Technology has become the driving force behind many changes to society and the global economy. That technology has caused the rapid and continuous disruption of a succession of industries is a given. In the financial services industry, with the growth of financial technology (FinTech), we are witnessing significant transformations to systems and processes that had stood the test of time. What makes FinTech so potentially transformative is the scope for materially altering the fundamentals underpinning the applications that make up the backbone of our commercial lives.
A range of systems and processes in areas including payment, lending, retail banking, asset management, fraud protection and regulatory compliance are now populated not just by well-known and established institutions but also by challenger start-ups vying for a say in the future. These new entrants, alongside re configuring incumbents, are reformulating service design and delivery through technological developments and advancements in software, user experience and data mining.
At the same time, regulators around the world, operating in countries whose financial services sector is in varying stages of development, must find the right balance between harnessing the possibilities offered by FinTech and the right level of forward looking legislation to give it the best chance of flourishing.
Fintech – transforming finance – explores the features of this new landscape, highlighting the many ways in which this revolution is taking place. For professional accountants, this new terrain will provide many opportunities as it permeates deeper and deeper into the fabric of society. From the promise of blockchain, to the demands of valuation in a digital era, finance more than ever needs an experienced, knowledgeable guide to make the most of the opportunities ahead.
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