Join Techfoliance next June the 11-13th in Dublin for MoneyConf, one of the most important Fintech summit in Europe addressing top trends in the industry, as well as in insurtech and big data.
For this new edition 2018, MoneyConf is gathering more than 5000+ attendees, 720+ CEOs and 1000+ Companies coming from 60 countries. MoneyConf is an invite-only event focused on Fintech and other sub segments such as Cryptocurrency, P2P lending and Digital banking, Asset & Wealth management, Fund payments or Insurance.
Since 2015, the world’s leading bitcoin, cryptocurrency and fintech experts have been sharing insights and vision at this event.
Fintech in Ireland: Key Figures
More than 5,000 people are employed in FinTech industry in Ireland, potential to double by 2020 (Source: Deloitte).
Nearly two-thirds (64%) of Irish respondents believe that consumer banking will continue to be the epicenter for disruption over the next five years (compared with global average of 72%) (Source: PwC Ireland).
On average, €16 million out of €400 million in venture capital investment in high-tech companies, has been invested in FinTech companies over the last three years (Source: Deloitte).
Nearly a quarter (23%) of Irish survey respondents say that insurance is likely to be the most disrupted by FinTech over the next five years (Global: 25%) (Source: PwC Ireland).
Over 5,000 of the top names in the industry, from CEOs of global institutions and brands to the founders of the world’s most disruptive startups have made it the place where those redefining the future of finance meet.
For this year’s session, the #MoneyConf / @MoneyConfHQ is expected to be even bigger with more than 5000+ interntional delegates. During the two days event, 1000+ companies will have the chance to meet with entrepreneurs, investors and experts.
The conferences will be conducted around key topics such as:
Techfoliance is glad to come to this event as a media partner. We will forward you with daily live news so that you can follow the best of MoneyConf if you did not have the chance to come directly to Dublin to attend the event.
Do not hesitate to contact us before if you want to manage a meeting with our team to share thoughts, become a contributor or pitch your Fintech to be featured on our media !
Techfoliance (by INVYO) is glad to share with you its latest video on the state of Fintech in Israel, released in partnership with Tel-Aviv based Equitech Financial Consulting.
With almost 600 Fintech, the start-up nation is also one of the most dynamic and advanced ecosystem in financial technologies.
A small revolution happened today in the french FinTech sector: pro tennis player Gael Monfils has publicly expressed his interest toward cryptocurrencies and other financial products, through the investment platform eToro.
Companies very often work with brand ambassadors such as movie stars, social network influencers or even sports players to promote their products and services. What is unusual in this case is to hear a public figure like Gael Monfils supporting the advantages of an online investment platform.
Even if the storytelling seems obvious to some people (like being a professional tennis player requires the same qualities than investors: hard work and the ability to recover from failure), from a regulatory perspective it is probably the very first time that such an announcement is being made.
Who is behind this genius marketing campaign?
eToro, the leading social trading platform, has been at the forefront of Fintech for more than 10 years now, establishing itself as an innovative brand, which appeals both to veteran traders and young newcomers who want to take control of their financial future.
“A main goal of ours is to constantly be ahead of the pack and continuously introduce new and exciting features that will give our clients real value. We believe Gael embodies many of our values and we’re proud he is part of our online trading community,” says eToro CEO Yoni Assia
Disruptive financial product called CopyFund
The company has been gaining momentum compared to its competitors thanks to a range of highly disruptive investment products, such as the CopyFunds. Basically, CopyFunds are managed portfolio products that group together either top traders or financial assets into one investment instrument.
As an example, the tennis player invested in an investment product called MomentumDD CopyFund that uses machine learning algorithms to locate traders that are most likely to generate a positive return over the next quarter and places them in one portfolio.
According to Yoni Assia:
“Top Trader CopyFunds are like having thousands of traders, all working for you.”
Another example would be the InTheGame CopyFund, a portfolio of leading companies from the video game industry, comprised of game studios, console manufacturers and hardware developers.
