IF

FINTECH 101:UNDERSTANDING FINANCIAL TECHNOLOGIES

50 hours e-learning course

The evolution of FinTech and its impact on financial services

CONTENTS

Message from the CEO

FinFacts

Endorsements

Contributors

Message from OU

Overview

Outcomes

Modules

Dashboard

Innovate Finance

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4 5Play your part in the new world of FinTech For more information on the course email: [email protected]

The financial services sector is in a period of enormous change. Since the economic crisis of 2008, there’s been a fundamental transformation in the industry landscape with the emergence of FinTech.

Steered by a community of socially driven entrepreneurs and industry leaders, FinTech represents many technologies and many services across sectors and includes everything from

mobile payments and peer-to-peer lending, to challenger banks and digital currencies. At the heart of all these FinTech innovations is the idea that customers matter.

FinTech entrepreneurs and industry champions are listening and responding to consumer demands for greater value, greater flexibility and greater choices when it comes to borrowing, giving or spending their money. They are also doing their part to promote social inclusion, by widening the opportunities for those that do not have access to traditional banking and for those that don’t tick all the boxes for the services they need. In other words, FinTech is what finance should always be about - a vehicle for helping individuals and communities thrive.

This vast and dynamic new FinTech landscape, which cuts across the boundaries of traditional financial services, needs to be understood to fully appreciate its impact to economies and societies. We are therefore thrilled that Open University, one of the world’s most exciting and advanced centres of study, is offering a comprehensive course on this subject. Innovate Finance has helped to shape the curriculum with the help of some of the major innovators and industry players that are creating and driving this exciting sector and making history by transforming the financial landscape forever.

The course is a great opportunity to learn about the origins of FinTech and the complex factors that have led to its creation and growing influence. Crucially, it gives an insight into how FinTech innovation is pushing boundaries and shaping a future of finance that is sustainable and meaningful for everyone.

Lawrence Wintermeyer, CEO at Innovate Finance

MESSAGE FROM THE CEO


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“This is an excellent introductory course to the world of finance, technology and how these two industry sectors can work together for the benefit of all.”

Scott Housley, Former Group Director for Corporate Responsibility at Monitise Group

“SyndicateRoom are disrupting early and growth stage financing for SMEs and are only able to do it through financial and technological innovation. Working on the FinTech 101 course was of keen interest. We want continued growth in this sector and it can only come if we can equip and attract the very best talent Europe has to offer. It felt important to take an active role in the shaping of this course through my direct experiences of innovation in product design for various global brands.”

James Sore, Investment Director at SyndicateRoom

“Designed by the most influential industry leaders and innovators, this course offers a solid and comprehensive introduction of FinTech and its impact on the world of banking. If you are interested in playing a part in the future of finance, this is a good course to take.”

Mark Boleat, Chairman of the Policy and Resource Committee at City of London

ENDORSEMENTS

“FinTech and peer-to-peer lending have become great success stories for the UK, challenging the traditional model of finance, cutting out the middleman and putting the consumer first. RateSetter is proud to have supported The Open University in the creation of this new course.”

Rhydian Lewis, CEO at RateSetter

“To ensure the FinTech sector prospers, it is important that we encourage, nurture and develop new talent. Driving knowledge and education, to enable students to be equipped to enter the ever changing Finance and Technology environment, is pivotal to inspire future growth and ideas. We welcomed the opportunity to work with The Open University and help create relevant and engaging content.”

Anouska Ladds, Head of Emerging Payments Distribution at MasterCard UK&I

“I am extremely impressed with this module. It is well structured and clearly well conceived by an author who understands the topic. Putting it into simple terms, it flows and thus allows the learner to move through it on a well defined learning path. I am confident that the workload is not over burdensome, but having said that I can see that it will require commitment from the learner, which is totally correct.”

Dr Barrie Kennard, Director of Leadership and Management at Cardiff Business SchoolExternal assessor for ‘FinTech 101: Understanding Financial Technologies’


CONTRIBUTORS

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MESSAGE FROM OUMaking FinTech 101: Understanding Financial Technologies

The brief for this course was to demystify a new era of financial services unfolding in the UK. It provides a fast-track for those needing to grasp entrepreneurial and incumbent perspectives on the potential of new technologies and innovations in the context of UK markets and regulation.

Traditional banking models and financial systems face uncertain futures and startup founders seeking a foothold in the marketplace will be encouraged to think critically about the implications and opportunities of changes happening in the FinTech ecosystem.

As academics, our job is to encourage critical thinking and provide students with learning that they can apply in their workplace. So while this course has the rigour of The Open University behind it, it has also tapped into the latest thinking and knowledge of Innovate Finance members. They contributed to its design and defined core content, providing numerous case studies and perspectives on key issues facing FinTech players. Working with those, with first-hand knowledge, provided opportunities to challenge thinking and keep content current.

