük ortalama 6 adımdan fazla uzak kalmadığımız ortaya çıktı. Özellikle para çekme ve yatırma dışındaki neredeyse her işlemin mobil cihazlardan yapılabilmesi nedeniyle bir anlamda; müşterimizin 6 adım uzağındayız ve her an erişilebilir durumdayız. Türkiye’de ve dünyada dijital dönüşümün en etkin ve hızlı sonuçlarının mobil uygulamalarda görülmesinin başlıca nedeni de budur. Finansbank olarak Enpara markası ile şubesiz bankacılığı Türkiye’de ilk uygulayan banka olarak yüz binlerce müşterimizle bu alandaki en büyük dijital dönüşüm örneklerinden birini yaşamış olduk. Elektronik paranın (e-para) kullanıma alınması, biyometrik algoritmaların ve cihazların etkinliğinin artması, mobil ödeme ve dijital pazarlama araçlarının yaygınlaşması, sosyal medyada paylaşılan her türlü bilginin skorlama dahil çeşitli amaçlarla kullanımı, insanların birbirleriyle daha da bağlı olma istek ve motivasyonu, nesnelerin interneti, yeni fırsatları doğuruyor.

Major Banks in Turkey Have Also Understood the Value of Partnering with the FinTech Companies

Major banks in Turkey have also understood the value of partnering with the FinTech companies in order to be more competitive and innovative. For instance, some FinTech companies have been developing secure online and mobile banking solutions and branchless banking services for major Turkish banks in order to improve their mobile services and increase customer satisfaction by enhancing their accessibility. On the other hand, some Turkish banks organise FinTech hackathons in order to access to innovative solutions which will make banking easier. In these hackathons, banks aim to encourage entrepreneurs, developers, students and also customers to develop creative and user-friendly internet banking, digital banking, mobile payments and FinTech solutions with the mentorship of banking experts. Lastly, some financial services organisations in Turkey provide FinTech companies with funds, which will help them improve their business models and achieve growth.


Banking Technologies in Turkey• The banking sector in Turkey has a high growth potential.• Turkey’s population is 77m• 50% of this population are under the age of 30• Banking customers are quick adopters of new

technologies• As the Turkish population is young and welcoming

disruptive technologies faster than other countries, technology adoption in Turkey has accelerated

• Turkey is also more advanced than many other western countries in terms of internet speed and smartphone penetration


Banking Technologies in Turkey• Thanks to the growing young population and internet

usage in Turkey, the Turkish banking sector is very successful in leveraging new technologies.

• For example, the increasing usage of mobile banking products in Turkey is a result of banks’ efforts to gain young customers.

• On the other hand, the unbanked and the underbanked population in Turkey are still high

• Currently, banks are trying to reach this population, especially the people living in underdeveloped regions, through developing innovative banking technologies.


Banking Technologies in Turkey• The financial services sector in Turkey is among the

most technologically advanced and innovative sectors.

• Banks are quick to adopt and really keen on developing new technologies.

• Turkish banks’ products, offerings and the usage of technology are surpassing their competitors all around the world.

• There are some examples where they advance European or US banks in terms of launching online and mobile banking technologies.


Banking Technologies in Turkey• Turkish banks consider technology and

innovation as competitive differentiators.• Thanks to their high profit margins, they have

invested heavily in technology and kept their systems at the leading edge of operational and digital excellence for decades.

• Turkey is also one of the most innovative and competitive payment markets in Europe

• For instance, it was the first country in Europe to issue contactless cards.


Banking Technologies in Turkey• The implementation of payments in instalments and

loyalty schemes (mile and cash bonus collection practices) triggered the rapid growth of innovative payment technologies and fierce competition in Turkey

• Currently, card penetration is very high with 112m debit cards and 58m credit cards, making Turkey the Europe’s biggest debit card and credit card market.

• Accordingly, the financial technologies sector is also well-established and provides more advanced and innovative solutions compared to their competitors in Europe.


Banking Regulation in TurkeyThanks to the BRSA (Banking Regulation and Supervision Agency) (BDDK), the Turkish banking sector is regulated in terms of technology and technology related vendors. With the regulation and legislation changes, instead of having separate service level agreements with vendors, banks can use some existing regulations. This protects banks and decreases the risk of partnering with third parties. Besides, Turkey has a closely regulated card market with some gaps compared to Europe. However, there have been some improvements in the regulation. Recently the Government, the Central Bank of the Republic of Turkey (CBRT) and the BRSA introduced a new legislation which regulates the e-money institutions and payment services. It is Turkey’s version of the European Payment Services Directive which was missing in the Turkish legal system. This new legislation is considered as critical for the growth of e-commerce, payment services and electronic money in Turkey.


The Turkish Government’s Role in the Financial Services Sector

• The nature of the sector and highly regulated financial environment create some difficulties for banks to enjoy the advantages and flexibility that new technologies provide.

• Sometimes new technologies become invalid for Turkish banks as it is not possible to try new technologies without mitigating risks.

• The Turkish financial institutions have a vision to create a cashless society by 2023, and all the industry players are very committed to this objective.

• However, the main challenges for Turkey to become a cashless society are the development of infrastructures, the large unbanked population and the habit of cash usage.


Turkish Banks’ Investments in Technology

• Turkish banks have invested a lot of money into the payments business to strengthen their value positions and enhance customer loyalty and profitability

• As a result, Turkey is in a better position in mobile payment technologies compared to the rest of the world, and all industry players are trying to make these technologies work from different angles.

• Turkish banks also invest primarily in mobile applications as these applications reduce their expenses. They have started to give importance to the usage of mobile applications within their organisations as well.


Turkish Banks’ Attitudes Towards Innovative Technologies

• The Turkish banking sector mainly prefers developing technologies in-house as they possess the relevant resources.

• Most of the banks have technology subsidiaries in which they invest considerable amount of money.

• However, there is an opinion that Turkish banks shouldn’t create technology subsidiaries within their organisations. As they are banks, not technology companies, they do not need to invest to create such technology subsidiaries.


Turkish Banks’ Attitudes Towards Innovative Technologies

• Instead, with the help of outsourcing and special agreements with the right vendors, Turkish banks can easily create a technology environment within their organisations and differentiate themselves.

• When Turkish banks have their technology subsidiaries, they should hire the best talents in different domains, such as internet banking, mobile banking, core banking etc., which is very difficult. There are many expert companies in Turkey which serve the banking sector for their technology needs. Therefore, working with the experts for each sub-area can be a better solution for banks than creating their own technology subsidiaries.!!!???


Turkish Banks’ Attitudes towards Innovative Technologies

• In addition, customer expectations and behaviours are changing due to new technologies. In order to adapt market conditions, Turkish banks should be open to new models and collaborations with other parties. Otherwise, they might lose their customers or more importantly the customer data.

• Most Turkish banks are aware of these changes and take action accordingly. They have started working with disruptive FinTech start-ups as they are more agile and innovative than traditional technology companies. For example, the trend is using in-house resources to develop payment solutions but recently it has been seen that Turkish banks are leveraging third parties to develop these platforms, software and solutions. Moreover, these third parties started to sell their products in other markets, which is very important as they are able to grow their business significantly.


Turkish Banks’ Attitudes towards FinTech

• Turkish banks consider providing mentorship to FinTech companies in order to share knowledge and provide them with network opportunities.

• Some FinTech companies have been mentoring and partially financing young start-ups through contests.

• They also coordinate with the entrepreneurship centres at universities for encouraging and supporting new start-ups.

• There is a lack of collaboration between banks and FinTech companies in developing the FinTech ecosystem in Turkey.


Turkish Banks’ Attitudes towards FinTech

• Some Turkish banks are following the FinTech accelerators in London and open to get involved in similar initiatives in Turkey.

• Established FinTech companies consider creating partnerships with and/or providing mentorship to FinTech accelerator programmes that can be launched in Turkey.

• The FinTech sector offers a great opportunity, especially for young developers and young entrepreneurs.

• Some Turkish banks plan to collaborate with universities in order to create an open platform for young code developers and enable them to build innovative solutions for the banks’ business issues.

• Some Turkish FinTech start-ups have also formed partnerships with universities to attract the top talents in design and engineering.


