A Coronation Of A Different Kind: How The UK Can Retain Its Crown As A Global Fintech Superpower
After 15 years working in the UK Financial Services sector - from relationship based British merchant banking group Close Brothers to technology driven Swedish payments disruptor Klarna - I've seen firsthand how the UK has evolved to firmly establish itself as a global FinTech superpower - securing a 10% global market share and 8 out of 10 of us using at least one FinTech tool on a regular basis. With a thriving ecosystem that includes established financial institutions, innovative startups, and supportive government policies - the UK has become an established hub for creativity and innovation, attracting both domestic and international talent and investment.
But 2023 has the potential to represent an important inflexion point - as we crown our new King in the midst of a cost of living crisis, we cannot be complacent when it comes to the FinTech sector with many other contenders seeking to grasp our FinTech crown.
As goliaths like the United States and China or more surprising innovators like Singapore, India and Brazil, rapidly catching up (and in some cases accelerating ahead), we need to take action now to ensure that the UK remains at the forefront of the industry and delivers better value to our consumers.
INVESTMENT AND RISK APPETITE
REGULATORY CHANGE
In addition, the UK is also taking steps to create a more forward looking regulatory environment that fosters innovation while protecting consumers. Whether it's the secondary objective for the PRA and FCA to advance the international competitiveness of the UK economy, the transition towards more principle based regulation through the FCA’s Consumer Duty, or the introduction of sandbox and scalebox support - the direction of travel is positive. Key now is to accelerate the pace of delivery so our regulatory frameworks can evolve to accommodate new technologies and business models. From personal experience, regulation of the Buy Now Pay Later sector over the past 3 years has been a microcosm of some of the opportunities and challenges we face - a possible stepping to more proportionate regulation rather than simply applying long outdated prescriptive consumer credit rules dating back to the 1970s...
TALENT AND DIVERSITY
Alongside these, the bedrock of any thriving tech industry is the talent pool. The UK's FinTech sector has benefited greatly from the availability of skilled professionals - of many different nationalities - who have made the UK home and driven innovations that ensure this country remains at the forefront of the industry. To ensure a steady stream of skilled professionals entering the FinTech sector, the UK government, employers and educational institutions must collaborate on creating tailored courses and programs that address the specific needs of the industry. This includes investing in university level courses, apprenticeships, vocational training programs, internships and placements.
Importantly we will also need to be much more creative in accessing the untapped skills available up and down the country. At the heart of achieving this is addressing the diversity and equality imbalance which has plagued UK Financial Services and has unfortunately transferred to FinTech. A stark fact from recent EY research is that women currently only hold around 10% of FinTech board seats. And this is just one lens - the potential is huge if we can move the needle on representation across all forms of diversity - be that racial, ethnic, LGBTQIA+, generational, socioeconomic and neurodiversity.
EMERGING TECHNOLOGIES
But addressing investment, regulation and skills will not be enough. We need to go further, embracing the emerging technologies that are so rapidly becoming mainstream such as AI and machine learning, blockchain, open finance and smart data. A day doesn’t pass right now without discussion of the transformative effect of generative AI capabilities - with never ending use cases to accelerate product development, improve customer service or significantly increase operational efficiency - or much to my relief at the end of a busy day produce a personalised bedtime story for my son Henry within a matter of seconds!
As finance professionals, it is critical for the future success of the UK that we are not daunted by the reality that both our jobs and the careers of future generations will change beyond recognition as these new technologies become embedded into our everyday lives. To learn the lessons from the Luddites who destroyed machines in textile factories back in the early 1800s, our role now is to stay relevant by leveraging the complementary strengths of humans and AI - as ChatGPT says itself:
AI is better suited for tasks that are repetitive, data-driven, or require precision, while humans excel in creative, empathetic, adaptive, and complex problem-solving roles. Ultimately, the best approach may be to harness the strengths of AI and humans through collaboration, creating a more efficient and effective workforce."
