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There has been so many recent developments in the Financial sector, and there have been introductions to core concepts, underlying technologies and trends affecting the sector. On that note, a virtual workshop was hosted by the MAFH on January 27 on the topic titled, Fintech 101, and Lindsay Luppnow – a South African Qualified Attorney & Legal Consultant specialising in Banking, Fintech & Contract Law shared insights.

From Big Data, artificial intelligence, blockchain, smart contracts and application programming interfaces the expert enlightened the audience on the novel yet practical way of bridging the gap between the banked and the unbanked.

Strong emphasis was laid on how Big Data is the key driving force for building a trustworthy and efficient ecosystem that not only facilitates data analysis but also allows for fluid transparency across the financial sector. Since technology is disruptive, it provides innovative solutions which aids in improving existing financial services and can be used for all people regardless of the size of their business.  Lindsay also highlighted how FinTech is being used for infrastructure, banks, startups and developing countries. The fast adoption of mobile phones has made it possible to break barriers for financial inclusion across all countries and according to Lindsay, should be a key focus for all institutions which she describes as “cutting edge today, mainstream tomorrow”.

The main areas of FinTech disruption as explained by Lindsay are crowdfunding platforms, Robo-Advising Apps, Blockchain and cryptocurrencies, mobile payments and insurance also referred to as Insurtech.  The fast pace of the digital realm is urging the world to grasp the possibilities and opportunities that are in front of us and according to Lindsay such disruptive technologies have created an immediate need for legacy banking systems to find a common ground with FinTech and financial institutions to collaborate and work in synergy to provide an array of agile services to the customers.

Watch the full virtual workshop video here: