FCA Innovate in 2019: A Story of Diversity and the Future in Fintech

Diversity’s value and consequences; what exactly ‘is’ inclusion in FinTech; appropriate roles for regulators; and the biggest trends of 2019 – these were a handful of the major themes present at FCA Innovate in 2019, held January 24th at FCA’s Stratford headquarters in London.

Organised to facilitate better discussion and networking between thought leaders and industry professionals, the event provided a packed day of pertinent insight within the purview of FinTech’s future. Even our own co-founder, Huy Nguyen Trieu, was invited to lend his informed views on the future of FinTech (more on that later).

chris woolard fca

Chris Woolard of FCA introducing the day’s opening session.

The day opened with an introduction from FCA’s Chris Woolard, who explained,

“This isn’t about doing clever stuff for the sake of doing clever stuff. This is about doing clever stuff for human good.”

He added that innovation is “about how the human face of the industry can better represent the wider community.”

And so, this through-line followed through the morning’s sessions – as the importance of inclusion and innovation was stressed upon, time and time again.

The opening breakfast session entitled Does Fintech have an inclusion problem? addressed precisely that. Huma Qazi chaired a panel of Anne Boden (CEO, Starling Bank); Magdalena Kron (Head of Rise London); Nicole Sandler (VP of Fintech & Regtech – EMEA Legal Lead at Barclays); and Sheldon Mills (Director of Competition, FCA).

diversity panel fca

And it was Anne Boden who kickstarted the discussion, opining how it was as seen as ‘impossible’ for a mid-50s woman to start a banking institution like Starling Bank as she did. She also underlined the need for the industry to challenge the “unconscious bias of thinking that women cannot code”, noting in the process that she began her own career coding at Lloyds Bank.

Nicole Sandler agreed, offering her own experience as a lawyer as an example of an industry with greater diversity. “More needs to be done at the grassroots level” was her suggestion for technological sectors hoping to recruit more female talent.

While it was mostly agreed upon that an industry comprised of more diverse professionals would lead to more inclusive products and services for the marginalised, there was some disagreement in how to best foster this change in culture.

As Anne Boden pressed on the necessity for hard targets and quotas for more diverse companies from a legislative level, FCA’s own Sheldon Mills had a more nuanced take. Explaining how FinTech growth requires significant venture capital, which is difficult to raise, he offered that we perhaps not force startups to meet quotas before they even find a sufficient model to survive. Instead, Mills suggests a need to change the culture in VCs, as there still exists an unconscious bias against BAME startups, and offered a final piece of advice when stating

Hire what challenges you and not what comforts you.

A strong proponent of diversity in the industry, CFTE’s co-founder Huy Nguyen Trieu later took to the stage as part of a session on Fintech Trends to Watch in 2019. Speaking alongside esteemed thought leaders like Dr. Louise Beaumont (co-chair of techUK’s Open Banking & Payments Working Group); Simon Taylor (co-founder of 11FS); Jack Gavigan (product & regulatory relations at Zcash); and Adam Gagen (VP of Government Affairs at American Express) –  he detailed at length the pillars most likely to be subjected to change in 2019.

huy nguyen trieu fca innovate fintech trends

He explored 4 pillars of the industry likely to differ within the next calendar year:

  1. Technology
  2. People
  3. Business Models
  4. Winners

Across these pillars, or segments, of FinTech, he noted a common question banks need to ask themselves: “What is the role of a bank in the value chain?”

This need for banking self-reflection was reinforced as Huy revealed data monetisation in Finance has changed: 6 years ago the most-downloaded finance apps were native banking apps – today it belongs to FinTech. And so – this increasingly popular consumer statement:

We need banking but not banks.

Following on, Huy detailed the changing recruitment needs in Finance: the #1 trend is training professionals in data analysis, while #2 is training professionals in Artificial Intelligence. This illustrated the need for finance professionals to onboard new skills to cope with a rapidly-changing industry.

This is just one of the many events finance and technology has to offer in 2019, and we will be at the forefront to provide you live coverage throughout the year. For more conferences and one-off days to further your core knowledge in Fintech, check out our Events Calendar here!

At CFTE, we offer numerous resources to help you learn more about Fintech’s core concepts. We always encourage professionals, and those looking to enter the industry, to learn to speak the new language of finance first. This means an accessible and comprehensive programme that matches the rigors of the industry and provides a solid foundational background of the sector. Our Fintech Foundation Course – Around Fintech in 8 Hours – provides these aspects in a clear framework with no prerequisites and is taught by those building this new world of Fintech!

And as always, for the latest developments and events in Fintech, feel free to subscribe to our free newsletters below!

