What happened at the Innovate Finance Global Summit?

I was at the Innovate Finance Global Summit last week and it was fantastic, as can be seen by the pic above of the CEO and Chair having a whale of a time on stage. The job I had to do was interview Jo Dewar on stage who just launched Project Nemo (more on that tomorrow), but I thought I would summarise three reports that Innovate Finance released as part of a week of fintech fascinations.

The first has been produced in partnership with KPMG, laying out the pathway forward for open finance in the UK.

The Roadmap to Open Finance in the UK

The report:

• Summarises where the UK stands on this journey, with what has already been achieved or is underway.
• Highlights additional building blocks needed to enable the implementation of Open Finance.
• Sets out a set of scenarios or route options for the roadmap.
• Identifies some of the common infrastructure needed for any journey option.
• Provides a framework for deciding on the UK’s route to open finance - clarifying the trade-offs involved in different approaches and how data sets and use cases can be prioritised.

The aim is to provide a framework and provocation for conversation and debate, to help develop thinking on what the right roadmap (or roadmaps) should be for Open Finance in the UK. The team also want a big conversation across the ecosystem, with users and consumers; all financial services and institutions; FinTechs; BigTech; regulators; policymakers and government.

VIEW THE REPORT HERE

A second piece of research was released, this time working with EY, providing insight into the critical role that Boards play at all stages of a FinTech’s successful growth journey.

Setting the pace or keeping up — are FinTech boards future-fit?

The report recognises that although the UK is a global fintech leader, wider success hinges on building boards that are diverse and can offer long-term strategic guidance – aspects that can understandably be overlooked when rapidly innovating and scaling.

This research into FinTech board effectiveness led by Innovate Finance, includes rich discussion with CEOs and Chairs of firms to unpack the opportunities and barriers their boards are facing. It’s clear from these findings that diversity across UK FinTech boardrooms – in both skills and gender – isn’t yet where it needs to be, but it’s promising to hear that leaders in the industry are keen to see this improve.

Read the full report here: https://lnkd.in/exDxK6gT

And the third report looked into the UK general election, one of over 40 taking place worldwide this year (how many can you name?). Interestingly, Innovate Finance propose a FinTech manifesto as part of that process.

General Election FinTech Manifesto

Innovate Finance’s General Election FinTech Manifesto sets out three ambitions for the next government to deliver, in order to support the continued development of the UK’s FinTech sector.

The manifesto calls on the next government to adopt a ‘FinTech first’ approach, recognising the role FinTech can play in tackling some of the biggest challenges facing the UK. From the environment to the economy, FinTech can support the next government and play a positive role across the UK.

The three ambitions for the FinTech manifesto are:

• Build the world’s first smart data economy The UK has played a global leadership role in the development of Open Banking and now has the opportunity to take important steps forward on delivering the future of Open Banking, moving towards Open Finance, and then the wider smart data economy agenda.
• Make the UK the most secure place in the world for consumers and businesses to use digital finance Tackling the rise of fraud is essential for the sector’s continued success so that consumers and businesses feel safe and secure transacting online. The next government must prioritise tackling fraud in a holistic way by bringing together all relevant stakeholders, and focusing on solutions that address online fraud at its source.
• Make the UK the world leader in adopting new technology in finance Numerous factors contribute to the UK’s position as a FinTech hub, such as the regulatory environment, investment landscape, and highly educated population. Each of these creates the conditions for a favourable regulatory environment for FinTechs to grow, secure early stage funding, and find digital savvy consumers to use their products and services. These issues combined create the conditions for the UK to play a leading role in the adoption of new technologies in finance.

You can read more in the full manifesto here.

It was an interesting week last week, and I also had a whale of a time, including launching my new book (more on that later too). Meantime, full disclosure, I am Global Ambassador for Innovate Finance so, if you want to know any more about their activities, just get in touch.