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Expert opinions

Steve Haley

Steve Haley Director of Market Development and Partnerships at Mojaloop Foundation

The Evolution of National Payment Systems and the Rise of Digital Sovereignty

Countries are increasingly modernizing their national payment systems to include the 1.4 billion underserved individuals within the digital economy, particularly those who rely on mobile phones and have limited access to traditional bank branches. Integrating unbanked and underbanked citizens into the digital economy allows central banks in emergi...

Matt Ryan

Matt Ryan Chief Transformation Officer at Reef

Keeping Customers Loyal When There Is Too Much Choice

93% of consumers compare products online before making a purchase, and with more choice than ever, particularly when it comes to financial services, wealth management and digital asset management, the amount of choice can be confusing. For potential clients, it can be tempting to pick whatever’s easiest rather than struggle to find the best produ...

/people /wealth Trends in Financial Services

Anne Willem De Vries

Anne Willem De Vries Co-founder and CEO at Silverflow

Legacy Systems Are Holding Payments Back

Despite processing millions of payments a day, the payments industry is being held back by outdated technology that has become too integral to replace or integrate with – until now. Legacy systems are already costing the payments industry $36.7 billion per year, a figure that is expected to rise to $57.1 billion by 2028. Rather than addressing sin...

/payments /cloud The Payments Business

James Smith

James Smith MD at Dsruptiv Ltd

What might a Labour government mean for Fintech and Payments in the UK?

A Labour government in the UK could have significant implications for the Fintech and Payments sectors. Key areas that might be affected include changes to the finance landscape, financial services policy, regulation and oversight, innovation, competition, financial inclusion, international positioning, digital infrastructure and education. Here’s...

/payments /startups Fintech

Anup Chandrashekar

Anup Chandrashekar Vice President at Sonata Software

Transforming Banking: Generative AI's Role in Driving Innovation and Resilience

In the dynamic realm of banking, innovation has been the cornerstone of evolution and customer satisfaction. From the pioneering days of ATMs to the digital revolution brought forth by internet and mobile banking, financial institutions have always been at the forefront of embracing technological advancements. Today, as we embark on the cusp of a ...

/ai /retail Artificial Intelligence and Financial Services

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Research

Report

Love Change: The Dynamics of Modern Leadership

Change in financial services has become a differentiating factor. With that, the facets of leadership have and are still evolving, with a refreshed focus on the dynamics and instruments of change within organisations. The pace of change is a different proposition now than it used to be. The confluence of technology advances, which continue to occur exponentially, and consumer demand in combination with market and regulatory pressures give the context for the very real challenge of agility for financial institutions (FIs) of all sizes. This means in some cases wholesale transformation of traditional structures, hierarchies and business models, away from not only legacy technology stacks and systems, but also from endemic siloed cultures. Architects often say it is easier to demolish and start anew but with live running workforces and global operations in train, transforming an enterprise on-the-go requires astute and reasoned methods and a considered approach. It goes beyond placing the focus on technology, as the industry is wont to do. What are the core tenets of change and transformation? How does one effect change, enterprise-wide and what are the real dynamics of modern leadership? It takes the vision to identify processes that are redundant or limiting, for example longstanding Key Performance Indicators (KPIs) may be redundant within new business and operating models. Or the way in which teams interoperate and report may need to be adjusted; upskilling is likely a contributing factor; HR and recruitment parameters need likewise to be taken into account.  The instruments with which to change course need to be clearly and realistically set on course, but what else is required in order to inspire and influence. Is failure indeed required in order to succeed? This report from Finextra, in association with Mambu, engaged several industry leaders from a range of financial services organisations, to address the dynamics of modern leadership and what it takes to succeed and orchestrate change, not only once but as a constant.

