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January 2016
Today’s schedule
 Morning: Financing Innovation
− 9:00 to 10:30 Lecture
 Michal Gromek, PhD SSE, FundedByMe, Lendico, Rocket Internet
− 10:30 to 11:30 Groupwork: Funding your Startup
− 11:30 to 12:00 Group presentations
 Afternoon: FinTech and Industry Transformation?
− 13:00 to 15:00 Lecture
− 15:00 to 17:00 Discussion: Disruptor vs Industry
Incumbent
 Anna Felländer, Digital and Futuring Economist, Swedbank
 Henrik Rosvall, CEO and Founder, Dreams
Groupwork: Funding your startup
 Prepare a max 5 minute presentation
− How much funding do you need to get your idea off the
ground?
− Which form(s) of financing will you go after? And When?
− What will you give in return for financing? E.g., equity,
reward, nothing
− How long will it take for you to provide the return for
your “investors”?
− What do you need to do to prepare for raising financing?
If the rate of change on the
outside exceeds the rate of
change on the inside,
the end is near....
-Jack Welch
What triggers industry transformation?
Johnson & Scholes 1997
Politics and
government
Environment Technology
Legal
structure
Social and
demographic
structure
International/
national
economy
Industry
structure
Two dimensions of transformation
 Core activities – Recurring actions a company
performs that attract and retain suppliers and
buyers (profit-making activities)
 Core assets – Durable resources, including
intangibles, that make a company more efficient at
performing core activities
McGahan, HBR, 2004
Trajectories of industry transformation
McGahan, HBR, 2004
1980-1999 US Industries’ Share of
Transformation
McGahan, HBR, 2004
Industry transformation
Picture: http://andrewkarpie.com/wordpress/?p=469
Number of firms in industry over transformation
Economies
of scale
What trajectory is the
financial services industry on?
McGahan, HBR, 2004
Digitization of the banking industry
Further changes…
Screenshot from Factom.org
Banking is essential,
but banks are not.
Bill Gates
What is FinTech?
Accenture/CB Insights
Technologies for banking and corporate finance,
capital markets, financial data analytics,
payments, and personal financial management
Finance TechnologyFinTech
What is Fintech?
FinTech World
Personal Finance
Payments Bitcoin & Blockchain
Currency
Currency Remittance & FX
Lending
Crowdfunding
Robo-investing & Asset
Management Tech
Consumer Banking &
Saving
The Wharton FinTech Club
What is FinTech?
FinTech Overview
http://www.slideshare.net/eteigland
1950 1960 1970 1980 1990 2000 2010
1959,
Bankgirot
founded
1985, Swedish
financial and credit
markets deregulated
1968, World’s first
online ATM in
Sweden
First wave of electronic trading
software companies emerges
2003, First
BankID issued in
Sweden
1990s, Sweden invests in Internet
infrastructure, today country with 3rd
highest Internet penetration
2010, iZettle
founded
2010, Neonet
$160M exit 2014,
iZettle
raises
$55M
2014, Klarna raises
$125M in PE
1967, First ATM
installed in
Sweden
1984,
Optionsmäklarna
(OM) opens in
Stockholm, Sweden’s
first stock option
market, electronic
trading introduced
2012, TriOptima,
$160M exit
2005, Klarna
founded
1998, Merger
between
Stockholm’s
Stock Exchange
and OM
Stockholm
2007, NASDAQ
acquires OMX Group
Unicorns such as Skype, King, Spotify
and Mojang founded
2014, FinTech
Funding in
Stockholm
Explodes
Long history of “FinTech” in Stockholm
http://www.slideshare.net/eteigland/stockholm-49722748
In just the past few years in Stockholm…
Company Founded Business
Klarna 2005 E-commerce payment services
MyLoan 2006 Loan broker
Trustly 2008 Online payments
iZettle 2010 Mobile payments
FundedByMe 2011 Crowdfunding, crowd equity
Kivra 2011 Digital mailbox
Tink 2012 Personal finance
Safello 2013 Cryptocurrency exchange
KnCMiner 2013 Cryptocurrency mining equipment
Toborrow 2013 P2P lending for companies
Cryex 2014 Cryptocurrency clearing house
Stockholm #2 FinTech city in EU
2010-2014 investment
● $532 Mln
2014 investment
● $266 Mln
Top 2014 Investments in
Stockholm FinTech
Companies (USD Mln)
Klarna $125
iZettle $55
Trustly 29
Bima Mobile $22
KNC Miner $14
http://www.slideshare.net/eteigland/stockholm-49722748
”Innovative Lending & Investing” emerging
2013 Stockholm FinTech revenue
Cryptocurrency
0%
Transfers
2%
Innovative
Lending
5%
Wealth
Management
9%
Other FinTech
12%
Payments
33%
Trading &
Banking Tech
39%
& Investing
Our report: http://www.slideshare.net/eteigland/stockholm-49722748
Crowdfunding rapidly growing in Europe
Crowdfunding growth 2012-2015
USD 34 bln E
But in China alone in 2015…
http://www.crowdfundinsider.com/2016/01/79612-report-china-p2p-lending-topped-150-billion-in-2015/
Four forms of crowdfunding
Form Benefits for funders
Donation-
based
Donation Intangible benefits.
