The document discusses three key technologies disrupting the traditional banking sector: Bitcoin, APIs, and the open-source movement. Each technology offers innovative solutions for financial transactions and applications, emphasizing decentralization, integration, and collaboration among developers. The rise of fintech suggests that traditional banking systems may need to adapt or face obsolescence in the coming years.

1. THREE TECHNOLOGIES DISRUPTING
TRADITIONAL BANKING INDUSTRY
Presentation by Ritchie Capital Management

2. Fintech has
expanded its
presence in the
financial sector
quickly in the past
few years with new
innovations rapidly
entering the space
regularly.
Image source: forbes.com

3. With the advent of
internet
connectivity,
financial products
are evolving to fit
new systems.

4. With technology
advancing at
breakneck speeds
with better
efficiency and
scalability, how will
traditional banking
fare in
comparison?

5. How will
yesterday’s
financial answers
do versus the
fintech revolution?
Image source: tonetag.com

6. Ten years ago, many of the services offered
today were in the ether -- not yet invented.
Now, with Silicon Valley infiltrating every
day vernacular, people are starting to see
tech -- even fintech -- as old hat. It’s no
surprise that technologies like streaming
music, eBooks, and shopping online will
translate seamlessly to banking.

7. HERE ARE 3 SIGNIFICANT
FINANCIAL INNOVATIONS
THAT HAVE PAVED THE WAY:

8. #1. BITCOINA digital asset and a payment system invented by
Satoshi Nakamoto, who released it as open-source
software in 2009, Bitcoin is a currency system.

9. BITCOIN:
The peer-to-peer
system allows
transactions to
take place user-to-
user, without a
middle person.
Image source: money.cnn.com

10. BITCOIN:
These transactions
are then verified by
network nodes and
recorded in a public
distributed ledger
called the
blockchain -- which
uses bitcoin as its
unit of account.

11. BITCOIN:
Since the system
works without a
middle entity or
admin, the U.S.
Treasury
categorizes bitcoin
as a decentralized
virtual currency.

12. BITCOIN:
Though other
decentralized
systems have
preceded Bitcoin, it
is the largest of its
kind in terms of
total market value.

13. #2. API
(APPLICATION
PROGRAMMING
INTERFACE)
In computer programming, (API) is a set of
protocols and tools for building software and
applications.

14. API:
An API can have
many applications,
some being web-
based, operating,
or database
systems.

15. API:
It offers ways to
develop
applications for
systems using
specific
programming
language.

16. API:
A programmer
who develops an
API for Android can
interact specifically
with its hardware.

17. API:
APIs are a
common way
technology
companies
integrate with a
common business
ecosystem.

18. #3. OPEN
SOURCE
MOVEMENT IN
FINANCIAL
SERVICES
This is community movement of developers
attempting to work together on the same project.
Image source: techcrunch.com

19. OPEN SOURCE:
Companies like
Mozilla and Allevo
are paving the way
for open-source
domains in
banking
transaction-
processing
software.
Image source: www.globoforce.com

20. OPEN SOURCE:
OpenGamma, a UK
startup has taken
this a step further
to provide a risk
analytics platform.

21. OPEN SOURCE:
Open source
financial
applications are
extremely attractive
because they are
available for use on
the Cloud with a
growing number of
them available on
mobile devices.

22. OPEN SOURCE:
As many users are
using their
smartphones to
perform banking
operations, this
provides great
ease of use.

23. Being as these are only three of the
innovations already establishing a foothold
in everyday banking activities, the days of
the tried and true traditional banking
systems may be numbered. Though the
brick and mortar aspect of banking still
holds relevance, ten years from now, who
knows?

24. SOURCE:
http://bankinnovation.net/2014/04/four-technologies-that-will-revolutionize-
financial-services/

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