Horizons for BigData, IoT and AI technologies for the FINTECH sector Martin Serrano (IoT, Stream Processing and Intelligent Systems Unit Head, NUI Galway Insight-Centre)

1. Dr. Martin Serrano
Insight Centre for Data Analytics
Research Unit Head
<martin.serrao@insight-centre.org>
1
European Commission
DG CONNECT, Unit G1
BDVF Big Data and AI in Finance Nautica Room Marina Convention Center, Helsinki , Finland October 15, 2019• • •
Horizons for BigData, IoT and AI Technologies
for the FINTECH Sector
Big Data and AI in Finance
Nautica Room
Tailored IoT & BigData Sandboxes and Testbeds for
Smart, Autonomous and Personalized Services in the
European Finance and Insurance Services Ecosystem

2. Disruptive Digital Society and Finance Consciousness
2
The values of a Digital Society
5-10 Years Old
11-21 Years Old
21 Years old and above
BusinessMoney Investments
(Study)(Play) (Work)
BDVF Big Data and AI in Finance Nautica Room Marina Convention Center, Helsinki , Finland October 15, 2019• • •

3. 3
A Paradigm Shift in Modern Banking
The emergence of Disruptive Digital Markets
Institutions Organizations
Global Banks
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4. Digital Disruptive Banking & Finance World
4
The emergence of online-Banking
Banking Services Financial ServicesVs.
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5. Digital Disruptive Human-Financial World
5
The emergence of Digital Human
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6. Digital Disruptive Banking and Financial World
6
1100-1800 Modern Banking Evolution
The emergence of Digital Markets
1800-1900 Banking Revolution
400BC-1200AC Banking History
1900-2000 Banking Recession
2000- Digital Banking
Boom
Boom
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7. Digital Disruptive Financial World
`
The emergence of Digital Markets
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8. BUSINESS MARKETS FINANCIAL SERVICES
Innovation for Financial Services
FINTECH helping in scaling up Financial Solutions
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9. Innovation for Financial Services
Promoting Innovation through Cross-Sector initiatives
9
Loans
Digital
Currencies
Payments
and Billing
Money Transfer
and Exchange
Personal
Services
Institutional
Tools
Equity
& Balance
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10. Fintech is changing the world of finance for consumers. For example, it is possible:
Open a bank account over the internet, without physically visiting a bank. Link the
account to your smartphone and use it to monitor your transactions. Turn your
smartphone into a “digital wallet” and use it to pay for things and charge to your
bank account.
10
Innovation for Financial Services
Promoting Innovation through Cross-Sector initiatives
BDVF Big Data and AI in Finance Nautica Room Marina Convention Center, Helsinki , Finland October 15, 2019• • •
Online Bank Accounts
Mobile Devices Linkage
Insurance Services
Digital Wallets
Online Insurances
Pay-as-you-go Model
Online Investment
Intelligent Advice
Fintech is also rapidly changing the insurance. Car insurance providers now sell
“telematics-based” insurance where your driving is monitored using data
collected via your smartphone or a “black box” fitted in your car. This data can
then be used to determine how much you pay for your insurance policy. In the
future, it may be possible to buy insurance on a short-term or “pay as you go”.
Advances in technology means consumers can also invest over the internet on
an “execution only” basis without any face-to-face interaction. In time, you may
be able to get automated financial advice or with little or no human interaction.
Examples of Fintech

11. 11
Innovation for Financial Services
Promoting Innovation through Cross-Sector initiatives
BDVF Big Data and AI in Finance Nautica Room Marina Convention Center, Helsinki , Finland October 15, 2019• • •

12. Potential Benefits
Fintech products tend to be delivered online and so are easier and
quicker for consumers to access.
Consumers benefit from a greater choice of products and services
because they can be bought remotely, regardless of location.
Fintech companies may not need to invest money in a physical
infrastructure like a branch network so may be able to offer cheaper
deals to consumers.
Technology allows fintech companies to collect and store more
information on customers so they may be able to offer more
personalised products or services.
12
Innovation for Financial Services
Promoting Innovation through Cross-Sector initiatives
BDVF Big Data and AI in Finance Nautica Room Marina Convention Center, Helsinki , Finland October 15, 2019• • •
Speed and convenience
Greater choice
Cheaper deals
Personalised products

