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The Rise of Fintech

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The Future of Finance

Abstract

The decade since the financial crisis has seen an explosion of new entrants into financial services. Agile, technology-focused ‘fintech’ firms have sought to upend the established order of financial services, changing the dominant operating models and competitive dynamics of an industry that, in the 50 years prior, had seen remarkably little change in market structure.

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Notes

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  2. 2.

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  4. 4.

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  5. 5.

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  6. 6.

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  11. 11.

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  18. 18.

    Ibid.; “Fintech and Cross-Border Payments,” IMF, November 1, 2017, https://www.imf.org/en/News/Articles/2017/11/01/sp103017-fintech-and-cross-border-payments.

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  22. 22.

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  25. 25.

    Note 23.

  26. 26.

    Lorie Konish, “Fees Could Sink Your Retirement Savings. Here’s What to Do about It,” CNBC (CNBC, February 20, 2018), https://www.cnbc.com/2018/02/20/fees-could-sink-your-retirement-savings-heres-what-to-do-about-it.html.

  27. 27.

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  28. 28.

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  31. 31.

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  34. 34.

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  35. 35.

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  36. 36.

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  37. 37.

    Jordan Crook, “Lemonade Wants to Rewrite the Insurance Policy Itself,” TechCrunch, May 2018, https://techcrunch.com/2018/05/16/lemonade-wants-to-rewrite-the-insurance-policy-itself/.

  38. 38.

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  39. 39.

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  40. 40.

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  41. 41.

    https://en.wikipedia.org/wiki/Revolut

  42. 42.

    “About Revolut,” Revolut, accessed January 5, 2019, https://www.revolut.com/it/about.

  43. 43.

    Ryan Browne, “Fintech Start-up Revolut Grabs 2 Million Users and Plans to Launch Commission-Free Trading Service,” CNBC (CNBC Europe, April 25, 2018), https://www.cnbc.com/2018/06/07/revolut-has-2-million-users-to-launch-commission-free-trading-service.html.

  44. 44.

    James Cook, “UK Fintech Start-up Revolut Reaches 2 Million Users Save,” The Telegraph, June 7, 2018, https://www.telegraph.co.uk/technology/2018/06/07/uk-fintech-start-up-revolut-reaches-2-million-users/.

  45. 45.

    Ibid.

  46. 46.

    Martin Arnold, “Monzo Poised to Join Ranks of Europe’s Fintech ‘unicorns,’” Financial Times, August 17, 2018, https://www.ft.com/content/ef54082c-a16a-11e8-85da-eeb7a9ce36e4.

  47. 47.

    Frank Holmes, “These Are the 5 Costliest Financial Regulations of the Past 20 Years,” Business Insider, May 2017, https://www.businessinsider.com/these-are-the-5-costliest-financial-regulations-of-the-past-20-years-2017-5?IR=T#march-2010-foreign-account-tax-compliance-act-fatca-3.

  48. 48.

    Sean Ross, “What Major Laws Regulating Financial Institutions Were Created in Response to the 2008 Financial Crisis?,” Investopedia, October 25, 2017, https://www.investopedia.com/ask/answers/063015/what-are-major-laws-acts-regulating-financial-institutions-were-created-response-2008-financial.asp.

  49. 49.

    Sital S. Patel, “Citi Will Have Almost 30,000 Employees in Compliance by Year-End,” MarketWatch, July 14, 2014, http://blogs.marketwatch.com/thetell/2014/07/14/citi-will-have-almost-30000-employees-in-compliance-by-year-end/.

  50. 50.

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  51. 51.

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  55. 55.

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  61. 61.

    The course offered in the Masters in Finance and MBA programs since 2015 is taught by co-author Henri Arslanian.

  62. 62.

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Arslanian, H., Fischer, F. (2019). The Rise of Fintech. In: The Future of Finance. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-030-14533-0_3

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