SWOT Analysis of the FinTech Sector in IstanbulStrengths

• Strong and highly regulated banking sector since 2001 • Tech-savvy and highly innovative banking sector • Banks’ and financial services firms’ interest towards

collaborating with or creating (potential) FinTech accelerators in Turkey

• Access to a large, young and educated talent pool that have international study and work experience (e.g. increase in the reverse brain drain to Turkey)

• Having a large tech-savvy young population• High mobile phone and smartphone penetration rate and

the increasing usage of mobile banking services• Central location between Europe and the Middle East


SWOT Analysis of the FinTech Sector in IstanbulOpportunities

• Creating an infrastructure to increase communication and collaboration between industries to develop the FinTech sector

• Establishment of Finance Technopark, which is the first thematic technopark in Turkey focused on finance

• Increasing the number of start-up acceleration and incubation programmes in Istanbul

• Increasing mentorships provided by banks to FinTech companies• Attracting talented and multilingual workforce, ranging from fresh

graduates to senior executives• High unbanked and underbanked population• Collaborations and partnerships with foreign FinTech organisations• Central location between Europe and the Middle East with a potential

to become a regional FinTech hub http://bkm.com.tr/wp-content/uploads/2016/02/Banking-and-FinTech.pdf

SWOT Analysis of the FinTech Sector in IstanbulWeaknesses

• The existing need for developing infrastructure• Highly regulated banking sector• Lack of industry experts for Financial Services and

ICT sectors to support and promote these sectors• Low availability of VCs• Weak communication and collaboration between

technology companies and banks • Turkish banks’preference for developing innovative

technologies in-house!


SWOT Analysis of the FinTech Sector in IstanbulThreats

• Highly regulated banking sector• Historically high inflationary economy which has

stabilised for a decade• Turkish banks’ preference for developing innovative

technologies in-house• Security concerns of individuals and businesses

towards FinTech solutions• Low ability to attract talented and multilingual

workforce, ranging from fresh graduates to senior executives


Are FintechsThreats

or Friends to Banks?

http://www.slideshare.net/ishmelev/bank-future

CEO of one of the leading banking groups in Latin America.

«The banks of the future will

be software companies»

A senior executive at a global banking organization

«We thought we knew our customers, but

FinTechs really know our customers»

Disruption TheoryDisruption theory (initially formalized by Clayton Christensen of Harvard Business School in the mid-1990s)

posits that an innovation can be, broadly speaking,

disruptive or sustaining. A sustaining innovation is one that brings efficiency improvements or other short-term competitive advantages that can ultimately be copied by competitors. A truly disruptive innovation needs to create a new market based on new or different values and, typically, a new business model. This can either be by creating a product that has a drastically different cost/value trade-off or by creating a product for consumption that did not exist previously.

https://blogs.cfainstitute.org/investor/2016/04/28/fintechs-disruptive-potential/

Will Fintech Startups Cause the Demise of Banks or Come to Their Rescue?

Part of the worry revolves around the role that fintech startups will play in the future of the banking sector: threat or opportunity?

The Rise of UK FinTechThe UK’s FinTech sector has been catalysed a lot by and developed after the GFC in 2008. One of the reasons why FinTech has emerged as a big opportunity is the decreasing consumer trust in banks after the GFC which led to an increase in the number of consumers looking for alternatives to banks. Before 2008, banks were saying “Well, we do it fine, why do we need this new technology?” when asked. However, as trust in banks was lost during the GFC, banks are now rebuilding trust by demonstrating that they are innovating. In addition, UK banks are interested in meeting smart FinTech companies to win their customers back.


How Fintech is Reshaping Banking?PwC global fintech survey 2016 says:

The survey of over 500 banking executives reveals that the vast majority are concerned that part of their business will be lost to new fintech entrants who better understand evolving customer needs.

Highlights from the PwC Global FinTech Report 2016


What are the Threats Related to the Rise of FinTech within Your Industry?


What Percentage of Your Business is at Risk of Being Lost to Standalone FinTech Companies within

5 Years?


The Futureof Fintech and Banking:

Digitally Disrupted or Reimagined?

Accenture: The Future of Fintech and Banking



How the digital revolution will impact the established financial services industry is uncertain, but the following two scenarios provide a structure for how things may play out. It is important to recognise that there is no reason to believe either scenario will apply to all banks – banks can still control their own destiny.




Scenario 1: Digitally DisruptedCaught in the headlights of regulation and cost reduction, the bank loses out to new players that provide more effective financial products and services attuned to the digital age. The bank continues with a product-based sales approach rather than improving the customer experience and as a result lacks the motivation to deal with legacy applications. Banks in this scenario compete for a diminishing share of wallet as their brands are relegated in customers’ eyes to that of commodity utilities. They continue to believe in the impregnable nature of their business model and that fast-following strategies will remain the most successful.




Scenario 2: Digitally ReimaginedInnovations are embraced at the business model level. The focus is on making a customer’s life easier not on asset monopolies, and sources of revenue change over time as customer insight grows and the bank learns how to use collaboration with adjacent business models to surprise and delight customers. Banks in this category see themselves as having short term advantages in infrastructure and customer data, but no long term right to exist without converting this into services that solve emerging digital consumer frustrations.

When Accenture started its journey with the FinTech Innovation Lab in NYC in 2010, no bank we spoke with believed Scenario 1 could happen to them. The overriding belief was that providing sustainable banking services or sub-services was too complex, risky and regulated for new players to threaten the existing players. Few banks now feel that the outcome of digital is so clear.


Three Behaviours Enabling Banks to be Digital Winners

1. Act OpenOpen innovation is at the heart of the digital revolution, exemplified by the open source movement that has supported so much of the new technology development in recent years.Often it involves opening up the organisation’s own intellectual property (IP), assets and expertise to outside innovators to help generate new ideas, change organisational culture, identify and attract new skills, and discover new areas for growth.



2. CollaborateThe concepts of collaboration – or “co-innovation” are becoming more important within the financial services and technology industries.

Over half of the respondents to the survey believe they should collaborate “fully” or “extensively” with other industries, while 80% believe the value in working with start-ups is bringing new ideas to their business. Yet 56% claim that organisational culture is the biggest area of their business that needs to change in order to work effectively with start-ups.



3. InvestVenture investing has always been at the heart of the start-up innovation model. But now more than ever, established financial services firms are taking this route to try and generate innovation for their business. American Express, BBVA, HSBC, Santander and Sberbank have all developed corporate investment vehicles over the last four years, each with at least US$100 million to invest. In February 2015 AXA, the insurance and investment management firm, launched a €200 million fund to act as “an accelerating force for start-up companies” in its areas of business.



The fact remains that innovative start-ups have a high innovation quotient, but need capital, and established financial services firms have lots of capital, but need to increase their ability to innovate. In such a situation it is inevitable that we are now seeing so much interest in financing fintech companies – and we do not see this ending any time soon. What has yet to be proved is how the innovation flows back to those that are funding it.



Accenture believes that banks have recognised the threat posed by digital and that they are avidly exploring the opportunities. They have recognised that, as John F. Kennedy once said, “Those who make peaceful revolution impossible will make violent revolution inevitable.”


Fintech Companies’ Classification Based on Their ‘position’ in Banking

http://banknxt.com/53695/fear-fintech-startups/

Sioux


Fintech companies that serve customers who are not interesting to banks.These are positioned in markets that traditional banks ignore. Examples: crowdfunding platforms and P2P lending, where users fund ideas and companies that would barely succeed otherwise. Kickstarter (crowdfunding), Lending Club (private lending platform), Compte Nickel, which enables the opening of a bank account in a convenience store, complete with debit card, and with no more security than a mobile number. It’s ideal for those outside the banking orbit, such as immigrants, defaulted borrowers, the unemployed, and so on.

https://www.kickstarter.com/

https://www.lendingclub.com/

https://www.lendingclub.com/

https://compte-nickel.fr/



Guerrilla


Fintech companies that exploit inefficiencies in banking and offer better service.Interbank operation is a slow and expensive process for customers. ‘Guerrilla’ companies use new technologies and greater creativity to offer a faster and cheaper service to bank customers. So far, the clearest case of inefficiency exploited by fintech companies is ‘Forex trading’. Companies such as TransferWise (aimed at individuals) or Kantox (aimed at companies) are enjoying huge success by connecting buyers and sellers of currencies on its platform to make the transaction quickly and cheaply. Others include CurrencyFair, and WeSwap.

https://transferwise.com/

http://kantox.com/en/home-kantox

https://www.currencyfair.com/

https://www.weswap.com/en/

Samurai


Compete directly with banks offering similar services to the same customers.Competing with banks on an equal footing is a complicated task because of the enormous legal, technological and economic barriers that protect the business. Yet, some companies are ‘inroads’ into one of the most profitable sectors: private banking.The custom (and expensive) treatment offered by banks to their best customers is being threatened by tools such as ‘portfolio management’ or ‘smart investment’ offered by the likes of Wealthfront, Nutmeg, Betterment, FutureAdvisor or Personal Capital.In just a few questions, they create the customer risk profile and assess needs, and (via algorithm) the ‘optimal investment portfolio’ to the type of client that no longer values being received by advisory banks in luxurious offices with valuable paintings. They want more efficient solutions in the area of financial planning.


http://www.nutmeg.com/

https://www.betterment.com/

https://www.futureadvisor.com/

https://www.personalcapital.com/

Double Agent


Build on banks’ existing infrastructure.This is one of the more interesting sectors by the confluence of business areas. The idea is to build on existing structures of banks (in technology, data and customer

proximity) to offer new services. In this category, we find mobile payments (Apple Pay, PayPal, Square, iZettle, Venmo), aggregators (Mint, Simple, Open Bank Project), or big data and analytics companies (Context Relevant, Dataminr, Antuit, Ayasdi). It’s in a very extensive classification that we will delve into in more detail in another post.

