What is fintech?

Fintech is largely concerned with the innovative use of technology to improve and automate the supply of financial services, making processes easier and less tedious for businesses, business owners, and consumers. For instance, rather than commuting to a bank to apply for a loan, you can do so now online. As a result, human intervention is reduced, and transactions are carried out using your technology and mobile devices. It’s utilized to deliver, allow, and improve financial services like payment, wealth management, money transfer, and moneylending. An example of two popular financial apps in Singapore are PayNow and GrabPay.

Digital transformation is predominantly driving the fintech employment market, which means that the positions you see and those that are being created are primarily digitally driven. The fintech industry, as one of the fastest-growing, is well-suited to persons who are passionate about technology, particularly those who want to have access to and work with newer technologies, or who want to gain experience working with newer technologies.

Fintech Investments Over the Years

Fintech financing in Singapore grew at a rapid pace in 2021, with the sector setting new annual funding and deal activity records barely nine months into the year. Fintech firms raised well over $2.1 billion in the first three quarters, breaking the $2 billion barrier for the first time. There were eight deals that were worth more than $100 million pushed the overall capital spent to a new high, accounting for 57.8% of total fundraising for the period. In 2020, there was only one deal of that size.

What are the in-demand Fintech Job Roles?

According to the Forbes Report, the average number of security breaches in businesses has increased by about 40% over the year. The demand for specialized cybersecurity personnel is continuously increasing as cyber-attacks become more sophisticated, particularly on more modern financial platforms. This includes positions in IT security and vulnerability management, which aim to ensure that financial services and transactions are conducted in a secure manner.

Furthermore, because fintech requires a lot of interaction with computers and mobile apps, the front end of apps is crucial — that is, how they look, including the workflow processes required to utilize them, as well as the user experience (UX) and user journey. UX designers, user interface (UI) designers, digital project managers, and digital product managers are in high demand as a result. Another sector that will continue to thrive is data analytics, especially as fintech companies strive to improve their offers and capabilities. Take a look at our Fintech Job Report to identify more of the various fintech job roles and the relevant skills required to excel in it.

What Does it Take to Transition to the Fintech Industry?

Front and Back-end Developers

The importance of programming cannot be overstated. Full-stack developers that work with data, servers, and systems engineering, as well as algorithmic programming specialists, are in high demand as well. From a technological standpoint, you will be able to quickly enter this field if you are able to reskill yourself and brush up on trending technologies, such as the present demand for talents as a Android/iOS mobile developer. Those with good logical and critical thinking skills may choose to seek a career in the fintech business, particularly in areas such as programming and coding, which are logic-based.

Data Scientist/Analyst

Someone with a statistical background would be a great fit for data analysts as this is the type of skill set required for mining data. This could also lead to more technical jobs such as data scientists in fintech firms who formerly have experienced in laboratories and are now interpreting data and predicting current and future market trends.

Advice for Fintech Enthusiasts to Move Into this Sector

Keep upgrading and re-skilling yourself if you’re already in the fintech business. It’s never too late to start if you’re interested in working in the sector. Because of the industry’s rapid growth, it’s acceptable to start from scratch. For example, someone in their 30s with a mid-level job who wishes to change careers can start from the bottom and work their way up. CFTE offers a range deal of Fintech courses with available subsidy to ease your budget! Please take a look at our available Singapore Fintech Courses.

Conclusion

We expect the fintech boom to continue, which is good news for current employees, particularly those who are constantly widening their skill sets, as well as fresh people eager to join the field. It’s crucial to remember that in this sector, change is unavoidable.In order to properly deal with the industry’s quick developments, fintech personnel must be nimble and adaptable. Employees will need analytical and critical thinking abilities in addition to applicable technical and financial skills to approach difficulties creatively.

The post What Does it Take to Join the Singaporean Fintech Industry? appeared first on CFTE.

Why consider a job in Fintech?

Fintech hires people with a wide range of expertise, from institutional bankers to creative marketers. The fact that you’re a problem-solver is crucial. If you are, a job in fintech can provide you with limitless challenges. While the financial services industry has made significant progress in remoulding the world’s financial infrastructure, empowering consumers, and allowing businesses to thrive, there is still much more to be done. Our imagination is the only limit. To help you on your job search, Below are 3 top tips to write an awesome fintech resume:

3 Top Tips to Write an Awesome Fintech Resume

1. Be Specific in your dream job

It is best to write an introductory summary of your career motivation on the top of your resume to tell the employer why you want this position. As you know, fintech jobs are broad and it is best to narrow it down to your passion and advantageous skills to set your professional qualities apart from the competition. The job areas are divided into two: Finance and technology. Having any work or project experience that may support your job position decision is vital. In the finance industry, we have: business and financial analyst, compliance expert, account executive and financial manager. In the technology industry, we have: quality assurance and control, product/project manager, data scientist/analyst, blockchain/web/app developer and fintech analysts.  