Reward-
based
Donation or pre-
purchase
Rewards in addition to
intangible benefits.
Equity-based Investment
Return on investment if
company does well. Rewards
sometimes also offered and
intangible benefits may motivate
too.
Loan-based Loan
Repayment of loan with
interest. Alternatively intangible
benefits if loan given interest-
Democratizing innovation and investment?
 Women in USA
 <30% of business
owners
 <15% of angel investors
 <10% of venture
capitalists
Marom, Robb and Sade 2014
 Women on
Kickstarter
 35% of project leaders
 44% of investors
 Women invested in
women project leaders
(>40% of projects)
VS
Competing for investment?
Crowd equity
New forms of ownership…crowd equity
One step in the financing chain
Using the crowd to identify investment opportunities
Nesta
zopa
P2B lending in Sweden
Enabling local community?
http://www.fundable.com/blog/crowdfunding-infographic---the-jobs-act-explained
Emerging forms of collaborative investing
Crowdsourced hedge fund
Activist hedge fund
+
Developing investment skills online
https://www.quantopian.com/hom
Enabling financial inclusion
Cryptocurrency mining equipment
http://techcrunch.com/2014/09/04/kncminer-raises-14-million-to-take-bitcoin-mining-to-the-moon/
Transforming insurance
What is a cryptocurrency?
 Digital
 Decentralized, peer-to-peer (P2P), i.e., no central,
third party
 Uses cryptography to validate/secure transactions
 Also uses cryptography to generate currency itself
 Non-technical explanation of Bitcoin
− https://www.youtube.com/watch?v=t5JGQXCTe3c
Within 6 years:
Challenging the
fiat money
system?
Bitcoin – An emergent phenomenon
• Open source project on SourceForge in Jan 2009
• Original source code by “Satoshi Nakamoto” – pseudonym?
• Developed by self-organizing community of thousands of
strangers across globe
• Approx USD 6.5 bln market cap and approx 180,000 daily
transaction volume of USD 101 mln
• 1 BTC = USD 431 (Jan 14, 2016)
Teigland, Yetis, Larsson 2013 http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2263707
How does Bitcoin work?
Screenclip from: How Bitcoin Works under the hood, by “Curious Inventor”
Blockchain
• Shared public ledger
• All transactions ever
made logged
• Chronology and
integrity enforced by
cryptography
Enabling records, oversight
Image from the FT
Screenshot from the Economist
But also Vendor Transparency AML
and KYC Features…
IoT and smart contracts
 Ownership attached to asset/property (e.g., real
estate, shares) and can be verified
 Run on Bitcoin ledger, execute legal rules between
two entities: people, organizations, machines
 Trustless because no center, no one in middle – the
network is the middleman
 Example: I run a private weather station using
neighbors’ sensors. Smart contracts enable payment
to neighbors for data sent from their sensors to my
weather station.
 But time will tell… uses we cannot imagine today.
https://www.youtube.com/watch?v=JsC4ptn2Aik
IBM + Samsung
From “trusted”, centralized human authorities
to trustless, decentralized networks
IBM Institute for Business Value (PDF)
La’Zooz – Decentralized transportsharing
http://lazooz.org/
FinTech World
Personal Finance
Payments Bitcoin & Blockchain
Currency
Currency Remittance & FX
Lending
Crowdfunding
Robo-investing & Asset
Management Tech
Consumer Banking &
Saving
The Wharton FinTech Club
What is FinTech?
