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The financial world is changing apace; and it’s not just down to the 15% reduction in the use of cash over the past five years, as reported by the BRC. Whilst contactless cards and other innovations are undoubtedly changing the payments landscape for consumers, at the other end of the scale, technology is transforming the way in which financial products are being offered and managed.
In a speech at Bloomberg last week, FCA Chief Executive, Martin Wheatley, highlighted this transformation when he spoke of tech flotations in the city, global investment in financial technologies tripling in five years and “corporate clients authorising over a billion dollars of payments at a time on tablets and smartphones.” Responding to this challenge, the FCA has launched “Project Innovate.”
Aimed at supporting innovative solutions which will “improve the lives of consumers or clients” the project has already resulted in a number of tech firms meeting with the FCA as a prelude to the publishing an innovation policy document. Going forward the FCA aims to support innovation in financial services by:
Within these support structures, the focus on new models and adaption are perhaps the most critical. Innovation is not just about developing or creating products. True innovation comes from a culture change throughout the organisation; a transformation in which every employee works towards creating a better outcome for customers.