The course is designed to provide a comprehensive overview for people either working in or interested in innovations that allow customers to access financial products and services and how FinTech business models are being shaped by technology. Throughout the course the drivers behind change and a surge of investment in FinTech are explored from the perspective of customers, entrepreneurs, policymakers and regulators. The impact on strategies for major players and incumbents in the future are also explored. FinTech is changing rapidly with new sub-sectors emerging all the time, drawing in new names and organisations. We anticipate that having created this programme, our partnership with Innovate Finance will allow us to keep those studying the course up to date and informed through a range of ongoing activities and updates.

We would like to herald a special thank you to Scott Housley (Monitise), Anthony Pereira (Percentile) and Jan Skoyles (Microexchanges) who provided their time and specialist knowledge, Scott Murphy (RateSetter) who produced case studies and Dominic Lindley who advised on policy regulation.

Liz Moody, Senior Lecturer, Executive Education at The Open University


OVERVIEW

FinTech 101: Understanding Financial Technologies

It has been said that the combination of events leading up to 2008 precipitated a “perfect storm” in financial services. We are seeing a changing of the guard with the rapid rise of new firms working with and within the sector. Unravelling the antecedents of the crisis provides the backdrop, and understanding something of economics, finance, technology, government policy, regulation, strategy and importantly social and customer trends helps us understand the future where innovation is accelerating change. Technology has always been a driver of growth and innovation in business but none more so than in the financial services sector.

In this 50 hour e-learning course, the participant will learn how the financial services sector has historically relied upon technological innovation and how products and the services are now being shaped and transformed by evolving digital technologies and new entrants. The participant will learn to understand what is driving the emergence of a new breed of business, the technologies these are based on, the solutions emerging to a range of customer and the business challenges.

Finally, to understand the future of FinTech the participant will also need to understand the overall context in which it operates, which means knowing something of the regulatory framework, policies and guidelines that surround it.

Cost

The standard price for this course is £695. The course will be available online for up-to one year. Discount and licence packages are available for bulk orders.

OUTCOMESThe course features the distinctive strengths of The Open University (OU) from its years of expertise in work-based learning:

• Convenience of accessing its clearly presented and sequenced materials, activities and support, whenever suits the participant and wherever they have access to the dedicated website or print key materials to work on them offline

• Support of an expert learning adviser who can clarify study materials, answer questions and help the participant relate the course to thier specific needs

• Work-based activity helping the participant to connect the course to their individual and organisational context and needs. A learning adviser will review the work-based activity and provide personal feedback

• Certification of completion from OU for those who complete the course. The participant can use this to demonstrate their continuing professional development (CPD) activity to their employer and/or professional body (NB the course does not carry academic credit points)

After completing this course, the participant should be able to:

• Contribute knowledge and skills to innovation and change programmes in their organisation• Demonstrate a broad understanding of how financial services has evolved and how it

currently operates • Explain how technology and regulation is impacting on financial services and the drivers

behind this• Be familiar with key financial, economic and technological terms and concepts and the

ability to communicate effectively about them• Analyse and recognise the significance of trends and the role of stakeholders in the FinTech

space and their impact on the future of financial services

Benefits of e-Learning

• Cost effective• Time saving • Learning on the go - anywhere, any time• Easy to track course progress• Discreet


DASHBOARDEach course module has been broken down into bite-sized chunks, so that it can be easily accessed from multi-platforms, such as smartphone, tablet and desktop.

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MODULES

Below is an outline of the key themes of the course:

• Big data• Competition• Cybersecurity • Blockchain technology• Creative disruption• Regulatory challenges in FinTech• Alternative forms of finance• Changing face of banks• Digital banks of the future• Intermediation, disintermediation and re-intermediation• New markets, opportunities and threats• Understanding technologies fundamentals • The payment evolution• The ‘innovation’ process • The challenge for FinTech startups• Traditional vs emergent FinTech models• Data protection

17For more information on the course email: [email protected]

INNOVATE FINANCE

Innovate Finance is an independent membership association that represents the UK’s global financial technology (FinTech) sector. Members range from promising startups to leading global corporations, all with a technology-centric approach to innovation in financial services. Our organisation brings together companies from sectors such as insurance, retail and investment banking, payments, crowdfunding, big data, and alternative finance, to promote and accelerate growth for the evolution of financial services.

Innovate Finance provides members with a single point of access to policymakers, regulators, partners, investors, customers, educators and talent. Our mission is to foster better consumer outcomes through greater choice, social inclusion, diversity, resilience and investment in new technologies that are transforming the sector, for the benefit of all.

Innovate Finance is supported by the City of London Corporation and the Canary Wharf Group.

LEAD SPONSOR FOUNDING SPONSOR

Play your part in the new world of FinTech

www.innovatefinance.com

Schedule a personal induction with the OU team: [email protected]

www.innovatefinance.com

@INNFIN #INNOVATEFINANCE

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