What appears to be a win-win relationship (the customer benefits from a better range of services, and banks and fintech companies benefit from a growing market) actually represents a huge threat to traditional banking: they may lose direct relationships with customers and become a ‘dumb pipe’, which is what has happened to telecom companies.Moreover, this division isn’t the exclusive domain of fintech startups – Google, Amazon, Facebook and Apple, and other companies such as Starbucks, have made a dent in this particular sector. Many experts argue that it’s these firms that will, thanks to their higher knowledge of the customer, own this market and turn banks into mere suppliers.

http://www.apple.com/apple-pay/

https://www.paypal.com/nl/webapps/mpp/home

https://squareup.com/global/en/register

https://www.izettle.com/gb

https://venmo.com/

https://www.mint.com/

https://www.simple.com/

https://www.openbankproject.com/

http://www.contextrelevant.com/

https://www.dataminr.com/

http://www.antuit.com/

http://www.ayasdi.com/

Invaders from Outer Space


Offer a disruptive product or service with the potential to transform the financial industry.In this area, bitcoin and its decentralized structure (blockchain) are the best known. In their DNA is the ability to completely transform the financial industry, leaving current incumbents to the side, yet their chances of failure are high.

GAFA (Google, Apple, Facebook and Amazon)

Big tech companies are usually not very vocal when it comes to revealing their FinTech “affairs.”One of the examples of a dark horse in FinTech is Microsoft which has a wide range of initiatives in FinTech and has recently went far with blockchain.

Since other tech companies are not looking to actively share their activities, we have taken it in our stride to demonstrate that soon banks will soon have another open competition which will be fierce.One of the interesting examples is Google. Obviously, Android Pay is the first thing that comes to mind. However, let’s focus on the FinTech ventures that Google got involved in through Google Ventures, which has been profiled as one of the hottest FinTech investors in the US.Google Ventures is Google’s investment arm through which it is discovering startups across industries to invest into. Google Ventures was recently rebranded as GV and its colorful Google-style logo was transformed into a modern black-and-white one. We don’t usually hear much of Google’s activities in FinTech if it’s not about Android Pay, but GV has an interesting portfolio worth paying attention to if you are looking to score an investment from the tech giant.

https://letstalkpayments.com/what-is-google-doing-in-fintech/

https://letstalkpayments.com/how-many-of-these-microsoft-initiatives-in-fintech-did-you-know/

https://letstalkpayments.com/how-many-of-these-microsoft-initiatives-in-fintech-did-you-know/

https://letstalkpayments.com/microsoft-catches-blockchain-fever-along-with-banks/



https://letstalkpayments.com/exclusive-interview-with-sam-rehman-cto-of-arxan-technologies-in-depth-insights-on-hce-security-hce-vs-nfc-and-android-pay/

https://medici.letstalkpayments.com/investor-profiles/41

https://letstalkpayments.com/hottest-fintech-investors-in-the-us-that-are-pushing-the-global-innovation-envelope/




GAFA (Google, Apple, Facebook and Amazon)

Putting banks on fire with their rapid pace of transformation.In fact, the four tech giants have become such a powerful and prominent part of society that the acronym ‘GAFA’ appeared not so long ago across the Web to describe this new ‘creature’.The German Die Welt has published a piece this January on the dangerous dominance of GAFA providing an impressive estimation that the four companies have a market value of $ 1.7 trillion. The publication has shared data, that suggests GAFA companies on their own have higher market capitalizations than many nations.

http://www.welt.de/finanzen/article150809163/Die-gefaehrliche-Dominanz-der-grossen-Vier.html

What Is Google Doing in FinTech?

GOOGLE VENTURE

Google Ventures is Google’s investment arm through which it is discovering startups across industries to invest into.


APPLE: FİNTECH OR NOT?«But, while others have speculated on the idea of an Apple Bank (glance at this 2013 article to see a few predictions that came true), I heard a convincing story in 2014

that made me confident that Apple will not be launching a bank»Deborah Hopkins, CEO of CitiVentures and Chief Innovation Officer for Citi, addressed a group of us from a NewCo event at CitiVentures’ offices in Palo Alto in Oct. of 2014. She

told us how she had proposed, several years earlier, to create ‘white label’ bank for Apple, where Citi would provide all the back-end services, but the bank would be branded as Apple. Pretty interesting.Apple took the proposal seriously enough to have an internal discussion, but Eddy Cue,

SVP of Apple, later told Citi’s executives that while a lot of the ideas were intriguing, at the end of the day they decided: “Apple isn’t a $%*!’ing bank.” :-)But not being a bank doesn’t mean Apple isn’t a FinTech company, especially given ApplePay.

https://thefintechblog.com/tag/apple-pay/ https://thefintechblog.com/tag/apple-pay/

https://www.computerworld.com/article/2475509/mobile-payments/uh-oh--now-apple-threatens-the-banking-system--a-banker-warns.html

http://newco.co/

The Ongoing Debate: Are FinTech Startups Really Disrupting Banks?

A Goldman Sachs research report in early 2015 estimated that a part of the traditional financial services’ revenue ($4.7 trillion out of $13.7 trillion) is at risk of being displaced by new technology-enabled entrants which include FinTech players from lending, wealth management, payments and others. But we have a debate going on wherein some entities (basically big media houses agreeing with each other) think that this disruption is exaggerated and some think it is more real than it looks like. And in this debate about “breaking banks,” some players are old timers—such as Brett King who said in an interview recently, “I just don’t see any scenario where we don’t lose the vast majority of banks globally under $1 billion in assets unless they’re a pure-play digital bank. Certainly, we’ll see massive consolidation in community banking in the US. All because of digital disruption.”

https://letstalkpayments.com/the-ongoing-debate-are-fintech-startups-really-disrupting-banks/

http://www.forbes.com/sites/chrismyers/2016/04/08/fintech-is-hot-but-the-demise-of-traditional-banking-has-been-greatly-exaggerated/#2eb25bd4a2fd

http://www.nytimes.com/2016/04/07/business/dealbook/fintech-firms-are-taking-on-the-big-banks-but-can-they-win.html?ref=dealbook&_r=1

https://next.ft.com/content/425cb3ca-e480-11e5-a09b-1f8b0d268c39

http://thefinancialbrand.com/56561/fintech-adoption-banking-disruption-index/

http://irishtechnews.net/ITN3/brett-king-innovator-of-the-year-breaking-banks-host-fintech-mafia-thought-leader-interview-pt-2/

The FinTech RevolutionThe fintech firms are not about to kill off traditional banks. The upstarts are still tiny: Lending Club has arranged $9 billion in loans through its marketplace, small change compared with $885 billion of total credit-card debt in America. They have yet to be properly tested in a downturn. No fintech product comes close to matching the convenience and security of a current account at a bank. And banks will gain from many of the innovations. Square, for instance, is a system that makes it easier for small businesses to take card payments; it will boost banks’ transaction volumes. Nonetheless, the fintech revolution will reshape finance—and improve it—in three fundamental ways.

http://www.economist.com/news/leaders/21650546-wave-startups-changing-financefor-better-fintech-revolution

The FinTech RevolutionFirst, the fintech disrupters will cut costs and improve the quality of financial services. They are unburdened by regulators, legacy IT systems, branch networks—or the need to protect existing businesses. Second, the insurgents have clever new ways of assessing risk. The likes of Kabbage and OnDeck hoover up information, on everything from social-media reviews to companies’ usage of logistics firms, to assess how well small businesses are doing. Avant uses machine learning to underwrite consumers whose credit scores were damaged during the financial crisis. Kickstarter uses the wisdom of crowds to finance startups.http://www.economist.com/news/leaders/21650546-wave-startups-changing-financefor-better-fintech-revolution

The FinTech RevolutionThird, the fintech newcomers will create a more diverse, and hence stable, credit landscape. The business of internet-based firms is less geographically concentrated than that of bricks-and-mortar lenders: small American banks already use lending platforms to diversify their own portfolios. More important, the fintech firms avoid the two basic risks inherent in banking: mismatched maturities and leverage. Banks take in short-term liabilities such as deposits and turn them into long-term assets such as mortgages. Fintech lenders like Lending Club, Prosper and Zopa simply match borrowers and savers directly. Banks borrow heavily to fund lending; the new platforms do not. Instead, a lender commits its money until the final payment is due and it bears the risk of default.http://www.economist.com/news/leaders/21650546-wave-startups-changing-financefor-better-fintech-revolution

The root “neo” in Greek means “young” and “new”. So, neobanks are, in fact, the common banks, only updated and upgraded. And as in the realities of the 21st century, almost always to update means to digitize and to pass to the Internet, neobanks are, in fact, conventional banks, but with no physical branches; and using mobile applications and websites to provide their services.

http://eng.banks.eu/news/info/2289/

Neobanks are also sometimes referred to as online banks and direct banks. In the UK they are named among the challenger banks, because originally the intention of such banks was to grab the segment of customers who were dissatisfied with the level of service in the usual crediting institutions.