2. Skills that organizations are looking for

It is utmost important to write down your hard and soft skills on the top or side of your resume. Fintech jobs are all about finding people with an Intrepreneurship mindset. Hard skills such as Financial Fundamentals and Programming, Machine Learning, CryptoCurrency and BlockChain are various skills and qualities that can help you set yourself apart from the competition. Then soft skills, such as good team communication and collaboration, leadership, adaptability, consistency and curiosity are vital in teamwork to achieve the organisational goals.

3. List down only the relevant project and work roles

One thing a recruiter dislikes, is a long written resume with general information about your past work background. If you have loads of finance projects and work experience, keep it a 2-page resume (not 1.5 page). For fresh graduates, keep it only a page for the recruiter to read easily. Your education background is better if it is a degree related to the finance or technology industry (importantly STEM). Just list down all your course finance projects and case studies and extracurricular clubs that you may be the treasurer or director of. Overall, it depends on how many years of experience you’ve got. You can check out these CV Samples to gain inspiration and an overall view of how it might look.

Conclusion

Fintech jobs can be fulfilling as it involves more exciting programming languages and remote working. Even Though you may have years of finance/tech experience or are just getting started in the field, a Certified Fintech Course is a great way to accelerate your fintech learning. CFTE learners gain insights on the latest financial technology news and exchange ideas and experiences with professional fintech experts that provides them with the skills they need to bring value to a potential employer and this fast emerging industry as a whole. You can chat with CFTE’s customer service to guide you on which fintech path is best suited for you. You can check out the CFTE page to find out more about their self-paced flexible courses from Digital Payments to Open Banking and Conversational Artificial Intelligence in Finance. For Singaporean PR and residents, there are loads of subsidies and discounts up to 90% for you to gain, so just reach out to learning@cfte.education to find out more!

The post 3 Resume Tips to Land a Fintech Job appeared first on CFTE.

Question: If you’re a CEO of a large bank that is overly exposed to Hong Kong, what would you do?

Answer: Based on the data I have, Hong Kong is one of the world’s most profitable banking markets in the world, full-stop! On average, the banking system in Hong Kong generates profits of US$200,000 per bank employee. In Singapore, it’s about US$120,000. No bank in continental Europe comes close to this, and this is with interest rates being relatively low.

In Hong Kong, there have been eight new digital banking licenses given, with two going to incumbents. So, if you consider four of the big banks, two have gone for a standalone banking license as a defensive mechanism. For the big one that didn’t, they have a very strong market position and they will have the budget to spend on digital and technology if needed. However, peak profitability is probably behind them. But in a way it’s a better problem to have compared to some continental European banks that have 1-2% ROE!

Q: What do you think is the current state of talent, how is it changing and what needs to be done to keep pace with change?

A: I think the bigger issue isn’t about talent – it’s about incentives, governance and strategic direction. Some of the smartest talents we know are went into these banks; if they’re not smart right now, something happened to them in there!

It’s very easy to say talent is only here in my cool Fintech startup and not in banks. There is a lot of talent everywhere. However, there is the question of training and relevance. The bigger issue is how you manage these organisations. Getting new skills and taking courses is great, but for me it’s more important to consider how you think about managing these companies and governance.

Q: How do we deal with the challenge of changing approaches to banking when it comes to the workforce?

A: This reminds me of a lunch we did in Singapore. There was a lady asking Huy how to essentially future-proof her kids! In context to your question, there are many people moving from big companies to Fintechs, startups and challenger banks etc. If I had been asked this, I would’ve said it’s not about their technical, accounting or legal skills. It’s a different thing that suddenly they realise they’re not used to – standing on their own two feet. It’s about going from being an agent to a principal. 

All of us who work in big companies know about this – agents are just passing the buck! That is the biggest difference – the culture and psychology. I hope most of the people in these big companies have the skill set to be able to retrain themselves if they wanted to. It’s all about autonomy and responsibility, and not just thinking like an automaton.

