The Future Of Finance The Impact Of Fintech, Ai, And Crypto On Financial Services

Chapter 1 - The Digital Triumvirate of Computation, Data, and Connectivity  13

1.1 Increasing computational power 13

1.2 Increasing data collection and availability  16

1.3 Increasing digital connectivity  18

1.4 Bringing computation, connectivity and data together in the cloud  20

Chapter 2 - New Interfaces for the Digital World  22

?2.1 The evolution of visual displays  23

2.2 Voice as a user interface  24

2.3 Wearables and the body as an interface  25

The Fundamentals of Fintech  27

Chapter 3 - The Rise of Fintech  28

3.1 Drivers of the fintech revolution  29

3.1.1 A changing economic/regulatory landscape  29

3.1.2 A rapidly evolving technology environment 29

3.1.3 Shifting customer expectations  30

?3.2? Types of fintechs  31

3.2.1 Fintech and payments  31

3.2.2 Fintech and lending  36

3.2.3 Fintech and wealth management 38

3.2.4 Fintech and insurance  41

3.2.5? Fintech and digital banking  43

3.2.6? Regtech: A different sort of fintech innovation  45

3.3? Challenges faced by fintechs  49

3.3.1 Access to talent 49

3.3.2 Regulatory compliance  51

3.3.3 Customer trust 53

3.3.4 Scaling the customer base  53

3.3.5 Raising capital 55

Chapter 4 - Incumbent Financial Institutions and their Response to Fintechs  55

4.1 Impediments to incumbent innovation  56

4.2 Incumbents building/replicating fintech offerings  58

4.3 Incumbents investing in fintechs  61

4.4 Incumbents partnering with fintechs  62

Chapter 5 -? The Emergence of Techfin  64

5.1 The case for tech to techfin  64

5.2 China as a template for the growth of techfin  65

5.2.1 Alibaba and Tencent's transformation of payments in China  65

5.2.2 Alibaba and Tencent's expansion beyond payments  66

5.2.3 Alibaba and Tencent's international expansion  67

5.3 Early techfin developments outside of China  68

Chapter 6 - The Changing Structure of the Financial Ecosystem   70

6.1 Incumbent collaboration with techfins  70

6.2 Fintech collaboration with techfins  71

Chapter 7 - Financial Innovation and Inclusion  72

7.1 Fintech as a driver of financial inclusion  72

7.2 Government as an enabler of inclusive fintech solutions  75

The Fundamentals of Crypto-assets  76

Chapter 8 - The Basics of Cryptography and Encryption  77

8.1 Early encryption  77

8.2? Asymmetric or public key cryptography  78

8.3 Early experiments with cryptocurrencies  79

Chapter 9 - The Rise of Bitcoin  80

?9.1? The Bitcoin white paper 81

9.2 The technical foundations of Bitcoin  84

?9.2.1? The role of cryptography in Bitcoin  84

9.2.2? The role of decentralization in Bitcoin  86

9.2.3? The role of immutability in Bitcoin  87

?9.2.4? The role of proof-of-work in Bitcoin  87

9.3? The growth of Bitcoin  89

9.4? Challenges facing Bitcoin  93

?Chapter 10 - Blockchain as an Enabling Technology  95

?10.1? Defining the characteristics of a blockchain  96

10.2 Challenges  99

10.3 Use cases of blockchains  100

Chapter 11 - The Proliferation of Crypto-assets  103

11.1 The emergence of new crypto-assets  103

11.2 Mechanisms for distributing new crypto-assets  105

11.2.1 The creation of new tokens via mining  106

11.2.2 The creation of new tokens via a hard fork  106

11.2.3 The distribution of new tokens via sale  108

11.3 A closer look at ICOs  108

11.3.1 Technical structure of an ICO   109

11.3.2 The regulatory treatment of ICOs  112

11.3.3 Advantages and challenges of ICOs  115

Chapter 12 - A High-Level Taxonomy of Crypto-assets  117

12.1 Establishing a taxonomy of crypto-assets  117

12.2 P