Future of Financial Tech
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Future of Financial Tech

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Mint.com was one of the key startups that sparked innovation in banking, and began leading the revolution in the nascent field of financial tech.  In this talk, Mint.com’s founding engineer, ...

Mint.com was one of the key startups that sparked innovation in banking, and began leading the revolution in the nascent field of financial tech.  In this talk, Mint.com’s founding engineer, Poornima Vijayashanker, will talk about the direction the industry is moving in, and what the future holds for money and banking.

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Future of Financial Tech Future of Financial Tech Presentation Transcript

  • Future of Financial Tech Poornima Vijayashanker poornima@femgineer.com @poornima 1
  • Background • R&D Engineer @ Synopsys • Founding Engineer @ Mint.com • Founder & CEO @ BizeeBee • Founder of Femgineer.com • Instructor @ Duke University 2
  • Rich history. 3
  • Financial Tech. 4
  • What is financial tech? 5
  • Payments Investments Reporting Funding 6
  • Agenda • Online • Devices • Financial Reporting • Future of Financial Tech 7
  • Life used to be pretty simple... 8
  • Life used to be pretty simple... 9
  • Little more sophisticated. 10
  • Commerce 11
  • Fancy Financiers 12
  • Simple storage. 13
  • Boring. 14
  • People started moving around... 15
  • and money came along! 16
  • Money evolved. 17
  • Meanwhile markets started to feel a crunch. 18
  • Housing crunch. 19
  • Banking crunch. 20
  • Widespread! 21
  • But let’s get this clear... 22
  • All of this.... 23
  • Did not lead to this! 24
  • Financial tech frees people. 25
  • 26
  • Collect (Selling goods and services.) Track (Flow of funds.) Financial Technology e-commerce & devices online banking Finance (Borrowing and lending.) micro-lending & crowd funding 27
  • Goal of technology is to make life easier. 28
  • Contributed to growth globally. 29
  • Online and in emerging markets. 30
  • 31
  • By democratizing access to capital. 32
  • Cheaper to start a business. 33
  • But it is still up to the owner to become profitable! 34
  • Depends on product. 35
  • Speeding up the movement of funds. 36
  • Depends on amount of money and where it’s going. 37
  • Adding transparency to the system. 38
  • Other Financial Tech Use Cases • Trading platforms • Forecasting • Risk Assessment • Reporting 39
  • Commerce 40
  • Very limiting in terms of geography. Seller 41
  • Very limiting in terms of available goods and services. Buyer 42
  • But now we have e-commerce! 43
  • Opened Up More Markets • Peer-to-Peer • Larger inventory • Access across geographies 44
  • Made it easier to sell! 45
  • Simple Setup • Sign up for an Account: 15 minutes. • Bank makes deposits to check ownership: 1-2 business days. • Post goods and services: 15 minutes. 46
  • What’s the future of e-commerce? 47
  • US Retail e-commerce Sales 2013: $259B 2012: $225.5B 14.8% Increase e-Marketer: Retail Ecommerce Set to Keep a Strong Pace through 2017 48
  • ?vs 49
  • ? In the US in 2012 Online fraud cost e-retailers $3.5B in 2012 0.9% of Online Revenue Higher incidents internationally but order rejection higher. 50
  • Online Reputation • Fraud scoring model • Web site behavior • Order history • Order velocity monitoring • Identity trail - Good citizen vs. Bad citizen 51
  • More Sophisticated Methods • Card verification - doesn’t work if card is stolen • Two-factor authentication • Address verification services • Contact card issuer 52
  • Balancing Competing Interests Scalability Handle large sets of transactions. Speed Provide liquidity faster. Get goods faster. Security Verify identity with more sophisticated algorithms. 53
  • Benefits of Devices • Easier to get approved • Easier to transact • Lower transaction fees • Offer quicker funds transfer 54
  • Device Market Limitations • Commoditized • Fragmentation • Maybe suffer the same fate as credit cards - unless there is an aggregator! 55
  • Device Agnostic • Invoicing • Billing 56
  • What about for the consumer? 57
  • Peer-to-Peer exchange gotten easier. 58
  • Financial Planning 59
  • Financial Planning 60
  • Unsolved Problems • Access to capital for the unbanked • Identity theft • Payday loans • International banking • International employment & taxation 61
  • Future of Financial Tech • Improving the experience of financial transactions for businesses and consumer. • Financing • Digital currency • Devices • Identity management • Reporting and Forecasting services 62
  • It’s not just about making $ it’s about securing it. 63
  • Review • Online • Devices • Financial Reporting • Future of Financial Tech 64
  • Additional Resources • Office Hours • Online Mentoring • Courses 65
  • Q&A 66