Click here to read part 1.

To watch the full presentation on BrightTalk, click here.

Click here to subscribe to the CFTE BrightTalk channel, where you can catch up on all our presentations in full.

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About the AI in Finance programme

The CFTE AI in Finance course has been developed in partnership with Ngee Ann Polytechnic, a leading institute of higher learning in Singapore and features high-quality content taught by five senior lecturers and 18 industry experts.

With an easy to follow format, the course is perfect for busy professionals to understand the technologies behind AI and machine learning that are disrupting finance.

Click here to learn more about the CFTE AI in Finance course.

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About CFTE

We are a platform supported by senior leaders from the largest institutions, startups and universities. We address the needs of professionals in finance to upskill in a rapidly changing industry being transformed by emerging technologies. More than 50,000 participants learn from our online courses, such as AI in Finance, Fintech Foundation or Extrapreneurship, a mini-MBA with fast growing startups such as Revolut or Shift Technology.

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Latest Posts

• AI Governance Is Not the Brake. It Is the Way Forward.
• UK Finance and CFTE Launch New Offering to Build AI Capability Across UK Financial Services
• Building the Human Infrastructure for the UK’s Agentic AI Economy
• Mythos Has Arrived: Why Financial Services Must Prepare for Exponential AI
• AI Governance in Finance: Why Responsible AI Is Now a Strategic Priority

Next Events

The post Q&A with Ronit Ghose – Part 2 appeared first on CFTE.

Question: For a long time, we’ve had low interest rates, so banks aren’t making the money they’d like to. Is this holding them back from changing their technology platform and so they are just tinkering on the side?

Answer: That’s a very good question. We had a checklist in the report where we tried to identify what allowed banks in different countries or system to embrace digital or technological change. One of the key factors was budget. For the banks in regions like Australia, Singapore and the US, the tech budget has been going up with the typical number being about 15-25% of total costs.

From 2010, that number has been growing steadily. In Europe, that ratio has been going down. There’s a very short-term firefighting focus among many European banks currently. The tech can be bought if needed, but it’s prioritisation and incentive that’s the biggest challenge.

Q: Digital banks are innovating with technology, but their fundamental philosophy is the same. Do you see cryptocurrency and direct ownership of money disrupting banking before digital banks?

A: The challenge that banks have is trying to work out what the use case is right now for blockchain and cryptocurrency. Obviously, there are a lot of problems that could be solved. But for me, perhaps 99% of the population care that a bank is like an institution – if anything goes wrong, I will go to the regulator and complain. So, the crypto critique of the role of institutions in banking is a relatively marginal one in my humble opinion.

However, there are lots of parts of banking are very slow and archaic and there could be solutions. I’ve just not seen one that’s industrialised at scale. My favourite non-answer is that it’s like the Internet, but in 1992! I think the problem is that there was so much hype two to three years ago, and it’s almost created this sort of bubble that blockchain is great, but we haven’t gotten the proof and that scale of applications yet.

Click here to read part 2.

To watch the full presentation on BrightTalk, click here.

Click here to subscribe to the CFTE BrightTalk channel, where you can catch up on all our presentations in full.

——————————————————————————————————————–

About the AI in Finance programme

The CFTE AI in Finance course has been developed in partnership with Ngee Ann Polytechnic, a leading institute of higher learning in Singapore and features high-quality content taught by five senior lecturers and 18 industry experts.

With an easy to follow format, the course is perfect for busy professionals to understand the technologies behind AI and machine learning that are disrupting finance.

Click here to learn more about the CFTE AI in Finance course.

——————————————————————————————————————–

About CFTE

We are a platform supported by senior leaders from the largest institutions, startups and universities. We address the needs of professionals in finance to upskill in a rapidly changing industry being transformed by emerging technologies. More than 50,000 participants learn from our online courses, such as AI in Finance, Fintech Foundation or Extrapreneurship, a mini-MBA with fast growing startups such as Revolut or Shift Technology.

——————————————————————————————————————–

Latest Posts

• AI Governance Is Not the Brake. It Is the Way Forward.
• UK Finance and CFTE Launch New Offering to Build AI Capability Across UK Financial Services
• Building the Human Infrastructure for the UK’s Agentic AI Economy
• Mythos Has Arrived: Why Financial Services Must Prepare for Exponential AI
• AI Governance in Finance: Why Responsible AI Is Now a Strategic Priority

Next Events

The post Q&A with Ronit Ghose – Part 1 appeared first on CFTE.

