1.3: FinTech For Dinosaurs (Part 2)

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來自 The Hong Kong University of Science and Technology 的課程

FinTech Foundations and Overview

80 個評分

The Hong Kong University of Science and Technology

FinTech Foundations and Overview

80 個評分

課程 1（共 4 門，Specialization FinTech: Finance Industry Transformation and Regulation）

Our primary goal is to help you to understand FinTech and to become more confident and persuasive in your ability to analyze and make recommendations to executives within the finance industry regarding how to react to these changes. This FIRST MOOC ON FINTECH IN ASIA-PACIFIC offered by HKUST presents the insight of several professors from the top business school in Asia as well as perspectives from industry professionals. HKUST has been ranked for many years as the No.1 EMBA program in the world, as the number one Finance program in Asia, and as the top MBA program in Asia by multiple independent rating and review journals and surveys. This course "FinTech Foundations and Overview" offers the combined strengths of HKUST in Business, Finance, and Technology as one the world's leading academic institutions on an important area of technology and business innovations. For learners from outside Asia, this also gives an insight into changes happening in the most advanced FinTech markets of the world, since Asia leads worldwide in FinTech adoption and creative innovations.

從本節課中

Introduction to FinTech

In this module (week one), students will gain a multi-dimensional perspective on what FinTech means from the perspective of large firms (and older participants in the industry - e.g. dinosaurs), entrepreneurs, investors, and consumers. Examining what FinTech is, or is not, provides a foundations upon which students can build for better understanding of opportunities and changes.

1.2: FinTech For Dinosaurs (Part 1)8:09

1.3: FinTech For Dinosaurs (Part 2)6:45

1.4: FinTech For Entrepreneurs (Part 1)11:05

1.5: FinTech For Entrepreneurs (Part 2)8:49

1.6: FinTech For Entrepreneurs (Part 3)6:15

1.7: FinTech For Investors (Part 1)7:37

1.8: FinTech For Investors (Part 2)10:04

1.9: FinTech For Consumers10:49

與講師見面

Theodore Henry King CLARK
Associate Professor
Information Systems, Business Statistics and Operations Management Department

Think about how Alibaba created a whole new world for

money markets with Yu'e Bao

So in the mind of the general public and

in the mind of the industry, FinTech is very closely associated with China

And it's very clear that in China, those technology platforms has enabled

the country to leap-frog over a lack of financial development from the incumbents

Now, it's all about information, it's all about data

And the business model of a lot of these platforms is about

making money out of data, in other words data monetization

At the same time, it's all about analyzing the data, as I mentioned

we have a lot of information but it's an information overload, it's not vetted

it's not analyzed, how are we going to deal with that data

There's also a lot of discussion about the technology platform model in particular

when you think of a firm like Apple

relies a lot on developing an entire ecosystem around it

Are we talking about the Apple-ization of finance, or

are we looking at a different model to run the industry?

And most importantly, when I think of my students, I think, what about the jobs?

What are the jobs going to be tomorrow in an industry that is going through

profound changes?

So what's the downside?

The first thing, if you think that like I do, that information and data is the key

Who owns it?

Is it the person who produces it?

Is it the person who analyzes it?

Is it the person who uses it?

So, who owns the data?

Let's look at an example, for example, if you look at stock exchanges, right

stock exchanges get a lot of information from all the transaction that goes

through the platform

Does this information belong to them?

Does it belong to the users?

And what can they do with it?

Can they sell it?

Stock exchanges are now full-profit organizations?

And they work for their shareholders, as opposed to working for their members

So, is this data belonging to them?

Is it belong to the government and the regulators?

Does it belong to the users?

What can they do with it?

Can they charge you for access to your own data?

That data, can it be stolen?

This is not physical, this is something digital

So if somebody accesses this data, is it stolen or does it still belong to you?

And if it happens, what can you do about it?

Who can you complain to?

Which brings about the problem of regulation, which has been a very tough

problem, because regulators operate within national boundaries and

in the real world, but technology has no borders

or difficult to put borders in place

So who is the regulator?

And I think these are big challenges that we are facing today

Some of the scary stuff to conclude because I have to

present the view of what I think is the downside

as we are now moving into an area of artificial intelligence

deep learning, machine learning

So again, who owns the data?

What can you do with it?

And when you think that, eventually

you will have artificial intelligence problems

artificial intelligence designing, artificial intelligence programs

How do we control this?

And also, we have a very positive

very optimistic outlook on technology from the younger generation

We don't look so much at the failures

And hype has come from successes, which are very widely publicized

as Dr. Eberhard Schoneburg said recently

We don't hear so much about the failures

Maybe we should be looking at them more carefully

>> Well, thank you for sharing these thoughts and ideas

One of the things that I think about when I think of dinosaurs is Jurassic Park

They're scary and they're big, and they eat up humans

So maybe, the FinTech firms as dinosaurs are going to eat up all the little

start-ups and the big banks are going to dominate, but the dinosaurs went extinct

They all died

So are the banks going to die instead, and FinTech firms are going to thrive, and

dinosaurs will be gone?

>> No, no, I don't believe that banks will die

I think they will adapt

I mean, banks have for centuries

Some have survived, some have stayed for couple of centuries, and

they've had to deal with technological inventions before

so I believe that banks can adapt

It's, of course, a matter of the management of the bank and

the culture of the bank how- >> But some have died

>> Yes, of course, but then, firms have died before

>> Okay. >> And it's nothing

I mean, I can talk from example of a particular bank that merged with

another bank, it was a clash of culture

Within six months, the bank was dead

>> Yeah. >> This has nothing to do with technology

it was simply a bad bet on a merger

without taking into consideration to culture

So firms die for all kinds of reason, generally to do with management

It can be a wrong bet on the wrong technology, but

it's not specific to banks

>> Okay

So tech can matter, tech can precipitate problems, tech can be badly managed

But it's not the only reason that banks may fail

They may fail from a variety of reasons and sometimes, they get bought out

Sometimes they merge, sometimes there's financial crisis, sometimes they don't get

bailed out by the government, and some banks can win or lose overtime

>> That's right

>> All right, well thank you very much

I appreciate this discussion on FinTech for Dinosaurs

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