Janine Hirt
CEO, Innovate Finance
Fintech has revolutionised the way we access and use our money. Digital tools can help us better track our finances and make more informed decisions about our financial wellbeing.
The UK fintech industry has positively changed the lives of consumers and businesses by making financial services more accessible, more inclusive and more democratic. Today, 80% of adults in the UK are using at least one fintech tool on a regular basis. Moreover, fintechs account for more than 55% of the SME lending market in the UK.
Financial wellbeing and the cost of living crisis
With the cost of living crisis affecting millions of households across the country, there is a renewed focus on how financial technology and innovation can support us all during these difficult times.
Plum, Zopa, Snugg and Minna Technologies are just a few examples of fintechs that are helping individuals and businesses better understand, grow and manage money in an easier, cheaper and more transparent way. Their solutions are enabling us to prepare for and better navigate through scenarios such as increased energy costs and interest rate fluctuations.
Today, 80% of adults in the UK are using at
least one fintech tool on a regular basis.
At Innovate Finance, we have recently launched ‘Wired Differently: Innovation in Finance.’ Produced by BBC StoryWorks, ‘Wired Differently’ is a new series of short films showcasing the incredible stories of innovative fintechs across the world. The series highlights the groundbreaking work fintech entrepreneurs are doing to shape the future of financial services by putting customers back at the centre of the proposition.
Creating an inclusive and accessible financial services ecosystem
By focusing on the consumer, the world-leading UK fintech sector has continued to grow from strength to strength. To continue this forward momentum towards a fairer and more democratic financial services system, industry, government and regulators must work collaboratively to fully unlock the power of financial technology and innovation, and enable the sector to deliver even better outcomes for consumers with new solutions.