FinTech Ethics and Risks from edX

FinTech has started a global revolution in the financial services industry, and the transformation will only increase in coming years. There are many ways in which FinTech can improve the lives of people around the world; however, those same technologies can also be used to enslave, coerce, track, and control people. Accordingly, it is appropriate and necessary to consider the implications of the introduction of these technologies so that they are utilized properly, regulated sufficiently, and their adoption does not come at the expense of societal growth.

This 6-week online coursecovers 6 modules, representing the full spectrum of finance, technology, and the introduction of FinTech solutions globally. We will ask questions that are not often asked or addressed when new technologies are adopted. Why should we adopt FinTech solutions, and what are the best ways to introduce disruptive technologies? How does blockchain technology change the way we provide financial services, and how should blockchain technology be governed? Is FinTech creating risks in cybersecurity and how can technology help us prevent financial crimes? As Artificial Intelligence (AI) is developed and adopted, will human biases and prejudices be built into such mechanisms? And at a larger scope, should FinTech lead to a decentralized, democratized system of finance, or will existing institutions adopt FinTech strategies to cement their existing hold on the financial markets?

Through discussing and attempting to answer these questions, you will understand better how the introduction of these technologies can benefit or harm society. And through considering the proper application or introduction of such technologies, you will learn to make better decisions as an individual and organization when facing the question: is FinTech our savior or a villain?

What's inside

Learning objectives

Understand the ethical elements of finance, emerging technologies, and fintech.
Identify trends and opportunities that will shape the future of fintech.
Critically examine implications of artificial intelligence (ai), blockchain and cryptocurrencies (including icos).
Understand how regulatory technology (regtech) enhances supervision and reduces compliance-related costs.

Understand how payment solutions are evolving and the potential ethical implications.
Understand how alternative financing, including crowdfunding and p2p lending, are impacting markets.
Analyze positive and negative aspects of the introduction and expansion of fintech.

Understand the ethical elements of finance, emerging technologies, and fintech.
Identify trends and opportunities that will shape the future of fintech.
Critically examine implications of artificial intelligence (ai), blockchain and cryptocurrencies (including icos).
Understand how regulatory technology (regtech) enhances supervision and reduces compliance-related costs.
Understand how payment solutions are evolving and the potential ethical implications.
Understand how alternative financing, including crowdfunding and p2p lending, are impacting markets.
Analyze positive and negative aspects of the introduction and expansion of fintech.

Syllabus

Introduction: Ethics of Finance and Emerging Technologies This module will provide a historical and broad perspective of ethical issues relating to finance and the introduction or adoption of emerging technologies.

Blockchain and its GovernanceThis module will expand off the Introduction to FinTech course (https://www.edx.org/course/introduction-to-fintech), to consider the most relevant and ethical ways such technology should be implemented, in a number of different industries or product segmentation. In particular, data collection, customer privacy, and transactional issues will be covered in this module.

Cybersecurity & Crimes FinTech can make it easier and cheaper for banks to monitor and control financial transactions, thus reducing fraud and reducing bank costs. But at the same time, these tools can be used to steal money and other corporate secrets, hide illegality (including purchases of weapons, drugs, etc.), and finance terrorists and other criminal organizations. Accordingly, this module will consider the implications of such important issues.

AI & FinTech In this module we will consider the implications of building our own concepts of “human” morality into amoral machines, as well as a consideration of whether human biases and prejudices can or will be built into such mechanisms, whether purposefully or unintentionally.

Institutionalization vs. Decentralization One of the key reasons people are calling for FinTech is for its decentralized nature, thus democratizing finance, and allowing regular people to participate more fully and affordably in financial transactions through technologies like cryptocurrencies, non-government issued IDs, and P2P lending. In this module we will address some large questions, considering whether FinTech should lead to a decentralized, democratized system of finance. Or whether existing institutions will adopt FinTech strategies to cement their existing hold on the financial markets.

Big Questions Relating to the Introduction of FinTech In this final module, we will consider some of the many outstanding questions and purposes of introducing FinTech to the world, exploring the many ways that FinTech can both help and hurt society. We will discuss financial inclusion, sustainable development, and many other positive aspects of FinTech development. Conversely, we will also consider how these same technologies and solutions could potentially be used to inhibit access to financial markets, or worse.

Good to know

Know what's good

, what to watch for

, and possible dealbreakers

Teaches the ethics of finance, emerging technologies, and FinTech

Develops skills in identifying trends and opportunities that will shape the future of FinTech

Builds critical thinking skills in examining implications of Artificial Intelligence (AI), blockchain and cryptocurrencies (including ICOs)

Explores how Regulatory Technology (RegTech) enhances supervision and reduces compliance-related costs

Examines how alternative financing, including crowdfunding and P2P lending, are impacting markets

Taught by David L. Bishop and David S. Lee, who have a strong reputation in finance and technology

Reviews summary

Fintech: ethics and risks

Students largely agree that this course provides exceptional and practical insights into the ethics and risks surrounding financial technologies. The course is well-structured and engaging, featuring real-world case studies and thought-provoking discussions. Students particularly appreciate the expertise of the instructors, who present the material in a clear and accessible manner.

