Tehran(Bazaar): Theo Lynn, Professor of Digital Business, DCU Business School in an interview with Bazaar News Agency said: Quantum computing promises computing power in orders of magnitude of today's IT infrastructure.
Following is the full text of the interview:
Bazaar: What are the emerging technologies in FinTech?
Lynn : Financial services, like all sectors, is being impacted by third IT platform technologies and resulting innovation accelerators. Cloud computing, mobile technologies, Big Data analytics, Social technologies, Blockchain, and the API-ification of technology is changing how we think, interact, and regulate with FinTech. COVID-19 has accelerated the use of many of these technologies. Mobile Money and Mobile Banking is the norm for many today and is facilitated by mobile technologies including the in-built mobile phone enabled security, cloud computing, open APIs and banking as a platform. Clearly, there is significant buzz around Blockchain and while most of the world focuses on cryptocurrencies, blockchain has the potential of transforming many of the internal processes within financial services. For example, financial services spend between US$6 billion to US$24 billion on post-trad activities. Blockchain can reduce the time and cost of post-trade activities dramatically by significantly reducing the need for reconciliation, enabling automatic clearing, supporting direct ownership amongst others. Obviously, technology is enabling a host of different ways for entrepreneurs, and indeed NGOs, source funding through crowdfunding and peer lending. Again, new blockchain-based funding mechanisms with greater regulation such as Secure Token Offerings offer some potential to bridge the gap between the legitimacy of regulated IPOs and the, at least perceived, less legitimate ICO market. Two areas I think promising are Insurtech, a sub-branch of fintech that looks at how technologies can transform insurance and quantum computing. The former has the potential to both personalise insurance but also by combining smart contracts and data analytics, introduce new types of parametric insurance that pays out immediatly on occurence of the insured event e.g. delayed flights. Quantum computing promises computing power in orders of magnitude of today's IT infrastructure. It means a lot of things can be done exponentially faster including trading, risk profiling, and lots of different targeting and prediction tasks.
Bazaar: What strategies are involved in promoting financial services technology in countries?
Lynn : Getting the right balance between financial regulation and technological innovation is central to promoting and increasing adoption and use of fintech. Achieving that win-win that legitimises a technology (and service provider) while protecting the public can be a slow and difficult path. It is more difficult by the nascency of many of these technologies and use cases but also the borderless nature of fintech. It infers a certain degree of collaboration and engagement between the fintech industry and regulators but also between other regulators to achieve the necessary harmonization to make this happen.
Bazaar: How do you think startups can play a more effective role in this field?
Lynn : To some extent, the story of modern fintech is one of start-ups driving innovation by pushing the boundaries of various parts of the financial service ecosystem. Start-ups driven incumbents to change. Much fintech is disuptive to established financial services institutions and business models, and often one forgets financial services is relatively conservative and slow moving. On saying that, compared to other sectors and past value network shifts, financial services institutions are trying to engage with start-ups and technologies. I think it is extremely difficult for fintech start-ups to scale without some collaboration with incumbents - they need to access to customer relationships, financial data, technical infrastructure, and regulator relationships and experience of regulatory compliance, as well as much needed funding.
Start-ups should be looking to set up pilots and trials of their solutions with incumbents while realising there is a significant bridge building task between the start-up culture and regulated financial services.
The real question is how can different countries enable a thriving and successful FinTech ecosystem in their local region and encourage this collaboration - the government is in an unenviable place as the poacher turned gamekeeper. They are trying to encourage fintech innovation but are also responsible for regulation. I think there are good examples from around the world e.g. the recent introduction of PSII in the EU helped drive collaboration and regulatory compliance but also provided tools to support that collaboration e.g. regulatory sandboxes.
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