Fintech this and fintech that! Everyone is talking about Fintech – billion dollar investments, disruption/evolution, the need to be innovative, remove legacy and move to ‘digital’. It is easy to become engrossed in the high-tech whirl wind, and the lure of the shiny new stuff that is happening around us is undoubtedly exciting. But it is also easy to forget how we ended up here, and lose track of the original pain-points that we’re trying to fix.
So in this post i thought i would take a step back and ask – “What are the problems, & what are the potential solutions?”. Conveniently at the Singapore Fintech Festival this year, in conjunction with PwC, ran a Global FinTech Hackcelerator where they invited teams to develop FinTech solutions addressing various issues. The Monetary Authority of Singapore nicely summarised 100 financial services sector problems (hope you don’t mind my title!) facing both the industry and consumers. Many problems will resonate with corporates across various industries, and in particular with Corporate Treasury teams. Check out the problems and the potential FinTech solutions:
1. KYC, Identity & Authentication
2. Regulation
3. Trade Finance
4. Insurance
5. Financial Literacy
6. Financial Inclusion
7. Customer Experience
8. Payments
9. Portfolio Management
10. Capital Markets
11. General Problems
