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April 12, 2021
Clubhouse in March: Future Considerations
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Digital Banking
Clubhouse - The FinTech Break

Our series on Clubhouse, The FinTech Break, is a chance for industry experts to discuss some of the most pressing issues in the industry. In case you’re still waiting for the Android app or don’t have 30 minutes to spare each week, we’ve put together an overview containing some of the highlights and insights from the sessions we had in March.

The March Clubhouse sessions began with a discussion of the UK’s Kalifa Report. Commissioned by the UK Treasury last year, the aim of the report was to support the growth of fintech in the UK and strengthen the UK’s global reputation for fintech. This session set the tone for the March sessions, with a clear focus on the future of both fintech and financial services.

UK's Kalifa Report and the growth of fintech

The Kalifa Report presents changes to the financial services industry, and the growing importance of technology, as inevitable. Supporting regional fintech growth hubs is presented as an important part of the Government’s plan for economic growth. The report considers how fintech will become a powerful economic force, driven by growing challenger disruption and consumer demand. The report highlights that established financial services providers have been driven to respond to the recent lockdowns and are now considering how to address the situation.

Whilst some firms are looking to build proprietary systems in-house, the report suggests that specialist fintechs are better placed to foster innovation. In the Clubhouse session, we discussed how the report acknowledges that fintech cannot be separate from other pressing issues facing the industry, such as financial inclusion. The significance of fintech is set to grow as it expands from creating efficiency within organisations and convenience for consumers and addresses these fundamental issues which reflect changes to society. While the focus of the report is the state of the sector in the UK, the ideas discussed have relevance for the global industry and the ecosystem of technology and innovation that will support the financial services sector in the future.

The role of the Chief Information Security Officer

Jens Schubert, CISSP, the Group Chief Information Security Officer at CREALOGIX joined Andrew Gough for the second session in March. Given the growth of fintech and the integration of online solutions into everyday financial services, the role of the Chief Information Security Officer has changed dramatically in recently years. Both the requirements and the importance of the role continue to evolve as more technology is adopted by the financial services sector. It’s clear that security is at the top of every financial organisation’s agenda and fintechs like CREALOGIX have an essential role in ensuring that it remains a top priority in the midst of innovation.

Learnings from the estate agency industry about going digital

The financial services industry is not the first to be disrupted by technology. The next Fintech Break brought together CREALOGIX product specialist Kim Woodhall joined by Chris Webb, Performance Direction at EWE Move estate agency. The lessons learned from the property industry had clear relevance for financial services. For example, firms that had already embraced technology as part of the service provision had found the last year of lockdowns and social distancing less of a challenge and have enabled growth.

As the world starts to unlock, Webb suggested that digital services will simply be an integral part of service provision and that some services, like virtual property viewings, that were considered unthinkable at one time are set to be an essential aspect of service. Kim Woodhall agreed that there were similarities with the wealth management industry. It’s unlikely that investors will accept firms that insist on paper reports and in-person meetings after a year of digital delivery and video calls. Like property, wealth management may be set to reframe service provision by delivering high quality digital services and presenting the more personal services as a high-quality value-add that provides competitive advantage.

Join "The FinTech Break" on Clubhouse

Fintech is set for rapid growth, but it’s clear that there are a lot of considerations, including security, changing client expectations and the impact of challengers. "The FinTech Break" on Clubhouse allows us to look at some of the issues relating to the industry and particular how fintech intersects with the established financials services industry. The short sessions allow us to share some of the key issues and provide food for thought for industry leaders.

Join our Club The FinTech Break on Clubhouse and don't miss our sessions every Friday at noon to hear from experts in the field and keep in touch with the rapidly evolving industry.

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