And it's very apt to finish on this subject of problem solving and collaboration. With the fanfare of King Charles coronation in 2023, all the eyes of the world will once again turn to our group of small islands on the edge of Europe. From this footing with a relatively modest population of around 65 million (less than 1% of the global population), for many the UK is considered to be punching well above its weight when it comes to Financial Services and FinTech - a possible pretender to the throne. What has made us special and succeed has always been our willingness to collaborate to solve the bigger problems. In the face of rising global polarisation, geopolitical unrest and economic volatility, fostering collaboration and courageous leadership will undoubtedly continue to be our superpower and the key to retaining our crown as a global FinTech leader.
About Klarna
Klarna was founded in 2005 in Stockholm, Sweden with the aim of making it easier for people to shop online. In the last 18 years, technology has evolved, excited and transformed the world around us, yet our mission remains as relevant as ever, to make paying as simple, safe and above all, smooth as possible.
Klarna is the leading global payments and shopping service, providing smarter and more flexible shopping and purchase experiences to 150 million active consumers across more than 500,000 merchants in 45 countries. Klarna offers direct payments, pay after delivery options and instalment plans in a smooth one-click purchase experience that lets consumers pay when and how they prefer to.
Signup to receive the latest discipline specific articles
Related articles
![How to become a change manager: qualifications and requirements](https://attraxcdnprod1-freshed3dgayb7c3.z01.azurefd.net/1481115/1438233e-ba19-4fa6-bc88-cbe12d4d2518/2023.17000.2532/Blob/post_no_image.jpg)
Teaser
Change & TransformationContent Type
Career Advice
23/07/24
Summary
What is a change manager? A change manager ensures that business-wide changes are executed smoothly and effectively. This could be the implementation of a new process, system, or organisational
by
James Thompson
![Five reasons change management is important in times of uncertainty](https://attraxcdnprod1-freshed3dgayb7c3.z01.azurefd.net/1481115/1438233e-ba19-4fa6-bc88-cbe12d4d2518/2023.17000.2532/Blob/post_no_image.jpg)
Teaser
Change & TransformationContent Type
General
23/07/24
Summary
In the modern world of business, change management plays an important role in delivering results and ensuring employees are successful. Whether spurred by technological advancements, shifts in m
by
Cillian Mcevoy
![Why is change management important in transformation?](https://attraxcdnprod1-freshed3dgayb7c3.z01.azurefd.net/1481115/1438233e-ba19-4fa6-bc88-cbe12d4d2518/2023.17000.2532/Blob/post_no_image.jpg)
Teaser
Change & TransformationContent Type
General
23/07/24
Summary
In the modern world of business, change management plays an important role in delivering results and ensuring employees are successful. Whether spurred by technological advancements, shifts in m
by
Oliver Bradley
Related jobs
Salary:
£65,000 - £80,000 per annum + + bonus + benefits
Location:
City of London, London
Industry
FinTech
Qualification
Fully qualified
Market
Financial Services
Salary
£80,000 - £100,000
Job Discipline
Qualified Finance
Contract Type:
Permanent
Description
An exciting opportunity for a Commercial Finance Analyst to join a growing international FinTech.
Reference
BBBH181444
Expiry Date
01/01/01
Author
Florin HodinituAuthor
Florin HodinituSalary:
£150,000 - £175,000 per annum + equity, bonus and benefits
Location:
London
Industry
Healthcare
Qualification
Fully qualified
Market
Executive Search
Salary
£175,000 - £250,000
Job Discipline
Private Equity Executive Search
Contract Type:
Permanent
Description
Marks sattin executive search is working with an effective international, PE Backed healthcare buy and build business
Reference
TA 3325
Expiry Date
01/01/01
Author
Executive SearchAuthor
Executive SearchSalary:
Equity, Bonus and Benefits
Location:
Essex
Industry
Transport & Logistics
Qualification
Fully qualified
Market
Executive Search
Salary
£125,000 - £175,000
Job Discipline
Private Equity Executive Search
Contract Type:
Permanent
Description
Marks Sattin Executive Search is seeking a Chief Financial Officer to join a fast-growing PE-backed B2B business based in Essex.
