Innovate Finance, the industry body representing the FinTech community in the UK, and Accenture release a new report that quantifies the impact and potential of the FinTech sector as a force for good for the economy and society.
The pioneering study ‘The FinTech Impact Report: Working through the world’s to-do list’ delivered in partnership with Accenture’s FinTech Innovation Lab London, Vested Impact and The Data City, measures FinTech’s true impact by analysing over 500 UK FinTechs and a number of traditional financial institutions against the UN’s Sustainable Development Goals across five key areas: People, Planet, Place, Productivity, and Peace.
Key findings from the report include:
- UK FinTech’s overall contribution to the economy – Almost all of those assessed (98%) are contributing to the UK’s economic productivity and growth, with the remaining 2% only absent due to scale or company infancy.
- Peace, justice and accountability - Over a third of UK FinTechs (36%) are delivering products and services that address these goals such as data security and compliance platforms - using technology to thwart organised crime and fraud
- Delivering on the levelling up agenda - The FinTech sector has led the charge on setting up regional centres to access more talent and is boosting regional economies.
- Increasing financial inclusion - A quarter of UK FinTechs are having a significant impact on reducing inequality by providing greater access to financial services, such as innovative lending products and youth banking services.