Subscribe to our Weekly Newsletter

FCA Innovate in 2019: A Story of Diversity and the Future in Fintech

Diversity’s value and consequences; what exactly ‘is’ inclusion in FinTech; appropriate roles for regulators; and the biggest trends of 2019 – these were a handful of the major themes present at FCA Innovate in 2019, held January 24th at FCA’s Stratford headquarters in London.

Organised to facilitate better discussion and networking between thought leaders and industry professionals, the event provided a packed day of pertinent insight within the purview of FinTech’s future. Even our own co-founder, Huy Nguyen Trieu, was invited to lend his informed views on the future of FinTech (more on that later).

chris woolard fca

Chris Woolard of FCA introducing the day’s opening session.

The day opened with an introduction from FCA’s Chris Woolard, who explained,

“This isn’t about doing clever stuff for the sake of doing clever stuff. This is about doing clever stuff for human good.”

He added that innovation is “about how the human face of the industry can better represent the wider community.”

And so, this through-line followed through the morning’s sessions – as the importance of inclusion and innovation was stressed upon, time and time again.

The opening breakfast session entitled Does Fintech have an inclusion problem? addressed precisely that. Huma Qazi chaired a panel of Anne Boden (CEO, Starling Bank); Magdalena Kron (Head of Rise London); Nicole Sandler (VP of Fintech & Regtech – EMEA Legal Lead at Barclays); and Sheldon Mills (Director of Competition, FCA).

diversity panel fca

And it was Anne Boden who kickstarted the discussion, opining how it was as seen as ‘impossible’ for a mid-50s woman to start a banking institution like Starling Bank as she did. She also underlined the need for the industry to challenge the “unconscious bias of thinking that women cannot code”, noting in the process that she began her own career coding at Lloyds Bank.

Nicole Sandler agreed, offering her own experience as a lawyer as an example of an industry with greater diversity. “More needs to be done at the grassroots level” was her suggestion for technological sectors hoping to recruit more female talent.

While it was mostly agreed upon that an industry comprised of more diverse professionals would lead to more inclusive products and services for the marginalised, there was some disagreement in how to best foster this change in culture.

As Anne Boden pressed on the necessity for hard targets and quotas for more diverse companies from a legislative level, FCA’s own Sheldon Mills had a more nuanced take. Explaining how FinTech growth requires significant venture capital, which is difficult to raise, he offered that we perhaps not force startups to meet quotas before they even find a sufficient model to survive. Instead, Mills suggests a need to change the culture in VCs, as there still exists an unconscious bias against BAME startups, and offered a final piece of advice when stating

Hire what challenges you and not what comforts you.

A strong proponent of diversity in the industry, CFTE’s co-founder Huy Nguyen Trieu later took to the stage as part of a session on Fintech Trends to Watch in 2019. Speaking alongside esteemed thought leaders like Dr. Louise Beaumont (co-chair of techUK’s Open Banking & Payments Working Group); Simon Taylor (co-founder of 11FS); Jack Gavigan (product & regulatory relations at Zcash); and Adam Gagen (VP of Government Affairs at American Express) –  he detailed at length the pillars most likely to be subjected to change in 2019.

huy nguyen trieu fca innovate fintech trends

He explored 4 pillars of the industry likely to differ within the next calendar year:

  1. Technology
  2. People
  3. Business Models
  4. Winners

Across these pillars, or segments, of FinTech, he noted a common question banks need to ask themselves: “What is the role of a bank in the value chain?”

This need for banking self-reflection was reinforced as Huy revealed data monetisation in Finance has changed: 6 years ago the most-downloaded finance apps were native banking apps – today it belongs to FinTech. And so – this increasingly popular consumer statement:

We need banking but not banks.

Following on, Huy detailed the changing recruitment needs in Finance: the #1 trend is training professionals in data analysis, while #2 is training professionals in Artificial Intelligence. This illustrated the need for finance professionals to onboard new skills to cope with a rapidly-changing industry.

This is just one of the many events finance and technology has to offer in 2019, and we will be at the forefront to provide you live coverage throughout the year. For more conferences and one-off days to further your core knowledge in Fintech, check out our Events Calendar here!

At CFTE, we offer numerous resources to help you learn more about Fintech’s core concepts. We always encourage professionals, and those looking to enter the industry, to learn to speak the new language of finance first. This means an accessible and comprehensive programme that matches the rigors of the industry and provides a solid foundational background of the sector. Our Fintech Foundation Course – Around Fintech in 8 Hours – provides these aspects in a clear framework with no prerequisites and is taught by those building this new world of Fintech!

And as always, for the latest developments and events in Fintech, feel free to subscribe to our free newsletters below!

Related Posts

Subscribe to our Weekly Newsletter