The Rise And Development Of FinTech: Accounts Of Disruption From Sweden And Beyond

The Rise and Development of FinTech- Front Cover......Page 1
The Rise and Development of FinTech......Page 2
Title Page......Page 6
Copyright Page......Page 7
Contents......Page 8
List of figures......Page 11
List of tables......Page 13
List of contributors......Page 14
Acknowledgments......Page 19
Foreword......Page 20
Introduction......Page 24
A modern institutional theory lens on FinTech......Page 25
The four forces driving change in financial services......Page 26
Chapter summaries......Page 34
Bibliography......Page 39
PART 1: New regulations......Page 42
Introduction......Page 44
Regulatory change drives the evolution of financial services......Page 45
Four areas of regulatory change impact......Page 46
Opportunities when regulations change......Page 49
A regulatory innovation framework......Page 51
Checklist for developing a regulatory innovation strategy......Page 55
Understand regulatory change influence on “FinTech” innovation......Page 57
A current example: the Second Payment Services Directive (PSD2)......Page 59
Recommendations and conclusion......Page 61
Bibliography......Page 62
List of regulations included in the text......Page 64
Introduction......Page 66
Current state of affairs......Page 67
Drivers......Page 70
Challenges......Page 74
Solutions......Page 79
2018 trends......Page 82
Summary......Page 84
Bibliography......Page 85
Introduction......Page 89
Innovation policy in Sweden......Page 91
Human capital and FinTech......Page 92
Policy recommendations......Page 97
Conclusion......Page 103
Bibliography......Page 104
Introduction......Page 108
The origins of cash payments in Sweden......Page 109
Is a cash-free society possible?......Page 110
The potential route toward a cash-free society......Page 113
The role of a central bank in a cash-free society......Page 116
Bibliography......Page 118
Swedish Internet users in international comparison......Page 122
A four-phase model of online banking adoption......Page 123
Diffusion of online banking in Sweden relative to other countries......Page 126
The effect of mobile phone usage on online banking......Page 128
Mobile banking in Sweden......Page 129
Conclusion......Page 130
Bibliography......Page 131
PART 2:
Cognition: legitimacy and views......Page 132
Method......Page 134
Report from the interviews......Page 135
Discussion......Page 148
Conclusions......Page 151
Bibliography......Page 152
Introduction......Page 153
Theoretical concepts......Page 155
Method......Page 161
Results......Page 163
Analytical summary......Page 166
Conclusion......Page 167
Bibliography......Page 168
Aim......Page 177
The three-phase model......Page 178
Concluding remarks......Page 188
Bibliography......Page 189
Lack of a unified codification of FinTech......Page 191
Toborrow.se: capital debt provider, crowdfunding company, or a wealth management tool?......Page 193
Similar output, different processes as compared to a bank......Page 194
FinTech is a tool, not a destination......Page 195
Houston, what is your solution to our problem?......Page 196
User-facing FinTech circles......Page 197
Individual-facing FinTech: individual user-centric visualization......Page 201
Individual-facing circle......Page 205
Conclusions......Page 207
Recommendations......Page 209
Bibliography......Page 210
Introduction and method......Page 213
The Internet is important, but not the main driving force......Page 214
Conclusions......Page 226
Bibliography......Page 227
PART 3:
New norms enabled by new technologies and standards......Page 228
FinTech and digital traces......Page 230
Do we know how much we leave behind?......Page 231
Taxonomy of online data......Page 232
Digital traces in action......Page 234
Taking existing services beyond service data......Page 235
Downside to the commodification of data......Page 239
Conclusion and recommendations for FinTech......Page 242
Notes......Page 243
Bibliography......Page 244
Roads toward modern crowdfunding......Page 246
Genome of crowdfunding......Page 247
Focus on non-financial benefits......Page 249
Platforms’ payout policies......Page 251
Security of crowdfunding......Page 252
Regulation of crowdfunding in Sweden......Page 254
Potential future scenarios of the national crowdfunding landscape in Sweden......Page 255
Notes......Page 257
Bibliography......Page 258
The recent history of payment services in Sweden......Page 261
The Swedish payment system today......Page 264
A note on the role of technological systems for innovation......Page 267
The immediate future of the Swedish payment system: critical drivers of change......Page 270
Concluding remarks and summary......Page 272
Bibliography......Page 273
Mixed environment surrounding robo-advisory......Page 276
Lessons from the US......Page 281
Comments about robo-advisory development from Paolo Sodini......Page 282
Robo-advisory inside out......Page 283
The robo-advisory market in Sweden......Page 288
Case studies......Page 291
The future impact of robo-advisory......Page 296
Bibliography......Page 297
How did it all start?......Page 299
How does the Bitcoin blockchain work?......Page 301
Blockchain applications......Page 306
Corporate governance......Page 318
War of principles......Page 320
Conclusion......Page 324
Bibliography......Page 326
Introduction......Page 332
Bitcoin......Page 333
Scaling Bitcoin......Page 337
Organizing a network no one controls......Page 342
Conclusion......Page 343
Bibliography......Page 345
PART 4:
A view of the actors......Page 348
Banks and digitalization......Page 350
Leadership and people......Page 352
Banks and FinTech......Page 353
The situation in Sweden......Page 356
Swedish banks and FinTech......Page 361
The future of banks in Sweden......Page 364
Bibliography......Page 367
Interviews......Page 372
Introduction......Page 373
Introduction to venture capital......Page 374
Overview of VC investments in the FinTech industry in the Nordics and in Sweden......Page 379
History of FinTech investments in Sweden......Page 382
Development of VCs investing in FinTech in Sweden......Page 384
A VC perspective of the Swedish FinTech industry......Page 388
Strengths, weaknesses, opportunities, and threats of FinTech in Sweden......Page 393
Conclusions and recommendations......Page 395
Bibliography......Page 396
Network economies......Page 399
Trust and the digital society......Page 400
Geography matters: the home bias in crowdfunding......Page 401
Methods......Page 402
Results......Page 403
Implications and conclusions......Page 409
Bibliography......Page 410
Introduction......Page 413
A brief background to the development of the hub......Page 414
About the Stockholm FinTech Hub......Page 416
Conclusion......Page 419
Bibliography......Page 420
Stockholm: the second largest FinTech hub in Europe......Page 422
Method......Page 424
Reports from the interviews......Page 425
Conclusions......Page 431
Bibliography......Page 432
From the harbor of FinTech and back?......Page 434
Is the rat itself maybe sinking?......Page 435
From harbor to hub . . . and back?......Page 438
The sprint toward a cashless society as Stockholm’s benefit from Brexit......Page 439
Recommendations for Stockholm......Page 440
Conclusion......Page 441
Bibliography......Page 442
Food for thought for incumbents......Page 445
Collaboration as a winning strategy......Page 446
The way forward......Page 447
Trust is crucial......Page 448
Implications for policymakers......Page 449
Flexibility from policymakers in the early days......Page 450
Respond to unequal changes......Page 451
Race to the top......Page 452
Bibliography......Page 453
Index......Page 455