When finally looking deeper at Gael Monfils’ portfolio on eToro, we see that the tennis player also invested in stocks from french companies like Vinci, LVMH or Allianz, and also allocated some funds to cryptocurrencies like Ripple, Litecoin or Ethereum.
His investment positions are public and can be followed by anyone. The success is of course not guaranteed, and even if it must not be considered as a no risk activity, it seems that his strategy performed well in the past 12 months with a total gain of 11.87%.
Your capital is at risk. This post is brought to you as part of a serie of articles that will be published by our team of analysts on behalf of our client eToro.
Artificial Intelligence has caught the attention of the world, including financial institutions. While AI-based FinTech solutions may not get the same attention than autonomous cars or robot dogs, its impact will undoubtedly be felt.
AI-based FinTech solutions will both save financial institutions billions in cost and create billions in additional revenues, potentially creating more than a trillion in additional profits in the financial services industry.
A study done by Accenture showed that the implementation of AI in the financial sector could lead to a 31% increase in profitability rates by 2035.[1] Moreover, AI will allow to customize financial services delivered to clients, leading to an enhanced customer experience.
USE CASE 1: AI for fraud detection
Fraud detection and management is imperative for financial institutions now more than ever, as they are faced with new and more sophisticated threats to client data and security breaches. Banks could face fines of more than a billion dollar for failing to meet government standards against money laundering, GDPR regulations and other financial crimes. This has lead to a drastic increase in anti-fraud efforts by banks, many of which have proven to be time consuming and costly.
However, with the rise of AI-based FinTech solutions, banks now have the opportunity to fight against fraud more effectively, effortlessly and at a fraction of the cost.
Example: Ayasdi by HSBC
Ayasdi by HSBC
HSBC is an extreme example of the costliness of not being compliant with AML laws; the company was fined $1.9 billion for its failure to control money laundering.
As part of its effort to prevent this from happening again, HSBC implemented Ayasdi’s solutions. Ayasdi is a FinTech venture that provides anti-fraud solutions to banks. They found that many of the world’s best banks had false positive rates of up to 95% or higher. Using Ayasdi’s AML solution, HSBC found a reduction of 20% in false positives, without reducing the number of cases reported for suspicious activity.[2]
Thus, HSBC was able to save thousands of hours investigating compliance risks and in addition HSBC met many of the government required compliance regulations, saving them from being subject to further government-imposed fines.
The ability of AI to make such a significant impact on fighting against fraud will save financial institutions immense amounts of money and will ensure that their clients’ money and personal information is safe.
USE CASE 2: AI for big data mining
Another key use case for AI in financial institutions is big data mining and process improvement. Banks are flooded with consumer data, legal documents, etc. and are unable to review or analyze a fraction of the information they hold. FinTech ventures that utilize AI are able to drastically reduce the time it takes financial institutions to analyze their data and improve their processes, while also freeing their employees from working on mundane tasks.
Example: COIN by JP Morgan
COIN by JP Morgan
JP Morgan implemented a program called Contract Intelligence (COIN), an AI system tasked to analyze documents quicker and decrease errors made while analyzing these document.
COIN was able to analyze 12,000 annual commercial credit agreements in a matter of seconds.
Prior to utilizing COIN it took JP Morgan employees 360,000 hours to analyze the same amount of documents.[3] Using COIN, JP Morgan was also able to reduce errors made in analyzing the documents.
The application of AI solutions is and will continue to save financial institutions time and money on tasks that are mundane but necessary.
USE CASE 3: AI for back-office operation
Lastly, AI FinTech solutions have proven that they can have an immense impact on financial institutions in back-office operation. AI also has great potential to improve user experience with financial institutions through client facing solutions.
A recent survey reported that[4]:
76% of bankers “believe that in the next three years, the majority of organizations in the banking industry will deploy AI interfaces as their primary point for interacting with customers.”
A common use case for AI in the front office is customer service bots. However, more advanced technologies have lead to a wider variety of solutions such as automated advisory assistants that take into account the clients’ interests, financial portfolio, financial history, and desire risk to offer them individualized investment strategies.
