The future of finance must focus on employees as well as consumers

February 26, 2020 | Technology

Written by FinTech Alliance

The future of finance must focus on employees as well as consumers

Earlier this month, business collaboration platform Slack held a panel discussing the future of financial services. Led by Chris Skinner, panellists from Starling Bank, Slack and TransferWise looked at how the workplace must change to reflect changing consumer and employee demands.

 

The panel first questioned – and rightly so – the use of the word “FinTech” when surely every “fin” company now has a focus on tech. There is, however, a massive difference between finance organisations that are using FinTech or looking into tech solutions, and those companies that were born with technology front and centre.

 

A key challenge in focus was that old chestnut, the legacy system. These can often tie businesses down and stop them from moving forward – particularly for more traditional incumbents – because apps might be built for legacy systems that are no longer supported and are incompatible with new systems.

 

But a larger challenge than legacy systems is legacy culture – looking at the human side, how can we rebuild organisations to become digital first? “The ambition to change quickly to meet customer demands transcends industries and puts a big spotlight on organisational alignment and productivity,” said Stuart Templeton, Head of UK at Slack.

 

‘Legacy’ structures can hold an organisation back and it’s up to the financial services industry to examine hierarchies and whether they are necessary, while seeking to break down silos and empower teams. Jason Maude, Chief Technology Advocate at Starling, argues that teams that can cross-pollinate will avoid butting heads later down the line.

 

Flora Coleman, Head of Government Relations at TransferWise said that the policy of today is beginning to catch up with the needs of workers. The future of work is digital and decentralised – she says this can help attracting talent, especially from minority groups. It’s important that as we introduce more technology, we maintain the human element and ensure people feel involved – Slack’s What Workers Want report discovered that 80% of employees want to know more about the company’s decision making.

 

Maude said FinTechs are in a good space because they’re able to balance decision making with risk taking, and a FinTech startup will have the more obvious benefit of building its culture from the ground up rather than having to restructure and change to keep up with digital transformation.


For those looking to restructure,  digital tools and collaboration platforms such as Slack can be integral, especially if they plug into the tools a company already uses. For larger banks struggling with legacy systems in both technology and culture, it’s important to undergo a journey of self-reflection underpinned by technology. Banks must ask questions of themselves as they go, evaluate why they are doing things and be able to pivot not just in terms of customer demand, but listen to voices within their business about what works and how they can remain competitive.

 

More in Technology

Welsh Tech Taskforce responds to Covid-19
Technology
March 27, 2020

Welsh Tech Taskforce responds to Covid-19

Tech Taskforce for Wales has been set up to bring together Welsh organisations, inform the business...

Visa partners with Paga for payments technology
Technology
March 09, 2020

Visa partners with Paga for payments technology

Visa has partnered with Nigerian payments technology platform Paga. In Brief: Paga was f...

Grab has raised $850mn for financial services
Technology
February 26, 2020

Grab has raised $850mn for financial services

Ride hailing company Grab has secured $850mn to help achieve ambitions for a super app. In Brief:...

Technology
April 06, 2020

With Coronavirus on the Rise, how could Digital Health Prevent it from Spreading?

With more than 3,000 deaths, and over 94,000 confirmed cases worldwide, it’s no surprise that...

Technology
April 06, 2020

Will Digital Health be Ready for Complete AI Domination?

Our complimentary whitepaper, Will Digital Health be Ready for Complete AI Dominance?, provides...

Technology
April 02, 2020

Discover the future 2020 predictions for UK Technology, Media and Telecommunications

What does the future hold for technology, media, and telecommunications? Every year, Deloitte res...

Women in Tech Festival 2020

Women in Tech Festival 2020

When: May 01st - May 02nd, 2020
Where: Computer History Museum, California , GB
Price: £100
Connect your teams easily with G Suite & Hangouts Meet

Connect your teams easily with G Suite & Hangouts Meet

When: May 07th, 2020
Where: Webinar, London , UK
Price: FREE
Women in Tech Festival UK 2020

Women in Tech Festival UK 2020

When: Sep 15th, 2020
Where: The Brewery, London
Price: FREE