On Friday, 17 November (#FintechFriday), in celebration of Global Entrepreneurship Week 2017, finance and technology entrepreneurs, investors, accelerator leaders and industry disruptors from Germany and the United Kingdom joined forces to forecast a future for FinTech beyond #BREXIT.
The brainstorm started with the conundrum of whether to compete or collaborate in lieu of Brexit. Quickly, the conversation moved beyond these binary options to conclude that there is no silver bullet solution. The needs for fintech are real and technology will continue to evolve. The study suggests existing market demands are not adequately served by incumbent organisations that appear too focused on product silos, limited by antiquated platforms and lacking in knowledge or understanding of requirements. A diverse customer base wants personalised and relevant choice.
Organizations too comfortable with the current status quo are likely to lose valuable market share to innovative and active new entrants. Innovation is bottlenecked by regulation, market division and a lack of government support and though the industry is evolving, a major disruptor is unlikely to emerge from either the UK or Germany at this point in time. The advent of open banking offers opportunities to improve this situation if we can develop better ways to work together, new business models and a homogenous platform for the new financial age.
Brexit for Fintech UK feels like a full-blown hurricane whipping up the next financial crisis whereas Germany appears less affected by this force. The current competition to attract talent to specific physical locations seemingly misses the point of leveraging technology to connect like-minds, share common content and achieve greater ambitions together.
To better understand what fintech is, to discover the likely industry disruptor or to make decisions about how best to secure your fintech future, read the full report.
Credit: Celia Gates