15.483 消费金融与金融科技 (Consumer Finance and FinTech)

MIT Course 15 · Finance · 金融学 · 课号 15.483

TL;DR

• 数字化浪潮下个人借贷、财富管理、移动支付与保险科技（InsurTech）的商业重塑。
• 大数据与机器学习算法在个人信用评分模型、反欺诈风控与合规审查中的应用与偏见纠正。
• 智能投顾算法底层逻辑、监管科技（RegTech）边界及普惠金融政策平衡。

课程简介 / Description

This course provides a solid understanding of consumer decision-making and how new products and services are developed, especially given the rapid pace of innovation and regulatory change, to help students succeed in consumer finance today. Specific examples will be drawn from retirement saving products, credit cards, peer to peer lending, cryptocurrencies, and financial advising.

讲义 / Lecture Notes

• 1
  • Introduction and overview of consumer financial markets
  • Why take this class?
  • Requirements
  • Substantive plan of the course
  • Overview of consumer finance
  • Lecture 1: Introduction (PDF - 1.2MB)
• 2
  • How people
  • should
  • behave: economic models of household financial behavior
  • Underlying assumptions: diminishing marginal utility, knowledge, optimization, the effects of risk, risk aversion and portfolio choice
  • Central implications: consumption smoothing, CCAPM
  • Financial advising, robo-advising
  • Lecture 2: Rational model (PDF - 2.1MB)
• 3
  • How people
  • do
  • behave: behavioral biases, financial decisions, and markets
  • Underlying evidence: experiments, biology, psychology, evolution
  • Central assumption: mistakes
  • Regulation vs. competition for rents
  • Profiting from mistakes vs. selling correcting products
  • Lecture 3: Behavioral models (PDF)
• 4
  • Financial coaching and behavioral economics
  • Guest lecture: Katy Davis (Managing Director,
  • ideas42
  • )
  • No notes
  • Related white paper:
  • The Financial Health Check: Scalable Solutions for Financial Resilience (PDF - 4MB)
• 5
  • Selling personal financial advice
  • Opportunities and challenges for HelloWallet
  • Navigating market forces
  • How to allocate resources to consumer vs. employer markets
  • Lecture 5: HelloWallet (PDF)
• 6
  • Risk-based pricing in consumer credit: credit cards and regulation
  • Overview of credit card market
  • Market analysis and the failure of Citi “A deal is a deal” campaign
  • Credit market collapses
  • Lecture 6: Credit card markets (PDF - 1.7MB)
• 7
  • Consumer insurance markets
  • Fundamental problems of customers
  • How households manage risks
  • The insurance problem
  • Lecture 7: BASIX Insurance (PDF)
• 8
  • Peer to peer lending
  • Overview and origin of the idea
  • Lending Club
  • Federal Securities Laws and implications
  • Evolution of peer-to-peer lending
  • Lecture 8: Lending Club (PDF)
• 9
  • Securities backed by consumer debts
  • Guest lecture: Joseph Naggar (Partner,
  • GoldenTree Asset Management
  • )
  • Tour of securitized products and ABS (credit cards, autos, student loans, personal loans, esoteric), CMBS, RMBS, and CLOs
  • The size of the market, the participants, and importance
  • How the market works: creation, distribution, liquidity
  • What happened during the crisis and what the future holds
  • No notes
• 10
  • Fintech lending in China
  • Guest lecture: Chen Long (Chief Strategy Officer,
  • Ant Financial
  • (formerly Alipay))
  • No notes
• 11
  • Fintech: Bitcoin and payment technologies overview and discussion
  • The economics and finance of money and transactions
  • Are cryptocurrencies the future?
  • Blockchain and public ledgers
  • Lecture 11: Bitcoin and payments (PDF - 2.1MB)

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