From start-ups in California, New York, London, Europe, the Middle East, Asia and Africa, entrepreneurs are applying their creativity and technical ingenuity all along the financial services value chain.

This wave of innovation promises a revolution in the production and consumption of financial services. Aptly combining the words “financial” and “technology” the FinTech revolution promises changes that will democratize financial services.

The FinTech revolution holds much promise. Expected benefits include;

  • Consumers who will get more choice, better-targeted services and keener pricing.
  • Small and medium sized businesses who will get access to new credit.
  • Banks that will become more productive, with lower transaction costs, greater capital efficiency and stronger operational resilience.
  • The financial system itself that will become more resilient with greater diversity, redundancy and depth.
  • New forms of currency (like Bitcoin) that will change the way we think of and use money.
  • And most fundamentally, financial services that will be more inclusive; with people better connected, more informed and increasingly empowered.

Because of its seemingly vast and varied scope FinTech is not really understood by many in the real world, whether they be business executives, managers or staff (who fail to understand what technology can do) or technologists themselves (who have scant knowledge of the practical needs/problems of business and finance).

This three part course is a basic primer to understanding FinTech in all its forms and guises.

In Part 2 we take a detailed view of financial service functions and clusters of innovation in six key areas – Payments, Market Provisioning, Investment Management, Insurance, Deposits & Lending and Raising Capital. We examine each of these functions in terms of the current “clusters” of innovation, the key disruptive trends, the main thrust of current developments and the specific implications for financial institutions. 

Course Series

This course is included in the following series:

3 CoursesUnderstanding FinTech

  1. Understanding FinTech – Part 1 (FinTech Basics)
  2. Understanding FinTech – Part 2 (Financial Service Functions & Innovation Clusters)
  3. Understanding FinTech – Part 3 (Blockchain, Bitcoin & Other Cryptocurrencies)
Learning Objectives
  • Discover the critical issues in each of the different FinTech functional areas.
  • Explore the different FinTech functions and innovation clusters.
  • Discover what some of these FinTech innovations are and how they work.
  • Explore the implications of the different FinTech innovations. 
Last updated/reviewed: January 14, 2023
14 Reviews (96 ratings)


Anonymous Author
It seems this course is suitable to those who already knew about the subjects discussed in this course. Otherwise, it's difficult to understand and make sense of the topics discussed in the course.

Member's Profile
This course is the second part of introduction to Fintech. The length of course is appropriate for its credit hour. The difficulty level of exam is comparable to that of the material.

Member's Profile
Good breakdown of trends and possibilities in a constantly changing area.Helpful to identify the ternds I am experiencing to those still to impact me.

Anonymous Author
This course was much harder to understand than Part 1. I think the concepts were too widely drawn and too many to pay adequate attention to.

Anonymous Author
Very informative course. Thorough explanations, a lot of detail. May need to revisit some of the sections due to the level of detail.

Member's Profile
Excellent, excellent, excellent discussion on the impact of Fin Tech technologies. Quite an eye opener.

Anonymous Author
Overall this is a good course. It is very timely if you are in the financial services industry.

Member's Profile
Very helpful. I have reviewed this material before, but it was great to get a refresher on it.

Anonymous Author
Instructor is knowledgeable and presents the information in an easy to follow manner.

Member's Profile
looking forward to part 3 and learning more about crytpocurrencies and blockchain

Anonymous Author
A lot of good information but not a lot of examples to bring it all home.

Anonymous Author
Good material but delivery and presentation should be more engaging.

Member's Profile
One I might need to listen to a second time to comprehend better

Member's Profile
This was a good course. I would recommend this course.

Course Complexity: Intermediate

Though not essential, completion of “Understanding FinTech – Part 1 (FinTech Basics)” would be an advantage.

Education Provider Information
Company: Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact: For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Instructor for this course
Course Syllabus
  Introduction to Understanding FinTech - Part 213:09
  Functions & Clusters Payments11:55
  Functions & Clusters Insurance12:53
  Functions & Clusters Deposits & Lending11:42
  Functions & Clusters Capital Raising7:43
  Functions & Clusters Investment Management13:17
  Functions & Clusters Market Provisioning13:59
  Course Wrap-Up1:05
  Understanding FinTech - Part 2 1:25:42
  Slides: Understanding FinTech – Part 2 (Financial Service Functions & Innovation Clusters)PDF
  Understanding FinTech – Part 2 (Financial Service Functions & Innovation Clusters) Glossary/IndexPDF