CFTE created the first industry-led course for AI in Finance, a SkillsFuture-accredited course in partnership with Ngee Ann Polytechnic, a leading institution of higher education. Along the way, we quickly realised that many Singaporeans are simply unaware of funding on offer for accredited courses, as well as how to use their SkillsFuture Credits effectively. Simply put, many Singaporeans aged 25 and above have no idea that they’re eligible for $500 in free credits!

As a result, we want to break it down for you. Here’s our easy three-step guide explaining how to use SkillsFuture Credits to kickstart your career in Fintech, with AI in Finance used as an example:

1. Know Your Rights

Whether you want to upskill yourself or are part of a learning and development department looking to upgrade your collective knowledge, there are plenty of courses that have been accredited by Singapore, with enticing subsidies to boot!

SkillsFuture Singapore in Numbers:

• Over 18,000 available courses
• More than 285,000 people have benefited from SkillsFuture Singapore
• At least 4,600 have enrolled in ‘SSG for the Digital Workplace’, learning functional skills for the future digital economy
• At the same time, you can identify eligible courses for SkillsFuture credits through the course directory here

Funding and Potential Subsidies for Singapore citizens:

• SG$500 worth in credits if you are aged above 25
• Accredited courses will be partially funded by the state, with 70 to 90% funded for those aged above 40

On the Training Exchange page, you can search for courses related to certain areas of training, industry sectors, supporting agencies and types of training providers. Popular courses include the likes of Fintech, language skills, innovation in business, cybersecurity and more. 

On the course page, you will find information such as:

• Price
• Claim periods
• Mode of training
• Training duration
• Course language
• Prerequisites and minimum qualifications

However, it’s important to note that not all courses are hosted on the directory! To enrol and verify information like dates and course structure, you should get in touch with the course provider directly. This may be more effective if you refer to their website and, if available, attempt to enrol via their enlisted contact details.

2. Define Your Dream Course

It’s vital that you set some objectives for your ideal course(s). This gives you time to reflect on the areas of need in your career and will eventually optimise the outcome of anything you may learn.

Naturally, different courses will have differing levels of accreditation and prerequisites. It’s important to understand the aspects of the courses, and especially how they relate to or affect your future desired career.

Using Fintech as an example, you may already recognise the widespread industry disruption from emerging technologies like Artificial Intelligence. This evolution urgently calls for an appropriately skilled workforce. The CFTE AI in Finance course fulfils this industry need while providing a clear educational framework for professionals such as:

• A good understanding of the main concepts behind AI, including machine learning, deep learning, natural language processing and more
• Learning to identify potential use cases of AI in different sectors of finance
• Understanding the opportunities / challenges of implementing AI

To top it all off, you will also achieve SkillsFuture accreditation!

3. Apply for a course using your SkillsFuture Credits

Register for your desired course either directly via the course provider or through the SkillsConnect directory.

Using the example of AI in Finance, here’s how to claim directly via a course provider:

1. Head to www.np.edu.sg/lifelonglearning/Pages/aifinance.aspx
   
   
2. Click on the button labelled “Singaporean/Singapore PR Who Are Working Adults To Enjoy Subsidies” below “Apply Now As”.
   
   
3. Sign in with your SingPass ID and fill in any relevant details.
   
   
4. Complete the application and wait for confirmation from Ngee Ann Polytechnic.

As mentioned earlier, the course is SSG (SkillsFuture Singapore) accredited, with a standard price of SG$963. However, with state funding, you will qualify for extensive subsidies:

• Singapore citizens and PRs: $288.90
• SC Qualified for WTS (Promo code: WTS): $63.90
• SC Aged 40 and Above: $108.90
• SC & PR Sponsored by SME (Promo code: SME): $108.90

This accreditation means users can pay the remaining amount with their allotted credit. Here’s how to claim via SkillsFuture Credit:

1. Login to www.skillsfuture.sg/credit/
   
   
2. Click on “Login via SingPass”.
   
   
3. Login using your NRIC and SingPass ID.
   
   
4. Alternatively, you may also scan the QR code using the Singpass Mobile app to login.
   
   
5. Enter the course code: NP_SFAIFIN
   
   
6. Click on “Claim SkillsFuture Credit”.
   
   
7. Double check that your details are correct and confirm your claim.

That’s it, you’re done!

