Members of TAS’ executive team recently attended a FinTech Q&A event at the British Consulate in Sydney to hear from Alastair Lukies a pioneer and champion of the UK’s FinTech industry. Lukies is the Founder of Monitise, e-politix and Motive Partners, Chairman of Innovate Finance and a Business Ambassador to the Prime Minister.
“It doesn’t matter how amazing the tech is, it’s the conversation that sells the business.” – Alastair Lukies
Here are some key learnings from the event:
- UK leading the way in scaled FinTech development. The UK is leading the world in Fintech development and scaling with the right capital and regulation. Open Banking, Open Data and Project Innovate are some of the initiatives seeing the UK leading the world in FinTech.
- FinTech doesn’t work without the ‘fin’. FinTech has paved the way for innovation and transformation in financial services – but FinTech doesn’t work without the ‘fin’. Big institutions and legacy systems will not go away anytime soon, because unlike any other industry, the regulations placed on them ensure that if they drop a single transaction, they are out of business.
- Collaboration key to progressing the industry. Lukies advocates that regulatory compliance and distribution are the biggest assets for banks and ‘gifts’ for Fintech looking to partner with incumbents. Collaboration and technology can be enablers for improving customer service offerings and shifting market positioning without falling foul of the regulator.
- What next for the industry? In the aftermath of Brexit, the UK is shifting away from a ‘global citizen, global market’ mindset, which is counter-intuitive to business.
So, what’s next for the UK and beyond? Lukies suggests that Infrastructure, Enabling Engines, RegTechs and Open Banking will be top of the business agenda.