2018-重启金融服务（英文版）

Fintech 2.0 Paper Summary

Core Content

This paper, authored by Santander InnoVentures in collaboration with Oliver Wyman and Anthemis Group, outlines the vision for Fintech 2.0—a new era of financial services innovation that involves collaboration between banks and fintechs. It argues that while fintechs have made significant strides in digital transformation, they still operate at the periphery of banking. To drive more fundamental improvements in the financial services industry, fintechs must be integrated into the core operations of banks, working together as partners.

The paper explores several key technologies and applications that will enable this transformation, including the Internet of Things (IoT), smart data, distributed ledger technology, and frictionless processes. It emphasizes that these innovations can lead to profitable change, efficiency gains, and better customer experiences, ultimately reshaping the financial services landscape.

Main Viewpoints

• Fintech 1.0 has introduced minor disruptions in areas such as payments, credit, and personal financial advice.
• Fintech 2.0 represents a broader opportunity to re-engineer core banking infrastructure and processes.
• Collaboration is essential for achieving Fintech 2.0, as banks and fintechs complement each other in terms of regulatory compliance, brand trust, distribution, and technical expertise.
• Digital technology is enabling greater data availability, which can be leveraged to improve decision-making, reduce costs, and enhance customer service.
• Banks have advantages such as established brands, regulatory licenses, and historical data, but often lack the agility and innovation capabilities of fintechs.
• Fintechs are more nimble and can offer user-friendly, cost-effective, and data-driven solutions, but they need to scale and integrate to have a broader impact.

Key Information

1. Fintech 2.0: A Collaborative Approach

• Fintech 2.0 is not a replacement for traditional banks, but rather a collaborative evolution.
• Banks and fintechs should work together to redefine the future of financial services.
• The top 300 banks command a $3.8 trillion revenue pool, offering a substantial opportunity for fintechs to integrate into core processes.

2. Applications for the Internet of Things (IoT)

• Trade finance can be streamlined using IoT for real-time tracking of goods and collateral monitoring.
• IoT data can be used for risk assessment, valuation accuracy, and contract automation through smart contracts.
• Examples include:
  • Fleet vehicle leasing: Monitoring vehicle usage and condition to improve valuation.
  • Real estate (mortgage): Using environmental and usage data to assess property condition.
  • Commodities: Tracking temperature, moisture, and location during transit for accurate valuation.

3. Being Smarter with Smart Data

• Banks have access to large volumes of data but struggle to extract value from it.
• Fintechs can offer specialized analytical tools and innovative data usage.
• Potential applications of smart data include:
  • Identifying the right time and channel to contact customers.
  • Detecting fraud and market manipulation.
  • Improving SME credit scoring using real-time trade data.
  • Enhancing budgeting and financial planning for individuals and businesses.

4. Embedding Distributed Ledger Technology

• Distributed ledgers offer irrevocable transactions, near-instant settlement, and tamper-resistant records.
• They can be used to manage counterparty risk, enhance transparency, and reduce settlement times.
• Applications include:
  • Cross-border payments: Reducing costs and time.
  • Securities settlement: Automating processes and improving accuracy.
  • Smart contracts: Enabling automated execution of financial agreements.

5. Creating Frictionless Processes and Products

• Digital transformation has reduced friction in many banking activities, but mortgages and long-term savings remain complex and costly.
• Opportunities for frictionless processes include:
  • Mortgage digitization: Reducing intermediaries and streamlining approvals.
  • Frictionless saving and investment: Using robo-advisors and personal financial management (PFM) tools to automate and personalize financial services.

Conclusion

• Fintech 2.0 will bring fundamental changes to the financial services industry, driven by collaboration and innovation.
• Banks and fintechs must combine their strengths to create cheaper, more efficient, and user-friendly financial services.
• The future of finance lies in seamless integration and shared value creation, rather than competition.

Summary of Benefits

• Cost reduction in trade finance and collateral management.
• Improved risk assessment and valuation accuracy through IoT and smart data.
• Enhanced customer experience via frictionless processes and products.
• Increased transparency and trust in financial transactions.
• Opportunities for banks and fintechs to cooperate and grow together.

Final Note

• Fintech 2.0 is not just about technology, but about collaboration and shared goals.
• The banking industry must embrace innovation and work with fintechs to stay competitive.
• The message is clear: If you can't beat them, join them.