FinTech – An increasingly crowded space
• Growing number of entrepreneurs with
experience from established finance industry
• Increasing number of FinTech incubators
• Collaboration among established banks
• Open innovation through open APIs
• Other big non-banking entrants
Industry transformation
Picture: http://andrewkarpie.com/wordpress/?p=469
Trajectories of industry change
McGahan, HBR, 2004
Responses to disruptive strategic innovation
Charitou, C. D., & Markides, C. C. (2012). Responses to disruptive strategic innovation. MIT Sloan Management Review
Why not
embrace
disruption?
Charitou & Markides, 2003
Incumbents running incubators
Actor Incubator Location
Citi Mobile
Challenge
Americas, EMEA,
Asia Pacific
DBS & Nest Investment Accelerator Hong Kong
Wells Fargo Startup
Accelerator
USA
Accenture and Bank of
America, Merrill Lynch,
Barclays, Credit Suisse,
Deutsche Bank, Goldman
Sachs, HSBC, JPMorgan, UBS
Innovation Lab NY, London,
Hong Kong
“Innovation labs are a sign that banks are taking the FinTech threat
seriously as they recognize that we’re coming to eat their lunch.”
-FinTech Entrepreneur
Opening up innovation…
Citigroup Capital One
BBVA Compass Silicon Valley Bank
Bank of America
P2p industyry incumbents
Betting on the Blockchain - Together
Goldman Sachs, JPMorgan,
Credit Suisse, Barclays,
Commonwealth Bank of
Australia,
State Street, RBS, BBVA, UBS,
Nordea, SEB, + ……
+
FinTech challenges
 Regulation
 Privacy
 Security
 Untested in periods of high interest rates,
increased risk, and reduced investment
Previously…
 In the eight-year period between the Netscape IPO
and the acquisition of PayPal (one of the winners of
this era) by eBay, more than 450 attackers – new
digital currencies, wallets, networks, etc. –
attempted to challenge incumbents.
 Fewer than five of these survive as stand-alone
entities today.
McKinsey, 2015
Underperformers vs outperformers
Two models of industry transformation
McGahan, HBR, 2004
Thomas Jefferson (1816)
“Laws and institutions must go hand in hand
with the progress of the human mind.”
The problem is that the human mind itself
can’t keep pace with the advances that
computers are enabling.
http://wadhwa.com/2014/04/15/mit-technology-review-laws-and-ethics-cant-keep-pace-with-technology/
The future is already here,
it’s just not very evenly
distributed.
- William Gibson
Robin Teigland
robin.teigland@hhs.se
www.slideshare.net/eteigland
@robin.teigland
If you love knowledge,
set it free…
If you like this presentation and would like to
contribute to our research, we accept bitcoins:
14hs4JbnQLXE87GGzu84uXGaspmxmnLpwC.
Thank you!!!!!

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Fintech and Transformation of the Financial Services Industry

  • 2. Today’s schedule  Morning: Financing Innovation − 9:00 to 10:30 Lecture  Michal Gromek, PhD SSE, FundedByMe, Lendico, Rocket Internet − 10:30 to 11:30 Groupwork: Funding your Startup − 11:30 to 12:00 Group presentations  Afternoon: FinTech and Industry Transformation? − 13:00 to 15:00 Lecture − 15:00 to 17:00 Discussion: Disruptor vs Industry Incumbent  Anna Felländer, Digital and Futuring Economist, Swedbank  Henrik Rosvall, CEO and Founder, Dreams
  • 3. Groupwork: Funding your startup  Prepare a max 5 minute presentation − How much funding do you need to get your idea off the ground? − Which form(s) of financing will you go after? And When? − What will you give in return for financing? E.g., equity, reward, nothing − How long will it take for you to provide the return for your “investors”? − What do you need to do to prepare for raising financing?
  • 4. If the rate of change on the outside exceeds the rate of change on the inside, the end is near.... -Jack Welch
  • 5. What triggers industry transformation? Johnson & Scholes 1997 Politics and government Environment Technology Legal structure Social and demographic structure International/ national economy Industry structure
  • 6. Two dimensions of transformation  Core activities – Recurring actions a company performs that attract and retain suppliers and buyers (profit-making activities)  Core assets – Durable resources, including intangibles, that make a company more efficient at performing core activities McGahan, HBR, 2004
  • 7. Trajectories of industry transformation McGahan, HBR, 2004
  • 8. 1980-1999 US Industries’ Share of Transformation McGahan, HBR, 2004
  • 10. Number of firms in industry over transformation Economies of scale
  • 11. What trajectory is the financial services industry on? McGahan, HBR, 2004
  • 12. Digitization of the banking industry
  • 15. Banking is essential, but banks are not. Bill Gates
  • 16. What is FinTech? Accenture/CB Insights Technologies for banking and corporate finance, capital markets, financial data analytics, payments, and personal financial management Finance TechnologyFinTech
  • 18. FinTech World Personal Finance Payments Bitcoin & Blockchain Currency Currency Remittance & FX Lending Crowdfunding Robo-investing & Asset Management Tech Consumer Banking & Saving The Wharton FinTech Club What is FinTech?
