The Evolution of FinTech: A New Post-Crisis Paradigm?

'Financial technology' or 'FinTech' refers to technology enabled financial solutions. FinTech is often seen today as the new marriage of financial services and information technology. However, the interlinkage of finance and technology has a long history and has evolved over three distinct eras. FinTech 1.0, from 1866 to 1987, was the first period of financial globalization supported by technological infrastructure such as transatlantic transmission cables. This was followed by FinTech 2.0, from 1987 to 2008, during which financial services firms increasingly digitized their processes. Since 2008 a new era of FinTech has emerged in both the developed and developing world. This era is defined not by the financial products or services delivered but by who delivers them. This latest evolution of FinTech, led by start-ups, poses challenges for regulators and market participants alike, particularly in balancing the potential benefits of innovation with the possible risks of new approaches.preprin

Exploring ‘People’ as the key element in enterprise architecture implementation: A Critical Realist Perspective

TOGAF (2009) describes the purpose of Enterprise Architecture (EA) is to optimise enterprisewide systems - the often-fragmented legacy of data processes (both manual and automated) - into an integrated environment that is responsive to change and supports the delivery of the business strategy (The Open Group Architecture Framework [TOGAF], 2009). However, for a number of reasons organisations still have difficulties establishing an effective EA (Raadt & Vliet, 2008; Gartner, 2009; and Janssen & Klievink, 2012, among others) and various reports suggest up to two thirds of implementations do not fulfil expectations (Roeleven, 2010). Being organisation wide with a strong governance element EA has significant social implications and social dependence, yet many implementations wrongly treat EA as solely a technical program. This thesis argues that the lack of focus on the ‘people’ element of EA could be the reason why many organisations still struggle with EA implementation. Recognising the importance of people in EA implementation requires acceptance of implementation as a social program, heavily influenced by the structural and cultural systems surrounding the architecture. In order to address the need for greater recognition of the role of people and the social aspects of EA implementation, this thesis adopts critical realism (CR) and its most recognised methodology, the morphogenetic approach (MA). Realism emphasises ontology and strongly argues that ontology, methodology and epistemology are closely linked – as Fleetwood (2005, p. 197) suggests, ontology matters: “The way we think the world is (ontology) influences: what we think can be known about it (epistemology); how we think it can be investigated (methodology and research techniques); the kinds of theories we think can be constructed about it; and the political and policy stances we are prepared to take”. In order to examine the social implications of technology implementation it makes sense to adopt a wellrecognized social theory like critical realism. This social realist approach proposes an analytical separation between structure, culture and agency (people) in order to examine their interactions over time. The MA suggests three important cycles – structural conditioning, social interaction and structural elaboration that provide a platform for examining possible change. Archer also importantly suggests that the emergent properties of collectivities and individuals differ. Such a model has clear value for examining the “people” acceptance of the new impositions and opportunities provided by the EA implementation. It acknowledges the sociocultural consequences of interactions between the structure and the culture to provide particular situational logics that direct, but do not determine the actions of people. The MA emphasises strongly the role of time in situation examination suggesting that structure and culture predate subsequent actions by involved agents. The thesis describes particular situational logics or mechanisms emanating from the interaction between structural and cultural systems that encourage particular behaviours in response to the EA program. These actions are then further examined in the sequence of MA cycles. Since mechanisms are only effective if people adopt them or not, another important element in this study is the part played by “reflexivity”. Reflexivity highlights the linkage between people concerns, projects and practices as people act in order to promote their concerns, and form projects to advance or to protect what they care about most. Reflexivity is an important mechanism for explaining how people’s ultimate concerns impact on their approach to the impositions of EA. An Australian university implementing EA (termed UX for anonymity) has been used as a case study in this research – this fortuitous timing allowed a careful and detailed examination of implementation over a 3-year period from initial rollout to ultimate acceptance. The study describes the challenging environment of university implementation where “academic freedom” is paramount and individual and group autonomies are threatened by EA – the study presents the important mechanisms and situational logics that direct people’s actions within the complex social context of a university. Semi-structured in-depth interviews were used as the primary method of data collection across UX stakeholders. A range of interviews were held throughout the study period with the university IT Governance Committee, the University Architecture Board, the CIO, and the Enterprise Business Group, as well as individual end-users such as teaching staff, researchers, students, and administrative staff of the faculties, schools and service centres. The MA provided a basic structure for unravelling the social complexity and helped guide the interview questions to identify the generative mechanisms hidden in the real domain, and to highlight the conditions that encourage individual and collective acceptance of EA practices. The reflexivity indicator developed by Archer –ICONI– is used throughout to explain how personal projects are formed and how they mediate the exercise of structural/cultural constraints and enablement within EA implementation. Passive participation in regular EA implementation meetings at UX was also important and useful to unearth possible perceived causal possibilities emanating from within the program itself and evident within the social context of implementation. Underpinned by a critical realist perspective, the thesis demonstrates that the MA is a powerful analytical tool to uncover the hidden mechanisms (the situational logics of structures and cultures) and social responses that enable success of EA implementation. The research examines the particular situational logics evident within the University under study and how these provide opportunities and constraints to the acceptance of EA over time. Equally important was reflexivity theory in attaining knowledge and understanding about what it is about people’s internal relations that makes EA implementation succeed. This thesis offers organisations a means to focus on the deeper issues of EA implementation programs by understanding the social complexity surrounding the architecture. The recognition of people as a key element in EA implementation provides a useful explanation of how the key stakeholders (and their power, influence and interests) may constrain and enable EA implementation. By including reflexivity as an important mechanism, organisations will be in a better position to understand the role of people and their interactions with preexisting structures and cultures operating over different time periods – reflexivity suggesting that “people” always have the possibility to do otherwise than expected, largely dependent on their personal history and their current personal projects and ultimate concerns

