Insights from IFGS 2024

A Glimpse into the Future of Fintech

In April, our Delivery Director Bruce Mason attended the Innovate Finance Global Summit (IFGS) 2024 at London’s Guildhall.

And, finally, one crazy-launches-new-partnerships month later, we are here with the takeaways. Well, that is not lost that comes at last.

The conference brought together over 1,600 delegates, including fintech executives, regulators, and investors, making it a vibrant hub for discussions on the future of the financial services industry.

Why It Matters

Attending events like IFGS is crucial for us to stay relevant in the fintech domain. We are committed to sharing our learnings and insights with our clients to help them plan ahead, incorporating the latest trends and market demands.

"There was an opportunity to see 10 new startups in the industry that are groundbreaking in what they are doing to enhance the industry for the better. It was great to see such innovative approaches being taken, and all of them will be successful over the coming months and years."

Bruce

Our Key Takeaways

“IFGS had arranged two speaking areas, one in the Library (very large area) and the other one in the Crypt (smaller discussions), and both provided effective ways to communicate with the attendees.

The speakers themselves were extremely insightful and talked about key issues in the industry, as well as where they saw the market heading over the next few years”

Bruce

Here is what we have learned.

The future of finance is a race between incumbents and challengers. The next 10 years will be a race between traditional banks embracing technology and digital challengers scaling up. The winner will be the one that helps customers have a better relationship with their money.

Tokenization and digital currencies are the future. Experts think that digital currencies and turning assets into digital tokens are going to be a big deal. This will make it easier for people to invest and make things more efficient. However, more people should understand how this works before it becomes widespread.

Payments are evolving. The conference showcased the latest trends in payments, such as the potential of Open Banking, the growth of Buy Now, Pay Later (BNPL), and the increasing involvement of big tech companies.

AI is, of course, in focus. Artificial intelligence and digital wallets have the potential to make big changes in financial services. However, companies need to deal with challenges like messy data and old IT systems to make the most of AI. Digital wallets are growing beyond just payments, but companies need to balance giving customers value and protecting their data.

UK fintech is doing really well. The UK remains the largest fintech market in Europe, with 30% of VC investment (over $40 billion) going into fintech over the past six years. The UK also boasts 10% of the global fintech market share, and eight out of 10 adults in the UK use at least one fintech tool regularly.

Open Finance is the way forward. Open Finance is the key to creating new ideas and putting customers first in the financial world. By sharing data securely, OF can significantly improve how we handle our money. For more information on Open Finance and its opportunities for the Fintech industry, check the KPMG report launched specifically for this IFGS event.

The government is backing fintech. Prime Minister Richi Sunak and other government officials have shown their support for the fintech industry, encouraging companies to keep innovating. They've also created a new group to help small businesses get loans and share data more easily.

Smart regulation helps. Clever and fair regulation is crucial for helping the fintech industry grow. The UK government's plans for crypto laws and the Smart Data Roadmap are vital for the sector's success.

Inclusion and accessibility matter. The fintech industry must focus on including and being accessible to everyone. Projects like Project Nemo, which aims to improve inclusion for people with disabilities, remind us that our products and services should work for all users.

As things change, businesses must stay flexible and adapt to consumers' wants.

What This Means for Us

Insights are valuable, but all that matters is what you actually do.

Stay innovative: Keep exploring new technologies and ideas to stay ahead.

Focus on the customer: Prioritize customer needs and make products that improve their financial lives.

Build strong partnerships: Collaborate with other fintechs, regulators, and investors to drive growth.

Stay informed: Keep up with regulatory changes to ensure compliance and take advantage of new opportunities.

Embrace inclusion: Make sure our services are accessible to everyone.

Let's brainstorm about how these insights can be applied to your product in Fintech. Reach out to discuss further!