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
...
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
Fina...
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 goo...
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...
?vs
49
?
In the US in 2012
Online fraud cost e-retailers $3.5B in 2012
0.9% of Online Revenue
Higher incidents internationally bu...
Online Reputation
• Fraud scoring model
• Web site behavior
• Order history
• Order velocity monitoring
• Identity trail -...
More Sophisticated Methods
• Card verification - doesn’t work if card is stolen
• Two-factor authentication
• Address verifi...
Balancing Competing Interests
Scalability
Handle large sets of
transactions.
Speed
Provide liquidity faster.
Get goods fas...
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...
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
• Internati...
Future of Financial Tech
• Improving the experience of financial transactions for businesses and
consumer.
• Financing
• Di...
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
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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, Poornima Vijayashanker, will talk about the direction the industry is moving in, and what the future holds for money and banking.

Published in: Economy & Finance, Business
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Future of Financial Tech

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