These solutions provide clients with in-depth, personalized services; allowing financial institutions to create more value for the client, without sacrificing time spent of its employees.
On May 28th, FinTech-Aviv will host a summer kick-off event at Rise Tel Aviv that will be focusing on AI-based innovations for the Financial Industry; visit the FinTech-Aviv meetup page to register; the event will also be broadcast live on the FinTech-Aviv Facebook page.
Want more data about fintech startups? Access your own dashboard with INVYO Analytics or Sign up for free now.
[1] Purdy, Mark. “How AI boosts industry profits and innovation.” Accenture. 2017.
[2] Irrera, Anna. “HSBC partners with AI startup to combat money laundering.” Reuters. 1 Jun 2017.
[3] Rieker, Falk “Why 2017 was pivotal for AI transformation in the financial industry.” CIO. 18 Dec, 2017.
ICOs are gradually finding better recognition everywhere. Faced with a new mode of financing which has proved its worth, the inevitable march towards regulation has begun, France having decided to jump onboard before missing out on the opportunity.
In a few months, probably after summer, the French regulator AMF (Autorité des Marchés Financiers; The Financial Markets Authority) will publish its good conduct instructions. In this case, it consists of visas: exactly the same as for companies that would like to float on the stock market. The difference this time being that the door is opened for those launching an ICO (Initial Coin Offering).
France, a promised land for ICOs
This simple fact illustrates well that the tide is turning from a regulatory point of view, at least in France. It is trying now to be a welcoming land for ICOs, and it seems that the principal itself of these fundraisings has well and truly found a more than favourable reception. For the AMF, this consists in particular of giving an opinion on projects, staying close to this area but also attempting to “protect” investors by bringing their credit to a project.
Emmanuel Macron in fact already seemed in favour when he was minister of the economy. His successor Bruno le Maire is following suit. He recently wrote on Twitter:
“We will not miss out on the blockchain revolution! Cryptoassets, bitcoin, fintech….France wants to spearhead building tomorrow’s world!”
The beginning of a new world
Although there has been an appreciable difference in France taking steps in favour of the blockchain, ICOs and cryptocurrencies generally, we are only at the beginning of this adventure.
Many questions remain, for traditional investment funds but also for Family Offices and other traditional investors. The same applies for expert accounting firms, but also banks that still balk at offering bank accounts to hold funds coming from ICOs.
We still have a long way to go and for the moment, a large part of the manna from heaven that generates ICOs still evades France. Proof of this is that the vast majority of projects find their success elsewhere. We have even seen some companies moving abroad for fiscal reasons, evidence that France is not yet as friendly as it maintains. Malta, Gibraltar and even Switzerland have picked up on this and like to think of themselves as these (financial) welcoming lands.
This is the beginning of a new world. There is everything to play for, in ICOs as much as in the blockchain in general. 6.3 billion dollars were raised via ICOs just in the first quarter of 2018, already more than in 2017 altogether. For the time being France only accounts for 2.5% of this amount; less than Lithuania (2.47%), Estonia (3.71%) or Gibraltar (2.47%).
Liimex is a Germany-based InsurTech that has created a digital insurance broker for businesses. Entrepreneurs and corporates can choose and manage their insurance policies more efficiently than ever before through a unique combination of cutting-edge technology and human experts.
Discover here: http://www.liimex.com
Motions
Motionsis a Germany-based InsurTech that provides an intelligent claims solution for property and motor insurers to streamline and automate claims processes. The solution reduces claims cycle time from days to hours, reduces claims processing cost up to 75%, and improves the customer claims experience with mobile, AI, and video-enabled technologies which can integrate with legacy systems.
Sherpa is a Malta-based InsurTech that is shaking up the traditional insurance model to benefit consumers. The company provides perfectly personalised insurance in one simple account for one payment.
Anorak is a UK-based Insurtech startup that is building the world’s smartest independent insurance adviser with a mission to put people back in control. The company uses data science and machine learning to power a service that gives everyone access to tailored advice about their life and their risks.
