by Neil Skehel , CEO of Awards International Ltd on 21st December 2016.
One of the goals of the UK Financial Services Experience Awards is to reveal the biggest trends of the finance industry across the UK where the entrants share their most innovative projects and what they are doing to contribute to the revolution of finance.
At the 2017 finals, the judges hope to hear more on the current major trend, or should we say, disruption – the rise of Fintech startups. The effects of these changes on the banking industry were perfectly captured in the latest article by The Economist.
The wave of Fintech disruption that is sweeping through the financial services industry is at a critical phase. The rise of a group of start-ups is targeting every corner of financial services, leaving the banking system feeling threatened, to say the least.
The start-ups claim that their “superior” business models and technology will enable them to crush the incumbent dinosaurs. The incumbents by contrast point to significant advantages that will guarantee their survival, from established brands and customer relationships to greater financial resources and a regulatory system that favours the status quo far more than in most industries undergoing disruption.
Yet privately, start-ups and incumbents alike increasingly acknowledge that, in many parts of financial services, the winners from disruption will be those firms, old and new, that best figure out how to collaborate with each other to create win-win partnerships.
As the UK Financial Services Experience Awards are held in London, which has been positioning itself as a global centre for Fintech innovation, the digitalisation of the finance sector could be a running theme throughout the awards.
What are your thoughts on this subject?
Does your business cling to traditional systems, or are you doing something “fresh” and contributing to the change?
Share your expertise and experiences at the epicentre of innovation and enter the UK Financial Services Experience Awards. Get recognition for your contribution to the future of the financial sector and take the step in the right direction for your business.
Neil Skehel is CEO of Awards International and Proprietor of Customer Experience Magazine. Awards International has operations in the UK, Eastern Europe and the UAE. Neil founded Awards International with Don Hales in 2008. Prior to that Neil worked as a management consultant in Financial Services and Energy and was previously Director of Operations for McDonald’s Restaurants Ltd.