Peter Huang, Beyondsoft’s Director of Data and Analytics, shares expert insight on the current state of finance and technology.
Financial Technology (FinTech) has experienced rising interest over the past five years. Moreover, global FinTech financing has risen seven-fold over the past three years to an estimated US $20 billion for 2015, a rise of 66% in the level of investment from 2014. This deck provides a general background on FinTech, and what has been occurring with it recently. Over 20% of Financial Services business is at risk to FinTechs by 2020, and approximately 78% of CEOs support the integration of FinTech at the top levels of management. Currently, the most used FinTech services are:
- Money/Transfer Payments → 17.6%
- Savings/Investment → 16.7%
- Insurance → 7.7.%
- Borrowing → 5.6%
In addition, the deck discusses the four industry trends (movement into a cashless society, decentralization, mobile, cross-platform connectivity (IoT), and data maturity), as well as innovation for the FinTech of tomorrow — specifically in the terms of the types of projects Beyondsoft has been involved in with regards to this.
This was created by Peter Huang, who has over 20 years of experience in products and technologies to the data center. He worked at Capital One, Expedia, Washington Mutual Bank, JPMorgan Chase, T-Mobile, and served for many years as CDK and other executives. Recently, he became Director of Data and Analytics at Beyondsoft. Meanwhile, Peter still teaches at Seattle University Albers School of Business, and was previously a professor at both the University of Richmond and Strayer University teaching computer technology and statistics courses. He also established the Greater Seattle Informatica User Group and actively promotes cooperation between the technical personnel.
In this presentation, Peter covers background on FinTech, but more importantly he discusses technology’s impact on financial solutions. Other areas of FinTech have been lagging investment and innovation, with the exception of payments and lending. Beyondsoft offers a way to better understand the financial industry in order to innovate for tomorrow.