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Chapter 1 - The Digital Triumvirate of Computation, Data, and Connectivity 13 1.1 Increasing computational power 13 1.2 Increasing data collection and availability 16 1.3 Increasing digital connectivity 18 1.4 Bringing computation, connectivity and data together in the cloud 20 Chapter 2 - New Interfaces for the Digital World 22 2.1 The evolution of visual displays 23 2.2 Voice as a user interface 24 2.3 Wearables and the body as an interface 25 The Fundamentals of Fintech 27 Chapter 3 - The Rise of Fintech 28 3.1 Drivers of the fintech revolution 29 3.1.1 A changing economic/regulatory landscape 29 3.1.2 A rapidly evolving technology environment 29 3.1.3 Shifting customer expectations 30 3.2 Types of fintechs 31 3.2.1 Fintech and payments 31 3.2.2 Fintech and lending 36 3.2.3 Fintech and wealth management 38 3.2.4 Fintech and insurance 41 3.2.5 Fintech and digital banking 43 3.2.6 Regtech: A different sort of fintech innovation 45 3.3 Challenges faced by fintechs 49 3.3.1 Access to talent 49 3.3.2 Regulatory compliance 51 3.3.3 Customer trust 53 3.3.4 Scaling the customer base 53 3.3.5 Raising capital 55 Chapter 4 - Incumbent Financial Institutions and their Response to Fintechs 55 4.1 Impediments to incumbent innovation 56 4.2 Incumbents building/replicating fintech offerings 58 4.3 Incumbents investing in fintechs 61 4.4 Incumbents partnering with fintechs 62 Chapter 5 - The Emergence of Techfin 64 5.1 The case for tech to techfin 64 5.2 China as a template for the growth of techfin 65 5.2.1 Alibaba and Tencent's transformation of payments in China 65 5.2.2 Alibaba and Tencent's expansion beyond payments 66 5.2.3 Alibaba and Tencent's international expansion 67 5.3 Early techfin developments outside of China 68 Chapter 6 - The Changing Structure of the Financial Ecosystem 70 6.1 Incumbent collaboration with techfins 70 6.2 Fintech collaboration with techfins 71 Chapter 7 - Financial Innovation and Inclusion 72 7.1 Fintech as a driver of financial inclusion 72 7.2 Government as an enabler of inclusive fintech solutions 75 The Fundamentals of Crypto-assets 76 Chapter 8 - The Basics of Cryptography and Encryption 77 8.1 Early encryption 77 8.2 Asymmetric or public key cryptography 78 8.3 Early experiments with cryptocurrencies 79 Chapter 9 - The Rise of Bitcoin 80 9.1 The Bitcoin white paper 81 9.2 The technical foundations of Bitcoin 84 9.2.1 The role of cryptography in Bitcoin 84 9.2.2 The role of decentralization in Bitcoin 86 9.2.3 The role of immutability in Bitcoin 87 9.2.4 The role of proof-of-work in Bitcoin 87 9.3 The growth of Bitcoin 89 9.4 Challenges facing Bitcoin 93 Chapter 10 - Blockchain as an Enabling Technology 95 10.1 Defining the characteristics of a blockchain 96 10.2 Challenges 99 10.3 Use cases of blockchains 100 Chapter 11 - The Proliferation of Crypto-assets 103 11.1 The emergence of new crypto-assets 103 11.2 Mechanisms for distributing new crypto-assets 105 11.2.1 The creation of new tokens via mining 106 11.2.2 The creation of new tokens via a hard fork 106 11.2.3 The distribution of new tokens via sale 108 11.3 A closer look at ICOs 108 11.3.1 Technical structure of an ICO 109 11.3.2 The regulatory treatment of ICOs 112 11.3.3 Advantages and challenges of ICOs 115 Chapter 12 - A High-Level Taxonomy of Crypto-assets 117 12.1 Establishing a taxonomy of crypto-assets 117 12.2 Payment tokens 119 12.2.1 Characteristics of a payment token 119 12.2.2 Challenges facing payment tokens 120 12.2.3 Regulation of payment tokens 121 12.3.4 Stable coins 122 12.3 Utility tokens 124 12.4 Investment tokens 126 12.4.1 Tokenization of new investment instruments 126 12.4.2 Tokenization of pre-existing investment instruments 127 12.5 Non-fungible tradable tokens 130 12.6 Non-fungible non-tradable digital assets 131 Chapter 13 - The Crypto-asset Ecosystem 132 13.1 Crypto-asset exchanges 133 13.1.1 Centralized crypto-asset exchanges 133 13.1.2 Decentralized crypto-asset exchanges 136 13.2 Crypto-asset custodians and wallets 136 13.2.1 Crypto-asset custodians 137 13.2.2 