Stockholm School of Economics
robin.teigland@hhs.se
www.slideshare.net/eteigland
@RobinTeigland
January 2016
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FinTech and Transformation of the Financial Services Industry ------ SSE Executive MBA Dr. Robin Teigland Stockholm School of Economics robin.teigland@hhs.se www.slideshare.net/eteigland @RobinTeigland презентация
Содержание
- 1. FinTech and Transformation of the Financial Services Industry ------ SSE Executive MBA Dr. Robin Teigland Stockholm School of Economics robin.teigland@hhs.se www.slideshare.net/eteigland @RobinTeigland
- 2. Today’s schedule Morning: Financing Innovation 9:00 to
- 3. Groupwork: Funding your startup Prepare a max
- 4. If the rate of change on the
- 5. What triggers industry transformation? Johnson
- 6. Two dimensions of transformation Core activities –
- 7. Trajectories of industry transformation McGahan, HBR, 2004
- 8. 1980-1999 US Industries’ Share of Transformation McGahan, HBR, 2004
- 9. Industry transformation Picture: http://andrewkarpie.com/wordpress/?p=469
- 10. Number of firms in industry over transformation Economies of scale
- 11. What trajectory is the financial services industry on? McGahan, HBR, 2004
- 12. Digitization of the banking industry
- 13. Further changes…
- 14. Screenshot from Factom.org
- 15. Banking is essential, but banks are not. Bill Gates
- 16. What is FinTech? Accenture/CB Insights
- 17. What is Fintech?
- 18. FinTech World Personal Finance
- 19. FinTech Overview
- 21. http://www.slideshare.net/eteigland
- 22. 2007, NASDAQ acquires OMX Group Unicorns
- 23. In just the past few years in Stockholm…
- 24. Stockholm #2 FinTech city in EU 2010-2014
- 25. ”Innovative Lending & Investing” emerging 2013 Stockholm FinTech revenue & Investing Our report: http://www.slideshare.net/eteigland/stockholm-49722748
- 26. Crowdfunding rapidly growing in Europe
- 27. Crowdfunding growth 2012-2015 USD 34 bln E
- 28. But in China alone in 2015… http://www.crowdfundinsider.com/2016/01/79612-report-china-p2p-lending-topped-150-billion-in-2015/
- 29. Four forms of crowdfunding
- 32. Democratizing innovation and investment? Women in USA
- 33. Competing for investment?
- 34. Crowd equity
- 36. New forms of ownership…crowd equity
- 37. One step in the financing chain
- 38. Using the crowd to identify investment opportunities Nesta
- 39. zopa
- 40. P2B lending in Sweden
- 41. Enabling local community?
- 43. http://www.fundable.com/blog/crowdfunding-infographic---the-jobs-act-explained
- 44. Emerging forms of collaborative investing Crowdsourced hedge fund Activist hedge fund +
- 45. Developing investment skills online https://www.quantopian.com/home
- 46. Enabling financial inclusion
- 47. Cryptocurrency mining equipment http://techcrunch.com/2014/09/04/kncminer-raises-14-million-to-take-bitcoin-mining-to-the-moon/
- 48. Transforming insurance
- 49. What is a cryptocurrency? Digital Decentralized, peer-to-peer
- 50. Within 6 years: Challenging the fiat
- 51. How does Bitcoin work? Screenclip from:
- 52. Enabling records, oversight Image from the FT
- 53. Screenshot from the Economist
- 54. But also Vendor Transparency AML and KYC Features…
- 57. IoT and smart contracts Ownership attached to
- 58. IBM + Samsung
- 59. From “trusted”, centralized human authorities to
- 60. La’Zooz – Decentralized transportsharing http://lazooz.org/
- 61. FinTech World Personal Finance
- 62. FinTech – An increasingly crowded space Growing
- 63. Industry transformation Picture: http://andrewkarpie.com/wordpress/?p=469
- 64. Trajectories of industry change McGahan, HBR, 2004
- 65. Responses to disruptive strategic innovation Charitou, C.
