Horizon Compliance
  • Home
  • Industries
  • About
  • Blog
  • Training
  • Client Portal
  • Contact

Compliance 

and other interesting stuff

Fintech and Financial Services

8/10/2017

1 Comment

 
We recently did a study for an international law firm group where we assessed Regtech and Fintech. What we saw is that these technologies are in the early stages of disruption of the financial services industry globally and in South Africa as well but that their growth is fast and the change is going to be permeating. 

With $36 Billion (yes, that's 9 zeroes) invested in 2016 in Fintech, the industry certainly has allot going for it. It can potentially cause allot of job loss or job creation, depending at how you look at it. Me, I'm a glass half-full kind of guy so I like to think that these changes are to the betterment of us all and that people can (if they are willing and able) migrate to other professions that will be born from this disruption or that other jobs will be created in startups and smaller companies. Even if AI does take over many human roles in financial services, I believe one is still going to need allot of human interaction to provide a good service (as was evidenced by some recent interactions I had with a bank that it is so focused on leveraging tech that it is bleeding clients due to the lack of human assistance when things go boom).

Automation and AI has essentially been around us for quite a while now and for some reason people tend to not think about these simple things as AI. They usually think of AI as some smooth talking humanoid robot. AI is defined by the Merriam Webster dictionary as:

1 : a branch of computer science dealing with the simulation of intelligent behavior in computers.
2 : the capability of a machine to imitate intelligent human behavior


Now, if you take your average mobile phone, for example. It is an AI device but we don't realise it. Yes, some people use it to only call or play a game of Angry Birds but for others it's a powerhouse of automation (if you're not refreshing facebook or your emails every minute that is, because that will kill your productivity quickly). As beauty is in the eye of the beholder so is tech in the hand of the user. It's all about how you use this technology that's going to make the difference.

"As beauty is in the eye of the beholder so is tech in the hand of the user."

Whether Fintech will become as accepted in South Africa as it is already in other parts of the world remains to be seen. What is clear is that more and more companies are getting on the bandwagon even in South Africa. Even regulators are taking more notice as we've seen at the Financial Services Board FAIS Conference earlier in the year where they gave their commitment to regulate these new Fintech services.


1 Comment
Flying with Anne link
12/14/2020 08:13:28 pm

Veery nice blog you have here

Reply



Leave a Reply.

    by: Horizon Compliance team

    Compliance Experts

    Archives

    October 2020
    August 2020
    July 2020
    June 2020
    April 2020
    March 2020
    January 2020
    November 2019
    August 2019
    July 2019
    May 2019
    March 2019
    February 2019
    November 2018
    October 2018
    August 2018
    June 2018
    April 2018
    February 2018
    January 2018
    November 2017
    September 2017
    August 2017
    July 2017
    June 2017

    Categories

    All
    AML
    Code Of Conduct
    COFI
    Coronavirus
    COVID 19
    COVID-19
    FAIS
    FICA
    Fintech
    FSB
    FSCA
    Regtech
    Regulators
    Training

    RSS Feed

Picture
Copyright © Horizon Compliance (Pty) Ltd 2014-2020

The material and information contained on this website is for general information purposes only. You should not rely upon the material or information on the website as a basis for making any business, legal or any other decisions. Whilst we endeavour to keep the information up to date and correct, Horizon makes no representations or warranties of any kind, express or implied about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services or related graphics contained on the website for any purpose. Any reliance you place on such material is therefore strictly at your own risk. Horizon will not be liable for any false, inaccurate, inappropriate or incomplete information presented on the website.

  • Home
  • Industries
  • About
  • Blog
  • Training
  • Client Portal
  • Contact