  • 20.
  • 22. 1950 1960 1970 1980 1990 2000 2010 1959, Bankgirot founded 1985, Swedish financial and credit markets deregulated 1968, World’s first online ATM in Sweden First wave of electronic trading software companies emerges 2003, First BankID issued in Sweden 1990s, Sweden invests in Internet infrastructure, today country with 3rd highest Internet penetration 2010, iZettle founded 2010, Neonet $160M exit 2014, iZettle raises $55M 2014, Klarna raises $125M in PE 1967, First ATM installed in Sweden 1984, Optionsmäklarna (OM) opens in Stockholm, Sweden’s first stock option market, electronic trading introduced 2012, TriOptima, $160M exit 2005, Klarna founded 1998, Merger between Stockholm’s Stock Exchange and OM Stockholm 2007, NASDAQ acquires OMX Group Unicorns such as Skype, King, Spotify and Mojang founded 2014, FinTech Funding in Stockholm Explodes Long history of “FinTech” in Stockholm http://www.slideshare.net/eteigland/stockholm-49722748
  • 23. In just the past few years in Stockholm… Company Founded Business Klarna 2005 E-commerce payment services MyLoan 2006 Loan broker Trustly 2008 Online payments iZettle 2010 Mobile payments FundedByMe 2011 Crowdfunding, crowd equity Kivra 2011 Digital mailbox Tink 2012 Personal finance Safello 2013 Cryptocurrency exchange KnCMiner 2013 Cryptocurrency mining equipment Toborrow 2013 P2P lending for companies Cryex 2014 Cryptocurrency clearing house
  • 24. Stockholm #2 FinTech city in EU 2010-2014 investment ● $532 Mln 2014 investment ● $266 Mln Top 2014 Investments in Stockholm FinTech Companies (USD Mln) Klarna $125 iZettle $55 Trustly 29 Bima Mobile $22 KNC Miner $14 http://www.slideshare.net/eteigland/stockholm-49722748
  • 25. ”Innovative Lending & Investing” emerging 2013 Stockholm FinTech revenue Cryptocurrency 0% Transfers 2% Innovative Lending 5% Wealth Management 9% Other FinTech 12% Payments 33% Trading & Banking Tech 39% & Investing Our report: http://www.slideshare.net/eteigland/stockholm-49722748
  • 28. But in China alone in 2015… http://www.crowdfundinsider.com/2016/01/79612-report-china-p2p-lending-topped-150-billion-in-2015/
  • 29. Four forms of crowdfunding Form Benefits for funders Donation- based Donation Intangible benefits. Reward- based Donation or pre- purchase Rewards in addition to intangible benefits. Equity-based Investment Return on investment if company does well. Rewards sometimes also offered and intangible benefits may motivate too. Loan-based Loan Repayment of loan with interest. Alternatively intangible benefits if loan given interest-
  • 30.
  • 31.
  • 32. Democratizing innovation and investment?  Women in USA  <30% of business owners  <15% of angel investors  <10% of venture capitalists Marom, Robb and Sade 2014  Women on Kickstarter  35% of project leaders  44% of investors  Women invested in women project leaders (>40% of projects) VS
  • 35.
  • 36. New forms of ownership…crowd equity
  • 37. One step in the financing chain
  • 38. Using the crowd to identify investment opportunities Nesta
  • 39. zopa
  • 40. P2B lending in Sweden
  • 42.
