Appraising Fintechs - A Financial Services Forum/ Teamspirit Breakfast
By Teamspirit on Thursday, 22 November 2018
This morning we were delighted to welcome members of the Financial Services Forum to a discussion on ‘Appraising Fintechs: Performance lessons and their path to sustainability’. We discussed a range of topics, including how the fintech sector has performed and evolved, and what the future may hold in the medium to long term.
Many thanks to the panellists for their insights:
- Ben Brabyn, Chief Executive at Level 39, helping companies grow by finding customers and investors, and by building engaged teams and strong scalable processes.
- Anton Ruddenklau, Global Co-Leader, Fintech at KPMG.
- Alastair Luskies, Business Ambassador (Fintech) to the Prime Minister and founding partner of Motive Partners
- Michael Pearson, Clarus Investments. Michael authored The Fintech Financing and Performance Report, a detailed analysis of fintech startups in the UK.
It was a wide ranging conversation. The panel gave their insights into how Challenger Banks have evolved from their infancy and debated as to whether some could even call themselves banks, in the traditional sense of the word. The popular idea from new brands joining the market is to “tear up the rulebook”, but for many, their proposition fails to stand-up to careful scrutiny.
Inevitably, we spoke about how Brexit would affect the industry. Predictions were understandably cautious, but it was established that London, as a historical centre of trade and commerce, would still retain its standing within the global economy. This is because it has the infrastructure, know-how, and work force that other pretenders simply don’t have and are a long way from achieving.
We concluded our discussion with a prediction on where Fintech brands will need to prosper before they can be truly considered established. With most fintech products being out of the reach of some 50% of the population, and products seen as very much for those who can afford a degree of risk with their finances, breaking down those barriers and making themselves indispensable to those who may really need it should be where they look to develop their brand.
For more reading on Fintech startups and challenger banks, read our white paper “Challenger Banks: Good but not yet good enough.”