TheCityUK believes in the importance of transforming the financial and related professional services industry to become highly digitised, innovative and customer-centric.
The role of FinTech is crucial to bringing businesses closer to customers through tailored services and new products, while ensuring that the industry as a whole is equipped to meet the demands and pressures of the 21st Century.
This programme is framed by our strategic reports, ‘A vision for a transformed, world-leading industry’ and ‘UK financial and related professional services: meeting the challenges and delivering opportunities’. Innovating, disrupting and ensuring scalability is integral to our vision for the future success of the financial and related professional services industry and the wider UK.
Collaboration and partnership with the FinTech community
Partnering with the next generation of start-ups in FinTech will bring about mutual benefits for established providers across the industry. Such collaboration opens new avenues of funding for FinTechs, while enabling industry incumbents to harness the innovative creativity of the start-up community. Our guide to partnerships highlights seven models which have been successfully deployed to date, and the key legal issues considerations.
Promoting shared platforms
One opportunity presented by FinTech is the potential to overhaul firms’ back office functions through shared platform services. These services could standardise and centralise activities that don’t provide competitive advantage and which are currently carried out internally by financial services companies as utility services. We have identified a number of areas where this approach could be deployed, highlighting the many benefits it could bring, i.e. significantly reduced costs, and the ability to help firms implement regulation more efficiently.
Enhancing the industry’s to capabilities, networks and regulations in areas that could disrupt the industry
There should be a collective effort to encourage and invest in major industry disruptions, including blockchain, Internet of Things (IoT), cyber, data, cognitive analytics and telematics. There is an opportunity to link industry more closely with government initiatives (e.g. PETRAS IoT Research Hub run in collaboration with nine leading UK universities) and regulatory involvement (similar to the FCA’s Project Innovate on FinTech).
Our Public Affairs Group (PAG) brings together our senior members with experts in government relations, public policy and public affairs to discuss the development and implementation of the innovate, disrupt and scale priority.
For more information about our work to 'Innovate, disrupt, scale' please contact us.