Top Insights from Day Two at Fintech Talents
“2023 is predicted to be a tough year. Businesses and brands are going to have to step up like never before. People want something special to part with their hard-earned cash. ”
👉 Thanks to VC Innovations for hosting the Fintech Talents Event at London Brewery yesterday. Some genuinely exciting talks tapping into unconventional topics.
💡Here are our top five takeaways from day two.
1. The end of small print
As part of the FCA's transformation to become a more assertive and data-led regulator, next year's Consumer Duty regulation will bring greater flexibility and transparency to consumers, rewriting the rules on how products and services are sold.
Why this matters: Being customer-first is no longer an option.
2. The rise of the Building Society
Citizen-centred initiatives will have a real impact and potentially challenge the financial services (bank-driven) model. Branches have become community hubs, with the average age dropping in response to the cost of living.
Why this matters: The challenge is making people feel a sense of belonging at scale. Expect new product and service experiences to target that need.
3. Islamic finance offers profound lessons
An underbanked segment globally and in the UK, Sharia-compliant products provide many lessons for the western world. It is a fascinating place to innovate where finance, culture and religion intersect. Plus, its principles are markedly compatible with ESG and sustainability Indicators.
Why this matters: Worldbank predicts this to be the fastest-growing financial space globally. Check out Kestrl and Alif Bank.
4. Smart working is not having people back to the office to work on Zoom
Anne-Marie Lister from Atom Bank offers a useful anecdote on the importance of making things happen. Young entrants want to avoid entering a quagmire of bureaucracy. They want to make things real.
Why this matters: The financial services industry must solve its image problem. Talent is tough to attract.
5. Never, ever forget the basics
When tackling digital transformation at scale, Saira Khan from First Direct showed that having a clear communicable strategy, a toolkit and creating local advocates are instrumental.
Why this matters: Helpful tip: To avoid the 'another expert from head office mentality', spend time on the ground and get into the details.
6. (Bonus insight!): Courage Counts
John Stewart from NatWest shared a helpful insight in his talk with Charlotte Halkett from ManyPets. Incumbents have everything they need. So why don't they innovate? Courage.
Why this matters: We've seen this dynamic repeatedly. FintechTalents gave its attendees lots of inspiration to change that.
⚡️To see how these insights affect your business, we got you!
🙌 Thanks to Jay Evans MCIPR (Chair), Oliver Studd (Valhalla Network), Ben West (London Mutual Credit Union), Amanda Walker (Sheffield Credit Union) & Richard Rothwell (Leeds Building Society), Abdullo Kurbanov (Alif Bank), Arifa H. (Seccl) & Sohail Raja (Societe Generale)
