2. CONTENTS
Message from the CEO
FinFacts
Endorsements
Contributors
Message from OU
Overview
Outcomes
Modules
Dashboard
Innovate Finance
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Innovate Finance Members18
3. 4 5Play your part in the new world of FinTech For more information on the course email: talent@innovatefinance.com
The financial services sector is in a period of
enormous change. Since the economic crisis of
2008, there’s been a fundamental transformation
in the industry landscape with the emergence of
FinTech.
Steered by a community of socially driven
entrepreneurs and industry leaders, FinTech
represents many technologies and many services
across sectors and includes everything from
mobile payments and peer-to-peer lending, to challenger banks and digital currencies. At the
heart of all these FinTech innovations is the idea that customers matter.
FinTech entrepreneurs and industry champions are listening and responding to consumer
demands for greater value, greater flexibility and greater choices when it comes to borrowing,
giving or spending their money. They are also doing their part to promote social inclusion, by
widening the opportunities for those that do not have access to traditional banking and for
those that don’t tick all the boxes for the services they need. In other words, FinTech is what
finance should always be about - a vehicle for helping individuals and communities thrive.
This vast and dynamic new FinTech landscape, which cuts across the boundaries of traditional
financial services, needs to be understood to fully appreciate its impact to economies and
societies. We are therefore thrilled that Open University, one of the world’s most exciting and
advanced centres of study, is offering a comprehensive course on this subject. Innovate Finance
has helped to shape the curriculum with the help of some of the major innovators and industry
players that are creating and driving this exciting sector and making history by transforming the
financial landscape forever.
The course is a great opportunity to learn about the origins of FinTech and the complex factors
that have led to its creation and growing influence. Crucially, it gives an insight into how FinTech
innovation is pushing boundaries and shaping a future of finance that is sustainable and
meaningful for everyone.
Lawrence Wintermeyer, CEO at Innovate Finance
MESSAGE FROM THE CEO
4. 6 7Play your part in the new world of FinTech For more information on the course email: talent@innovatefinance.com
TRADITIONAL BANKING
FINFACTS
FILLING THE SKILLS GAPDISRUPTIVE FINTECH
OPPORTUNITIES IN FINTECH
By2020In2014
5. 8 9Play your part in the new world of FinTech For more information on the course email: talent@innovatefinance.com
“This is an excellent introductory course to the world of finance, technology and how these
two industry sectors can work together for the benefit of all.”
Scott Housley, Former Group Director for Corporate Responsibility at Monitise Group
“SyndicateRoom are disrupting early and growth stage financing for SMEs and are only
able to do it through financial and technological innovation. Working on the FinTech 101
course was of keen interest. We want continued growth in this sector and it can only come
if we can equip and attract the very best talent Europe has to offer. It felt important to take
an active role in the shaping of this course through my direct experiences of innovation in
product design for various global brands.”
James Sore, Investment Director at SyndicateRoom
“Designed by the most influential industry leaders and innovators, this course offers a solid
and comprehensive introduction of FinTech and its impact on the world of banking. If you
are interested in playing a part in the future of finance, this is a good course to take.”
Mark Boleat, Chairman of the Policy and Resource Committee at City of London
ENDORSEMENTS
“FinTech and peer-to-peer lending have become great success stories for the UK,
challenging the traditional model of finance, cutting out the middleman and putting the
consumer first. RateSetter is proud to have supported The Open University in the creation
of this new course.”
Rhydian Lewis, CEO at RateSetter
“To ensure the FinTech sector prospers, it is important that we encourage, nurture and
develop new talent. Driving knowledge and education, to enable students to be equipped
to enter the ever changing Finance and Technology environment, is pivotal to inspire
future growth and ideas. We welcomed the opportunity to work with The Open University
and help create relevant and engaging content.”
Anouska Ladds, Head of Emerging Payments Distribution at MasterCard UK&I
“I am extremely impressed with this module. It is well structured and clearly well conceived
by an author who understands the topic. Putting it into simple terms, it flows and thus
allows the learner to move through it on a well defined learning path. I am confident that
the workload is not over burdensome, but having said that I can see that it will require
commitment from the learner, which is totally correct.”
Dr Barrie Kennard, Director of Leadership and Management at Cardiff Business School
External assessor for ‘FinTech 101: Understanding Financial Technologies’
6. 10 11Play your part in the new world of FinTech For more information on the course email: talent@innovatefinance.com
CONTRIBUTORS
Percenti e
MESSAGE FROM OU
Making FinTech 101:
Understanding Financial Technologies
The brief for this course was to demystify a new era
of financial services unfolding in the UK. It provides a
fast-track for those needing to grasp entrepreneurial
and incumbent perspectives on the potential of new
technologies and innovations in the context of UK
markets and regulation.
Traditional banking models and financial systems face uncertain futures and startup founders
seeking a foothold in the marketplace will be encouraged to think critically about the implications
and opportunities of changes happening in the FinTech ecosystem.
As academics, our job is to encourage critical thinking and provide students with learning that
they can apply in their workplace. So while this course has the rigour of The Open University
behind it, it has also tapped into the latest thinking and knowledge of Innovate Finance
members. They contributed to its design and defined core content, providing numerous case
studies and perspectives on key issues facing FinTech players. Working with those, with first-
hand knowledge, provided opportunities to challenge thinking and keep content current.
