The Fintech Revolution
Analysis
BBC
4.6 • 1K Ratings
🗓️ 2 October 2017
⏱️ 29 minutes
🧾️ Download transcript
Summary
Will technology radically reshape the highly profitable world of finance? Technology can revolutionise industries, making goods and services cheaper and more accessible. Television is going the same way with online services such as Netflix and Amazon Prime providing thousands of movies and boxsets. From the point of view of the consumer the picture is the same - we tend to have more choice and pay less money. Profits get squeezed. Yet there's one service we buy that seems to be a glaring exception - finance. Philip Coggan of The Economist asks whether the rapidly growing financial technology sector is about to change all that, creating a future that's much less comfortable for City fat cats, but better for everyone else.
Producer: Ben Carter
(Photo: Tech Globe on hand. Credit: Shutterstock).
Transcript
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| 0:00.0 | Just before this BBC podcast gets underway, here's something you may not know. |
| 0:04.6 | My name's Linda Davies and I commission podcast for BBC Sounds. |
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| 0:24.6 | poltergeist, cricket, and conspiracy theories and that's just a few examples. |
| 0:29.7 | If you'd like to discover something a little bit unexpected, find your next podcast over at BBC Sounds. |
| 0:36.0 | This is the BBC. |
| 0:40.0 | Hello, we're back. Welcome to a new series of analysis and I think we've got some great |
| 0:45.0 | programs coming up, ranging from the future of Europe to what chimpanzees can tell us about |
| 0:50.0 | politics. But we're starting with another kind of disruption now. I'll hand you over to Philip |
| 0:55.5 | Kogan of the Economist. In the mid-1990s, when the Gallagher brothers were still talking to |
| 1:01.0 | each other, fans were paying 15 pounds for an Oasis album. |
| 1:05.0 | By the early 2000 the iPod had arrived and fans could download a Coldplay album for about half the cost. |
| 1:14.0 | Today music is all about streaming and Galway girls can hear as much Ed Sheerin or almost anyone else on services like Spotify for 10 pounds a month. |
| 1:26.0 | The club isn't the best place to find the lovers of the bar. |
| 1:29.0 | Technology can revolutionise industries, making goods and services cheaper and more accessible. |
| 1:36.0 | Television is going the same way, with online services such as Netflix and Amazon Prime, providing |
| 1:41.2 | thousands of movies and box sets. From the point of view of the consumer, |
| 1:45.8 | and that's what this programme is about, the picture is the same. We have more choice and pay less money. |
| 1:52.1 | Profits get squeeze. yet there's one service we buy that seems to be a glaring exception. |
| 1:58.0 | Finance is highly profitable because it's global, connected, mobile, and fast. |
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