Crypto-asset wallets 138 13.3 Advisory and consumer services for the crypto-asset ecosystem 139 The Fundamentals of Artificial Intelligence 139 Chapter 14 - Understanding Artificial Intelligence and its Capabilities 140 14.1 The surprisingly tricky problem of defining AI 140 14.2 Why artificial intelligence matters 142 14.3 Selected AI techniques 143 14.3.1 Machine learning 143 14.3.2 Neural networks and deep learning 144 14.3.3 Genetic and evolutionary algorithms 145 14.3.4 Limitations of these techniques 145 14.4 Selected capabilities of AI 145 14.4.1 Machine vision 146 14.4.2 Natural language processing 146 14.5 High-level implications of AI for business 147 Chapter 15 - Applications of Artificial Intelligence in Financial Services 148 15.1 Key artificial intelligence opportunities for financial institutions 148 15.1.1 AI-enabled automation 149 15.1.2 AI-enabled improved decision-making 150 15.1.3 AI-enabled customization 150 15.1.4 AI-enabled new value propositions 150 15.2 Specific applications of AI in sub-sectors of financial services 151 15.2.1 Key applications of artificial intelligence in lending 151 15.2.2 Key applications of artificial intelligence in wealth and asset management 153 15.2.3 Key applications of artificial intelligence in insurance 155 15.2.4 Key applications of artificial intelligence in payments 157 15.3 Key challenges to the deployment of artificial intelligence in financial institutions 159 15.3.1 Data challenges to deploying of AI in financial institutions 159 15.3.2 Technology challenges to deploying of AI in financial institutions 160 15.3.3 Talent challenges to deploying of AI in financial institutions 160 15.3.4 Regulatory challenges to deploying of AI in financial institutions 162 Future Trends in Fintech, Crypto, and AI 163 Chapter 16 - Fintech and the Future of the Financial Ecosystem 164 16.1 The changing shape of the financial ecosystem 165 16.1.1 The shift from in-person to digital channels 165 16.1.2 Larger shifts in the financial ecosystem on the horizon 167 16.2 A new approach to customer experience 168 16.2.1 Open banking and the 'platformization' of the customer experience 168 16.2.2 Who will own the financial platform of the future? 170 16.2.3 Broader challenges of a platform model of customer experience 171 16.3 New market dynamics for competing financial products 172 16.4 Renovating the back office and shared financial infrastructure 174 16.4.1 Outsourcing the back office 174 16.4.2 The much needed modernization of financial infrastructure 175 Chapter 17 - The Continuing Evolution of Crypto-assets 176 17.1 Regulators provide improved clarity on crypto-assets 177 17.1.1 A positive disposition to crypto-assets 177 17.1.2 A neutral approach to crypto-assets 178 17.1.3 A negative approach to crypto-assets 179 17.1.4 The future of crypto-asset regulation 180 17.2 Financial incumbents as facilitators of crypto investments 181 17.2.1 Institutional investors and crypto-assets 181 17.2.2 Incumbent financial institutions as crypto-asset service providers 182 17.3 Large tech firms' forays into crypto 183 17.4 Central bank-backed digital currencies 185 Chapter 18 - Future Trends in Artificial Intelligence 189 18.1 The perils of predicting AI developments 189 18.2 The democratization of artificial intelligence 191 18.3 AI trends in financial services 193 18.3.1 Alternative data and 'quantamental' asset management 194 18.3.2 AI-as-a-service by and for financial institutions 196 18.3.3 AI enabled 'self-driving finance 198 18.4 Responsible regulation of AI in financial services 201 Artificial Intelligence Meets Cryptoassets 202 Chapter 19: Selected Scenarios for a Crypto-AI World 203 19.1 Real-time auditing 203 19.2 Artificially intelligent distributed autonomous corporations 206 19.3 Blockchain based identity powered by AI data managers 208 19.4 Data marketplaces and the democratization of AI 210 19.5 AI catalyzing the adoption of cryptoassets 213 19.6 The machine-to-machine payment economy 214 A Financial Future Full of Possibilities 217

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