- 66. Why not embrace disruption? Charitou & Markides, 2003
- 67. Incumbents running incubators “Innovation labs are a
- 68. Opening up innovation… Citigroup Capital One BBVA Compass Silicon Valley Bank Bank of America
- 69. P2p industyry incumbents
- 70. Betting on the Blockchain - Together Goldman
- 71. FinTech challenges Regulation Privacy
- 72. Previously… In the eight-year period between the
- 73. Underperformers vs outperformers
- 74. Two models of industry transformation McGahan, HBR, 2004
- 75. Thomas Jefferson (1816) “Laws and institutions must
- 76. The future is already here, it’s just not very evenly distributed. - William Gibson
- 77. Robin Teigland robin.teigland@hhs.se www.slideshare.net/eteigland @robin.teigland If you
Today’s schedule Morning: Financing Innovation 9:00 to 10:30 Lecture Michal Gromek, PhD SSE, FundedByMe, Lendico, Rocket Internet 10:30 to 11:30 Groupwork: Funding your Startup 11:30 to 12:00 Group presentations Afternoon:
Слайд 1
FinTech and Transformation
of the Financial Services Industry
------
SSE Executive MBA
Dr. Robin
Teigland
Stockholm School of Economics
robin.teigland@hhs.se
www.slideshare.net/eteigland
@RobinTeigland
Stockholm School of Economics
robin.teigland@hhs.se
www.slideshare.net/eteigland
@RobinTeigland
Слайд 2Today’s schedule
Morning: Financing Innovation
9:00 to 10:30 Lecture
Michal Gromek, PhD SSE, FundedByMe,
Lendico, Rocket Internet
10:30 to 11:30 Groupwork: Funding your Startup
11:30 to 12:00 Group presentations
Afternoon: FinTech and Industry Transformation?
13:00 to 15:00 Lecture
15:00 to 17:00 Discussion: Disruptor vs Industry Incumbent
Anna Felländer, Digital and Futuring Economist, Swedbank
Henrik Rosvall, CEO and Founder, Dreams
10:30 to 11:30 Groupwork: Funding your Startup
11:30 to 12:00 Group presentations
Afternoon: FinTech and Industry Transformation?
13:00 to 15:00 Lecture
15:00 to 17:00 Discussion: Disruptor vs Industry Incumbent
Anna Felländer, Digital and Futuring Economist, Swedbank
Henrik Rosvall, CEO and Founder, Dreams
Слайд 3Groupwork: Funding your startup
Prepare a max 5 minute presentation
How much funding
do you need to get your idea off the ground?
Which form(s) of financing will you go after? And When?
What will you give in return for financing? E.g., equity, reward, nothing
How long will it take for you to provide the return for your “investors”?
What do you need to do to prepare for raising financing?
Which form(s) of financing will you go after? And When?
What will you give in return for financing? E.g., equity, reward, nothing
How long will it take for you to provide the return for your “investors”?
What do you need to do to prepare for raising financing?
Слайд 4If the rate of change on the outside exceeds the rate
of change on the inside,
the end is near....
the end is near....
-Jack Welch
Слайд 5
What triggers industry transformation?
Johnson & Scholes 1997
Politics and
government
Environment
Technology
Legal
structure
Social
and
demographic
structure
demographic
structure
International/
national
economy
Industry
structure
Слайд 6Two dimensions of transformation
Core activities – Recurring actions a company performs
that attract and retain suppliers and buyers (profit-making activities)
Core assets – Durable resources, including intangibles, that make a company more efficient at performing core activities
Core assets – Durable resources, including intangibles, that make a company more efficient at performing core activities
McGahan, HBR, 2004
Слайд 16What is FinTech?
Accenture/CB Insights
Technologies for banking and corporate finance, capital
markets, financial data analytics, payments, and personal financial management
Finance
Technology
FinTech
Слайд 18
FinTech World
Personal Finance
Payments
Bitcoin & Blockchain Currency
Currency Remittance & FX
Lending
Crowdfunding
Robo-investing & Asset
Management Tech
Consumer Banking & Saving
The Wharton FinTech Club
What is FinTech?
Слайд 222007, NASDAQ acquires OMX Group
Unicorns such as Skype, King, Spotify and
Mojang founded
2014, FinTech Funding in Stockholm Explodes
Long history of “FinTech” in Stockholm
http://www.slideshare.net/eteigland/stockholm-49722748
Слайд 24Stockholm #2 FinTech city in EU
2010-2014 investment
$532 Mln
2014 investment
$266 Mln
http://www.slideshare.net/eteigland/stockholm-49722748
Слайд 25”Innovative Lending & Investing” emerging
2013 Stockholm FinTech revenue
& Investing
Our report: http://www.slideshare.net/eteigland/stockholm-49722748
Слайд 28But in China alone in 2015…
http://www.crowdfundinsider.com/2016/01/79612-report-china-p2p-lending-topped-150-billion-in-2015/
Слайд 32Democratizing innovation and investment?
Women in USA
of angel investors
<10% of venture capitalists
<10% of venture capitalists
Marom, Robb and Sade 2014
Women on Kickstarter
35% of project leaders
44% of investors
Women invested in women project leaders (>40% of projects)
VS
Слайд 47Cryptocurrency mining equipment
http://techcrunch.com/2014/09/04/kncminer-raises-14-million-to-take-bitcoin-mining-to-the-moon/
Слайд 49What is a cryptocurrency?
