Here are his key themes and takeaways from the event.
Key Themes and Takeaways from FinTech Week London 2022
The transition from Open Banking to
The
Blockchain & Cryptocurrencies
The three most important growth factors for the industry will be regulation, UIs and education (industry and consumer).
A huge challenge is the risk of financial exclusion - 25% of
ESG (Environmental, Social, and Governance) is a major driving force shaping the industry:
Employees are more purpose driven rather than financially driven than ever before.
National ESG ratings are influencing the levels of investment into a country.
The concept of 'banking for good' is becoming more centre stage.
Another challenge for inclusive capital is going to be how we get the measurement right. ESG ratings are a positive start but that is all they are - a start.
Big Tech & Big Banks: 'Coopetition'
There is a huge need for big banks to partner effectively with big tech - this is happening much more effectively in emerging economies than the developed world. We can see big tech 'nibbling away' at the retail transactional, credit, and lending aspects of banking but they do not want to be banks. There are different trajectories within retail banking vs corporate banking in terms of the share of the pie for tech vs banks. The ability to collaborate effectively with big tech is what allows banks to respond to emerging customer requirements quicky, offering a huge competitive advantage.
Future of Payments
We are transitioning to an mPOS payment landscape in the
So what?
There are macro trends that you could be using to build or develop your corporate value proposition.
Businesses need plans to compete with firms building out their competitive advantage using blockchain technologies.
Developing business intelligence teams in-house, or building partnerships with third parties, will be fundamental for understanding and leveraging the new wave of '
The growing trend of purpose-driven capital allocation will affect fundraising strategies.
The future payment landscape will affect your business's attractiveness to consumers.
Having a corporate strategy, whichever industry your business is in, that addresses FinTech themes permeating outwards, will be fundamental for protecting market share and driving future growth. This is how
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