Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

AI and Data in Fintech: Hong Kong Fintech Week keynote

878 views

Published on

Key note presentation for Hong Kong Fintech Week: how to use data, analytics and AI in fintech, with cases about data oriented SME lending and consumer finance data management.

Published in: Economy & Finance
  • Hi there! Get Your Professional Job-Winning Resume Here - Check our website! http://bit.ly/resumpro
       Reply 
    Are you sure you want to  Yes  No
    Your message goes here
  • Be the first to like this

AI and Data in Fintech: Hong Kong Fintech Week keynote

  1. 1. Grow VC Group ++ www.growvc.com ++ @growvc ++ Enabling Digital Finance ++ Copyrights © Grow VC Group 20171 Hong Kong FinTech Week: AI, Data, FinTech Finnovasia, Hong Kong, October 27, 2017 Jouko Ahvenainen
  2. 2. FinTech, Data & Finance Services Digital Infrastructure Exited Grow VC Group – company examples Worldwide pioneer and leader holding company in enabling technology and data in FinTech Hong Kong - London - New York - San Francisco
  3. 3. Grow VC Group Global leader in enabling technology and data for FinTech ■ Started its operations in 2009 being the pioneer to start digital finance service ■ Grow VC Group was the first in the world to launch an online startup equity investing service in the world ■ The group includes over 10 businesses ■ Grow VC Group companies have more than 100 customers with millions of end users globally having launched new digital finance services ■ The main hubs are in London, New York, San Francisco and Hong Kong ■ Several its companies are leaders in their own areas, e.g. Crowd Valley, Prifina, RE Bearing, and Startup Commons People ■ Grow VC Group’s management and founders have been listed as top influencers in the world in digital finance, Fintech, crowdfunding and digital business ■ Our key people are serial entrepreneurs who have experience to launch several new companies and products around the world to consumer and business market ■ Our people have been in executive roles to launch international corporates’ products to new markets and build data analytical approach for go-to-market and sale
  4. 4. Grow VC Group Works with Industry Leaders 4
  5. 5. We go to distributed data oriented empowering finance 1. Development from big black boxes (like banks or their IT) to distributed services and solutions ■ More targeted services, including finance services integrated to other services like lending to e-commerce ■ Distributed ledger, open APIs, back office as a service, and new data models 2. Data must be enabler, not only optimizer ■ End-users must get concrete immediate value from data, not only that companies use them to optimize their own business ■ For example, it is not only a bank optimizes an interest rate based on customer’s risk, but the customer can get an optimal solution for its finance needs 3. Distributed power ■ Banks and finance institutions used to dominate the finance business, but new solutions distribute the power to many service providers and to customers, as we have seen in media and retail digital disruption ■ It is about business models and culture, but also about IT, new technology enables new models, main frames are dead
  6. 6. Reality versus cheap talk 1. AI is more data analytics and supporting tools than human looking robots ■ People often think intelligence is like being a human, although the reality is more complex ■ Now AI is especially advanced data analytics, machine learning and tools to make decisions from data 2. Blockchain as a concept is more important as a database ■ Blockchain is a concept and model to store data and transactions, but it is not yet a full software stack to replace databases for larger amount of data ■ Actual solutions need additional software layers and there are also smart ways to combine databases and blockchain layers 3. PSD2 opens regulated components and data, but banking IT services are not so relevant ■ Bank’s IT is old fashion and also business risk for new companies to be dependable on banks ■ Access to regulated components and data open competition
  7. 7. CASE 1: Crowd Valley back office for services and data
  8. 8. Data based lending services on Crowd Valley back office
  9. 9. CASE 2: Prifina – consumers manage their own data
  10. 10. Prifina – empower users with own data
  11. 11. Read more at columns and blogs
  12. 12. Jouko Ahvenainen – jouko@growvc.com +44 7889 833 165 (UK), +1 646 363 6664 (US) Twitter: @jahven, LinkedIn: joukoahvenainen Grow VC Group - growvc.com ENABLING DIGITAL FINANCE 12

×