We hope this guide has helped you understand how easy it is to claim and use SkillsFuture credits on SSD accredited courses. You can also look around for our other courses to learn more about the latest trends in Fintech today.

It goes without saying that you should embrace this opportunity to upskill yourself by taking advantage of these subsidies. This is a rare opportunity to prepare yourself and hone your skills, gaining industry accreditation and becoming a better professional!

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About CFTE

We are a platform supported by senior leaders from the largest institutions, startups and universities. We address the needs of professionals in finance to upskill in a rapidly changing industry being transformed by emerging technologies. More than 50,000 participants learn from our online courses, such as AI in Finance, Fintech Foundation or Extrapreneurship, a mini-MBA with fast growing startups such as Revolut or Shift Technology.

Latest Posts

• AI Governance Is Not the Brake. It Is the Way Forward.
• UK Finance and CFTE Launch New Offering to Build AI Capability Across UK Financial Services
• Building the Human Infrastructure for the UK’s Agentic AI Economy
• Mythos Has Arrived: Why Financial Services Must Prepare for Exponential AI
• AI Governance in Finance: Why Responsible AI Is Now a Strategic Priority

Next Events

The post How to Use SkillsFuture Credits to Start Your Career in Fintech appeared first on CFTE.

Why should you care?

In today’s fast-paced world, the only constant is change. Gone are the days of employees clocking in decades of service at the same job, doing mostly the same roles. Therefore, a valued quality is thinking on your feet and being able to adapt quickly and nimbly to industry changes. To use one example, Fintech and AI have been disrupting the finance industry for several years and will continue to do so for the foreseeable future. This means that executives in the industry must learn about these new technologies and how they work in order to adapt and implement changes to remain effective components of the workforce.

Without a mind that can adapt, learn and overcome the various challenges posed by change, workers will become obsolete. Entrepreneurs face such challenges daily, and it is easy to see why such a mindset is highly valued by employers. No company has, or ever will, survive with a workforce consisting of yes men. Alternative points of view are needed, not only to challenge existing mindsets, but also to push the company forward and to embrace change for the better. 

Let’s consider the position of various banks and financial institutions. KPMG predicts that investment deals will continue to grow in 2019, with a focus on Fintechs with proven traction in order to lower risk, while financial institutions are expected to sign more partnerships, while incumbents invest in mergers and acquisitions. If traditional institutions like banks and corporate investors are setting aside funds to invest in change, why shouldn’t you either? Many of these firms now have dedicated innovation teams whose purpose is to accelerate the pace of change of the structure within. If banks realise they’re not safe from change, who’s to say you, as the employee, is?

CFTE Extrapreneurship Programme

Experiential learning is self-explanatory, whereby students learn through experience. In other words, it is sink or swim. This is very much in line with the working culture at many big companies and multinationals, not just fast-paced startups! Entrepreneurs face new challenges all the time, and without the right mindset to think of solutions, their businesses will go bust. Putting learners into their shoes, the Extrapreneurship course will encourage current executives to develop the thinking mind of an entrepreneur. 

Not only does this help extrapreneurship participants develop the right mindset, it also promotes a way of thinking that encourages positive initiatives and discovering new methods of operation that can improve productivity. Think of it as a mini MBA of sorts. While MBAs are built on existing curriculums, it may not be as up to date as CFTE’s Extrapreneurship programme, which uses current strategic issues and implement learning alongside high-growth startups. 

There is a point to be made for the classic education that comes with a traditional MBA, but there is also a very strong argument for alternatives such as Extrapreneurship. In this course, they will work together with startups and fellow learners to dissect and solve real challenges that are currently being tackled in today’s world of finance, making it very much a course that will prepare learners for the challenges they will face.

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The CFTE Extrapreneurship Programme allows professionals to experience the work environment & methodologies of a high-growth startup. Structured as an 8-week curriculum, participants will work in teams remotely and on a part-time basis, on a real problem statement issued by a high-growth startup and curated by CFTE.

Click here to learn more about the CFTE Extrapreneurship Programme.

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About CFTE

We are a platform supported by senior leaders from the largest institutions, startups and universities. We address the needs of professionals in finance to upskill in a rapidly changing industry being transformed by emerging technologies. More than 50,000 participants learn from our online courses, such as AI in Finance, Fintech Foundation or Extrapreneurship, a mini-MBA with fast growing startups such as Revolut or Shift Technology.

