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| Type | Bachelor's Thesis |
| Scope | Discipline-based scholarship |
| Title | Traditional Markets in Alternative Spaces |
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| Language |
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| Institution | University of Zurich |
| Faculty | Faculty of Business, Economics and Informatics |
| Number of Pages | 51 |
| Date | 2019 |
| Zusammenfassung | This paper investigates the impact of technology on the financial services industry. After a brief introduction, chapter 2 explains the term “fintech” and discusses the role of financial technology startups from three perspectives – relevant technologies, business functions and financial institutions. This thesis builds upon a taxonomy and classification of the fintech land- scape by combining insights of contemporary state-of-the-art publica-tions. Value is added to the literature by including a variety of affected financial services and comparing the traditional market with new technological innovations. In addition, the paper describes the influence of fintech firms and how they will shape the future land-scape of financial services. Therefore, it examines opportunities and challenges of such technological evolution. The subsequent chapters describe a major financial service, the acting players in such field and relevant applications, respectively. Chapter 3 discusses alternative finance, which describes the process of funding money outside regulated banks and capital markets, including crowdfunding and peer-to-peer lending, among others. Incentives of each stakeholder – platform, fundraisers and in-vestors – are explained. Although alternative finance does not replace traditional lending models, it adds variety to the sector, especially for private individuals and smaller firms. The next chapter focuses on digital investments, including investment decisions and execution of financial orders. This field covers social trading, algorithmic trading and robo-advice and illustrates the automation and standardization of processes. Thus, the importance of financial advisors is scrutinized since new solutions offer similar services without the demand of personal contact and high management fees. Moreover, new innovations allow any individual to participate in this field, instead of a selected, usually wealthy network. Chapter 5 investigates cryptocurrency and blockchain. Cryptocurrencies are a con-temporary trend without disruptive potential at this point. Nevertheless, the foundation was laid for future developments in this sector. The true impact will result from smart contracts and blockchain, two concepts originating from cryptocurrencies. Blockchain is interesting since it is considered the next big thing after the internet. Its applications are vast, and it is only a matter of time until it will be established across many industries. The payment and insurance industry are analyzed in chapters 6 and 7. The insurance landscape is considered to adapt slowly but is expected to be the most affected industry across all financial services with innovations regarding digitization, big data and the internet of things. Chapter 8 describes the remaining topics, such as digital identity, compliance and process externalization. Technological evolution should not be considered a diverting phenomenon but rather a slow process revealing how financial services will change in the long-term. The “alternative space” affects every industry. While some have felt its consequences for years, others are beginning to realize the disruptive potential of the changing landscape. |
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