Digital
Decentralized, peer-to-peer (P2P), i.e., no central, third party
Uses
cryptography to validate/secure transactions
Also uses cryptography to generate currency itself
Non-technical explanation of Bitcoin
https://www.youtube.com/watch?v=t5JGQXCTe3c
Also uses cryptography to generate currency itself
Non-technical explanation of Bitcoin
https://www.youtube.com/watch?v=t5JGQXCTe3c
Слайд 50Within 6 years:
Challenging the fiat money system?
Bitcoin – An emergent
phenomenon
Open source project on SourceForge in Jan 2009
Original source code by “Satoshi Nakamoto” – pseudonym?
Developed by self-organizing community of thousands of strangers across globe
Approx USD 6.5 bln market cap and approx 180,000 daily transaction volume of USD 101 mln
1 BTC = USD 431 (Jan 14, 2016)
Teigland, Yetis, Larsson 2013
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2263707
Слайд 51
How does Bitcoin work?
Screenclip from: How Bitcoin Works under the hood,
by “Curious Inventor”
Blockchain
Shared public ledger
All transactions ever made logged
Chronology and integrity enforced by cryptography
Слайд 57IoT and smart contracts
Ownership attached to asset/property (e.g., real estate, shares)
and can be verified
Run on Bitcoin ledger, execute legal rules between two entities: people, organizations, machines
Trustless because no center, no one in middle – the network is the middleman
Example: I run a private weather station using neighbors’ sensors. Smart contracts enable payment to neighbors for data sent from their sensors to my weather station.
But time will tell… uses we cannot imagine today.
Run on Bitcoin ledger, execute legal rules between two entities: people, organizations, machines
Trustless because no center, no one in middle – the network is the middleman
Example: I run a private weather station using neighbors’ sensors. Smart contracts enable payment to neighbors for data sent from their sensors to my weather station.
But time will tell… uses we cannot imagine today.
https://www.youtube.com/watch?v=JsC4ptn2Aik
Слайд 59From “trusted”, centralized human authorities
to trustless, decentralized networks
IBM Institute
for Business Value (PDF)
Слайд 61
FinTech World
Personal Finance
Payments
Bitcoin & Blockchain Currency
Currency Remittance & FX
Lending
Crowdfunding
Robo-investing & Asset
Management Tech
Consumer Banking & Saving
The Wharton FinTech Club
What is FinTech?
Слайд 62FinTech – An increasingly crowded space
Growing number of entrepreneurs with experience
from established finance industry
Increasing number of FinTech incubators
Collaboration among established banks
Open innovation through open APIs
Other big non-banking entrants
Increasing number of FinTech incubators
Collaboration among established banks
Open innovation through open APIs
Other big non-banking entrants
Слайд 65Responses to disruptive strategic innovation
Charitou, C. D., & Markides, C. C.
(2012). Responses to disruptive strategic innovation. MIT Sloan Management Review
Слайд 67Incumbents running incubators
“Innovation labs are a sign that banks are taking
the FinTech threat seriously as they recognize that we’re coming to eat their lunch.” -FinTech Entrepreneur
Слайд 70Betting on the Blockchain - Together
Goldman Sachs, JPMorgan,
Credit Suisse, Barclays,
Commonwealth Bank of Australia,
State Street, RBS, BBVA, UBS, Nordea, SEB, + ……
+
Слайд 71FinTech challenges
Regulation
Privacy
Security
Untested in periods of high interest rates, increased risk,
and reduced investment
Слайд 72Previously…
In the eight-year period between the Netscape IPO and the acquisition
of PayPal (one of the winners of this era) by eBay, more than 450 attackers – new digital currencies, wallets, networks, etc. – attempted to challenge incumbents.
Fewer than five of these survive as stand-alone entities today.
Fewer than five of these survive as stand-alone entities today.
McKinsey, 2015
Слайд 75Thomas Jefferson (1816)
“Laws and institutions must go hand in hand with
the progress of the human mind.”
The problem is that the human mind itself can’t keep pace with the advances that computers are enabling.
The problem is that the human mind itself can’t keep pace with the advances that computers are enabling.
http://wadhwa.com/2014/04/15/mit-technology-review-laws-and-ethics-cant-keep-pace-with-technology/
Слайд 77Robin Teigland
robin.teigland@hhs.se
www.slideshare.net/eteigland
@robin.teigland
If you love knowledge,
set it free…
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