Comprehensive course analysis
Who should attend
- Financial services professionals
- Software companies who sell to financial services
- Banking professionals
- IT, security, and regulatory professionals
- Venture capital professionals
About the course
FinTech, or financial technology, encompasses a range of rapidly emerging technological changes in the financial services sector. Anyone involved in the world of traditional financial institutions, asset management, or loans — or even tangentially involved with newer options like crowdfunding, mobile payments, blockchain, and cryptocurrency — has reason to be interested in FinTech.
In this certificate program, you will get an inside look at the key disruptions in the current FinTech industry landscape. Using these insights, you will apply the lessons of disruption to a challenge facing your organization and perform a Porter’s Five Forces analysis on one of your own products or services or someone else’s. You will also delve into the five major financial verticals, including wealthtech (robo advising), alternative (peer-to-peer) lending, insurance tech, currency and payment tech, and regulatory tech. You will then apply a framework of analysis to help you pinpoint opportunities for disruption within each of these verticals. Finally, you will move on to the study of blockchain, cryptocurrencies, and cryptography, where you will investigate how cryptocurrencies like Bitcoin make use of the blockchain to facilitate peer-to-peer digital transactions.
In this course, you will define what FinTech is (and what it's not). You will explore the key disruptions that have led to the current FinTech industry landscape. You will then apply the lessons of disruption to a challenge facing your organization. Additionally, you will examine some of the key players in the FinTech ecosystem and perform a Porter's Five Forces analysis on a related product or service: one of your own organization's offerings, or that of another firm. Then you will do a competitive market analysis on your own organization, or someone else's, to help you anticipate potential areas for risks and opportunities.
Regardless of your field or industry, you have certainly been affected by the technological innovations in the financial services sector: the way we conduct financial transactions, accept payments, manage assets, and interact with financial institutions is rapidly evolving. How will the innovations in financial technology — FinTech — affect your business, and what opportunities are there for you to capitalize on change? In this course you will analyze five major financial vertical markets in the FinTech sector: robo advising, peer-to-peer lending, insurance tech, currency and payment tech, and digital banking. You will then examine how these markets came into existence, explore how they have evolved over time, and study their business models (i.e., how they generate income). Moreover, you will analyze key trends in each vertical and consider the impacts they have on banks, FinTech companies, and consumers. You will use these insights to identify potential opportunities and risks for disruption within your or another's organization.
Cryptocurrencies and Ledgers
Since the advent of the internet, programmers have been trying to figure out how to create a [digital] world in which people anywhere - even complete strangers - can transact directly with one another safely and efficiently. In essence, they have been trying to recreate the bedrock of civilization: an orderly system of bookkeeping that allows people to trust each other's claims about what they own, what they owe, and what they are owed. For most of the digital age, this “trust” has been facilitated by third parties such as banks, governments, or credible companies that are willing to guarantee that a transaction is valid and secure. But transactions via third parties are slow and expensive, and they cannot be verified by just anyone, which opens the door to fraud and theft.
Today, the notion of a secure and trusted third party in a digital world isn't purely mythical. And in fact, it's exactly what blockchain technology embodies in a kind of magical way. In this course, you will explore the mechanics of blockchain technology and how the blockchain acts like a trusted third party. To do this, Professor Ari Juels will design a theoretical cryptocurrency from scratch to illustrate how Bitcoin and other cryptocurrencies make use of the blockchain to transfer value from person to person. Then, once you understand how the blockchain acts as a trusted ledger, you will practice articulating other transformative ways in which blockchains can change how commercial and interpersonal connections happen online.
Cryptography has been around for thousands of years and is at the heart of digital communications today. Most people rely on cryptography on a daily basis without even knowing it; most popular messaging apps use encryption to ensure the security of messaging between two people. Blockchain technology, in a similar way, relies on cryptography to protect the identity of those sending and receiving messages and ensures that all information and transactions are secure and legitimate. Thus, to really understand blockchain technology, you have to understand the core principles of cryptography.
This course will walk you through the basics of cryptography: how information has historically been disguised (encrypted) and revealed (decrypted) using mathematics. You will see how a message can be turned into a number, and how that number can be encrypted and decrypted by two complete strangers. You will practice encrypting your own message to understand the basics of what makes a good encryption scheme. Then, you will delve deeper into the specific type of cryptography used in blockchain technology -- public key cryptography - and the promises and limitations it has in carrying out the core functions of a blockchain. You will create your own theoretical gold exchange in order to more fully understand how you can send anything to anyone around the world without a middleman. Ultimately you will know exactly how information on the blockchain is secured, legitimized, and authenticated without needing a third party to verify it.
The course Cryptocurrencies and Ledgers is required to be completed prior to starting this course.
Key course takeaways
- Identify key disruptions in the FinTech landscape
- Analyze opportunities for disruption within financial verticals
- Examine the design of cryptocurrencies to understand the function of blockchain
- Use a Bitcoin wallet to better understand the mechanics of cryptocurrencies
Drew Pascarella is a lecturer of finance at the Samuel Curtis Johnson Graduate School of Management at Cornell University, where he currently leads the Investment Banking Immersion program and is the faculty director of the Fintech Intensive. In addition, Drew has taught Core Finance, Mergers and...
Professor at the Jacobs Technion-Cornell Institute at Cornell Tech and Computer Science Ari Juels is a professor at the Jacobs Technion-Cornell Institute at Cornell Tech, a Computer Science faculty member at Cornell University, and Co-Director of the Initiative for CryptoCurrencies and Contracts ...
Rafael Pass is an Associate Professor of Computer Science at Cornell University and Cornell Tech. He obtained his bachelor’s in Engineering Physics and a master’s in Computer Science, both from the Royal Institute of Technology (KTH) in Sweden, and his Ph.D. in Computer Science from the Massachus...
Videos and materials
Read more about Information Technology
Because of COVID-19, many providers are cancelling or postponing in-person programs or providing online participation options.
We are happy to help you find a suitable online alternative.