3.11: Smartphones & Customer Tech (Part 2)

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Do curso por The Hong Kong University of Science and Technology

FinTech Foundations and Overview

12 classificações

The Hong Kong University of Science and Technology

FinTech Foundations and Overview

12 classificações

Our primary goal is to help you to understand FinTech and to become more confident and persuasive in your ability to analyze and make recommendations to executives within the finance industry regarding how to react to these changes. This FIRST MOOC ON FINTECH IN ASIA-PACIFIC offered by HKUST presents the views of several professors from the top business school in Asia as well as perspectives from industry professionals. HKUST has been ranked for many years as the number one EMBA program in the world, as the number one Finance program in Asia, and as the top MBA program in Asia by multiple independent rating and review journals and surveys. This course offers the combined strengths of HKUST in Business, Finance, and Technology as one the world's leading academic institutions on an important area of technology and business innovations. For students from outside Asia, this also gives an insight into changes happening in the most advanced FinTech markets of the world, since Asia leads worldwide in FinTech adoption and creative innovations. This course (FinTech Foundations and Overview) is part of the HKUST FinTech specialization, there will be 3 other courses in the specialization including FinTech Security & Regulation (RegTech), FinTech Risk Management, FinTech Innovative Disruption: Implications for Society. The FinTech specialization will be launched in Fall 2018, stay tuned!

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The Tech of FinTech

The Technology enabling and supporting FinTech is important to understand, and this module provides a brief introduction to each of the areas of technology that enable FinTech business changes, including identity and privacy technologies, blockchain and encryption, big data analytics, AI and automation, and consumer tech innovations. This introduction is designed to be at a level appropriate for business managers or students of business, and is not intended to excite or engage tech geeks.

3.2: Identity, Privacy, and Anonymity (Part 1)9:35

3.3: Identity, Privacy, and Anonymity (Part 2)8:56

3.4: Blockchain and Encryption (Part 1)8:23

3.5: Blockchain and Encryption (Part 2)8:28

3.6: Big Data and Analytics (Part 1)8:03

3.7: Big Data and Analytics (Part 2)8:40

3.8: AI, DSS, and Automation (Part 1)8:46

3.9: AI, DSS, and Automation (Part 2)8:16

3.10: Smartphones & Customer Tech (Part 1)8:54

3.11: Smartphones & Customer Tech (Part 2)6:36

Conheça os instrutores

Theodore Henry King CLARK
Associate Professor
Information Systems, Business Statistics and Operations Management Department

What's coming?

What's the new tech?

Well, the new tech isn't nearly as powerful as smartphones

in transformation and implications for Fintech today.

But it might matter for the future.

And so if you're looking at new apps, you're looking at new ideas.

New startups, new businesses, you might want to look and say,

what is enabled by new technologies?

What kind of new technologies?

Well, some of them are wearable technologies, like a Fitbit,

can track your steps.

If you can track your steps, you may be able to tie it to your insurance and say,

if you walk 10,000 steps a day,

we'll give you a cheaper price on your life insurance.

We'll give you a cheaper price on your health insurance

because you're more likely to be healthy and live longer.

We also might assume that if you exercise every day and do certain things and

live a certain lifestyle, you might be a better risk for a loan.

For credit card, for other things, because people that exercise every day may,

in data mining, turn out to be people who don't default as much on debt.

They're more responsible citizens of their community, and

more trustworthy in some way.

And so wearables may matter.

Apple Watch becomes part of your daily life.

May replace Fitbit or be an alternative to it, and may do much, much more

in affecting your life and enabling new applications, new capabilities.

Some of these technologies may be things like wireless pre-paid cards or

other services.

In Hong Kong society, where I live today, there's a card called the Octopus card.

The Octopus card is a wireless contact list payment system that is a stored

value card.

Now that may say boring and whatever.

We've had stored value cards for a long time.

And this is not new tech.

Now so this is like a smartphone.

It's more than ten years old tech.

But it has changed society in many ways.

Because of its very high convenience factor, because you can take your Octopus

card, keep it your wallet, keep it in your purse, walk on to the subway,

not have to take it off at all, just wave it over a scanner.

It's a wireless, contactless card, stores value.

You can then go to a vending machine, get yourself a Coke,

then go to a restaurant, pay your bill with that, then take the bus home.

And then go pay for your groceries at a grocery store all using your Octopus card.

When it runs out of money it can be tied to your bank account, so

it can automatically replenish.

Although, you don't have to do that.

You can stay anonymous or you can be identified, it's your choice.

And so it's a powerful, contactless, convenient transaction system.

Not for big transactions, but beautiful for

small cash-like transactions to the point where society in

Hong Kong has more than 99% penetration of the Octopus card.

It is the dominant payment system in society and

many people don't need to carry cash anymore.

You just use Octopus for everything.

If you don't use Octopus, you probably would use a credit card or

debit card but Octopus is probably your first choice for a payment system.

There's other capabilities that also may come to play.

And these are a little more speculative, but

you may tie into global positioning, wanting to know people's location.

Use it in different ways to consider risks or data mining or

profiling of behavior, people's attitudes, people's risk in society.

Internet of Things may tell you about what people buy, how they do transactions,

what their interactions are to things like you would do with a Fitbit, but

with many devices and many things about behavior.

Your car may report on how often you bypass the Smart Car,

how often do you drive erratically, how often do you do things that seem risky and

bother the car and then they're reporting back to their service provider and

saying, this guys a high risk, you better raise his insurance rate.

So your car may be an informant on you as it becomes smarter and

says we don't like this human taking over the car that should be driving itself.

You may have VR and AR, virtual reality and augmented reality, or smart contacts,

being able to provide information our smart devices within your body.

Being able to keep your health good or monitor everything about your health,

be able to inject insulin when needed, other things.

This may keep your medical costs lower, which is a big deal in financial markets,

for insurance companies and others.

This may help you to also be a more trusted, reliable employee.

You're less likely to die, you're less likely to get sick, and so

this may in some way improve your life.

Virtual reality and augmented reality are primarily known as gaming capabilities or

technologies, but it might move more into entertainment over time.

It may move into other areas over time.

And as it does so, you may find that the way people

interact in the two main information about where your eyes go, how you react,

how you physically react may tell a lot about a person.

We may be able to do data mining or

analytics about your interaction in the VR or

augmented reality space, and say because of your speed of interaction, because

of the way you drive this virtual car, we'll give you lower priced insurance.

We think you would be an excellent driver.

We think you would be an excellent employee, or

we think you're a lower-cost risk for a loan because of something about

the way you interact in a VR or augmented reality space.

So there may be more things that we can do in Fintech with advanced technology.

Thus far, the big win is smartphone inconvenience,

that's opening up new opportunities for Fintech.

And it's really hard to talk about Fintech and

not recognize the power of the smartphone.

Thank you.

[MUSIC]

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