The course encourages learners to critically consider the ethical implications of financial technologies.

"Highly recommended."

"This is a really great course because the content is there and delivered in a great way too."

"This course was the best one I found online in searching all the leading global universities."

Students value the use of real-world examples to illustrate the concepts discussed in the course.

"Good and fun way to learn about the ethics and risks of FinTech."

"I liked the flow of the lectures , short videos with real life practical examples from different parts of the world."

"Its a wonderful course, course coordinators / professors are highly talented persons and they have gained deep and correct knowledge about the topics and subjects."

"The material is presented in a very accessible way but still manages to raise a lot of important and thought provoking questions."

This course is highly rated with all but one review giving the maximum score.

"This is the best course I have ever taken in Edx."

"One of the best MOOC i ever made."

"If David Bishop and David Lee had been my lecturers in school, I probably would have had straight A's."

"Excellent course, teachers really good."

"Excellent course from start to finish."

The course instructors are highly praised for their knowledge, clarity, and engaging style.

"Professor David Lee and Professor David Bishop brilliantly taught this course."

"The Two Davids seem to be a good combo putting in a bit of humor"

"The instructors have displayed a great understanding of the topic."

"Professors Bishop and Lee have a very relaxed and informal style."

"The two teachers David Lee and David Bishop are excellent."

Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in FinTech Ethics and Risks with these activities:

Read "The FinTech Book" by Susanne Chishti and Janos Barberis

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Gain a comprehensive overview of the FinTech industry and its impact on financial markets.

View The WEALTHTECH Book: The FinTech Handbook for... on Amazon

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Read Chapter 1: The Rise of FinTech
Read Chapter 2: The Digital Revolution in Financial Services

Read "Blockchain Revolution" by Don Tapscott and Alex Tapscott

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Introduce key concepts in blockchain and its potential impact on the financial industry.

View Blockchain Revolution: How the Technology... on Amazon

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Read Chapter 1: Blockchain Basics
Read Chapter 2: The Blockchain Economy
Read Chapter 3: The Blockchain Revolution

Organize and consolidate course notes and materials

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Improve retention and understanding by organizing and reviewing course materials.

Browse courses on Note-Taking

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Review class lectures and readings
Summarize key points and make connections between concepts

Nine other activities

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Show all 12 activities

Review Blockchain Concepts

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Begin by reviewing the fundamentals of blockchain technology, including the basics of distributed ledger systems. Revise terminology, concepts, and data structures such as blocks, chains, hashes, and consensus mechanisms.

Browse courses on Blockchain

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Read a recent research paper on blockchain technology.
Take an online quiz or practice questions on blockchain fundamentals.
Attend a workshop or seminar on blockchain development.

Follow tutorials on building FinTech projects

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Gain hands-on experience in building FinTech solutions through guided tutorials.

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Complete the Ethereum tutorial on building a decentralized exchange
Follow the Tensorflow tutorial on developing a fraud detection model

Cybersecurity Simulation Exercise

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Engage in a simulated cybersecurity exercise where you identify and address vulnerabilities to enhance your understanding of cybersecurity principles.

Browse courses on Cybersecurity

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Set up a virtual machine or test environment for the exercise.
Use tools and techniques to scan the environment for vulnerabilities.
Develop and implement a plan to remediate the vulnerabilities.

Solve coding challenges related to FinTech

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Develop practical skills in applying FinTech concepts through coding exercises.

Browse courses on Blockchain Development

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Create a simple Ethereum smart contract
Develop a decentralized application using React and Web3

Machine Learning Algorithms for Fraud Detection

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Explore hands-on tutorials and case studies that demonstrate the application of machine learning algorithms in detecting and preventing financial fraud.

Browse courses on Machine Learning

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Follow an online tutorial that explains the concepts and techniques of machine learning for fraud detection.
Apply the techniques to a sample dataset of financial transactions.

Build a fintech solution proposal

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Create a proposal for a fintech solution that addresses a specific problem or opportunity in the financial services industry.

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Identify a problem or opportunity in the financial services industry.
Research existing fintech solutions and identify gaps.
Develop a solution concept that addresses the identified problem or opportunity.
Create a business plan and financial projections for your solution.

Write a blog post on a FinTech topic

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Deepen understanding of FinTech concepts by writing about them and sharing knowledge.

Browse courses on Blockchain Applications

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Choose a topic related to FinTech
Research and gather information on the topic
Write a draft of the blog post
Edit and refine the post

Participate in a FinTech hackathon

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Test skills and push the boundaries of FinTech solutions through participation in competitions.

