The Rise And Development Of FinTech: Accounts Of Disruption From Sweden And Beyond 94

This comprehensive guide serves to illuminate the rise and development of FinTech in Sweden, with the Internet as the key underlying driver. The multiple case studies examine topics such as: the adoption of online banking in Sweden; the identification and classification of different FinTech categories; process innovation developments within the traditional banking industry; and the Venture Capital (VC) landscape in Sweden, as shown through interviews with VC representatives, mainly from Sweden but also from the US and Germany, as well as offering insight into the companies that are currently operating in the FinTech arena in Sweden. The authors address questions such as: How will the regulatory landscape shape the future of FinTech companies? What are the factors that will likely drive the adoption of FinTech services in the future? What is the future role of banks in the context of FinTech and digitalization? What are the policies and government initiatives that aim to support the FinTech ecosystem in Sweden? Complex concepts and ideas are rendered in an easily digestible yet thought-provoking way. The book was initiated by the IIS (the Internet Foundation in Sweden), an independent organization promoting the positive development of the Internet in the country. It is also responsible for the Internet’s Swedish top-level domain .se, including the registration of domain names, and the administration and technical maintenance of the national domain name registry. The book illustrates how Sweden acts (or does not act) as a competitive player in the global FinTech arena, and is a vital addition to students and practitioners in the field. The Rise and Development of FinTech- Front Cover......Page 1 The Rise and Development of FinTech......Page 2 Title Page......Page 6 Copyright Page......Page 7 Contents......Page 8 List of figures......Page 11 List of tables......Page 13 List of contributors......Page 14 Acknowledgments......Page 19 Foreword......Page 20 Introduction......Page 24 A modern institutional theory lens on FinTech......Page 25 The four forces driving change in financial services......Page 26 Chapter summaries......Page 34 Bibliography......Page 39 PART 1: New regulations......Page 42 Introduction......Page 44 Regulatory change drives the evolution of financial services......Page 45 Four areas of regulatory change impact......Page 46 Opportunities when regulations change......Page 49 A regulatory innovation framework......Page 51 Checklist for developing a regulatory innovation strategy......Page 55 Understand regulatory change influence on “FinTech” innovation......Page 57 A current example: the Second Payment Services Directive (PSD2)......Page 59 Recommendations and conclusion......Page 61 Bibliography......Page 62 List of regulations included in the text......Page 64 Introduction......Page 66 Current state of affairs......Page 67 Drivers......Page 70 Challenges......Page 74 Solutions......Page 79 2018 trends......Page 82 Summary......Page 84 Bibliography......Page 85 Introduction......Page 89 Innovation policy in Sweden......Page 91 Human capital and FinTech......Page 92 Policy recommendations......Page 97 Conclusion......Page 103 Bibliography......Page 104 Introduction......Page 108 The origins of cash payments in Sweden......Page 109 Is a cash-free society possible?......Page 110 The potential route toward a cash-free society......Page 113 The role of a central bank in a cash-free society......Page 116 Bibliography......Page 118 Swedish Internet users in international comparison......Page 122 A four-phase model of online banking adoption......Page 123 Diffusion of online banking in Sweden relative to other countries......Page 126 The effect of mobile phone usage on online banking......Page 128 Mobile banking in Sweden......Page 129 Conclusion......Page 130 Bibliography......Page 131 PART 2: Cognition: legitimacy and views......Page 132 Method......Page 134 Report from the interviews......Page 135 Discussion......Page 148 Conclusions......Page 151 Bibliography......Page 152 Introduction......Page 153 Theoretical concepts......Page 155 Method......Page 161 Results......Page 163 Analytical summary......Page 166 Conclusion......Page 167 Bibliography......Page 168 Aim......Page 177 The three-phase model......Page 178 Concluding remarks......Page 188 Bibliography......Page 189 Lack of a unified codification of FinTech......Page 191 Toborrow.se: capital debt provider, crowdfunding company, or a wealth management tool?......Page 193 Similar output, different processes as compared to a bank......Page 194 FinTech is a tool, not a destination......Page 195 Houston, what is your solution to our problem?......Page 196 User-facing FinTech circles......Page 197 Individual-facing FinTech: individual user-centric visualization......Page 201 Individual-facing circle......Page 205 Conclusions......Page 207 Recommendations......Page 209 Bibliography......Page 210 Introduction and method......Page 213 The Internet is important, but not the main driving force......Page 214 Conclusions......Page 226 Bibliography......Page 227 PART 3: New norms enabled by new technologies and standards......Page 228 FinTech and digital traces......Page 230 Do we know how much we leave behind?......Page 231 Taxonomy of online data......Page 232 Digital traces in action......Page 234 Taking existing services beyond service data......Page 235 Downside to the commodification of data......Page 239 Conclusion and recommendations for FinTech......Page 242 Notes......Page 243 Bibliography......Page 244 Roads toward modern crowdfunding......Page 246 Genome of crowdfunding......Page 247 Focus on non-financial benefits......Page 249 Platforms’ payout policies......Page 251 Security of crowdfunding......Page 252 Regulation of crowdfunding in Sweden......Page 254 Potential future scenarios of the national crowdfunding landscape in Sweden......Page 255 Notes......Page 257 Bibliography......Page 258 The recent history of payment services in Sweden......Page 261 The Swedish payment system today......Page 264 A note on the role of technological systems for innovation......Page 267 The immediate future of the Swedish payment system: critical drivers of change......Page 270 Concluding remarks and summary......Page 272 Bibliography......Page 273 Mixed environment surrounding robo-advisory......Page 276 Lessons from the US......Page 281 Comments about robo-advisory development from Paolo Sodini......Page 282 Robo-advisory inside out......Page 283 The robo-advisory market in Sweden......Page 288 Case studies......Page 291 The future impact of robo-advisory......Page 296 Bibliography......Page 297 How did it all start?......Page 299 How does the Bitcoin blockchain work?......Page 301 Blockchain applications......Page 306 Corporate governance......Page 318 War of principles......Page 320 Conclusion......Page 324 Bibliography......Page 326 Introduction......Page 332 Bitcoin......Page 333 Scaling Bitcoin......Page 337 Organizing a network no one controls......Page 342 Conclusion......Page 343 Bibliography......Page 345 PART 4: A view of the actors......Page 348 Banks and digitalization......Page 350 Leadership and people......Page 352 Banks and FinTech......Page 353 The situation in Sweden......Page 356 Swedish banks and FinTech......Page 361 The future of banks in Sweden......Page 364 Bibliography......Page 367 Interviews......Page 372 Introduction......Page 373 Introduction to venture capital......Page 374 Overview of VC investments in the FinTech industry in the Nordics and in Sweden......Page 379 History of FinTech investments in Sweden......Page 382 Development of VCs investing in FinTech in Sweden......Page 384 A VC perspective of the Swedish FinTech industry......Page 388 Strengths, weaknesses, opportunities, and threats of FinTech in Sweden......Page 393 Conclusions and recommendations......Page 395 Bibliography......Page 396 Network economies......Page 399 Trust and the digital society......Page 400 Geography matters: the home bias in crowdfunding......Page 401 Methods......Page 402 Results......Page 403 Implications and conclusions......Page 409 Bibliography......Page 410 Introduction......Page 413 A brief background to the development of the hub......Page 414 About the Stockholm FinTech Hub......Page 416 Conclusion......Page 419 Bibliography......Page 420 Stockholm: the second largest FinTech hub in Europe......Page 422 Method......Page 424 Reports from the interviews......Page 425 Conclusions......Page 431 Bibliography......Page 432 From the harbor of FinTech and back?......Page 434 Is the rat itself maybe sinking?......Page 435 From harbor to hub . . . and back?......Page 438 The sprint toward a cashless society as Stockholm’s benefit from Brexit......Page 439 Recommendations for Stockholm......Page 440 Conclusion......Page 441 Bibliography......Page 442 Food for thought for incumbents......Page 445 Collaboration as a winning strategy......Page 446 The way forward......Page 447 Trust is crucial......Page 448 Implications for policymakers......Page 449 Flexibility from policymakers in the early days......Page 450 Respond to unequal changes......Page 451 Race to the top......Page 452 Bibliography......Page 453 Index......Page 455

