Summary of Class 1: Intro and Key Technological Trends Affecting Financial Services

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00:00:00 - 01:00:00

The video discusses the major technological trends that are affecting the financial world, specifically the use of open APIs, the increase in digitization, and the rise of AI and machine learning. It also highlights the importance of startups in the financial sector, and how they are able to compete with traditional financial institutions.

00:00:00 This fintech course is designed for students who want to explore the disruptive technologies affecting financial services. The core of the course is discussing how technology is disrupting finance, and we'll also be looking at the competitive landscape. Each week, there is a posting of readings which provides a foundation for the lectures. This week, we are focusing on two papers from the Financial Stability Board (FSB) and the Bank of International Settlements (BIS).
00:05:00 This class will be teaching about the major technological trends that are affecting finance, both in the United States and abroad. One of the main trends is the use of open APIs, which allow for the sharing of banking data between different websites. Another trend is the increase in digitization and e-commerce.
00:10:00 The three main trends affecting financial services are AI, blockchain, and open banking. Fintech firms, such as Toast, are disrupting traditional financial services providers. Big finance, including banks, has been able to collect economic rents in excess of what would be possible in a competitive market.
00:15:00 This video discusses the four key areas of technology that are affecting the financial world: data, securitizations, user experience, and digital money. It explains how each area has changed the way the financial world operates, and points out that 2018 is a particularly important year for technology in the finance sector.
00:20:00 This video discusses how technological advances are affecting financial services, specifically the Corona Crisis and its effects on the use of paper money. Gary notes that, although many technologies have shifted since pre-historic times, the customer interface has largely remained the same. He goes on to say that, in the 2020s, incumbents in the finance industry will shift to using the cloud more often as it becomes cheaper and more secure.
00:25:00 This video discusses how technological advances have affected financial services over time. Some key examples include the development of mobile payments, contactless cards, and machine learning. It is predicted that these advances will continue to change the way we do financial transactions.
00:30:00 In this video, lecturer Gary Vaynerchuk addresses the three main areas of focus for financial entrepreneurs in the current decade: managing risk, updating customer interfaces, and financial inclusion. He also mentions the importance of big tech and fintech in relation to each other, noting that technologies like AI and machine learning will have a significant impact on the field of finance in the next decade. This talk is important for any businessperson looking to break into the trillion-dollar industry of finance.
00:35:00 In this video, Professor David Susskind discusses the different types of technology that are affecting financial services, including artificial intelligence and machine learning. He mentions that these technologies are important for understanding patterns in data, which is why they are being used in various areas such as medical diagnoses and financial decisions. He also mentions that there are privacy concerns associated with these technologies, but they are still being developed and will continue to evolve in the future.
00:40:00 This video covers classic statistics and how they're being used in finance, how technology is affecting the industry, and how regulation affects startups and technologies. It also discusses how different countries approach regulation and how startups can avoid getting bogged down by regulation.
00:45:00 In this video, a professor discusses the various challenges that will arise from the implementation of artificial intelligence and machine learning in finance. Among these challenges are the need for regulatory clarity, the difficulty of explaining patterns in data, and the potential for bias in data.
00:50:00 In this video, we discuss the importance of open APIs and open banking, and how they are more relevant than blockchain technology in terms of affecting the financial sector in 2020. We also discuss the potential risks associated with machine learning and ai, and how these technologies need to be able to be explained, unbiased, and robust in order to be effective.
00:55:00 The video discusses the different types of financial institutions and how they operate. It also mentions the role of startups in the financial sector, and how they are able to compete with traditional financial institutions.

01:00:00 - 01:10:00

This video introduces the key technological trends that are affecting financial services, including artificial intelligence, machine learning, and the customer interface. It also offers tips on how to manage group projects, and emphasizes the importance of professionalism.