Download - Three Technologies Disrupting the Traditional Banking Industry by Ritchie Capital Management
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THREE TECHNOLOGIES DISRUPTING TRADITIONAL BANKING INDUSTRY
Presentation by Ritchie Capital Management
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Fintech has expanded its
presence in the financial sector
quickly in the past few years with new innovations rapidly entering the space
regularly.
Image source: forbes.com
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With the advent of internet
connectivity, financial products are evolving to fit
new systems.
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With technology advancing at
breakneck speeds with better
efficiency and scalability, how will traditional banking
fare in comparison?
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How will yesterday’s
financial answers do versus the
fintech revolution?
Image source: tonetag.com
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Ten years ago, many of the services offered today were in the ether -- not yet invented. Now, with Silicon Valley infiltrating every day vernacular, people are starting to see tech -- even fintech -- as old hat. It’s no
surprise that technologies like streaming music, eBooks, and shopping online will
translate seamlessly to banking.
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HERE ARE 3 SIGNIFICANT FINANCIAL INNOVATIONS
THAT HAVE PAVED THE WAY:
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#1. BITCOINA digital asset and a payment system invented by
Satoshi Nakamoto, who released it as open-source software in 2009, Bitcoin is a currency system.
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BITCOIN:
The peer-to-peer system allows transactions to
take place user-to-user, without a middle person.
Image source: money.cnn.com
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BITCOIN:
These transactions are then verified by network nodes and recorded in a public distributed ledger
called the blockchain -- which uses bitcoin as its
unit of account.
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BITCOIN:
Since the system works without a middle entity or admin, the U.S.
Treasury categorizes bitcoin as a decentralized virtual currency.
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BITCOIN:
Though other decentralized systems have
preceded Bitcoin, it is the largest of its
kind in terms of total market value.
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#2. API (APPLICATION
PROGRAMMING INTERFACE)
In computer programming, (API) is a set of protocols and tools for building software and
applications.
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API:
An API can have many applications, some being web-based, operating,
or database systems.
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API:
It offers ways to develop
applications for systems using
specific programming
language.
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API:
A programmer who develops an
API for Android can interact specifically with its hardware.
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API:
APIs are a common way
technology companies
integrate with a common business
ecosystem.
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#3. OPEN SOURCE
MOVEMENT IN FINANCIAL SERVICES
This is community movement of developers attempting to work together on the same project.
Image source: techcrunch.com
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OPEN SOURCE:
Companies like Mozilla and Allevo are paving the way
for open-source domains in
banking transaction-processing software.
Image source: www.globoforce.com
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OPEN SOURCE:
OpenGamma, a UK startup has taken this a step further to provide a risk
analytics platform.
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OPEN SOURCE:
Open source financial
applications are extremely attractive
because they are available for use on
the Cloud with a growing number of them available on mobile devices.
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OPEN SOURCE:
As many users are using their
smartphones to perform banking operations, this provides great
ease of use.
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Being as these are only three of the innovations already establishing a foothold in everyday banking activities, the days of
the tried and true traditional banking systems may be numbered. Though the brick and mortar aspect of banking still
holds relevance, ten years from now, who knows?
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SOURCE:
http://bankinnovation.net/2014/04/four-technologies-that-will-revolutionize-financial-services/
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