Conference notes

NOTES taken from The Future of Fintech conference 2019 presented by Engineering Investment Group


Canada Fintech Environment:

  • Oligopoly Big 6 banks: More control and regulations, higher fees, less choice, less competition compare to US and Europe
  • Too big to fall. Canadians trust and are loyal to the big banks
  • Canada is a smaller market, so B to B > B to C business

Fintech Future opportunity/ Challenges:

  • Open bank, Open data,
  • Regulations on data, data rights, data ownership
  • National Language processing: Harvest “text” into profitable trade
  • Simplify legal documents into easy & straight forward text to take action
  • Centralized system vs regulated one => Hybrid system (Bank x Fintech collaboration)
  • Online Banking
  • Blockchain will replace interbank transfer
  • AI and Voice command AI to replace Investment advisor
  • Centralized web portal = 1 platform to connect all
  • Amazon Pay
  • Focus on simplicity to facilitate adoption. Client don’t care about the “behind the scene”.
  • Cut middlemen: Clearance and settlement system (T + 2) => instantly
  • Cut audit job: Add sensors or AI to screen anomaly
  • Digital transformation: “I want it now” customer
  • Insurance business model vs prevention model
  •  Biggest challenge: resistance to change (Fight or freeze)

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