IB99X-15 FinTech for Consumer Financial Services
Introductory description
Utilizing digital technologies (e.g. Blockchain, Open APIs, Artificial Intelligence, Advanced Analytics), Fintech start-ups successfully venture in traditional financial areas, such as payments, lending, wealth management, investments, trading, insurance. By increasing the availability of and accessibility to financial services through technology and regulatory changes, the Fintech Revolution heralds the financial inclusion of a number of individuals and businesses, who are currently not participating efficiently in the existing financial systems. The purpose of this module is to provide insights into the ongoing Financial Revolution in the consumer financial services and to showcase how digitalization transforms the existing financial sector by providing opportunities for new contenders and incumbent actors.
Module aims
To understand the innovation mechanisms and partnership strategies that characterize the Fintech Revolution
To understand how emerging technologies change consumer financial services
To understand the essence of platformization of the finance sector
To understand how to design responsibly consumer financial services and ensure their adoption
Outline syllabus
This is an indicative module outline only to give an indication of the sort of topics that may be covered. Actual sessions held may differ.
Introduction to Fintech for Consumer Financial Services
Fintech Innovation Mechanisms
Fintech Innovation Strategies within the Fintech ecosystem
Developing Fintech consumer services: who is the consumer?
Developing Fintech consumer services: defining the solution
Adoption of FinTech consumer services
Platformization of Finance Services: Payments, P2P Lending, Crowdfunding, Cryptocurrency
Platformization of Finance Services: Open Banking
Platformization of Finance Services: Embedding Financial Services in Wider Consumer Ecosystems (TechFins, Metaverse, etc.)
Designing Fintech services through Responsible Innovation
Learning outcomes
By the end of the module, students should be able to:
- Demonstrate an in-depth understanding of Fintech innovation mechanisms
- Demonstrate a comprehensive understanding of platformization of consumer financial services
- Demonstrate a comprehensive understanding of the principles of responsible innovation
- Critically evaluate key trends and concepts in Fintech research and practice
Indicative reading list
Imerman, M.B., Fabozzi, F.J. Cashing in on innovation: a taxonomy of FinTech. J Asset Manag 21, 167–177 (2020). https://doi.org/10.1057/s41260-020-00163-4
Gimpel, H., Rau, D. and Röglinger, M. (2018) Understanding FinTech start-ups – a taxonomy of consumer-oriented service offerings. Electronic Markets 28: 245. https://doi.org/10.1007/s12525-017-0275-0
Gomber, P., Kauffman, R. J., Parker, C., and Weber, B. W. (2018). On the Fintech Revolution: Interpreting the Forces of Innovation, Disruption, and Transformation in Financial Services. Journal of Management Information Systems, 35, 1, 220-265.
Gozman, D., Liebenau, J., and Mangan, J. (2018). The Innovation Mechanisms of Fintech Start-Ups: Insights from SWIFT’s Innotribe Competition. Journal of Management Information Systems, 35, 1, 145-179.
Johnson, Kristin N. and Pasquale, Frank A. and Chapman, Jennifer Elisa, Artificial Intelligence, Machine Learning, and Bias In Finance: Toward Responsible Innovation (November 13, 2019). Fordham Law Review, Vol. 88, No. 4, 2019, Tulane Public Law Research Paper No. 19-6, Available at SSRN: https://ssrn.com/abstract=3486441
Chan, R., Troshani, I., Rao Hill, S. and Hoffmann, A. (2022), "Towards an understanding of consumers’ FinTech adoption: the case of Open Banking", International Journal of Bank Marketing, Vol. 40 No. 4, pp. 886-917.
Utami, A. F., Ekaputra, I. A., & Japutra, A. (2021). Adoption of FinTech Products: A Systematic Literature Review. Journal of Creative Communications, 16(3), 233–248.
Roh, T., Yang, Y.S., Xiao, S. et al. What makes consumers trust and adopt fintech? An empirical investigation in China. Electron Commer Res (2022). https://doi.org/10.1007/s10660-021-09527-3
Langley, Paul & Leyshon, Andrew. (2020). The Platform Political Economy of FinTech: Reintermediation, Consolidation and Capitalisation. New Political Economy. 26. 1-13.
Research element
Critically evaluate key trends and concepts in Fintech research and practice
Subject specific skills
Design responsibly a consumer financial service and suggest adoption strategies
Transferable skills
Communciation skills
Study time
| Type | Required |
|---|---|
| Supervised practical classes | 10 sessions of 2 hours (13%) |
| Online learning (scheduled sessions) | 10 sessions of 1 hour (7%) |
| Private study | 48 hours (32%) |
| Assessment | 72 hours (48%) |
| Total | 150 hours |
Private study description
private study and pre-reading
Costs
No further costs have been identified for this module.
You do not need to pass all assessment components to pass the module.
Assessment group A
| Weighting | Study time | Eligible for self-certification | |
|---|---|---|---|
Assessment component |
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| Individual Assignment | 80% | 58 hours | Yes (extension) |
Reassessment component is the same |
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Assessment component |
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| 15-20 min presentation | 20% | 14 hours | Yes (extension) |
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15-20 min group presentation |
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Reassessment component |
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| Individual Assignment | Yes (extension) | ||
Feedback on assessment
via my.wbs
There is currently no information about the courses for which this module is core or optional.