"For a bank it is minimization of costs (no offices, paper-based procedures, and so on), thereby increase in the speed of servicing, arising super-cheap tariffs, personal approach.

And for a customer it is savings and convenience, as the cost of services is reduced.

Since neobanks are fintech companies, their future in Europe and the United States seems very promising to experts. Thus, the industry has become so popular that the world's financial capitals, such as London and New York, are ready to fight for the title of a global fintech center and are luring start-ups and neobanks with favorable conditions for registration and taxation.

Fintechs Upset ( ) BanksSince FinTechs don’t do over-the-counter services, they upset the traditional banking business model by showing people that they don’t need to go to a bank. Today 80% of bank account holders manage their banking via their smartphone. FinTechs are attacking banks at several points on their value chain. Accessible only via dedicated online platforms or mobile apps, their disruptive innovations include participative corporate funding (crowdfunding), peer-to-peer loans, payments and money transfers, account and savings management and even virtual currencies. These upstarts are determined to shake up the financial services industry.

Retail BankingRetail banking has been hit the worst by the emergence of FinTech. Retail banking segments such as lending, remittances and payments have undergone disruptions Infrastructure supporting retail banking such as bank branches and ATMs are also undergoing a transformation,

It is considered just a matter of time till the rising cost of operating branches and improving online sales will lead to the closure of more and more bank branches. ATM and mobile devices are expected to become the key channels for consumer engagement. Banks which are not digital are also at the risk of losing customer relationships. On the products side, emerging FinTechs such as Lending Club, Prosper, Abra, Apple Pay, Android Pay among others are expected to eat a significant portion of revenues. According to an estimate, close to 20 to 30% of the retail banking revenues will be at risk from FinTech disruptors by 2020.


Corporate BankingThough some banks have established a digital presence, the banks are underinvested when it comes to corporate banking. The disintermediation of corporate banking seems to have a lasting effect on the bank. When it comes to working capital management and SME loans, firms such as CAN Capital, On-deck, MarketInvoice, Fundbox, PayPal, Square, etc. have gained significant traction. Together, these firms have lent more than US$ 12 billion in SME credit in 2015.

Business payments is another major disruption in this space. Last year, KeyCorp Bank invested in several payments-related startups post understanding that commercial clients also wanted their payments process streamlined. Blockchain and IoT solutions to improve trade finance have also gained some traction in the market. Recently, Barclays partnered with Wave, a blockchain-based trade finance startup in a bid to help business clients reduce costs associated with supply chain management. Over $12 billion in loans were financed through online lending platforms in the US in 2015. A study by BCG on shadow banking suggested that roughly 25% of US middle-market lending is now being provided by various shadow banking players.


Investment BankingThe investment banking sector has undergone a sea change in the last couple of years primarily because of the advent of FinTech such as robo-advisors, social trading platforms, market funding platforms, and market data and sentimental analysis service providers. In the social trading space, startups such as ZuluTrade and Stocktwits have seen good traction. These platforms act as a communication platform for the investing community which uses information from tweets as cues for trading. The market-funding platforms are occupied by small and large crowdfunding firms such as Kabbage, EquityNet, Crowdcube, Fundable, Kickstarter, etc. The market data platforms are occupied by firms that mostly use sentimental analysis and big data analytics to track the market movement. Some of these firms are B2B firms while others provide direct services to end customers. Companies such as Heckyl Technologies, SumZero, Contix and Kensho offer services such as the ones listed above. Assets managed by robo-advisors are estimated to increase by 68% annually and to about $2.2 trillion in five years. The robo-advisor space includes online platforms such as Wealthfront, Betterment, AssetBuilder, Financial Guard, FutureAdvisor, Jemstep, Personal Capital and SigFig. These firms develop automated investment portfolios and recommendations for their individual clients. Market penetration of robo-advisors has been estimated at $20 billion in 2015. More than 1,600 investment deals in the securities/capital market and wealth management space have taken place in the last 10 years while roughly 8–10% of the deals in the US by value happen in this segment.


InsuranceInsurTech could happen fast because of the rising consumer demand. The sector is witnessing tremendous support from global investors. Around $4.1 billion has been invested in InsurTech in the last five years. There are around 700–800 InsurTech firms globally which are addressing the requirements of the $4.5-trillion insurance industry but the state of InsurTech is at a stage of infancy. There were 184 deals in the InsurTech segment in 2014 and 2015 with the value of the deals was totaling at $3,391 million. Average deal values in 2014 and 2015 were $9.9 million and $24.3 million respectively.

Use of data analytics is a key differentiating factor between the incumbents and the disruptors. Big data analytics play a major role in getting 360-degree insights of the customer, forecasting their needs, providing educational training and assessing their risk parameters to get them best quotes. For example, Shift Technology leverages data science to automatically detect networks of fraudsters in insurance and e-commerce. The solution is integrated into the big data platform and is provided in a SaaS model. Likewise, smart contracts powered by blockchain could provide customers and insurers with the means to manage claims in a transparent, responsive and irrefutable manner. Startups such as Everledger, Blockstream and Tierion are working in this direction. Everledger provides an immutable ledger for diamond identification and transaction verification for various stakeholders, from insurance companies to claimants and law enforcement agencies.


Key Opportunities for Banks


Poor Bankers• New technologies could see up to 30

percent of jobs eliminated from the banking industry, Citigroup said in a study published last week, highlighting the threat to traditional companies.• Revenues of financial technology

startups will leap 10 times, to more than $100 billion, in the next four years

http://fortune.com/2016/06/27/five-hottest-fintechs/

The Impact of FinTech on the Banking SectorBanks and financial institutions, which have understood that disruptive innovations will change their businesses, are collaborating with and investing in the FinTech industry in order to adapt and refresh their core infrastructures.On the other hand, banks which do not react to the changes in the ecosystem driven by technological developments and partner with FinTech start-ups will experience the failure of their legacy systems and lose their customers in this very competitive environment. As big banks cannot take the same level of risks and move as quick as start-ups can, they should contribute to the development of start-ups and stimulate an innovative ecosystem.


http://banknxt.com/54042/banks-vs-fintech/

Who Wins the Match?• Fintechs shall push banks out of their comfort zone.• This shall force the banking sector to a big

transformation into the digital banking.• Failing this transformation some shall die, but

many of the banks shall survive.• On the other hand new players (fintechs) shall

become the strong players in the game.• At the end banks vs fintechs debate shall end, only

the technologically advanced financial institutions shall be left.

• So, we say to the existing banks «change or die!»

May be?

It is argued that GAFA would never get into the banking business, not even with a white label model. http://fintechranking.com/2016/05/06/the-banks-of-google-facebook-and-amazon/

Statistics About

Fintechs

Top Seven Reasons For Using FinTech

http://www.ey.com/gl/en/industries/financial-services/ey-fintech-adoption-index

The survey was conducted from 1 September 2015 to 6 October 2015.

Top Six Reasons For Not Using FinTech


The survey was conducted from 1 September 2015 to 6 October 2015.

FinTech Use in Major Urban Areas

http://www.ey.com/gl/en/industries/financial-services/ey-fintech-adoption-indexThe survey was conducted from 1 September 2015 to 6 October 2015.

Most Used FinTech Services

http://www.ey.com/gl/en/industries/financial-services/ey-fintech-adoption-indexThe survey was conducted from 1 September 2015 to 6 October 2015.

