The Future of FinTech: The Round-Up
July 28, 2018
We had a great time hearing all about the Future of FinTech with some great names on the panel, including our own Business Development Director, Scott Woodcock.
We’d like to say a big thank you to Business Cloud & KPMG for hosting us!
How has FinTech changed?
FinTech has been around and ever evolving since the 1950s, starting with the first credit card. It has been a leading market within different industries that stands and causes disruption, but can now be classed as ‘fashionable’, according to Sara Parker, North Invest.
FinTech is not going anywhere any time soon and it is not going to stop; there are many new and different aspects to FinTech, including Blockchain, artificial intelligence, and more. It’s not just about the ‘fin’ or the ‘tech’, it’s about entire industry growing and keeping up-to-date with changes in technology.
But how do companies keep up-to-date?
Technology is changing constantly; in order to keep up with the changes, FinTech startups can assist with that. Since the financial crisis, companies have needed alternative solutions – well FinTech companies could be the answer, however, a company doesn’t have to be within the financial services industry to be classed as FinTech.
Companies such as Uber or Airbnb could be classed as FinTech – the convenience of these apps or websites makes their customer experience much smoother and easier.
For businesses, a seamless user journey that is convenient for the consumer is key. The consumer needs to have trust in the process. Rachel Kenyon, University of Manchester stated that ‘FinTech startups can work with companies to gain that trust.’
What’s the Future of FinTech?
As mentioned earlier, FinTech is not going anywhere. It is helping businesses in this disruptive age to keep up with technological advancements. Although automating certain processes with the help of FinTech could mean that roles within businesses could disappear, it also means new roles will be created. Millennials and Generation Z are being brought up with technology – children are using tablets and smartphones every day, with 42% having a personal tablet, and these children are going to be the future and at the forefront of the industry.
At Acuant, we’re proud to be a Manchester business; the city is at the forefront of innovation. Manchester’s FinTech scene is serious, and although much smaller than cities like London, Manchester is not held back by its scale.