20 Aug 10 sectors benefiting from fintech—and recognised at the UK FinTech Awards
The UK FinTech Awards is nationwide and technology-agnostic, as long as it’s applicable in financial services in some way. Below is an overview of the types and kinds of fintech that are revolutionising financial services that we’d love to hear about
Accounting: This sector is enjoying an innovation rush. From cloud-based services for SMEs, to mobile apps for the accountant on the go, accountancy has never been simpler or better automated thanks to fintech.
Pensions: The advent of automatic enrolment brought with it a demand for greater efficiency and transparency, as well as easier connections with members of pension providers. Big data and analytics tools that improve the member-provider relationship, robo-advice, blockchain for collection and payments, social media for better communications—the list goes on.
Banking: The age of legacy tech at the big banks is under threat, as balance sheet pressures demand ever greater efficiency and margin. So too have new players emerged, the challenger banks, to disrupt the status quo. From mobile banking to back-office SaaS for large-scale asset under management operations, banking is in the grip of a fintech revolution.
Insurance: No sector has embraced technology quite like insurance, where data is king and old business models are making way for the new kids on the block. Artificial intelligence solutions for claims teams, mobile apps for customers’ first notification of loss, subscription-based insurance, digital broker platforms—insurance is modernising like never before.
Investment: Whether it’s a consumer’s savings or a pension fund’s billions, automating the front, middle and back office of the investment management capability is crucial if returns are to be many, while controlling the flow of data and understanding its contents promise to make investments more transparent in the future.
Lending: Peer-to-peer lending platforms, document automation, digital credit scoring, artificial intelligence-based credit analysis and more are speeding up and making more efficient the process of obtaining a personal loan as a consumer and sourcing capital as a business.
Payments: Mobile payments are reducing our reliance on cash, as established and challenger banks are finding increasingly innovative ways to ensure our loyalty. Anti-fraud initiatives are becoming important too, as money becomes as easy to steal as it is to spend.
Personal finance: The day-to-day spending of consumers is eminently trackable and manageable thanks to a new wave of standalone apps and online banking services that help you do more with less. From personal finance tools to co-created add-ons, it’s never been more beneficial to be a tech-savvy individual.
Regulation and compliance: From anti-money laundering to fighting fraud, regulatory technology is ensuring that financial services providers are doing their utmost to protect capital and consumers.
Wealth: The individual’s ability to make money is increasingly automated. Robo-advisers, digital brokerage platforms, micro-investment and portfolio management tools are just a few of the choices available to wealth creators in the UK.