10 Statistics About Fintech That Will Blow Your Mind

Global investment in Fintech currently stands at a staggering $49.7 billion

Finance & lending is the Fintech category that receives the largest amount of investment dollars with 19% of total investment going into it. Processing & payments category receives 14%, while Mobile wallet, authentication, and remittance receive 10, 7 and 7% respectively. Other growing Fintech areas include P2P lending, mobile banking, prepaid cards, and networks.

http://www.nordicstartupbits.com/2016/05/04/10-statistics-fintech-will-blow-mind/


There are 1,362 Fintech companies in 54 countries around the world with the USA, India, UK & Ireland, Israel, and Germany having the most Fintech start-ups.

Government support for Fintech is huge. Luxembourg has promised unlimited support to entrepreneurs who choose to launch start-ups in the country.

43.4% of people who use Fintech services choose to do so because of ease of access



The countries with the friendliest business climate for Fintech are USA Israel United Kingdom

The top Fintech hubs include New York London Singapore Tel Aviv


Fintech Use by Product Type

The 2016 PwC Global FinTech Survey gathered the views of 544 respondents from 46 countries, principally Chief Executive Officers

(CEOs), Heads of Innovation, Chief Information Officers (CIOs) and top management involved in digital and technological transformation,

distributed among five regions. The banking-focused cut is based on the responses of 163 respondents from banks around the globe.


Key Messages


Mobile Banking Usage

Source: ING International (2015)


https://www.capgemini.com/sites/default/files/en/2016/10/world_fintech_report_2017.pdf

What’s Next From a Fintech Perspective?


How Would 2017 Look Like for Blockchain?


Key Challenges Faced by Banks (US)


Fintech Persons &

Events

FinTech Ekosisteminin Buluşma Noktası“FinTech Istanbul” platformu, yeni gelişmeye başlayan Türkiye Finansal Teknolojiler Girişimcilik Ekosisteminin sağlıklı büyümesi için gereken önemli yapı taşlarını bir araya toplamayı amaçlar.FinTech 101 Eğitimleri«FinTech Istanbul’da, FinTech ile ilgili her alandaki profesyonellerin beraber çalışmasını sağlamak amacıyla çalışmalar yapıyoruz. Bu çalışmalar kapsamında, konu ile ilgili farklı gruplara yönelik özel içerikli eğitimler düzenliyoruz.»

http://fintechistanbul.org/

#Fintech 2016: Top 100 Influencers and Brands

http://www.onalytica.com/blog/posts/fintech-2016-top-100-influencers-brands/

https://twitter.com/share?text=#Fintech+2016:+Top+100+Influencers+and+Brands&via=Onalytica&related=Onalytica&url=http://www.onalytica.com/blog/posts/fintech-2016-top-100-influencers-brands/





So Many Fintech Events Around the Globe

They don’t hold so many fintech conferences, awards, hackathons, and accelerators, but yet are much more successful in fintech

achievements – countries such as India and Sweden

Narendra Modi, India’s prime minister, left, and Mark Zuckerberg, chief executive officer of Facebook Inc., embrace at the conclusion of a town hall meeting at Facebook headquarters in Menlo Park, California, U.S., on Sunday, Sept. 27, 2015. Photographer: David Paul Morris/Bloomberg.

Famous Fintech Persons

FinTech Gurusu Dave Birch Türkiye’ye Geliyor

http://fintechistanbul.org/2016/11/30/fintech-gurusu-dave-birch-turkiyeye-geliyor/

Bankalararası Kart Merkezi ve FinTech Istanbul’un düzenlediği organizasyon ile Dave Birch İstanbul’a geliyor.Dave Birch uzun yıllardır kimlik ve ödeme sistemleri gibi alanlarda profesyonel bir kariyeri sahip önemli bir FinTech gurusu. Dünyada bu alanda takip edilmesi gereken isimler arasında her zaman ilk isimlerden birisi olarak öne çıkıyor. Dünyanın çeşitli yerlerinde verdiği konferans ve gerçekleştirdiği sunumların ötesinde 2013 yılında kaleme aldığı, en çok satanlar listesine girmeyi başarmış, ‘Identity is the New Money’ isimli kitabın yazarı.Dave Birch 13 Aralık 2016 günü Bankalararası Kart Merkezi ve FinTech Istanbul’un davetlisi ve misafiri olarak İstanbul’a gelecek.Gerçekleştirilecek buluşmada Birch’ün kitabı ilk kez Türkçe çevirisi ‘Kimlik: Yeni Para’ adıyla okuyucular ile buluşacak.

Fintech

The Future of

Six Mistakes Fintech Startups Make That Lead to Failure

• Worst mistake fintechs can make is thinking they are going to eliminate the banking industry• Blind faith in an idea–A good idea is not synonymous for success.

• Products do not sell themselves–Sales and marketing plans are vital for the

technological product to conquer the market

https://www.bbva.com/en/news/economy/financial-and-commercial-services/fintech/six-mistakes-fintech-startups-make-lead-failure/


• A website that’s “under construction”– Credibility is essential to make deals and a website is the cover letter

• Ignoring economic cycles– A startup that is going to launch an alternative lending platform,

for example, will have to take into account the interest rates at the time and foresee rate hikes to prevent the economic cycle from ruining business.

• Regulation is very important– Legal expertise is very important for certain sectors of the

financial world, especially in terms of privacy and use of data. This is something fintech firms should never forget to include in their business plan.

https://www.bbva.com/en/news/economy/financial-and-commercial-services/fintech/six-mistakes-fintech-startups-make-lead-failure/


• Investment and financing–When requesting investment, ask what type of

reports will be needed, what information is requested and the policy to follow to reach an agreement. – For capital injections, in order to avoid fraudulent

operations like money laundering, startups need to be well-informed and select a venture capital investor with experience in the fintech ecosystem. If there is a sector where experience matters, it’s the financial technology industry.https://www.bbva.com/en/news/economy/financial-and-commercial-services/fintech/six-mistakes-fintech-startups-make-lead-failure/

The Future of Banking

http://banknxt.com/53478/future-banking-scenarios/

Future Use of FinTech


http://www.slideshare.net/ishmelev/bank-futurehttp://www.slideshare.net/ishmelev/bank-future

http://www.slideshare.net/ishmelev/bank-future

Fintech Versions


Branchless Banking is Gaining Acceptance

http://www.slideshare.net/_TheFamily/the-next-10-years-in-fintech-by-philippe-gelis-from-kantox

http://www.slideshare.net/_TheFamily/the-next-10-years-in-fintech-by-philippe-gelis-from-kantox

Ürünü ve geliri olmayan Magic Leap’in değeri 4,5 milyar dolar

http://blog.galatabusinessangels.com/urunu-ve-geliri-45-milyar-dolar/

Magic Leap’in teknolojisine dair yayınladığı birkaç demo’dan görüldüğü kadarıyla, girişim günümüz artırılmış gerçeklik deneyimlerini aşacak bir proje üzerinde çalışıyor. Bu deneyim, insanların internetten satın almayı planladıkları şeyi kendi gözleriyle görmelerini ve dijital alıverişin sınırlarının ortadan kalkmasını sağlayabilir.

http://blog.galatabusinessangels.com/urunu-ve-geliri-45-milyar-dolar/

Artırılmış ve sanal gerçeklik girişimi Magic Leap, uzun yıllardır üzerinde çalıştığı teknolojisinin büyük bir bölümünü perde arkasında tutmayı başardı. Buna rağmen çok uzun bir yatırımcı listesine sahip olan girişim, son olarak 4,5 milyar dolar değerlemeyle 793,5 milyon dolar Seri C yatırımı aldı.

Türk Bankalarının Fikir Yarışmaları

Bankacılık ürün ve hizmetleriyle ilgili yenilikçi, yaratıcı fikirlerin var. Ya da teknolojik girişim projelerin var. O zaman hiç durma sen de İcat Çıkar. TEB Akıl Fikir Yarışması ile bilgini, emeğini ve hayallerini gerçek bir başarıya dönüştürebilir ve ödüller kazanabilirsin.

Türk Bankalarının Fikir Yarışmaları

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FintechDictionary

Accelerators and Incubators

Accelerators and incubators are very similar organisations which select entrepreneurs or startups to join them for a limited time period, often taking an equity stake in return for coaching, mentoring, and introductions to clients and investors. Incubators specialise in nurturing entrepreneurs with great ideas but no business plan to harness them, whilst accelerators take in early stage companies to help accelerate their growth.

Unicorns and Gazelles

These terms are used to differentiate particularly successful startups.

Unicorns are those companies with a valuation in excess of $1bn. But beware, there is a lot of controversy about the label, with allegations of inflated valuations and murky funding rounds.