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Cover image from mentoring.coleygts.com

Latest Posts

• AI Governance Is Not the Brake. It Is the Way Forward.
• UK Finance and CFTE Launch New Offering to Build AI Capability Across UK Financial Services
• Building the Human Infrastructure for the UK’s Agentic AI Economy
• Mythos Has Arrived: Why Financial Services Must Prepare for Exponential AI
• AI Governance in Finance: Why Responsible AI Is Now a Strategic Priority

Next Events

The post Why is Extrapreneurship Important? appeared first on CFTE.

Artificial intelligence in finance has undoubtedly brought the industry to the next level and is set to revolutionise the way it works. However, it may also have an adverse, short-term effect on human capital. With AI reducing the need for human labour when performing mundane or routine tasks, this may leave some people out of a job. Similarly, if smaller or mid-sized firms form alliances and partnerships, or are merged with other companies to diversify their data pools, this may also affect people in the short-term as some may be susceptible to retrenchment. 

Although AI will open up new avenues for humans to focus on, this will undoubtedly require training or upskilling to learn new skills. In any industry, efficient processes exist thanks to a combination of human and artificial strengths – some basic examples include a carpenter and his tools, doctors and medical machinery, or engineers and specialised software. In the same way, the world of finance has already been highly reliant on this combination of human and artificial strengths; AI is just the next step in this season of evolution.

This is reflected in the views of Erkin Adylov (Behavox) in the CFTE AI in Finance course, saying that thanks to automation, individuals will be free “to start using their imagination and go into more creative roles within the bank”. 

He adds that “this will be a big productivity boost because the creativity that it will unlock is going to be unseen in the context of human history.”

However, such creativity can only be unleashed with an understanding of AI in finance and how it works and its effect on processes. There may be casualties in the short-term, but it is also part of the growing pains that accompany any major industry development. In the same way that computers and the Internet completely changed the way in which we work, AI has the potential to break through existing barriers to create new boundaries for what is possible within not just finance, but all industries the world over.

About the AI in Finance programme

The CFTE AI in Finance course has been developed in partnership with Ngee Ann Polytechnic, a leading institute of higher learning in Singapore and features high-quality content taught by five senior lecturers and 18 industry experts.

With an easy to follow format, the course is perfect for busy professionals to understand the technologies behind AI and machine learning that are disrupting finance.

Click here to learn more about the CFTE AI in Finance course.

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These series of articles is based on the Deloitte report titled “The new physics of financial services | How artificial intelligence is transforming the financial ecosystem” released in 2018. Click here to download the full report.

About CFTE

We are a platform supported by senior leaders from the largest institutions, startups and universities. We address the needs of professionals in finance to upskill in a rapidly changing industry being transformed by emerging technologies. More than 50,000 participants learn from our online courses, such as AI in Finance, Fintech Foundation or Extrapreneurship, a mini-MBA with fast growing startups such as Revolut or Shift Technology.

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Cover image from numadic.com

Latest Posts

• AI Governance Is Not the Brake. It Is the Way Forward.
• UK Finance and CFTE Launch New Offering to Build AI Capability Across UK Financial Services
• Building the Human Infrastructure for the UK’s Agentic AI Economy
• Mythos Has Arrived: Why Financial Services Must Prepare for Exponential AI
• AI Governance in Finance: Why Responsible AI Is Now a Strategic Priority

Next Events

The post How AI in Finance Affects Human Capital appeared first on CFTE.

The rise of artificial intelligence in finance has resulted in a diminished need for search and comparison costs for customers. This pushes financial services providers to extreme ends of the market, with larger returns for large-scale companies and new opportunities created for innovators in specific niches. Overall, this is set to increase healthy competition as institutions begin forming alliances and partnerships to secure a more diverse pool of data, but it also poses potential strategic and operational risks.

Although such partnerships may be enticing, this could also mark the end of small- and mid-sized firms as the market will be skewed to favour large-scale players. For example, it is impossible to imagine a small firm in China taking on the likes of Ping An or Alibaba simply due to the sheer scale of their resources – monetary, data and user base.

The rise of AI platforms has led many consumers to lower-cost providers, while those with specific niche needs will find products that cater to their situation. Similarly, AI also makes it cheaper for firms to create products to respond to demand, accordingly, making it close to impossible for smaller companies to keep up when larger incumbents begin offering AI-driven services themselves.