Reference
TA 3324
Expiry Date
01/01/01
Author
Executive SearchAuthor
Executive SearchSalary:
£100,000 - £120,000 per annum
Location:
City of London, London
Industry
Investment Banking & Capital Markets
Qualification
Fully qualified
Market
Financial Services
Salary
£100,000 - £125,000
Job Discipline
Qualified Finance
Contract Type:
Permanent
Description
An exciting opportunity to join an international Bank and play a pivotal role in driving financial excellence, growth and transformation.
Reference
BBBH181445
Expiry Date
01/01/01
Author
Florin HodinituAuthor
Florin HodinituSalary:
£180,000 - £200,000 per annum + Equity, Bonus and Benefits
Location:
City of London, London
Industry
Energy, Resources and Industrial
Business Services
Qualification
Fully qualified
Market
Executive Search
Salary
£175,000 - £250,000
Job Discipline
Private Equity Executive Search
Contract Type:
Permanent
Description
Marks Sattin Executive Search is working with a successful PE Backed B2B Infrastructure Consultancy business based in Central London
Reference
TA 3323
Expiry Date
01/01/01
Author
Executive SearchAuthor
Executive SearchSalary:
Negotiable
Location:
Chorley, Lancashire
Industry
Consumer & Retail
Qualification
Fully qualified
Market
Commerce & Industry
Salary
£50,000 - £60,000
Job Discipline
Qualified Finance
Contract Type:
Permanent
Description
Finance Manager (Management Accounts) - 40% home working
Reference
BBBH180107
Expiry Date
01/01/01
Author
Laura HalloranAuthor
Laura HalloranSalary:
Up to £55,000 per annum
Location:
Edinburgh
Industry
Business Services
Qualification
None specified
Market
Commerce & Industry
Salary
£50,000 - £60,000
Job Discipline
Qualified Finance
Contract Type:
Permanent
Description
Delighted to be working once more with one of our long standing clients, who due to restructure are recruiting a Commercial Financial Controller
Reference
BBBH179738
Expiry Date
01/01/01
Author
Laura HalloranAuthor
Laura HalloranSalary:
£85,000 - £95,000 per annum
Location:
Bristol
Industry
Technology
Qualification
Fully qualified
Market
Commerce & Industry
Salary
£80,000 - £100,000
Job Discipline
Qualified Finance
Contract Type:
Permanent
Description
Marks Sattin have been engaged by an international software services company based in Bristol to recruit a Group Financial Controller.
Reference
BBBH181364
Expiry Date
01/01/01
Author
Ben NeeamuthkhanAuthor
Ben NeeamuthkhanSalary:
£50,000 - £55,000 per annum
Location:
Bristol
Industry
Manufacturing
Qualification
None specified
Market
Commerce & Industry
Salary
£50,000 - £60,000
Job Discipline
Part Qualified & Transactional Finance
Contract Type:
Permanent
Description
Marks Sattin have been engaged on an exclusive basis to recruit a fantastic Capex Buyer role for a very exciting client based in the Bristol area.
Reference
BBBH181424
Expiry Date
01/01/01
Author
Ben NeeamuthkhanAuthor
Ben NeeamuthkhanSalary:
Negotiable
Location:
London
Industry
Pharmaceuticals & Life Sciences
Qualification
Fully qualified
Market
Commerce & Industry
Salary
£80,000 - £100,000
Job Discipline
Qualified Finance
Contract Type:
Contract
Description
A 6-month contract Senior Finance Business Partner role with a globally renowned research organisation in London.
Reference
JAR2802
Expiry Date
01/01/01
Author
Julia AruciAuthor
Julia Aruci