Burgess COMMENTARY

Peter Burgess

Financial Technology (FinTech) is transforming finance. Across the financial services landscape, FinTech is disrupting the traditional way of doing things. Watch the video in a new window Just like in many other sectors, technology is breaking down barriers and changing the way companies interact with their customers. Why is FinTech important? No area of finance is untouched by FinTech and services exist across the entire spectrum of finance including: borrowing foreign currency money transfer credit reports fraud protection payments/e-commerce financial advice insurance New companies and established incumbents are reformulating design and delivery of financial services through: taking advantage of software and hardware innovation a focus on end-user experience a commitment to data analytics. Where does regulation fit in? But the progress of FinTech is dependent on regulators around the world. They must find the right balance between harnessing the possibilities it offers and allowing it to flourish, while providing the right level of supervision. Map showing FinTech VC investment 2015 (USD). The US has the highest investment at 7.3bn, followed by China at 2.7bn, India at 1.5bn, the UK at 962m, Germany at 193m, Southeast Asia at 151m, and Africa at 55m. Map showing FinTech VC investment 2015 (USD). The US has the highest investment at 7.3bn, followed by China at 2.7bn, India at 1.5bn, the UK at 962m, Germany at 193m, Southeast Asia at 151m, and Africa at 55m. How should I approach FinTech? FinTech is demanding change from professional accountants. The sound analysis that professional accountants provide will prove essential to FinTech as it becomes ever more embedded in the fabric of the economy and society. This enhanced remit, accelerated by the coming together of the financial and technological worlds, must be embraced. About Jimmy Greer, lead author, ACCA This article is an overview of this topic. Download the full, in-depth report in PDF format. This report explores the transformation underway as a result of the continued expansion of FinTech and its ongoing impact across the financial services landscape. FinTech-cover Financial Technology (FinTech) is here – sweeping through finance and, if some are to be believed, threatening traditional edifices that have stood for centuries. This great surge is being fronted by a host of new start-ups taking their lead from the big tech innovators. Their maverick approach is helping to push the FinTech industry into new territory across the financial services landscape, raising billions of dollars and worrying the incumbents. So what are the main trends and driving forces shaping FinTech today? 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. Further reading
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Steve Bailey, Founder, Carbon Architecture