Enterprise reference architectures for higher education institutions: Analysis, comparison and practical uses

Enterprise Architecture (EA) is currently accepted as one on the major instruments for enabling organisations in their transformation processes to achieve business-technology alignment. Despite that over the last years EA has been successfully adopted in many industries, Higher Education still represents one of the sectors with lower levels of adoption and maturity of EA practices. The present thesis puts the emphasis particularly on the study Enterprise Reference Architectures (ERAs), as a particular type of EA artefact, in Higher Education Institutions (HEIs). After formally clarifying the concept of ERAs and giving a panoramic view of the current state-of-the-art of existing HEI-oriented ERAs, the thesis proposes an artefact framework build through a Design Science Research (DSR) approach aimed to facilitate practitioners their (re-)use or application in their own real practical settings. The purpose of the constructed artefact is to support practitioners when conducting the necessary adjustments to exiting HEI-oriented ERAs in order to be successfully applied for their specific needs.La Arquitectura Empresarial (AE) es actualmente reconocida como una disciplina que permite configurar procesos de trasformación organizativa a objeto de alinear el negocio con la tecnología. A pesar de que en los últimos años la AE se ha ido adoptando progresivamente de forma exitosa en diversas industrias, la educación superior representa todavía hoy en día uno de los sectores con menores niveles de adopción y de madurez en lo que se refiere a las prácticas de AE. La presente tesis hace especial hincapié en el estudio de las Arquitecturas de Referencia Empresariales (AREs), entendidas como un artefacto específico de AE, en Instituciones de Educación Superior (IES). Así, después de clarificar formalmente el concepto de ARE y de ofrecer una visión panorámica del estado del arte relativo a las AREs para IES existentes, la tesis propone un framework de trabajo construido a través de un enfoque de investigación basado en la Ciencia del diseño destinado a facilitar su (re-)utilización o aplicación práctica en dominios de trabajo reales. El objetivo del artefacto es proporcionar soporte práctico a los profesionales para realizar los ajustes necesarios a las AREs para IES existentes para que puedan aplicarlas con éxito a sus necesidades específicas.L'Arquitectura Empresarial (AE) és actualment reconeguda com una disciplina que permet configurar processos de transformació organitzatius a fi d'alinear el negoci amb la tecnologia. Tot i que en els darrers anys l'AE s'ha anat adoptant progressivament amb èxit en diverses indústries, l'educació superior representa encara avui dia un dels sectors amb menors nivells d'adopció i de maduresa pel que fa a pràctiques d'AE. Aquesta tesi posa especial èmfasi en l'estudi de les Arquitectures de Referència Empresarials (AREs), enteses com un artefacte concret d'AE, a Institucions d'Educació Superior (IES). Així, després d'aclarir formalment el concepte d'ARE i oferir una visió panoràmica de l'estat de l'art relatiu a les ARE per a IES existents, la tesi proposa un framework de treball construït a través d'un enfocament de recerca basat en la ciència del disseny destinat a facilitar-ne la seva (re-)utilització o aplicació pràctica en dominis de treball reals. L'objectiu de l'artefacte és proporcionar suport pràctic als professionals per realitzar els ajustaments necessaris a les AREs per a IES existents de forma que les puguin aplicar amb èxit a les seves necessitats específiques.Tecnologies de la informació i de xarxe