Event Recap: Innovate Finance Global Summit 2019
Synechron London celebrated UK FinTech Week by participating in multiple events and was one of the key exhibitors at the 2019 Innovate Finance Global Summit (“IFGS”). With over 2,000 delegates from around the world, the fifth annual summit saw some of the industry’s best-in-class speakers discuss FinTech, innovation, digitisation and what lies ahead for the future of the financial services industry.
The Summit also saw the coming together of FinTechs, regulating bodies, overseas firms from Singapore and Malta, as well as industry heavyweights, including Barclays, Lloyds, and Natwest, showcasing their own innovation labs in the exhibitor’s hall. Panels from leading financial institutions and insurance companies spanned across four different rooms and included panels from one of Synechron’s Innovation partners, including Philip Dutton, CEO of Solidatus, as well Sonal Rattan, CEO & Founder of Exate Technology, who will also be one of the speakers at Synechron London’s InSync event on May 16th in Canary Wharf.
Some of the key trends the Synechron team observed, closely aligned with our own 2019 Digital Trends report:
Sustainable Finance – A sentiment echoed throughout the conference was the focus on ensuring any transformation financial institutions undergo are also sustainable. If financial institutions choose to forgo implementing ESG (Environmental, Social and Governance) standards, a consumer’s bank loyalty will decrease.* Consumers are becoming increasingly conscious of what financial institutions they align and invest their money with. With a strong focus being placed by firms on consumer experience, sustainable finance must start to play a role in a company’s transformational roadmap. Incase you did not pick one up from the booth, check out Synechron’s infographic on sustainable finance, here.
Machine Learning and Artificial Intelligence (AI) – Unsurprisingly, machine learning and AI continued to spark a lot of conversation on the panel discussions. According to the Bank of England, “banking is already the second biggest global spender on AI systems (after retail) and is expected to invest a further $10bn on AI by 2020.”* New technologies, such as AI and Machine Learning, can enable banks to accelerate their digital transformation journeys through enhanced security and to deliver enhanced digital banking services to clients through the extraction of real-time analytics in conjunction with big data.
Payments – The conference saw a multitude of payments-focused FinTechs attend, including Currency Cloud, Linklaters, as well as global payments firm, SWIFT. Companies came together to discuss how they can improve the payments space through the use of technologies like Application Programming Interfaces (APIs) and increased transparency to help improve the cross-border payments experience in real-time. The increased focus on payments also was echoed by Deputy Governor, Dave Ramsden, from the Bank of England, who mentioned how the bank’s own rebuild “will provide API access to read and write payment data.” In order to be successful, banks will need to review their existing ways of working, consider an architecture and infrastructure overhaul roadmap and create new digital ecosystems.
A special congratulations as well to one of our Insurtech UK partners, Wrisk, for winning the conference’s Pitch360 competition for Personal Finance & Robo Advice. For more updates from UK Fintech Week, stay tuned for Synechron UK’s Managing Director, Tony Clark’s interview in The Fintech Power 50, coming soon.
Come and visit the Synechron London team at CogX June 10-12 at Knowledge Quarter in Kings Cross, where we will be exhibiting our Data Science and Wealth Tech accelerators. We look forward to seeing you there!
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