FinTech: Understanding the Rise of Innovative Financial Startups

Duration:
2 days
Location:
Prague, NH Hotel Prague
  • The FinTech "Revolution": history, geography
  • Areas Inside FinTech: 30 areas, taxonomy
  • Reaction of Banks: best practices, innovation labs
  • The FinTech Community: global versus CEE region, regulations versus compliance
  • Investing into FinTech: banks and venture capitalists, valuations and real success
  • Risks by FinTech: direct risks to banks, indirect risks to banks
  • Millennials: generation Y versus baby boomers, best reactions from banks
This two-day training provides you a comprehensive overview of the opportunities and threats the rise of thousands of innovative financial startups pose:

"They all want to eat our lunch!" - said famously Jamie Dimon the chairman, president and CEO of JP Morgan about FinTech startups.

1. But who are they? In the first part of this training we will discuss who the lunch-eaters are. We will discuss that FinTech is really a new phenomenon that is fundamentally different from the previous 4 000 years of banking. We will uncover the forces moving this revolution ahead and we will identify the geographic hotspots of FinTech activities.

2. Which areas of banking do they cover? In the second part of this training we will discuss the over 30 areas of FinTech and we will learn about the taxonomy of these areas.

3. How do major global banks react? In the third part of the training we will take a look at HSBC, Citi, Santander and others to show how these major institutions are reacting to FinTech. We will learn about cooperative-competitive techniques and take a specific look at innovation labs and dedicated FinTech VC arms run by major banks.

4. How strong is the FinTech community? In the fourth part of the training we will learn about the FinTech community: incubators, bootcamps, accelerators, co-working, and location-independence.

5. What are the most successful FinTech companies? In the fifth part of the training we will explore the valuation of FinTech companies and take a look at some of the most successful ones out of the total of almost 5 000 such companies worldwide.

6. What are the risks faced and posed by FinTech companies? In the sixth part of the training we will analyze risks and discuss why FinTech companies are thought to be so much more successful in innovation than banks.

7. Who are their clients? Finally, in the seventh part of this training we will learn about the financial needs of the Millennials, how it differs from the needs of their parents. We will discuss opportunities and threats posed by this new generation of clients. We will also take a look at "omnichannel" banking and how it differs from the "multichannel" approach being popular earlier.

09.00 - 09.30 Welcome, Introduction and Warmup

09.30 - 10.15 The FinTech Revolution

  • The definition of FinTech
  • The reasons behind the rise of FinTech
  • The geographic centers of FinTech
  • FinTech Startups vs Bricks & Mortar Banks: David against Goliath?
  • How did the 2008/2009 crisis fuel FinTech?
  • Where will the revolution be in five years?

10.30 - 12.00 The 30 Areas of FinTech

  • A quick look at the 30 areas: 1 minute per area
  • A deeper look at the 10 most exciting areas: 3 minutes per area
  • Workshop on one selected area: 45 minutes

This section covers: Mobile Wallets, P2P Payments, Online Forex Transfers, InsurTech, Digital Currencies, Cryptocurrencies, Crowdfunding, P2P Lending, APIs, Virtual POSs, Biometric Identification, Wearables, Roboadvisors, Social-Media-Based Credit Scoring, Neo-Banks and other areas.

12.00 - 13.00 Lunch

13.00 - 15.00 Reactions by Major Financial Institutions

  • Best practices by: HSBC, Citi, Santander, DBS and others
  • What are "Innovation Labs" by large banks?
  • How do the dedicated FinTech VC arms work?
  • Cooperation and Competition
  • Cooperative Coexistence
  • Acquisitions: stories of success and synergies

15.15 - 17.00 The FinTech Community

  • The FinTech Jargon: Bootcamps, Accelerators, Incubators
  • Location-independent communities: how do they cooperate?
  • How are FinTech companies regulated now?
  • How will FinTech companies be regulated in the future?
  • How is FinTech doing in Central and Eastern Europe?
  • What is the future of FinTech in the CEE region?

Day Two

09.00 - 09.30 Refreshing Day One and Warmup

09.30 - 10.45 FinTech Investments

  • Who are the investors?
  • What are the valuations and what is the problem with these?
  • There are almost 5 000 FinTech companies globally: what are the most successful ones, why and how are they valued?
  • National, Regional and Global FinTech companies: how can FinTech be global in the absence of global regulations?
  • FinTech divestments: every coin has two sides

11.00 - 12.00 Risks Posed and Experienced by FinTech

  • Risks posed by FinTech to incumbent financial services providers.
  • Risks that FinTech companies are facing.
  • Risks in investing into FinTech companies.
  • Risks in internal innovation in banks: Why banks are often unsuccessful with innovation? What is missing and what is present in a banking
    environment that blocks innovation? How to make a bank innovative and keep the associated risks under control?

12.00 - 13.00 Lunch

13.00 - 15.00 The Demographic Background of Innovation in Finance

  • Who are the Millennials? (Also known as: Generation Y)
  • Why are they important?
  • How do they differ from the baby boomers?
  • How can bankers do everyday business successfully with Millennials?
  • Unbanked and underbanked countries: Banking and Mobile Money in Africa and Asia. What can we learn from the underbanked regions?

15.15 - 17.00 Summary

  • One paragraph overview of the seven sections
  • Resources: ppt, notes, intergroup networking opportunities
  • Best FinTech Resources: Online Journals, Communities, Radio Programs, Key People
  • The future of FinTech: The 'Internet of Things' in finances is here!

Evaluation and Termination of the Seminar

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