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Fintech Q2 2022

The UK fintech sector can be a force for good

iStock / Getty Images Plus / lerbank

Janine Hirt

CEO, Innovate Finance

The global fintech market has experienced steady growth and is expected to reach £380 billion by 2030. In the UK alone, the sector will employ over 100,000 by 2030.

The numbers speak for themselves – the fintech industry is clearly growing from strength to strength, but what lies ahead? And perhaps most importantly, how can the sector continue to create positive change for society and establish a more inclusive, democratic and effective financial services sector?

Change in financial behaviour

The financial behaviour of individuals and SMEs is changing. As an example, nearly 70% of adults in the UK now use less cash. Fintechs are making finance accessible to the masses, enabling customers to save, manage, grow and understand their money in a more direct and transparent way whilst contributing to a more inclusive financial ecosystem overall.

Fintechs also have the opportunity to shift the demographic of talent within financial services. The latest survey by EY and Innovate Finance showed an increased commitment of fintech to diversity and gender equality.

Financial services are indeed integral to our lives, yet there are still barriers and challenges that many consumers face on accessing basic financial products and services. Over the years, fintech entrepreneurs and founders have proven that a better financial services system is possible.

The fintech industry is clearly growing from strength to strength, but what lies ahead?

Developing a society of the future

The fintech sector understands the power that the industry has when it comes to the wider environment, societal and governance (ESG) agenda.

The cost-of-living crisis has once again drawn into focus the need for our financial systems to work even better for individuals and SMEs. How financial services respond to this crisis will be key to how our society develops in the future.

In October we will host the second edition of Innovate Finance’s annual ‘Fintech as a Force For Good’ summit. Fintech founders, senior government officials, investors, policymakers, regulators, NPOs, NGOs and international hubs will debate key issues facing society and explore how the fintech sector can continue to support a fairer, greener and more sustainable world for all.

Maintaining global leadership

To reach such ambitious objectives, the UK needs to continue the momentum and build upon its current global leadership in financial innovation. This must be done by industry, regulators and government working together, continuing to push ahead, continuing to create an environment where innovation can thrive, and continuing to demand better financial services that work for all.

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