Professor Andrei Kirilenko, Director of the Centre for Global Finance and Technology, discusses financial technology (FinTech) as the key future trend in finance, and how Imperial College Business School is well placed to play an important role in the financial revolution.
Professor Andrei Kirilenko, Director of the Centre for Global Finance and Technology, and Professor of Finance at Imperial College Business School.
The FinTech Revolution
In the most recent issue of the Business School Magazine, Andrei describes data as the “new natural resource, mined like coal, refined like crude oil, stored in high security vaults like gold, and sold like rolled steel.”
Data has something that non-renewable natural resources doesn’t have. It’s being generated on an explosive scale with 90 percent of human data being generated in the last two years, Andrei says. But in the age of new natural resources, innovators are at the forefront of it, separating the “plentiful and essential water” from the “very rare and valuable diamonds.”
What does this mean for business? “The advances in computing, automation and communication technologies have directly led to technology taking centre stage in payments, trading, clearing, and regulatory compliance,” Andrei writes in IB Knowledge, Imperial College Business School’s new hub for academic and industry expertise.
The new Centre for Global Finance and Technology connects practitioners, academics and regulators working on FinTech. The Centre is supporting top quality research on blockchain and digital payments, automated markets and high frequency trading, clearing, and other tech areas critical to modern finance.
“Imperial College Business School is perfectly positioned to play an integral part in the global FinTech revolution,” Andrei says, “The London-based School is part of a top-ranked science and technology institution with a wealth of research talent in computer science, data analysis, mathematics, and finance.”
“London has it all: top financial institutions, friendly regulators, world-class universities, a dynamic entrepreneurial climate, and a history of leadership,” Andrei says.
The Global Difference
At the beginning of this year, Andrei looked ahead to the challenges and opportunities for FinTech: “2017 presents a great opportunity for the UK to become an undisputed global leader in FinTech. London, New York and Singapore are currently neck-in-neck in a race to attract global FinTech talent.”
What really sets London apart from its competitors, Andrei says, is its global vibe. “London has it all: top financial institutions, friendly regulators, world-class universities, a dynamic entrepreneurial climate, and a history of leadership. It is now leading the next Digital Revolution as digital technologies are changing financial, media, educational, and other services industries.”
As a world-class institution based in London, Imperial was recently ranked the UK’s most international university for the second time and is a global leader, ranked 3rd in Europe and 8th in the world. The Global Online MBA fosters this international spirit and equips students to deal with the global aspects of business.
Talia Hussain, Global Online Class of 2016, said in a recent profile, “The experience of studying the Global Online MBA is really valuable because that’s how the world of business works now. I’m based in London and I’ve worked with clients in Vietnam before. The idea that your colleagues are going to be down the corridor – especially as you move into senior levels – is an outdated concept.”
The innovative research from the Centre will feed into new courses and executive education programmes to help the School foster the next generation of FinTech experts as well as re-educate existing talent in new financial technologies. Students studying the MBA programme, including the Global Online MBA, can immerse themselves in FinTech with the new Banking and FinTech: Strategies and Challenges elective.
About Professor Andrei Kirilenko
Professor Kirilenko is the Director of the Centre for Global Finance and Technology, a Senior Research Fellow at the Brevan Howard Centre for Financial Analysis, and Professor of Finance at Imperial College Business School.
Professor Kirilenko’s work focuses on the intersection of finance, technology and regulation. He is a recognised world expert on high frequency and algorithmic trading. He is also an intellectual leader on the principles of regulation of automated financial markets.