Gazelles are companies which grow at 20% a year for a minimum of four years, from a minimum base of $100,000.

Travel in The History ofFinancial

Technology

1970’LER - İLK KREDİ KARTI OTORİZASYON SİSTEMİ - Provizyonları üstlenen BASE I sistemi DEC donanımı ile hayata geçirilirken, BASE II için IBM ile anlaşılmıştı. Dee, 1973 Kasım ayında IBM’e büyük bir donanım siparişi vermişti. IBM’in deneyimli sistem uzmanı Roger Peirce ve IBM’den diğer uzmanlar sistemi kurmak ve devreye sokmak için Visa’nın teknik ekibiyle yakın bir çalışma gerçekleştirdiler.

‘60’lı yıllarda Türkiye’de Diners Club kredi kartı sahibi olmak “milyoner” olmakla özdeş bir anlam ifade etmektedir. Öyle ki, 1968 yılı 27 Şubat’ında İstanbul’da Konak Sineması’nda gösterime giren, başrollerini Danny Kaye, Cara Williams ve Martha Hyer’in oynadığı “The Man From the Diners Club” isimli Amerikan komedi filmi bile “Milyonerler Kulübü” adıyla oynamıştır.

BKM - Anılarla ve Fotoğraflarla Türkiye’nin Kartlı Ödeme Sistemleri Tarihi

http://bkm.com.tr/wp-content/uploads/2016/07/BKM-Kitap-Temmuz-16.pdf


27 Şubat 1972 tarihinde Milliyet gazetesinde yayınlanan bu ilanda, Diners Club sahibi olmayanlar, cebindeki parası yeterli gelmediği için yediği yemeğin hesabını bulaşıkları yıkayarak ödemek zorunda kalan bir işadamının aczi üzerinden tarif ediliyor.

ANADOLU KREDİ KARTI, 1976 - Türkiyede basılan ilk kredi kartı.




1977 yılı Mayıs ayında Türkiye kartlı ödeme sistemleri sektörünü yeni bir evreye taşıyacak önemli bir adım atan Pamukbank, uluslararası bankaların oluşturduğu bir birlik olan Interbank Card Association ile yaptığı işbirliği sonucu özel logolu ilk kart olan “Eurocard Pakkart”ı müşterilerine duyurur.

O dönemdeki kartlarda manyetik şerit ya da “akıllı yonga (chip)” yoktur. Kartlar “kabartma rakamlar” kullanan özel pres cihazlarından geçirilmektedir. Bu cihazlara “imprinter” denmektedir. Bir alışverişin sonunda ödeme yapmak isteyen müşteri kartını işyerinin satış temsilcisine iletir. Satış temsilcisi de kredi kartını müşterinin imzalamak zorunda olduğu satış belgesiyle birlikte “imprinter” adı verilen cihazın içine yerleştirir. Imprinter, kredi kartının üzerinde basılı olan kart hamilinin adı ve soyadı, kart numarası ve kartın geçerlilik süresine ek olarak işletmenin ticaret unvanı, adresi ve telefonu gibi çeşitli bilgileri satış belgesinin üzerine aktarır. Genelde birden fazla nüsha şeklinde basılan satış belgesinin müşteri tarafından imzalanmasından sonra, belgenin bir nüshası müşteriye verilir.




John Shepherd-Barron tarafından icat edilen ATM (Automated Teller Machine) cihazı, dünyada ilk kez 27 Haziran 1967 tarihinde De La Rue firmasınca Barclays Bank için üretildi ve Londra’nın kuzeyindeki Enfield kasabasında hizmete sunuldu.

Türkiye’nin ilk ATM cihazı, “Bankamatik” adı ile İş Bankası tarafından 1982 yılı Nisan ayı başında duyurulur.

İş Bankası’nın ilk bankamatiklerinde kullanılan delikli kart...




1982 yılında kurulan ilk bankamatiklerin, İş Bankası’nın iç iletişim dergisinde duyurusu…

Online çalışan ilk ATM, NCR tarafından temin edilir ve İş Bankası’nın Yenişehir Ankara Şubesi içinde 25 Aralık 1987’de hizmete açılır.

Online hizmet verebilen bankamatiklerin duyurusu için 1987 yılında yayınlanan bir ilan.




Yapı Kredi tarafından geliştirilen Otobanka, 1991 yılı Mart ayında İstanbul’da E-5 Karayolu Topkapı Tercüman Lisesi karşısındaki BP Akaryakıt İstasyonu’nda devreye girer. Ancak, tüm yenilikçiliğine rağmen bizim yollarımıza, bizim alışkanlıklarımıza pek uygun değildir ve “tutmaz”. Bankalar da bu konuda ısrarcı davranmaktan vazgeçerler.

Kaynak: Milliyet gazetesi, 18 Mart 1991, s. 28




Türkiye’de ilk kez 1990 yılı başında kurulan POS cihazlarından biri…




KART KULLANIMINI YAYGINLAŞTIRMAK HİÇ KOLAY OLMADI – 1990’lı yıllar, bankaların kredi kartı kullanımını yaygınlaştırmak için ciddi çabalar harcadığı, yenilikçi fikirlerin birbirini kovaladığı, dünyada ilklerin başarıldığı yıllar oldu. Buna rağmen kredi kartı kullanmaya yönelik bir direnç de söz konusuydu. Fotoğrafta, dönemin başbakanı merhum Süleyman Demirel’in, 1993 yılında kendisine gönderilmiş kredi kartını kibarca reddettiği mektup görülüyor…




İşlem maliyetlerinin ciddi biçimde düşmesini sağlayan alternatif bankacılık kanalları, teknoloji kullanımının odağına müşteriye yönelik hizmetleri konumlandırır. Telefon bankacılığı bu alternatif kanallardan biri olarak ‘90’lı yılların özellikle ikinci yarısından

Advantage Card’ın aldığı ivmeyi gören bankalar cephesi taksitlendirmeler konusunda hareketlenmiştir. Üye işyerlerinde taksit olanağı da sağlayan ilk taksitli “çok ortaklı uluslararası kredi kartı” olan Finansbank Galaxy Card 1999 yılı Aralık ayında hayatımıza girer. Galaxy Card dünyanın her yerinde geçerlidir. Faizi düşüktür ve kolay taksit olanağı sunmaktadır. Ayrıca puan toplama olanağı da vardır.BKM - Anılarla ve Fotoğraflarla Türkiye’nin Kartlı Ödeme Sistemleri Tarihi



Citibank, 1995 sonunda hizmete sunduğu CitiPhone sayesinde günün 24 saati dünyanın her yerinden bankacılık işlemleri yapılmasına olanak veriyordu.




“Don”a İmza Atılan Yıllar1980’li yıllarda Anadolu Kredi Kartı A.Ş.’nde Operasyon Müdürü olarak görev yapan Haluk Yücelir, toplumun o dönemde sektördeki terimlere ne kadar yabancı olduğunu göstermesi bakımından, oldukça ilginç (!) bir anısını anlatıyor: “Sene 1986. Anadolu Kredi Kartları A.Ş.’nde Kart Operasyon Müdürü olarak görev yapıyorum. O tarihte yurtdışı işlevli Visa ve MasterCard kredi kartlarının kart kabul işlemlerini, özellikle turistik bölgelerde yerleşik bulunan dokuz şubemiz vasıtasıyla gerçekleştiriyoruz. Bir gün İzmir’de bir halıcı, kart sahibine halı satıp, imprinter cihazıdan slip çekmiş, sonra da otorizasyon alarak işlemi tamamlamış. Ancak iş kargoya vermeye gelince yanlışlıkla farklı bir halı göndermiş. Tabii, bu bir para iadesi sebebi. Bizdeki teknik deyimiyle ‘charge-back’ konusu. Uzatamayalım, charge-back safhasından sonra biz işyeri ile mahkemelik olduk. Ben şahit ve aynı zamanda davacı taraf olarak mahkemeye çağırıldım. Hâkim Bey, benden olayın akışını anlatmamı istedi. İfademin bir yerinde ‘kart sahiplerinin işlemlerini onaylamak için slip imzaladıklarını’ ifade edince, Hâkim bey hiddetlenerek ‘Sen benimle dalga mı geçiyorsun, seni içeri attırırım, kart sahipleri dona mı imza atıyor yani’ dedi. O gün ve takip eden dönemlerde slibin ne anlama geldiğini anlatmak için ciddi çaba gösterdim.”

Kaynak: Haluk Yücelir ile Söyleşi, 29 Kasım 2015.




