Financial Services Technology Revolution: Keynote at NASAA Annual Conference

FinTech or financial technology has become an industry of great interest for investors, financial service professionals, consumers, businesses, and policymakers. From 2012 to 2017 Q2, VC-backed FinTech firms raised $50 billion globally (see CB Insights). Additionally, several central banks and international agencies have formed working groups with FinTech leaders or created sandboxes (see IMF and Bank of England). In this blog, Chakravorti discusses what is different about today’s financial technology providers, how the FinTech industry improves financial products, and how FinTech firms compete and partner with incumbent financial institutions.

In his presentation in Madrid, Spain in April 2017, Bob Chakravorti discussed how the financial sector is rapidly changing because of new products and services brought to market by FinTech firms. Specifically, he discusses certain market segments where new entrants are reducing market frictions. He puts forth how incumbent financial institutions should respond to new entrants.

Chakravorti presented at Payments Canada 2018 in Toronto on May 9, 2018. He discussed the response of incumbents to the entry of FinTech firms. Specifically, he discussed payment, lending, wealth management, and cryptocurrency segments. He touched on the role of regulation and discussed the lack of banking services in the U.S. because of regulatory asymmetries.