Around Fintech in 80 Days: EP1 – What is Fintech? (Part 1) – CFTE Blog

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Around Fintech in 80 Days: EP1 – What is Fintech? (Part 1)

In the first episode of the series, Nicolas explains the thinking behind launching the series and begins to explain to the audience his definition of Fintech based on his reading on Huy’s Fintech and innovation focused blog, Disruptive Finance.
You can also view this episode on iTunes | YouTube  

About Around Fintech in 80 Days

Around Fintech in 80 Days is a unique mentoring process brought to life as a series of Vlogs originally published on Facebook where a Fintech Entrepreneur (Huy Nguyen Trieu) mentors an ambitious young startup founder (Nicolas Tonnard) on how Fintech is transforming the finance industry and the opportunities this represents. In their discussions, they cover a range of topics including Blockchain, P2P Lending, Bitcoin, Challenger Banks, Machine Learning, Big Data, Open Banking and much more.
The series is split into 12 chapters with each chapter containing a series of videos explaining the theme in more detail as follows:
1. What is Fintech
2. Technology in Fintech
3. Education in Fintech
4. Collaboration between Fintech startups and incumbent banks
5. Investment in Fintech
6. Outsiders in Fintech
7. Fintech strategy
8. Neobanks and Challenger banks
9. Bitcoin & Blockchain
10. P2P Finance
11. Ecosystems
12. Fintech: finance for millennials?
We hope you enjoy this episode and if you’d like a more in-depth overview of the main Fintech trends, please have a look at our online Fintech course, Around Fintech in 8 Hours here:
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Transcript of video 

What is Fintech?: Hi Facebook, this is Nicholas speaking from Paris, for the first day of ‘Around Fintech in 80 Days’.
Just a few words before entering our subject. It’s my first Facebook Live, so I’m sorry if it’s not perfect. But we’ll try our best. Today it will be a little bit longer because I will start with an introduction a little bit about ‘Around Fintech in 80 Days’, and then enter the theme of today.
So ‘Around Fintech in 80 Days’, is a mentoring process between Huy and me, that we decided to turn public. The idea is that I started working on the disruptive group’s specific business opportunities that we’re studying, and then I’ve wondered how I could enhance and understand really the global ecosystem of Fintech.
So I’ve asked Huy how can I learn, and how can he teach me a little bit of his knowledge. And he answered a little bit laughing, that I could start reading his more than 200 blogs on his blog. So I started to do that, and I was reading, taking some notes, and uplifting some comments, and questions for Huy, and there we were, he was sharing, I was learning, and at some point we thought that maybe this process could interest some people, to know more about Fintech, and to participate in this mentoring process. So we decided to turn it public. And two points here that are really important for us. The first one is that we’re doing this for you, so the utility is there if you see it, so don’t hesitate to give us your feedback, your comments, your critiques.
We’ll learn as it goes so, we’ll change the process, and we’re trying to build the process. The more suited for you and for us. And the second comment is that we’ll not turn you into Fintech experts, that’s not the point. The idea is to draw an overview of Fintech and to give you the opportunity to understand the different trends, and if you want to dig into one more specific than other, you’ll have the chance to do it with us or alone. The fact is, that ‘Around Fintech in 80 Days’ was meant for me to understand better the ecosystem. So in order to understand the specifics that I want to dig into for personal or professional purposes. So that was the little introduction, introduction, let’s dig into our first subject that is a definition of Fintech.
So what is Fintech? And I share my personal view, and maybe Huy will change it, comment it. For me, Fintech’s, are all the startups that are in financial services, advanced financial industry. That’s a wide definition. Technology is key, but it’s not, but all Fintech’s are not tech-driven companies, and for me, technology is more one of the cause, that enhance the emergence of fintech’s, are as the new habits of consumption, and sentiment of frustration, against the traditional financial system.
In fact, we can underline three common patterns around Fintech initiatives, and more widespread disruption, that are data, all the business models that are created today are around this data analysis, and how we can turn this analysis into revenue streams.
About simplicity, this is the second point. Simplicity because the consumer habits of today are really simple, and we need simplicity, so all the user experience are turned simple.
And the third point is, is the cost of launch that really plummeted, today you can launch a startup with a few dollars in your pocket. That’s for definition, and now the article that I read for today.
The title was ‘Can a Disruptor Grow Ten Times Faster Than an Incumbent?’ So this is not a definition of fintech as an entity, but it’s more a definition of the markets, and of the market where the fintechs are evolving. So the basic interrogation that we gave into this article was where does finance go, and when it would be disrupted.
So I want to highlight the typology that Huy gave in this article, of the different actors that we can see in an industry. So the first one is incumbents. Incumbents are the traditional actors of an industry. The second one is the new entrants. So, for example, is the Locust Airlines, the model is that, with thanks to technology, a simple offer, and the absence of legacy system, these companies can turn down the cost structure, and enter new markets, gaining significant market shares.
There is a different one that is disruptors. Disruptors invent new products, invent new business models, and turn the existing one as outdated or out-passed. This is the example of streaming in the music industry. The fourth actor is the outsider. This is an existing company that leverage existing assets, in order to enter smoothly a new market. We have the example of Alibaba entering finance, but they’re leveraging their customer base, and the trust they have with the customer, to enter smoothly the financial market.
So the conclusion of the article that I read for today, is that in less than ten years, some industry has been completely disrupted, but the financial incumbents still there and still untouched. So this highlights three basic conclusions for me.
The growth, the potential for growth of the different actors that I explained earlier. Most of all new entrants, outsiders and disruptors, and in less than ten years we can gain a significant market share with this potential.
The second conclusion is the potential of the financial industry. As we said, financial incumbents are still there, so there is huge potential for new entrants, disruptors and outsiders in this industry.
And the third one is the reaction. For me it’s quite interesting and exciting, to observe how the financial incumbents will react to this disruptive risk. Most of all because all the finance profession, is about managing risk. So these are my conclusions and comments, I have some questions for Huy, more about the definition of Fintech, and see if he has some differences, and to complement a little bit my definition.
So, about my definition, do you share my views?
Or for instance, for you does fintech embed disruptors, new entrants and outsiders, or it is only about disruptors?
And more widely, and this is a tricky question, maybe it’s not for today but, but the whole point of your article was to ask, when will finance be disrupted?
So if you have a date I’m all ears. Thank you for following, and I’ll see you on Wednesday. And I’ll let Huy answer this questions. Buh-bye!
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