Tech Books: FinTech for Dummies

"Ignoring technological change in a financial system based upon technology is like a mouse starving to death because someone moved their cheese." - Chris Skinner

Throughout my technology journey, I always take time to be able to read and continually build my expertise and acumen. There are so many books out there and technology has been an amazing history and there are so many industries which are being effected by the 4th industrial revolution which we call the information age. The industry that I wanted to speak on today is the financial services and how the role fintech is playing in the world, as disruptive technology.

FIntech for dummies is a book written by Steven O'Hanlon and Susanne Chisti. One of them is a founder of Numerix which is a fintech company and the other is the CEO of a community called the FINTECH Circle. Throughout the book they go in depth in terms of what fintech is, how it's changing the world, and how the technology in financial services are continually going through a process of innovation. According to the book, here is a quote to define Fintech companies and what financial technology is. They are, "businesses that leverage new technology to create better financial services for both consumers and businesses. Of course that begs another question: What is financial technology? We define it as all parts of technology that help provide financial services and products to customers. Those customers can be individuals, companies, or governments."

Fintech has many components and can be broken down into various sectors, here are some definitions under the fintech umbrella that can be found in the book.

"Capital Markets Tech: Companies leverage newer technology such as artificial intelligence, machine learning, and blockchain, is lead by seasoned capital markets veterans and is both collaborating and disrupting the financial services incumbents."

"Wealth Tech: Unites wealth and technology to provide digital tools for personal and professional wealth management and investing. This sector includes brokerage platforms, automated/semiautomated robo-advisors, and self-directed investment tools for individual investors and advisors to navigate the changing landscape in wealth management."

"Insur Tech: A combination of insurance and technology. It refers to innovations that generate efficiency and cost savings from the existing insurance industry model."

"Reg Tech: A community of technology companies that solve regulatory challenges through automation."

"Pay Tech: Refers to the combination of payments and technology. Innovative payment services now form part of the PayTech ecosystem and have dominated the early days of the FinTech revolution through mobile, cross-border, peer-to-peer, and cryptocurrency payments. Financial institutions have had to digitise their current offerings to create new channels linked to a digital platform."

Now a company that I have come across in the London area which is a Fintech company is Interval AI. Interval is a company run by founder Trevor Greenway and according to LinkedIn, "it's a technology platform that offers a better way for financial and advisory-focused institutions to help their business owners leverage real-time valuation data to make better, more informed financial decisions." I first came across Interval through Tech Alliance of Southwestern Ontario at their Pitch Room, where I heard from their investor on how there company is helping accountants leverage software for financial data insights, their entrepreneurial journey, and how they have overcome hurdles in their business. This definitely inspired me to get more knowledge into FinTech and was my first introduction as to what FinTech actually is.

This book has definitely inspired me to look out for fintech because the financial industry is changing at a rapid rate consistently each and everyday. l never heard of financial technology until I came across Interval and being a future tech innovator its interesting to be able to learn about how different industries are using technology to stream line their processes, innovate, and take their businesses to the next level.