The course is designed to provide a comprehensive overview for people either working in or
interested in innovations that allow customers to access financial products and services and
how FinTech business models are being shaped by technology. Throughout the course the
drivers behind change and a surge of investment in FinTech are explored from the perspective
of customers, entrepreneurs, policymakers and regulators. The impact on strategies for major
players and incumbents in the future are also explored. FinTech is changing rapidly with new
sub-sectors emerging all the time, drawing in new names and organisations. We anticipate that
having created this programme, our partnership with Innovate Finance will allow us to keep
those studying the course up to date and informed through a range of ongoing activities and
updates.
We would like to herald a special thank you to Scott Housley (Monitise), Anthony Pereira
(Percentile) and Jan Skoyles (Microexchanges) who provided their time and specialist knowledge,
Scott Murphy (RateSetter) who produced case studies and Dominic Lindley who advised on
policy regulation.
Liz Moody, Senior Lecturer, Executive Education at The Open University
7. 12 13Play your part in the new world of FinTech For more information on the course email: talent@innovatefinance.com
OVERVIEW
FinTech 101: Understanding Financial Technologies
It has been said that the combination of events leading up to 2008 precipitated a “perfect
storm” in financial services. We are seeing a changing of the guard with the rapid rise of new
firms working with and within the sector. Unravelling the antecedents of the crisis provides the
backdrop, and understanding something of economics, finance, technology, government policy,
regulation, strategy and importantly social and customer trends helps us understand the future
where innovation is accelerating change. Technology has always been a driver of growth and
innovation in business but none more so than in the financial services sector.
In this 50 hour e-learning course, the participant will learn how the financial services sector
has historically relied upon technological innovation and how products and the services are
now being shaped and transformed by evolving digital technologies and new entrants. The
participant will learn to understand what is driving the emergence of a new breed of business,
the technologies these are based on, the solutions emerging to a range of customer and the
business challenges.
Finally, to understand the future of FinTech the participant will also need to understand
the overall context in which it operates, which means knowing something of the regulatory
framework, policies and guidelines that surround it.
Cost
The standard price for this course is £695. The course will be available online for up-to one year.
Discount and licence packages are available for bulk orders.
OUTCOMES
The course features the distinctive strengths of The Open University (OU) from its years of
expertise in work-based learning:
• Convenience of accessing its clearly presented and sequenced materials, activities and
support, whenever suits the participant and wherever they have access to the dedicated
website or print key materials to work on them offline
• Support of an expert learning adviser who can clarify study materials, answer questions
and help the participant relate the course to thier specific needs
• Work-based activity helping the participant to connect the course to their individual and
organisational context and needs. A learning adviser will review the work-based activity
and provide personal feedback
• Certification of completion from OU for those who complete the course. The participant
can use this to demonstrate their continuing professional development (CPD) activity to
their employer and/or professional body (NB the course does not carry academic credit
points)
After completing this course, the participant should be able to:
• Contribute knowledge and skills to innovation and change programmes in their organisation
• Demonstrate a broad understanding of how financial services has evolved and how it
currently operates
• Explain how technology and regulation is impacting on financial services and the drivers
behind this
• Be familiar with key financial, economic and technological terms and concepts and the
ability to communicate effectively about them
• Analyse and recognise the significance of trends and the role of stakeholders in the FinTech
space and their impact on the future of financial services
Benefits of e-Learning
• Cost effective
• Time saving
• Learning on the go - anywhere, any time
• Easy to track course progress
• Discreet
8. 14 15Play your part in the new world of FinTech For more information on the course email: talent@innovatefinance.com
DASHBOARD
Each course module has been broken down into bite-sized chunks, so that it can be easily
accessed from multi-platforms, such as smartphone, tablet and desktop.
6. Accept / Reject Payment
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5. Balance Status
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4. Balance Status
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3. Check Balance
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MODULES
Below is an outline of the key themes of the course:
• Big data
• Competition
• Cybersecurity
• Blockchain technology
• Creative disruption
• Regulatory challenges in FinTech
• Alternative forms of finance
• Changing face of banks
• Digital banks of the future
• Intermediation, disintermediation and re-intermediation
• New markets, opportunities and threats
• Understanding technologies fundamentals
• The payment evolution
• The ‘innovation’ process
• The challenge for FinTech startups
• Traditional vs emergent FinTech models
• Data protection
9. 17For more information on the course email: talent@innovatefinance.com
INNOVATE FINANCE
Innovate Finance is an independent membership association that represents the UK’s global
financial technology (FinTech) sector. Members range from promising startups to leading global
corporations, all with a technology-centric approach to innovation in financial services. Our
organisation brings together companies from sectors such as insurance, retail and investment
banking, payments, crowdfunding, big data, and alternative finance, to promote and accelerate
growth for the evolution of financial services.
Innovate Finance provides members with a single point of access to policymakers, regulators,
partners, investors, customers, educators and talent. Our mission is to foster better consumer
outcomes through greater choice, social inclusion, diversity, resilience and investment in new
technologies that are transforming the sector, for the benefit of all.
Innovate Finance is supported by the City of London Corporation and the Canary Wharf Group.
LEAD SPONSOR FOUNDING SPONSOR
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