- Financial giants and FinTech start-ups move towards collaboration to benefit customers
- Manchester’s FinTech sector to expand and is already largest financial services hub outside London
The evolution of the digital landscape, the growth of the UK FinTech industry and the ability to attract talent into the sector post-Brexit – a few of the key issues being addressed at a forthcoming event which has some of the UK’s most influential financial thought leaders on the guest list.
Taking place on 14th September at Canary Wharf, one of Europe’s financial service centre hubs, FinTech Revolution: Embracing Change During a post-Brexit Era of Business Transformation brings together banking giants Barclays and RBS, along with FinTech start-ups and SMEs to discuss some of the challenges companies might face following the EU Referendum. FinTech Revolution will also address current trends and how FinTech is shaping the financial industry, creating more market opportunities for institutions.
With a reputation as the most disruptive development to financial services, FinTech is introducing products to harness greater efficiency and innovation by enabling customers to feel more empowered. Additionally, FinTech increases the ways in which financial services providers interact with their clients to revolutionise the customer experience.
According to Innovate Finance, the industry trade body for FinTech, the UK attracted the second highest number of FinTech funding in 2015, behind the US and was third in terms of volume invested, behind the US and China. It was also noted the UK FinTech industry grew by 35 per cent from the previous year.
Jeffrey Tijssen, Managing Principal and Head of FinTech & Digital Partnerships, Capco Digital, said: “The UK is the global capital of FinTech and over the last few years we’ve seen it grow from its disruptive roots into a £6.6bn tour de force, employing around 61,000 people.
“Digital technology’s prominence is radically influencing today’s consumer habits and how we operate professionally. It dominates how we arrange our finances, communicate, shop and consume information therefore, our FinTech industry has no signs of losing pace despite the uncertainties that the EU Referendum result brings. Digital is at the forefront and the latest trends such as big data, crowd funding, the Cloud and mobile payments are helping FinTech thrive. New rules and directives such as PSD2, will enhance the customer experience, improve security and boost competition.”
FinTech in the UK has the potential to move into the mainstream as established institutions like Barclays through the Rise concept, collaborate with new digital companies to create FinTech clusters. Rise finds solutions to some of the biggest challenges facing financial services through scaling early prototypes and devising new business models, then translating them into live products and services.
Manchester’s growing FinTech cluster is a strong alternative to London, with high-end facilities designed to support companies at any stage of their life cycle, from start-ups to well established companies with a number of incubator/accelerator spaces and digital hubs around the city.
Tim Newns, chief executive of MIDAS, said: “The city is home to many large global firms such as BNY Mellon, and RBS, as well as new, innovative organisations like VST Enterprises. Many firms such as Lloyds and Barclays also have their UK IT centres here. This convergence of Manchester’s two largest industries, financial services and digital technology, has resulted in a growing cluster of FinTech businesses; from well-established companies supporting the financial services, to smaller firms developing novel solutions and disrupting current business models. We have seen particular growth in FinTech firms specialising in payments.
“Manchester has a proven track record of supporting FinTech investments complemented by a high-calibre of talent. The strength of Manchester’s digital infrastructure means it attracts fast-growth SMEs like AccessPay and Crowdcube to establish and grow their technology footprint. By the end of this year, The Vault, a new hub for innovative companies, SMEs and start-ups will take up residency on the Spinningfields site at XYZ. This combined with spaces such as Rise, Manchester, has led to an emerging FinTech cluster in the region.”
Speakers at FinTech Revolution: Embracing Change During a post-Brexit Era of Business Transformation include Jeffrey Tijssen, Managing Principal and Chair FinTech Working Group, Capco Digital, Alastair Lukies, Chairman, Innovate Finance; Anish Kapoor, CEO, Access Pay; Damien Richardson, Head of Innovation and Strategic Initiatives, RBS; Darren Earnshaw, Head of Lending Technology, Barclays; and Tim Newns, Chief Executive, MIDAS, Manchester’s inward investment agency.
- ENDS -
Notes to Editors
Manchester is being recognised for its FinTech potential, being recognised by industry body Innovate Finance, as a key FinTech centre in the UK outside of London. As the UK’s second largest economy, Manchester is an economic powerhouse employing almost 277,000 people in the financial and professional services sector. Its reputation as a ‘city of innovation’ is truer today than ever with Manchester now firmly established as a major technology hub.