310 downloads

Report

Driving successful Cloud Transformation

Capital market firms face the challenge to evolve at pace with technology, so that they're able to innovate and adapt to the customer’s needs quickly. Cloud is seen as a key enabler to their digital future, however cloud adoption isn’t just about IT infrastructure. How can executives develop a holistic approach towards cloud modernisation to ensure their investments pay off? As ‘digital’ engulfs business strategies, large-scale financial services players need to develop smarter ways to adapt and accelerate technological change. They are also under constant pressure from fintechs operating on agile systems, rolling out products and services at speed. The pace of innovation at large firms often suffers due to the scale of operations, monolithic tech infrastructure, ‘people alignment’ and old ways of working. Challenges brought about by COVID require even greater levels of resilience and agility to navigate. More firms than ever are using cloud-led modernisation as a catalyst for holistic enterprise transformation, and crucially, this should lead to adaptable business models that can sustain growth and weather future uncertainties in an ever-changing milieu. To maximise the value from investment, operating models need to align closely business and tech strategies. A democratised approach needs to be implemented enterprisewide and with that, a portfolio management approach to balance the long-term evolution of the underlying platform whilst pursuing growth with new products and features. Technology modernisation is also an enabler for lean product management practices such as low-cost rapid experimentation for exploring and exploiting innovative opportunities. Organisational, as well as technological change is needed to ensure teams can tap into the acceleration and agility that cloud-based architecture promises. Organisations need a mind shift- moving from a top-down decision culture to an empowered agile workforce that can continuously deliver on strategic business outcomes. This research paper from Finextra, in association with Thoughtworks, is based on interviews with senior leaders on their plans and challenges around digital programmes and cloud modernisation.

337 downloads

Report

The Future of Digital Banking in the UK 2021

Why digital is paramount for innovation leaders. While emerging technology has been leveraged by banking leaders and incremental progress has been made in business-led areas, the modernisation of banking must remain as an evolving journey. To find the right approach, UK banks must ask themselves: what does the digital operating model look like to make this constant innovation sustainable? For an incumbent bank, digital transformation has become a herculean task in an age saturated with technological options, requiring traditional lenders to embrace unpredictability, maintain agility and digitise to the core, which requires support from agile fintech players. Legacy players that are in the process of migrating to the cloud are struggling with application modernisation, data centralisation and security, and as a result, banks that are born in the cloud are at an advantage. However, the cloud is not a solution in itself. From building agile platforms to meet the expectations of demanding customers, to crafting an optimised digital operating model, to instilling a strong work culture that goes beyond diversity, there are central challenges which must be addressed by banks in order to lay the foundations for a successful digital future. Banks now recognise the urgency of collaborating with the leading minds in the fintech industry, to craft and deliver the best products to their discerning customers. Download your copy of the report, in association with Backbase, to gain valuable insights from leading financial institutions and understand what will make UK banks successful into the future. The report includes insights from Atom bank, Coventry Building Society, first direct, HSBC, Investec, Lloyds Banking Group, Nationwide, NatWest, OakNorth, Standard Chartered, Tandem Bank, and Yorkshire Building Society. Additionally, join us for a Finextra webinar with Backbase, to gain insights from an industry expert panel discussion on how a future-proof digital banking operating model can reconcile digital and personal - Engagement Banking: Orchestrating the Customer Experience

881 downloads

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FinextraTV

Everybody in the room: Moving fintech forward

Lou Smith, Chair of Innovate Finance, discusses fintech's evolution in the past decade and its impact on consumer behaviour and industry collaboration. From challenger banks to widespread fintech app usage, we examine transformative trends like Open Finance, and amidst the challenges 2024 brings both nationally and internationally, we highlight opportunities for sustainable growth, charting a course towards fintech's fruitful future.

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Long reads

Amanda Kavanagh

Amanda Kavanagh Contributor at Jobbio

These are the work skills Brits need to succeed

As all industries become increasingly digitised, the need for a digitally-skilled workforce, at all levels, has never been greater. However, digital is just one of the areas affected by the current skills gap in the UK. Leadership-related soft skills, STEM and healthcare, and training and education joined digital in the top four of missing skills i...

Amanda Kavanagh

Amanda Kavanagh Contributor at Jobbio

Low productivity? These are the most common blockers at work

Productivity culture has taken a bashing in recent years, and rightfully so. As many productivity-obsessed people discovered the human toll of getting things done at all costs, productivity has become something of a dirty word. Whether you are working or job hunting (or both), you will likely have daily, weekly, and monthly to-do lists to get throu...

Kirstie McDermott

Kirstie McDermott Senior Content Editor at Amply

Majority of UK believes flexible working boosts productivity

Flexible working has taken a bit of a hit recently across the financial and tech sectors, as company after company rolls back on pandemic era remote-working policies. Dell’s CEO Michael Dell raved about remote in 2022, saying that it was “the future of work”. He had a change of heart recently, announcing that the company will pass over remote emplo...