Green and Sustainable Fintech II
Simon Thompson
Chartered Banker Institute CEO & ESG specialist
The finance sector has a rich history of embracing technology, from adding machines to AI and machine learning. The evolution, known as FinTech, involves digital, data-driven, internet-enabled, and AI technologies, impacting the delivery of financial services. Beyond traditional financial institutions, a broad ecosystem includes FinTech and BigTech firms like Apple, Alphabet, and Alibaba. Green and sustainable FinTech is seen as a catalyst for achieving Paris Agreement objectives and UN Sustainable Development Goals. Despite overall positivity, concerns about potential negative consequences of FinTech tools and techniques require attention.
The finance sector has a rich history of embracing technology, from adding machines to AI and machine learning. The evolution, known as FinTech, involves digital, data-driven, internet-enabled, and AI technologies, impacting the delivery of financial services. Beyond traditional financial institutions, a broad ecosystem includes FinTech and BigTech firms like Apple, Alphabet, and Alibaba. Green and sustainable FinTech is seen as a catalyst for achieving Paris Agreement objectives and UN Sustainable Development Goals. Despite overall positivity, concerns about potential negative consequences of FinTech tools and techniques require attention.
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Green and Sustainable Fintech II
6 mins 13 secs
Key learning objectives:
Explain the uses and benefits of FinTech tools in promoting G&S development
Identify some real-world examples of the impact of FinTech
Overview:
The finance sector has a rich history of embracing technology, from adding machines to AI and machine learning. The evolution, known as FinTech, involves digital, data-driven, internet-enabled, and AI technologies, impacting the delivery of financial services. Beyond traditional financial institutions, a broad ecosystem includes FinTech and BigTech firms like Apple, Alphabet, and Alibaba. Green and sustainable FinTech is seen as a catalyst for achieving Paris Agreement objectives and UN Sustainable Development Goals. Despite overall positivity, concerns about potential negative consequences of FinTech tools and techniques require attention.
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- The risks of digital exclusion, especially in relation to vulnerable customers
- Granularity - the individual pricing of risk enabled by AI and advanced data analysis, which may exclude individuals from products such as insurance
- Unconscious bias in AI and machine learning
- The loss of data control and privacy
- In the case of cryptocurrencies, bitcoin relies on “mining”, which in turn requires huge computing power and energy consumption to function. This power is often generated via fossil fuels
- Increased automation can lead to significant increases in job insecurity. At the extreme, the replacement of large numbers of customer-facing and back-office jobs
- Greenwashing: The benefits of a new product are overstated in order to secure investment or grow market share
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Simon Thompson
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