MOBİL BANKACILIK DİLE GELDİ... Gelişmiş ses teknolojileri konusunda birçok projeye imza atmış olan Speechouse, Garanti Bankası ile olan iş birliğini bir adım ileri taşıdı. Garanti Cep kullanıcılarına hizmet veren Speechouse desteği ile geliştirilen Mobil işlem Asistanı (MİA) müşterilerin sorularına anında cevap veriyor. MİA ile işlemlerin çok daha hızlı ve kolay yapılabildiğini belirten Garanti Bankası Genel Müdür Yardımcısı Didem Dinçer Başer " Vadeli hesabımın vade süresine zaman doluyor?', "Kredi faiz oranları nedir?' veya 'Kartımın son kullanma tarihi nedir 'gibi birçok sorunun cevabına hızla ulaşıyorsunuz.'Bonus kartım ile geçen ay akaryakıta ne kadar harcadım?'sorusunu sorarak birden çok tıklamayla ulaşılabilecek bilgiyi sesle hemen alabiliyorsunuz. Garanti Cep içinde yapılamayan işlemler için ise ilgili kanala yönlendiriliyorsunuz. Örneğin 'Kartımı kaybettim' diyen bir kullanıcı, kayıp çalıntı bildirimi için Alo Garanti'y e yönlendiriliyor. Mobil İşlem Asistanı'nı devreye aldığımız ilk iki günde 100 binden fazla müşterimiz uygulamayı hemen kullandı" dedi.

GERÇEK TERMİNATÖR TEB'LE İSTANBUL'DA ...

TEB, biyomekatronikte devrim yaratan ve kaybettiği bacakları yerine kendi biyonik bacaklarını yapan MİT Biyomekatronik Grubu Yöneticisi Doç. Dr. Hugh Herr'i Türkiye İnovasyon Haftası kapsamında Türkiye'ye getiriyor. Aynı zamanda, İnovasyon Haftası kapsamında,'RE PLAY'adı verilen özel bir alanda da sporda inovasyona dikkat çekecek olan TEB, katılımcılara geleceğin antrenman yöntemlerini deneyimletecek. 06 December, 2016

TEB, GİRİŞİM BANKACILIĞI İLE 14 MİLYON TL KAYNAK SAĞLADI

Girişim bankacılığı ile bugüne kadar Türk Ekonomi Bankası (TEB) Kuluçka Merkezi'ne yaklaşık 4 bin 300 yeni iş fikri gelirken, bunlardan 441'inin kabul edildiğini belirten TEB Genel Müdürü Ümit Leblebici, 15 girişimcinin 14 milyon liralık yatırım almayı başardığım ifade etti. Türkiye İhracatçılar Meclisi (TİM) işbirliği ile Girişim Evleri'nin sayısını da dokuza çıkardıklarım söyleyen Leblebici, "inovasyonu her alanda desteklemeye devam ediyoruz. Bu yıl ise Let's UP programı kapsamında 150 öğrenciye eğitim ve atölye çalışmalarıyla destek verdik. Ağustos ayı içinde 10 girişimciye bir hafta süren Silikon Vadisi Seyahati ve Girişimcilik Programı imkanı sunduk" dedi.

YAPI KERDİ’DEN DİJİTAL BANKACILIKTA DEVRİM

Yapı Kredi, dijital bankacılık alanında yeni teknolojik uygulamaları hayata geçirdi. Banka açıklamasına göre, mobil şubesini müşterilerine en iyi ve en hızlı deneyimi yaşatmak amacıyla tamamen yenileyen Yapı Kredi, ayrıca göz taraması teknolojisiyle bankacılık sektöründe bir ilki daha gerçekleştirdi. Bu yenilik sayesinde akıllı telefonlar üzerinden, şifre kullanmaksızın daha hızlı, daha kolay ve daha güvenli giriş yapılabiliyor. Yenilenen mobil şube bunun yanı sıra QR kod ile ATM’ye dokunmadan çok hızlı para çekme işlemi ve Çağrı Merkezi’ne direkt bağlanma gibi özellikleriyle de öne çıkıyor. 06 December, 2016

TEKNOLOJİYE HER YIL 100 MİLYON DOLAR

Akbank Direkt Bankacılıktan Sorumlu Genel Müdür Yardımcısı Tolga Ulutaş, teknolojinin gelişmesinin bankacılık sektörünü de direkt etkilediğini belirterek “Müşterilerimiz ihtiyaçlarını mümkün olduğunca hızlı ve kolay bir şekilde gerçekleştirmek istiyor. Akbank olarak, dünyadaki inovatif gelişmeleri yakından takip ediyor ve her yıl teknolojiye 100 milyon dolar yatırım yapıyoruz” dedi. Müşterilerinin, kartları yanlarında olmasa bile Akbank Direkt Mobil ile para çekebildiklerini belirten Ulutaş, şöyle konuştu: “9 milyondan fazla kişinin telefonlarına indirdiği Akbank Direkt Mobil uygulaması ile artık ödeme yapmak daha hızlı ve kolay hale geldi. Dijital ödemeler kapsamında Akbank Direkt, android telefonlar ile kart kullanmadan alışveriş yapma imkanı veriyor. Akbank Direkt Mobil kullanıcıları, NFC (Near Field Communication) özellikli telefonlarından tüm Akbank kredi kartları ve Neo kartlarını mobil ödeme için tanımlayıp; dünyadaki tüm temassız POS cihazlarında kullanılabiliyor.”

‘DİJİTALLEŞMEYEN BANKALARIN ELİMİNE OLMA TEHLİKESİ VAR’

Bankacılık sektöründe yaşanan teknolojik gelişmeleri sektör verimliliğini artırmasının yanı sıra müşteri memnuniyeti ve faydası açısından son derece önemli

açılımlar ortaya koyduğunu söyleyen Denizbank Dijital Kuşak Bankacılığı Grubu Genel Müdür Yardımcısı Murat Çelik, “Türkiye’de bankalar dijitalleşme anlamında ciddi yatırımlar yapıyor, hatta bu konuda yeterli gayreti gösteremeyen bankalar elimine olma tehlikesiyle karşı karşıya” dedi. Günümüz ekonomik koşullarında rekabetin ulaşmış olduğu boyutların, bankaların her geçen gün kendilerini daha iyi düzeylere taşıyacak yeni stratejiler geliştirmelerini zorunlu kıldığını ifade eden Çelik, bu stratejilerin temelinde de teknoloji ve inovasyonun yattığını belirtti. Dijitalleşmenin genç nüfusun potansiyeliyle paralel biçimde artışının, sektörün bu alandaki gelişimine hız kazandırdığını ifade eden Çelik, “Bankacılık sektöründe dijitalleşmenin artmasıyla önemli bir açılım kazanan bankacılık uygulamaları hız, güvenlik, etkinlik ve maliyet avantajı yanı sıra kullanıcı ve müşteri memnuniyeti konularında önemli avantajlar sağlıyor” diye konuştu.

DENİZBANK’TAN İNOVATİF ÜRÜNLER

Dijital bankacılık alanındaki çalışmalarına 2012 yılında kurduğu ‘Dijital Kuşak Bankacılığı Departmanı’ ile hız veren Denizbank, yeni trendler ve artan müşteri ihtiyaçları çerçevesinde dijital ve mobil alanda birçok inovatif ürün sunuyor. MobilDeniz’in müşteri deneyimi merkeze alınarak tasarlanan kullanıcı dostu bir mobil bankacılık uygulaması olduğunu söyleyen DenizBank Dijital Kuşak Bankacılığı Grubu Genel Müdür Yardımcısı Murat Çelik, “DenizBank müşterisi olmayan kullanıcılar da login olmadan istediği şekilde sıralayabildiği ve seçtiği widget’lar ile piyasa bilgilerini, hisse senedi fiyatlarını ve güncel döviz kurlarını görüntüleyebiliyor” diye konuştu.

İŞCEP MÜŞTERİ SAYISI 3.5 MİLYONU GEÇTİ

Mobil bankacılıkta müşteri sayısını geçen yıla oranla yüzde 55 artıran İş Bankası’nın aktif müşteri sayısı 3.5 milyonun üzerine çıktı. İşCep’ten ağırlıklı olarak bakiye görüntüleme, kredi kartı işlemleri, fatura ödeme, EFT/havale ve yatırım işlemleri gerçekleştiriliyor. Geçen yıl Eylül ayında yeni nesil dijital bankamatik olarak tanımladıkları İşCepMatik cihazının lansmanını yapan İş Bankası, dijital dönüşüm sürecinde önemli bir adım daha attı. Sadece mobil bankacılık uygulaması İşCep aracılığıyla para çekmeyi sağlayan bu cihaz ile müşterilerin para çekme işlemini kartsız ve klavye ile şifre tuşlamadan kısa süre içinde tamamlamasına olanak sağlanıyor.

