The FinTech Pillars

FinTech represents innovation of financial services products yielding category creation or paradigm shift and causing marketplace disruption. Category creation relates to providing a product that establishes a new market. Paradigm shift occurs when a new solution addresses an existing market in a better way, potentially eliminating the need for the incumbent. The FinTech evolution focused on the consumer world of personal finance management is built on four significant infrastructure technologies. These can be categorized as the FinTech Pillars. The four pillars are the foundation necessary to create the customer panacea of total digital experience. It is basically the foundation of a house before building walls and a roof. The four pillars are: Fulfillment Engine, Customer Self-Service, Customer Relationship Manager and Big Data Analytics. The Fulfillment Engine is the mechanism providing a total automated and frictionless product acquisition experience. Fulfillment is the process that transcends from client application to product deployment. There are numerous technology obstacles to achieve a digital experience. Application input fields need to be minimized. The product acquisition process requires real-time automation of qualification and verification events. Minimizing the application fields and automating approval events is accomplished by the fulfillment engine exploiting Big Data Analytics. Customer Self-Service provides

The FinTech Perspective

FinTech is the current term relating the application of modern software technology to financial services. The scope of these modern software mechanisms include digital experience, machine learning, data-driven decisioning, predictive behavioral analysis and self-service. Fintech is broad, from payments to wealth management, from lending to funding, from credit/debit cards to crypto-currencies (like bitcoins). Opportunities that required the innovation of products providing category creation or paradigm shift and cause a marketplace disruption are the focus of fintech. Category creation relates to providing a product that establishes a new market. Paradigm shift occurs when a new solution addresses an existing market in a better way, potentially eliminating the need for the incumbent. I had numerous career responsibilities that inspired the enthusiasm for category creation and paradigm shift. Managed the development of the first commercial relational database (DB2) for IBM. This product not only created a major market category, but became the standard data infrastructure for the packaged application world. It was not only a significant category that fueled the evolution of major software companies, but was the enabler of a paradigm shift from hierarchical transaction databases to relational databases that supported both decision support and transactions. Managed the creation and evolution