Fintech innovation was created to compete with traditional means of delivering financial services across many industries and sectors. With these disruptive financial innovations, there is an increasing number of companies, SMEs or legacy providers have transformed their financial service’s operation by adopting Fintech to meet consumers’ expectation in this emerging technology era. According to the recent PwC’s survey, only 25% of the respondents from the world’s top financial institutions do not deal with Fintech, while almost 75% wanted to engage in partnerships with Fintech companies, as well as selling and buying, establishing subsidiaries or acquiring Fintech companies.
With insights from leaders across industries, this article will offer you various perspectives on how technology has been developed over time in Fintech.
James Lei, Acting Director, AI and Big Data Analytics of ASTRI - Hong Kong’s R&D centre for information and communications technologies:
"Financial Technologies (FinTech), is one of the cornerstones of the sector’s continued growth. It is now becoming obvious that the accelerating pace of technological change is the most creative force – and also the most destructive – in the financial services ecosystem today. Our FinTech teams have developed solutions to leverage Blockchain technology, strengthen cybersecurity, make sense of big data, and provide valuable proofs-of-concept that benefit the entire financial industry.”
Zennon Kapron, Founder of Kapron Asia, one of the leading financial technology and consulting firms in Asia:
“Regardless of whether today’s Fintech is successful or not, the focus on leveraging technology to provide better financial products and services has completely changed the nature of the financial industry for the better. More than anything else, creating and pushing this conversation along has been the success of Fintech. Many of the Fintech in the market today are by their very nature, digital-first. This provides the basis for other products and services to be based on the platform and enables a wider range of potential products and services. Some countries are further along than others, but certainly, the future of finance is digital.”
Vivien Chua, Chief Technology Officer of Shenton Insurance Brokers, leading direct insurance and reinsurance broking, and risk management solutions provider:
“In the past few years, Fintech has been driving the new business model in the finance industry. For a long time, new market participants found it difficult to enter the financial services industry. But that is changing, as Fintech start-ups focused on innovative technologies, ranging from mobile payments to insurance, are tackling some of the most important elements of the financial services value chain. The developments in the Fintech space could play a crucial role in unlocking ASEAN’s potential, not only in the deployment of new technologies and innovative solutions in financial services but also in the development of a regional ecosystem that will provide more collaboration across geographies and markets.
Alexander Hulbert, Lead Data Scientist of Dataiku, a computer software company develops collaborative data science software marketed for big data:
“I think the banking sector is a very good example where we saw Fintech and Insure-tech taking the lead on innovation forcing the major players to adapt to the new realm of the market, the behaviour, and the needs of the customers. The use cases are numerous from customer retention or acquisition or claims management with the integration of AI in portable devices and apps.”
Angus Kong, AVP, Data Science of Tokopedia, an Indonesian technology company whose main businesses are providing C2C platforms, and digital products like credit, BPJS payments and financial technology products:
“Fintech has been popular in recent years. With more data about the users, we can understand more the financial profile of them. I believe soon Fintech will be part of eCommerce technology. In fact, many people already saw the natural integration of Fintech and eCommerce. It also improves the user's eCommerce experience a lot with Fintech.”