BITS is the technology and policy division of FSR, addressing emerging technology and operational opportunities for the financial services industry.

CTO Corner: InsurTech – Trends, Issues, and Recommendations

November 29, 2016

Most FinTech start-ups are targeting traditional banking functions, such as payment innovations, robo-advisors, and peer-to-peer lending, but the insurance industry will likewise be impacted by global technology and business innovation trends. The insurance industry is an attractive opportunity for technology start-ups because of its huge revenue base (U.S. insurance industry’s net premiums totaled $1.1 trillion in 2014) and complex network ecosystems.

CTO Corner: Open Finance Application Programming Interfaces (API) – Why They Matter

September 15, 2016

With the convergence of mobility and the rapidly advancing landscape of “Internet of Things”, FinTech applications are changing the way financial services and products are built and delivered. New applications increasingly are being developed in open source collaborative communities, using Applications Programming Interfaces (APIs), specifications describing how software components should interact. This CTO Corner discusses the movement towards Open Finance APIs, why they matter, and both the threat and opportunity they pose to legacy financial institutions.