This comprehensive guide serves to illuminate the rise and development of FinTech in Sweden, with the Internet as the key underlying driver. The multiple case studies examine topics such as: the adoption of online banking in Sweden; the identification and classification of different FinTech categories; process innovation developments within the traditional banking industry; and the Venture Capital (VC) landscape in Sweden, as shown through interviews with VC representatives, mainly from Sweden but also from the US and Germany, as well as offering insight into the companies that are currently operating in the FinTech arena in Sweden. The authors address questions such as: How will the regulatory landscape shape the future of FinTech companies? What are the factors that will likely drive the adoption of FinTech services in the future? What is the future role of banks in the context of FinTech and digitalization? What are the policies and government initiatives that aim to support the FinTech ecosystem in Sweden? Complex concepts and ideas are rendered in an easily digestible yet thought-provoking way.

The book was initiated by the IIS (the Internet Foundation in Sweden), an independent organization promoting the positive development of the Internet in the country. It is also responsible for the Internet's Swedish top-level domain.se, including the registration of domain names, and the administration and technical maintenance of the national domain name registry. The book illustrates how Sweden acts (or does not act) as a competitive player in the global FinTech arena, and is a vital addition to students and practitioners in the field.

"This comprehensive guide serves to illuminate the rise and development of FinTech in Sweden, with the Internet as the key underlying driver. The multiple case studies examine topics such as: the adoption of online banking in Sweden; the identification and classification of different FinTech categories; process innovation developments within the traditional banking industry; the VC landscape in Sweden, as shown through interviews with VC representatives, mainly from Sweden but also from the US and Germany, as well as offering insight into the companies that are currently operating in the FinTech arena in Sweden. The authors address questions such as: how will the regulatory landscape shape the future of FinTech companies; what are the factors that will likely drive the adoption of FinTech services in the future; what is the future role of banks in the context of FinTech and digitalization and what are the policies and government initiatives that aim to support the Fintech ecosystem in Sweden? Complex concepts and ideas are rendered in an easily digestible, yet thought provoking way. The book a result of the IIS initiative (The Internet Foundation in Sweden), an independent organization promoting the positive development of the internet in the country. It is also responsible for the internet's Swedish top-level domain .se, including the registration of domain names, and the administration and technical maintenance of the national domain-name registry. The book illustrates how Sweden acts (or doesn't act) as a competitive player in the global FinTech arena and is a vital addition to students and practitioners in the field."--Provided by publisher