Part 4: New Approaches to Infrastructure
Foreword
Introduction
Part 1: What the Infrastructure Needs to do
Trades and Products
Where do Trades Come From?
The Purpose of the Infrastructure
Typical Infrastructure
Part 2: The Problems with Trade Processing Infrastructure
The Problems
The Evolution of Technical Complexity
The Regulatory Challenges
The Complexity Cycle
Part 3: Historic Approaches to Transformation
BAU/Incremental Change
Front-to-back Re-engineering
Functionalisation, aka “Factories”
Front-to-back Systems
The Golden Middle
Simplification
Part 4: New Approaches to Infrastructure
Digital
Cloud and Utilities
Artificial Intelligence and Robotics
Big Data and Analytics
Blockchain/Distributed Ledger Technology
Distributed Ledger Technology: Hybrid Approach
Nirvana?
2014 has been identified by various sources11 See “The Fintech Revolution”, The Economist, May 9, 2015 (http://www.economist.com/news/leaders/21650546-wave-startups-changing-financefor-better-fintech-revolution); and M. Dietz, S. Khanna, T. Olanrewaju and K. Rajgopal, McKinsey, February 2016 (http://www.mckinsey.com/industries/financial-services/our-insights/cutting-through-the-noisearound-financial-technology). as the year that investment in “fintech” started to boom, with venture capital investment reaching US$12 billion. Once again turning to our old friend “the problem of definition”, continual talk and hype (of even the most unlikely ideas) leads to progressively more confusion regarding what people are talking or writing about.
Many promises have been made about the revolutionary change of fintech, but the range of meanings casually used for the term can be baffling. Fintech can mean the start-ups that threaten to disintermediate existing banks and the financial sector – hence the “threat of fintech to banking”, as well as the start-ups that create new products (often based on a similar set of technologies) for the banks – ie, “non-threatening fintech”. Fintech can also
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