Introduction
Fintech is the latest expression which defines the way the financial services sector embraces digital technology. At the very top of the current money chain, Banks, Insurance Companies and pension funds rule the conventional currency roost. Add in a mix of regional and international regulators then currently financial services are pretty well tied up, despite horror stories and inappropriate behaviour Financial Institutions have been much the same for a long period of time.
The fourth industrial revolution will see a return to the democratisation of money or maybe it will be the monetisation of democracy. I enrolled on the course because I wanted to find out more about the latest development in Fintech ranging from new crypto currencies to ways in which delivery of traditional finance services could be enhanced by technology. The bottom line is that costs of digitisation at every level, including SMEs are either coming down or being forced on small businesses simply to keep up with the economic environment
The outlook for the Fintech giants seems assured, but how can innovations in fin tech disturb the existing elitism and the desire to maintain the regulatory status quo regionally and internationally through the current structures of the law and compliance. Are the new crypto currencies merely a repetition of the old barter economy and we are talking about new beaver pelts or cowrie shells.My thinking suggests that fintechs will materially change the basis of competition in financial services, but have not shifted the power to the people. I am reminded about stewardship and agency theory and the role of banks in maintaining that they are better at managing money than their customers. That remains to be seen, Digitisation has democratised some financial transactions, the emergence of bitcoins and block chains appears to eliminate banks and other intermediaries and regulation is now by crowd rather than by statute.
People have been forecasting the demise of money for a long time or even return to a moneyless state as enjoyed by the Incas or as supposed to be under Communism. According to Niall Ferguson (1) Money has to be affordable, durable, fungible, portable and reliable, with it he may have added it also has to comply with the prevailing rules and regulations in the society in which it operates . This, then, is at the heart of the Fintech revolution and whether these new technologies and media of exchange can ‘disrupt’ or at least replace the traditional ways we have done business for centuries. It is interesting to note that we still hold value in ledgers and accounting so traceability appears to also rear it’s head in this discussion. I am reminded of a play when I ask the question. ‘So whose money is it anyway? (2)
Why I enrolled
What do I intend to get out of the course
Streaming
Definition of ‘journey’
Learning styles
Discussion with skilled experts in their own field through quality teaching and reputation of College
Personal style
Appendices
1 Ferguson, Niall, ‘ the Ascent of Money’ Allen Lane 2008
2 *Benedictus, David. Whose Life is it Anyway? (1982, from the play by Brian Clark)