27 MİLYON KİŞİ KULLANDI

Türkiye Bankalar Birliği'nin yayınladığı istatistiklere göre, mobil bankacılık yapmak üzere sistemde kayıtlı olan ve en az bir kez giriş işlemi yapmış müşteri sayısı Eylül 2016 itibarıyla 27 milyon kişi oldu. Bunların 17 milyonu (yüzde 61'i) Temmuz-Eylül 2016 dönemi içinde en az bir kez giriş işlemi yaptı. Son bir yıl içinde en az bir kez giriş işlemi yapmış mobil bankacılık müşteri sayısı ise yaklaşık 21 milyon kişi olarak gerçekleşti. Temmuz-Eylül 2016 döneminde mobil bankacılık ile gerçekleştirilen yaklaşık 7 milyon adet yatırım işleminin hacmi 67 milyar TL oldu.

ZhongAn (China): ZhongAn is an Internet insurance company, head-quartered in Shanghai. ZhongAn applies mobile Internet, cloud computing, big data and other new technologies for a variety of different purposes including product design, automatic claims settlement, market positioning analysis, risk control and back-end claims services.Oscar (USA): Oscar is a health insurance company that employs technology, design, and data to humanise health care. With a team of technology and healthcare experts, Oscar looked at the current state of the US healthcare system, and were frustrated by the consumer experience. Wealthfront (USA): Wealthfront is focused on taking wealth management services typically reserved for the ultra-wealthy, automating them and delivering them directly to the investors at a low cost, which is free for accounts under $10,000Qufenqi (China): Funding Circle (UK): Funding Circle is one of the world's leading marketplaces, exclusively focused on small businesses more than £1.3bn ($2bn) has been lent to 20,000 businesses in the UK, USA, Germany, Spain and the Netherlands. Businesses can borrow directly from a wide range of investors, including more than 40,000 people, the UK Government, local councils, a university and a number of financial organisations.Kreditech (Germany): Kreditech Group's mission is to improve financial freedom for the under banked by the use of technology. Combining non-traditional data sources and machine learning, the Company is aiming to provide access to better credit and a higher convenience for digital banking services. Avant (USA): Atom Bank is breathing new life into banking by building everything digitally. Atom is an App based bank that doesn't have any branches. The App uses biometric security: face and voice recognition. Atom Bank (UK): Atom Bank is breathing new life into banking by building everything digitally. Atom is an App based bank that doesn't have any branches. The App uses biometric security: face and voice recognition. Klarna (Sweden): Klarna provides e-commerce payment solutions for merchants and shoppers. Klarna offers safe and easy-to-use payment solutions to e-stores. At the core of Klarna's services is the concept of after delivery payment, which lets buyers receive ordered goods before any payment is due. At the same time, Klarna assumes the credit and fraud risk so that retailers can rest assured they will receive their money.OurCrowd (Israel): OurCrowd is an equity-based crowdfunding platform, built for accredited investors to provide venture capital funding for Israeli (and later global) venture capital start-ups. Accredited investors who are accepted into the community can make minimum investments of $10,000 per deal.

Ant Financial (China): Ant Financial, formally known as Alipay, which is the world's leading third-party payment platform. Ant Financial is dedicated to creating an open ecosystem, providing inclusive nancial services to small and micro enterprises and individual consumers.Quadian (China): Qudian is a student Micro-loan Site, an installment payment and investment management platform.Oscar (USA): Oscar is a health insurance company that employs technology, design, and data to humanise health care. With a team of technology and healthcare experts, Oscar looked at the current state of the US healthcare system, and were frustrated by the consumer experience. Lufax (China): Lufax is an Internet based lending and wealth management platform, which is owned by Ping An Group. Lufax aims to provide one of the most comprehensive wealth management platforms globally. ZhongAn (China): ZhongAn is an Internet insurance company, head-quartered in Shanghai. ZhongAn applies mobile Internet, cloud computing, big data and other new technologies for a variety of different purposes including product design, automatic claims settlement, market positioning analysis, risk control and back-end claims services.Atom Bank (UK): Atom Bank is breathing new life into banking by building everything digitally. Atom is an App based bank that doesn't have any branches. The App uses biometric security: face and voice recognition. Kreditech (Germany): Kreditech Group's mission is to improve financial freedom for the under banked by the use of technology. Combining non-traditional data sources and machine learning, the Company is aiming to provide access to better credit and a higher convenience for digital banking services. Avant (USA): Avant is a online lending platform lowering the costs and barriers of borrowing for consumers. Avant launched in 2012 offering consumer personal loans. Over $1 billion dollars in loans has been originated through its platform. Sofi (USA): SoFi is a new kind of finance company taking a radical approach to lending and wealth management. SoFi helps early stage professionals accelerate their success with student loan refinancing, mortgages, mortgage refinancing, and personal loans. JD Finance (China): JD Finance Group is engaged in seven lines of business: supply chain finance, consumer finance, crowd-funding, wealth management, payment services, insurance and securities services. JD finance closely manages potential risks in order to improve the efficiency of the financial services sector and lower the costs of financial services generally.

The Top 10 companies in the Fintech 100

2016

2015

Milestones in the Internet Age

https://www.finextra.com/finextra-downloads/featuredocs/prod0000000000345837.pdf

https://h2.vc/reports/fintechinnovators/2016

2016 FINTECH 100

SWOT Analysis of the FinTech Sector in IstanbulStrengths

• Economic stability in the past decade with steady growth • Strong and highly regulated banking sector since 2001 • Future objectives • Making Istanbul a global financial centre, developing the ICT sector and becoming a cashlesssociety by 2023 • Burgeoning infrastructure in Istanbul to increase communication and collaboration between banking, financial services,

technology and FinTech sectors, the Turkish Government and regulatory authorities• Having majority of the leading organisations from banking, financial services, FinTech and technology sectors in Istanbul • Transformation of Istanbul into a start-up hotspot • Increasing brand value of Istanbul in the global start-up scene, promotion of entrepreneurship in Turkey, increasing

government support for start-ups(e.g. incentives, tax exemptions and funds), developing and growing start-up ecosystem in Istanbul and the increase in VC investments into Istanbul start-ups

• The increase in the number of entrepreneurship centres, STPs and industry-university collaborations• Tech-savvy and highly innovative banking sector and (potential) interest among banks to engage with the FinTech sector• Banks’ and financial services firms’ interest towards collaborating with or creating (potential) FinTech accelerators in

Turkey• Access to a large, young and educated talent pool that have international study and work experience (e.g. increase in

the reverse brain drain to Turkey)• Having a large tech-savvy young population• High mobile phone and smartphone penetration rate and the increasing usage of mobile banking services• Central location between Europe and the Middle East


SWOT Analysis of the FinTech Sector in IstanbulOpportunities

• Creating an infrastructure to increase communication and collaboration between industries to develop the FinTech sector

• Making Istanbul a global financial centre• Establishment of Finance Technopark, which is the first thematic technopark in Turkey

focused on finance• Developing an infrastructure to foster innovation• Increasing the number of start-up acceleration and incubation programmes in Istanbul• Increasing mentorships provided by banks to FinTech companies• Banks’ and financial services firms’ interest towards creating or collaborating with start-up

accelerators and incubation programmes in Turkey• Attracting talented and multilingual workforce, ranging from fresh graduates to senior

executives• High unbanked and underbanked population• Collaborations and partnerships with foreign FinTech organisations• Central location between Europe and the Middle East with a potential to become a

regional FinTech hub


SWOT Analysis of the FinTech Sector in IstanbulWeaknesses

• The existing need for developing infrastructure• Highly regulated banking sector• Lack of industry experts for Financial Services and

ICT sectors to support and promote these sectors• Low availability of VCs• Weak communication and collaboration between

technology companies and banks • Turkish banks’preference for developing innovative

technologies in-house


SWOT Analysis of the FinTech Sector in IstanbulThreats

• Highly regulated banking sector• Historically high inflationary economy which has

stabilised for a decade• Turkish banks’ preference for developing innovative

technologies in-house• Security concerns of individuals and businesses

towards FinTech solutions• Low ability to attract talented and multilingual

workforce, ranging from fresh graduates to senior executives


Trends in the Banking Industry Ranked by Importance and Likelihood to Respond


Summary of the FinTech-related trends


https://www.capgemini.com/sites/default/files/en/2016/10/world_fintech_report_2017.pdf

Current State of Blockchain – 2016


What are the Ways for Co-operation


The Fintechs

Engineering

Transcript of The Fintechs