  • 44. Emerging forms of collaborative investing Crowdsourced hedge fund Activist hedge fund +
  • 45. Developing investment skills online https://www.quantopian.com/hom
  • 49. What is a cryptocurrency?  Digital  Decentralized, peer-to-peer (P2P), i.e., no central, third party  Uses cryptography to validate/secure transactions  Also uses cryptography to generate currency itself  Non-technical explanation of Bitcoin − https://www.youtube.com/watch?v=t5JGQXCTe3c
  • 50. Within 6 years: Challenging the fiat money system? Bitcoin – An emergent phenomenon • Open source project on SourceForge in Jan 2009 • Original source code by “Satoshi Nakamoto” – pseudonym? • Developed by self-organizing community of thousands of strangers across globe • Approx USD 6.5 bln market cap and approx 180,000 daily transaction volume of USD 101 mln • 1 BTC = USD 431 (Jan 14, 2016) Teigland, Yetis, Larsson 2013 http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2263707
  • 51. How does Bitcoin work? Screenclip from: How Bitcoin Works under the hood, by “Curious Inventor” Blockchain • Shared public ledger • All transactions ever made logged • Chronology and integrity enforced by cryptography
  • 53. Screenshot from the Economist
  • 54. But also Vendor Transparency AML and KYC Features…
  • 55.
  • 56.
  • 57. IoT and smart contracts  Ownership attached to asset/property (e.g., real estate, shares) and can be verified  Run on Bitcoin ledger, execute legal rules between two entities: people, organizations, machines  Trustless because no center, no one in middle – the network is the middleman  Example: I run a private weather station using neighbors’ sensors. Smart contracts enable payment to neighbors for data sent from their sensors to my weather station.  But time will tell… uses we cannot imagine today. https://www.youtube.com/watch?v=JsC4ptn2Aik
  • 59. From “trusted”, centralized human authorities to trustless, decentralized networks IBM Institute for Business Value (PDF)
  • 60. La’Zooz – Decentralized transportsharing http://lazooz.org/
  • 61. FinTech World Personal Finance Payments Bitcoin & Blockchain Currency Currency Remittance & FX Lending Crowdfunding Robo-investing & Asset Management Tech Consumer Banking & Saving The Wharton FinTech Club What is FinTech?
  • 62. FinTech – An increasingly crowded space • Growing number of entrepreneurs with experience from established finance industry • Increasing number of FinTech incubators • Collaboration among established banks • Open innovation through open APIs • Other big non-banking entrants
  • 64. Trajectories of industry change McGahan, HBR, 2004
  • 65. Responses to disruptive strategic innovation Charitou, C. D., & Markides, C. C. (2012). Responses to disruptive strategic innovation. MIT Sloan Management Review
  • 67. Incumbents running incubators Actor Incubator Location Citi Mobile Challenge Americas, EMEA, Asia Pacific DBS & Nest Investment Accelerator Hong Kong Wells Fargo Startup Accelerator USA Accenture and Bank of America, Merrill Lynch, Barclays, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan, UBS Innovation Lab NY, London, Hong Kong “Innovation labs are a sign that banks are taking the FinTech threat seriously as they recognize that we’re coming to eat their lunch.” -FinTech Entrepreneur
  • 68. Opening up innovation… Citigroup Capital One BBVA Compass Silicon Valley Bank Bank of America
  • 70. Betting on the Blockchain - Together Goldman Sachs, JPMorgan, Credit Suisse, Barclays, Commonwealth Bank of Australia, State Street, RBS, BBVA, UBS, Nordea, SEB, + …… +
  • 71. FinTech challenges  Regulation  Privacy  Security  Untested in periods of high interest rates, increased risk, and reduced investment
  • 72. Previously…  In the eight-year period between the Netscape IPO and the acquisition of PayPal (one of the winners of this era) by eBay, more than 450 attackers – new digital currencies, wallets, networks, etc. – attempted to challenge incumbents.  Fewer than five of these survive as stand-alone entities today. McKinsey, 2015
  • 74. Two models of industry transformation McGahan, HBR, 2004
  • 75. Thomas Jefferson (1816) “Laws and institutions must go hand in hand with the progress of the human mind.” The problem is that the human mind itself can’t keep pace with the advances that computers are enabling. http://wadhwa.com/2014/04/15/mit-technology-review-laws-and-ethics-cant-keep-pace-with-technology/
  • 76. The future is already here, it’s just not very evenly distributed. - William Gibson
  • 77. Robin Teigland robin.teigland@hhs.se www.slideshare.net/eteigland @robin.teigland If you love knowledge, set it free… If you like this presentation and would like to contribute to our research, we accept bitcoins: 14hs4JbnQLXE87GGzu84uXGaspmxmnLpwC. Thank you!!!!!