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Find a relevant FinTech hackathon
Form a team or collaborate with others
Brainstorm and develop a project idea
Implement and submit your project

Mentor junior FinTech professionals

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Share knowledge and provide guidance to aspiring FinTech professionals, reinforcing understanding.

Browse courses on Career Development

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Connect with junior professionals through online platforms or meetups
Provide guidance on FinTech concepts and career paths

Career center

Learners who complete FinTech Ethics and Risks will develop knowledge and skills that may be useful to these careers:

FinTech Entrepreneur

FinTech Entrepreneurs typically need a bachelor's degree in computer science, finance, or a related field. The FinTech Ethics and Risks course can provide aspiring FinTech Entrepreneurs with a strong foundation in the ethical and risk considerations in the field.

See salaries and explore the career path for FinTech Entrepreneur

FinTech Product Manager

FinTech Product Managers typically need a bachelor's degree in computer science, finance, or a related field plus an MBA. The FinTech Ethics and Risks course can provide aspiring FinTech Product Managers with a strong understanding of the ethical and risk considerations in developing and launching FinTech products.

See salaries and explore the career path for FinTech Product Manager

FinTech Software Engineer

FinTech Software Engineers typically need a bachelor's degree in computer science, software engineering, or a related field. The FinTech Ethics and Risks course can provide aspiring FinTech Software Engineers with a strong understanding of the ethical and risk considerations in developing and maintaining FinTech systems.

See salaries and explore the career path for FinTech Software Engineer

FinTech Risk Manager

FinTech Risk Managers typically need a bachelor's degree in finance, economics, or a related field plus an MBA. The FinTech Ethics and Risks course can provide aspiring FinTech Risk Managers with a strong understanding of the ethical and risk considerations in managing FinTech risks.

See salaries and explore the career path for FinTech Risk Manager

FinTech Consultant

FinTech Consultants typically need a bachelor's degree in finance, economics, or a related field plus an MBA. The FinTech Ethics and Risks course can provide aspiring FinTech Consultants with a strong understanding of the ethical and risk considerations in advising clients on FinTech matters.

See salaries and explore the career path for FinTech Consultant

Fraud Investigator

Fraud Investigators typically need a bachelor's degree in criminal justice, finance, or a related field. The FinTech Ethics and Risks course may be useful for those seeking to specialize in fraud detection and prevention in the financial sector.

See salaries and explore the career path for Fraud Investigator

Financial Analyst

Financial Analysts typically need a bachelor's degree in finance, economics, or a related field. The FinTech Ethics and Risks course may be useful for those seeking to specialize in the emerging field of FinTech.

See salaries and explore the career path for Financial Analyst

Risk Analyst

Risk Analysts need a bachelor's degree in finance, economics, or a related field. The FinTech Ethics and Risks course may be useful for those seeking to specialize in the risks and ethical considerations surrounding FinTech.

See salaries and explore the career path for Risk Analyst

Compliance Analyst

Compliance Analysts typically need a bachelor's degree in finance, accounting, or a related field. The FinTech Ethics and Risks course may be useful for those seeking to specialize in the compliance challenges and regulations surrounding FinTech.

See salaries and explore the career path for Compliance Analyst

Forensic Accountant

Forensic Accountants typically need a bachelor's degree in accounting or a related field plus a master's degree in forensic accounting or a related field. The FinTech Ethics and Risks course may be useful for those seeking to specialize in the investigation of financial crimes involving FinTech.

See salaries and explore the career path for Forensic Accountant

Cybersecurity Analyst

Cybersecurity Analysts need a bachelor's degree in computer science, information assurance, or a related field. The FinTech Ethics and Risks course may be useful for those seeking to specialize in the financial sector and its unique cybersecurity challenges.

See salaries and explore the career path for Cybersecurity Analyst

Information Security Analyst

Information Security Analysts typically need a bachelor's degree in computer science, information assurance, or a related field. The FinTech Ethics and Risks course may be useful for analysts seeking to specialize in financial data security.

See salaries and explore the career path for Information Security Analyst

Investment Banker

Investment Bankers need a bachelor's degree in finance, economics, or a related field. The FinTech Ethics and Risks course may be useful for those seeking to specialize in the application of FinTech in investment banking.

See salaries and explore the career path for Investment Banker

Venture Capitalist

Venture Capitalists typically need a bachelor's degree in business, finance, or a related field plus an MBA. The FinTech Ethics and Risks course may be useful for those seeking to specialize in investing in FinTech startups.

See salaries and explore the career path for Venture Capitalist

Data Analyst

Data Analysts typically need a bachelor's degree in computer science, statistics, or a related field. The FinTech Ethics and Risks course may be useful for Data Analysts seeking to analyze financial data and trends or those looking to specialize in the financial sector.

See salaries and explore the career path for Data Analyst