However, this also creates a new headache for regulators who must decide how to respond to this consolidation in a bid to prevent near monopolies. Depending on the markets they govern, there may also be pressure to create regulations in order to allow new players to rise up, which can be a tricky scenario, especially when there is plenty of cross-border merging.

The alliances and partnerships formed by financial institutions with startups mirrors the words of Martin Markiewicz (Silent Eight) in the CFTE AI in Finance course – “AI is something that is already here. If you understand what it is, perfect timing. If you don’t, you’re kind of behind.”

It is through consolidation that the shortcomings in different areas can be fixed quickly, allowing mid-tier firms to survive and scale their niche offerings, while large-scale players can continue to reap the benefits of collecting diverse data sets. However, whether these alliances will result in healthy competition among alliances or absorption into a few large-scale players remains to be seen.

About the AI in Finance programme

The CFTE AI in Finance course has been developed in partnership with Ngee Ann Polytechnic, a leading institute of higher learning in Singapore and features high-quality content taught by five senior lecturers and 18 industry experts.

With an easy to follow format, the course is perfect for busy professionals to understand the technologies behind AI and machine learning that are disrupting finance.

Click here to learn more about the CFTE AI in Finance course.

——————————————————————————————————————–

These series of articles is based on the Deloitte report titled “The new physics of financial services | How artificial intelligence is transforming the financial ecosystem” released in 2018. Click here to download the full report.

About CFTE

We are a platform supported by senior leaders from the largest institutions, startups and universities. We address the needs of professionals in finance to upskill in a rapidly changing industry being transformed by emerging technologies. More than 50,000 participants learn from our online courses, such as AI in Finance, Fintech Foundation or Extrapreneurship, a mini-MBA with fast growing startups such as Revolut or Shift Technology.

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Cover image from workamaniac.com

Latest Posts

• AI Governance Is Not the Brake. It Is the Way Forward.
• UK Finance and CFTE Launch New Offering to Build AI Capability Across UK Financial Services
• Building the Human Infrastructure for the UK’s Agentic AI Economy
• Mythos Has Arrived: Why Financial Services Must Prepare for Exponential AI
• AI Governance in Finance: Why Responsible AI Is Now a Strategic Priority

Next Events

The post How AI in Finance May Improve Healthy Competition appeared first on CFTE.

Along with Alessandro Di Lullo and Janos Barberis, Huy broke down the key facets of the report and highlights. Using the starting point of 2014, the big segments of Fintech at the time were peer-to-peer (P2P) lending with companies such as Funding Circle and Lending Club, and robo advisors. Out of the 50 Fintech firms listed, 13 were in lending, 10 in robo advisory and a further nine were in the payments vertical.

In the five years since, the collective group received a total of US$38 billion in funding in 2018, with just two of the original 50 gone bankrupt – this highlighted that timing is key in the world of Fintech. However, the group has largely enjoyed runaway success, with four companies even listing for an IPO. The trio also elaborated about the biggest challenge in compiling the report, which was sourcing the data. Ultimately, they had to sift through plenty of hype to come up with the true figures

The report also touched on trends that were missed out, such as emerging markets within Asia completely rewiring Fintech, challenger banks that have begun gaining not just trust, but crucially licenses as well, and InsurTech firms such as Oscar and Shift Technology. Additionally, the trend of tech firms entering financial markets was also on the rise, with these firms making use of their large customer base to quickly scale and gain many clients. Huy also pressed the issue of the importance of being able to think like an entrepreneur, no matter if you work at a large or small organisation.

The event also featured an engaging panel session with Jess Ruben, VP of Business Operations at Judopay and Kate Sutton, Head of Corporate Social Innovation at Nesta also took place, with Gideon Hurwitz, Fintech Manager at Accenture moderating.

Key points touched on included how 1.2 million people in the UK don’t have a bank account, seven million rely on cash and 5.4 million have high short-term costs. They spoke about how these are significant numbers of people that remain part of the market, with Fintech being about fair funds.

Using the example of Monzo serving the underbanked, they highlighted how if inclusivity is not the focus now, there will be no difference between banks and startups. They were also keen to stress the importance of understanding the customer and making it more inclusive in order to scale.

Finally, Huy took to the stage to close out the event by speaking about AI in finance, highlighting how it continues to break records and transform organisations. Those that put AI first will reap the benefits, and he also spoke about how it is a transition between traditional programming and machine learning, with the fundamental difference being computers teaching themselves instead of being hardwired.