13. Potential risks
Fintech companies may be newest arrival to the financial industry and
use different business models to traditional providers.
Financial products that are bought instantly online without ever meeting
anyone face-to-face may make it easier for consumers to make quick,
uninformed decisions.
Financial products bought online may leave you more exposed to
technology-based risks. For example, your personal data could be mis-
used or fall victim to cybercrime actions.
While technology increases choice and access for most consumers, it
can exclude those who don’t know how to use the internet or mobile
modern devices.
13
Innovation for Financial Services
Promoting Innovation through Cross-Sector initiatives
BDVF Big Data and AI in Finance Nautica Room Marina Convention Center, Helsinki , Finland October 15, 2019• • •
Unclear rights
Making a rash decision
Technology-based risks
Financial exclusion

14. 14
Innovation for Financial Services
Collaborate to Share the Irish Financial Services
BDVF Big Data and AI in Finance Nautica Room Marina Convention Center, Helsinki , Finland October 15, 2019• • •

15. 15
Innovation for Financial Services
Promoting Innovation through Cross-Sector initiatives
BDVF Big Data and AI in Finance Nautica Room Marina Convention Center, Helsinki , Finland October 15, 2019• • •

16. 16
Innovation for Financial Services
Promoting Innovation through Cross-Sector initiatives
BDVF Big Data and AI in Finance Nautica Room Marina Convention Center, Helsinki , Finland October 15, 2019• • •

17. Horizon 1 – Automation
The need for efficient the manufacturing and capabilities for better performance
Horizon 2 – Smarter Decision Making
Financial service optimization, better insights for traditional non-traditional data
services
Horizon 3 – Ubiquitous, Hyper-Personalised Services
Increase data presence
Expand Client reach and engage digital markets
Horizon 4 – Alternative Payment Solutions
Faster, frictionless, secure affordable payment methods
Seamless quality experience across payment channels
Horizon 5 – cloud-based microservices architecture
Scale infrastructure and applications
Enable efficient storage of data
17
Horizons for Financial Services
Top 10 trend motivating Financial Disruption
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18. Horizon 6 – Desintermediation
Removal of intermediaries through sharing economy models and disruptive technologies.
Horizon 7 – Increasing Identity, Security and Privacy
Security and Privacy Consciousness
Regulation to more client protection and payments, identity is key
Horizon 8 – Tackling regulatory complexity
Regulatory complex increase with market evolves
Seek efficient ways to comply with regulations.
Horizon 9 – Openness, Consolidation and Collaboration
Data Sharing initiatives, Drive innovation and achieve shared goals
and Increase market consolidation
Horizon 10 – Sustainable Finance
Socially responsible investments
Implement measures t reduce the operational carbon footprint
18
Horizons for Financial Services
Top 10 trend motivating Financial Disruption
BDVF Big Data and AI in Finance Nautica Room Marina Convention Center, Helsinki , Finland October 15, 2019• • •

19. Challenges to Overcome
Data Sharing Vs. Multi-tenancy and Ownership
Securing and Governing
Sharing
Data
Multi-tenancy and Ownership
Multi-Tenant Data Lakes
(Sand-Boxes as an alternative, Semantic Aggregation as solution)
Industries must be more disruptive (The Financial Sector included)
(Linked Data and Mapping as technology enabler)
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20. Interoperable Data Exchange Semantic Interoperability
INFINITECH Solution Approach
20
BDVF Big Data and AI in Finance Nautica Room Marina Convention Center, Helsinki , Finland October 15, 2019
• •
•

21. Horizons for BigData, IoT and AI Technologies
for the FINTECH Sector
21
European Commission
DG CONNECT, Unit G1
Tailored IoT & BigData Sandboxes and Testbeds for
Smart, Autonomous and Personalized Services in the
European Finance and Insurance Services Ecosystem
BDVF Big Data and AI in Finance Nautica Room Marina Convention Center, Helsinki , Finland October 15, 2019• • •
Dr. Martin Serrano
Insight Centre for Data Analytics
Research Unit Head
<martin.serrao@insight-centre.org>
Big Data and AI in Finance
Nautica Room