FinTech Network Host UK Incumbent and Challenger Banks in Innovation Discussions with the FCA

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FinTech Network have invited leading financial services stakeholders, including the FCA, Lloyds Banking Group, Credit Suisse, Atom Bank, Starling Bank, Google, Microsoft, Worldremit and Powa Technologies to discuss the importance of innovation in the future of UK retail banking

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I am pleased to be speaking at the Retail Banking Innovation Conference. It is a great opportunity to meet and network with other valuable players in the industry as well as add Fidor’s perspective. Sophie Guibaud, Fidor Bank

As the proliferation of Fintech continues to disrupt and shape the way consumers interact with financial services products, one thing has become clear - incumbent banks are unlikely to sit back and watch as their retail banking customers slowly move to new, innovative and digital solutions.

The first wave of Fintech disruption has proven that start up technology providers can offer highly competitive, streamlined alternatives to traditional retail banking institutions. The second wave of Fintech disruption will see incumbent banks adopt innovative product development practices that will provide a secure, consumer focused digital retail banking experience. Simultaneously, "challenger" or "Fintech" banks are emerging to offer wholly digital or multi-channel experiences for retail banking consumers, utilising open source models and external partnerships.

It’s an exciting time for retail banking, but the challenges associated with the models of innovation being used to achieve this rapid change are significant. The objective is to achieve a secure, bespoke customer experience which offers multichannel engagement opportunities. However barriers include changing the culture of a bank to enable innovation through nimble yet secure execution, managing risk, attracting and retaining human capital, developing a design led, customer-centric team to work across an organization or investing time and resources in external partnerships. Many of which are first-of-a-kind experiences for most organisations.

Collaboration will also become a more common feature of retail banking as it shifts towards the “market model” that has been adopted so successfully in other industries including publishing, media, telecommunications and travel. Not only can banks partner with niche Fintech providers, they can actually use them to streamline their own offerings. For example, making loans available through lending platforms can be a much more efficient way to access a previously under serviced demographic.    

To help banks and technology providers navigate this complex and rapidly developing shift, FinTech Network are building a unique and highly valuable forum to take place in London in February 2016 to investigate the future shape of retail banking. Led by the FCA and 10 leading incumbent and challenger banks, the Retail Banking Innovation Conference will help you define your digital proposition and provide you with a step by step guide to plan and execute innovative change.

About the Retail Banking Innovation Conference
Where: The Grand Connaught Rooms, London
When: February 23-24, 2016
Objective: Develop your digital banking proposition utilising the latest models of innovation to achieve customer-centric product development

About FinTech Network

We exist to facilitate and advocate the adoption of innovative and disruptive financial technologies. We do this by uniting the most influential figures in the industry to challenge the status quo and improve traditional banking systems. This happens through our industry leading conferences and original content.

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James Taylor

James Taylor
FinTech Network
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