He used the example of the 2012 Google cat experiment, where an artificial brain was used to search for videos of cats, but how AI helped them achieve the same thing a year, at 1/50th of the cost!

We would like to thank TechElevate UK once more for this fantastic opportunity to contribute to a wonderful event, and we hope to be present at many more in the future!

Click here to see our upcoming events.

About CFTE

We are a platform supported by senior leaders from the largest institutions, startups and universities. We address the needs of professionals in finance to upskill in a rapidly changing industry being transformed by emerging technologies. More than 50,000 participants learn from our online courses, such as AI in Finance, Fintech Foundation or Extrapreneurship, a mini-MBA with fast growing startups such as Revolut or Shift Technology.

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Latest Posts

• AI Governance Is Not the Brake. It Is the Way Forward.
• UK Finance and CFTE Launch New Offering to Build AI Capability Across UK Financial Services
• Building the Human Infrastructure for the UK’s Agentic AI Economy
• Mythos Has Arrived: Why Financial Services Must Prepare for Exponential AI
• AI Governance in Finance: Why Responsible AI Is Now a Strategic Priority

Next Events

The post Fintech: Past, Present and Future – A Summary appeared first on CFTE.

AI in finance is not just a fad that is designed to make a company look good on the outside; it also transforms how operations in the back-end work. In fact, it can improve operations to such an extent that some companies may even make it available as a commercial service, changing the way a traditional institution works. However, it can also have an adverse effect on talents, especially if they have not been upskilled to understand its potential.

For instance, let us assume that a financial institution makes use of artificial intelligence to drive change in operating models in their centres. Through algorithms and machine learning, these processes continue to improve by utilising data collected from its users, allowing it to self-improve at a rate much faster than previously thought imaginable. In some instances, the usage of cloud-based architecture allows for easy “plug-and-play” with third-party services, allowing more data to be processed in a shorter period. This also further pushes the agenda of centres of excellence becoming services, which can be demonstrated in the rise of open APIs and open banking.

Examples of best-in-class processes that have been made available as SaaS offerings include BlackRock’s Aladdin and Ping An’s OneConnect. So much so that BlackRock’s CEO Larry Fink says that he wants Aladdin to contribute 30% of the company’s revenue, while Ping An’s SaaS is used by almost 500 banks in China.

With open-source AI, it is not hard to mimic successful algorithms. This renders efficiency as a competitive differentiator obsolete as all institutions can now implement the best AI in finance practices. However, it also gives a clear advantage to early movers as it is much harder to collect quality data. Naturally, those that have been transitioning for longer will have much more data at their disposal, allowing them to learn and improve faster.

Shameek Kundu of Standard Chartered says in the CFTE AI in Finance course that “finance professionals have a tremendous opportunity ahead of them in an AI enable world” – this is reflected in how AI is changing operations models in financial institutions. It is now up to professionals in the field to learn how it works in order to make the most of such an opportunity.

About the AI in Finance programme

The CFTE AI in Finance course has been developed in partnership with Ngee Ann Polytechnic, a leading institute of higher learning in Singapore and features high-quality content taught by five senior lecturers and 18 industry experts.

With an easy to follow format, the course is perfect for busy professionals to understand the technologies behind AI and machine learning that are disrupting finance.

Click here to learn more about the CFTE AI in Finance course.

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These series of articles is based on the Deloitte report titled “The new physics of financial services | How artificial intelligence is transforming the financial ecosystem” released in 2018. Click here to download the full report.

About CFTE

We are a platform supported by senior leaders from the largest institutions, startups and universities. We address the needs of professionals in finance to upskill in a rapidly changing industry being transformed by emerging technologies. More than 50,000 participants learn from our online courses, such as AI in Finance, Fintech Foundation or Extrapreneurship, a mini-MBA with fast growing startups such as Revolut or Shift Technology.

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Cover image from finance-monthly.com

Latest Posts

• AI Governance Is Not the Brake. It Is the Way Forward.
• UK Finance and CFTE Launch New Offering to Build AI Capability Across UK Financial Services
• Building the Human Infrastructure for the UK’s Agentic AI Economy
• Mythos Has Arrived: Why Financial Services Must Prepare for Exponential AI
• AI Governance in Finance: Why Responsible AI Is Now a Strategic Priority

Next Events

The post How AI in Finance Changes Operating Models appeared first on CFTE.