26 February 2020

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

Written By FinTech Alliance in Technology

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.

 

Up Next ...
22 November 2024

Eden AI raises €3M seed round to bridge the gap between AI models and business needs

Eden AI, which works with more than 500 organisations including the Council of Europe and Atos, translates sophisticated AI models into practical tools for businesses...

22 November 2024

City Bank Adopts TranzAxis for E-Commerce Payment Solutions

This decision aligns with the bank’s focus on digital transformation and improving online transaction processes for merchants.

22 November 2024

Zellis summit maps bold future of innovation

Event showcases Zellis HCM AIR, realtime payroll, and AI-enhanced features

21 November 2024

Nubank Explores Legal Domicile Shift to the UK Amid Regulatory Changes

The decision, reportedly under discussion with the UK government, aligns with the UK’s efforts to attract global tech firms

More in Technology

Commerzbank builds GenAI-powered virtual assistant

28 November 2023

Commerzbank is working with Microsoft to use generative AI and ...

Tech South West launches Angel Investor Programme

31 October 2023

A new Angel Investor Programme launching in the Great South ...

BBVA consolidates tech firms into one new company

23 October 2023

BBVA is combining its three tech firms into one new ...

Tech Nation returns with £10bn funding pledge

17 October 2023

Tech Nation is back with the help of Founders Forum ...

Articles Technology

From AI compliance to competitive advantage

02 October 2023

Key message:As companies deploy AI for a growing range of tasks, adhering to laws, regulations and e...

White Papers Technology

e-HKD: A technical perspective

19 May 2022

This whitepaper is part of the technology experimentation study under Project e-HKD. It explores pot...

Articles Technology

Across Fjord Trends 2021 - mapping out the new territory

04 May 2021

With the events of 2020 upending so much of what we took for granted, we now need to look ahead with...

Articles Technology

Technology Futures 2021 - Report by Deloitte

22 April 2021

The World Economic Forum and Deloitte present this first-of-its-kind report, equipping today’s reade...

There are no Events in this category