Innovative, inclusive and with the pursuit of growth at its heart, fintech is the future industry re-defining how consumers and companies alike deal with all things finance.
For established financial institutions, innovation can be a slow, incremental process, held up by legacy systems, long lead times and complicated governance structures. Meanwhile, on the edges, agile fintech startups are innovating ahead of their more established counterparts, but are limited in their ability to disrupt the industry by small client bases and a lack of infrastructure.
Fintech has opened up fertile ground for collaboration between start-ups, scale-ups and well-established, large financial institutions, with businesses of different sizes working together more effectively than ever before.
However the industry is not without challenges and they are confronting some big issues, that impact not only financial institutions, but the wider society as a whole.
- How do new entrants to the financial sector collaborate with the established institutions towards success for all?
- How does fintech stay agile as they grow into a highly regulated industry?
- Can fintech deliver a financial system that is fit-for-purpose for everyone – regardless of income?
The growing expectation that services should be delivered digitally opens up space for financial businesses to thrive. Over the coming months, we will continue to gather entrepreneurs and business leaders across the country and ask them what fintech’s progress means for all of us.