The Impact of Digital Transformation and FinTech on the Finance Professional

This book demystifies the developments and defines the buzzwords in the wide open space of digitalization and finance, exploring the space of FinTech through the lens of the financial services professional and what they need to know to stay ahead. With ch

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Volker Liermann Claus Stegmann

The Impact of Digital Transformation and FinTech on the Finance Professional

Volker Liermann · Claus Stegmann Editors

The Impact of Digital Transformation and FinTech on the Finance Professional

Editors Volker Liermann ifb AG Grünwald, Germany

Claus Stegmann ifb Americas, Inc. Charlotte, NC, USA

ISBN 978-3-030-23718-9 ISBN 978-3-030-23719-6  (eBook) https://doi.org/10.1007/978-3-030-23719-6 © The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Switzerland AG, part of Springer Nature 2019 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, expressed or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. Cover illustration: Sergey Nivens, Shutterstock Cover design by eStudio Calamar This Palgrave Macmillan imprint is published by the registered company Springer Nature Switzerland AG The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland

Preface

Digitalization has gained substantial recognition in a broad range of very different areas. Drastically reduced prices for both on-premise and cloud storage combined with an extreme increase in IT performance have served to make artificial intelligence (AI) including machine learning and deep learning more and more part of our daily lives. Younger kids will not remember a time without personal assistants like Alexa and Siri, or commands like “Hey Google” or “Hey Mercedes”. The technology sector led by Google, Apple, Facebook, Amazon (GAFA) is investing heavily in these technologies as well as blockchain for their software, services, analytics and devices. The automotive, logistics and health-care sectors as well as many others are currently undergoing massive change processes and will be entirely different 10 years from now. This book takes an in-depth look at how digitalization is affecting players in the financial sector including banks and insurance companies