This year's innovate finance global summit (ifgs) Event come with the backdrop of turmoil caused by donald trump's return as us president, with uncertay for fintch and online business Ties to the us.
Fintech is valued as an important sector in the uk today, something emphasized by Chancellor of the exchequer rachel reeves, who promised government backing to the Fintech Sector.
Speaking at the eleventh annual ifgs in longon, reeves said: “As Chancellor, I've Always said it's my job to back the builders, back the wealth creators and the Job Creators. of you in this room. After all, it's thanks to your work that uk is a world leader in Fintech. “
Call from Front Line
During a session at the event paul taylor, co-founder and ceo at Fintech Unicorn Thought Machine, was asked on stage about the current challenges facing fintech. He Said Leaders Should Always Prepare “Because there is Always someys something coming coming along.”
On stage with taylor was zopa bank ceo Jaidev janardanaWho Listed Brexit and the Covid-19 pandemic amon the cries faced in recent years, said: “As organizations, we are now used to dealing with these.”
Samina Hussain-Letch, Executive Director at SME-Focused E-Commerce Fintech Square Uk, Agreed that “Change is a constant”, with cries and political upheaval sexe Ability to navigate disruption. Hussain-list said that square uk has experienced growing during crisis moments as businesses and consumers “Look for technologies that can can be weather the storm”.
But politics and the government could help through approach regulation, with francesco Simoneschi, Co-Founder of Fintech TruelayerAsked if now is the time to become less relief on us payment schemes.
Recent comments from Christine Lagarde, Head of the European Central Bank, Emphahsized The Heavy Reliance on overseas payment infrastructure: “Whether You Use A Card or APON Visa, Mastercard, PayPal, Alipay – Where are all that comment from? Make sure there is a european offer. “
Simoneschi agreed it was the time for an alternative to schemes such as visa and mastercard. “We have come a long way in 10 years and have laid the foundation of what is going to happen next,” He Told the audience.
Zopa's janardana also called for a uk digital id to remove “INFFICIENCIES”, while John BAXTER at Thought Machine Wants the UK to Remain A Flexible Jobs Employment rights bill will be a “Complete disaster for Fintechs”.
Challenger banks in patient game
While Fintechs Face Challenges, The Future for Traditional Banks is One with Declining Market Shares, Said Atom Bank Ceo Mark Mark Mark Mullen DURINGS SESS SESS SESS SESS SEIFGS SESS SESS SESS SESS SESS Challenger Banks? '.
“These are banks with primary revenue come from customers they have had for decades,” said mullen. “They are not growing when it comes to new customers. These banks are living in the past, living from past revenues, and it will bite them on the ars.”
The challenge for new digitally LED banks, such as atom, is to become more than just a secondary account for people. To date, consumers have typically retained traditional banks and used challenger banks as a second account.
But this is beginning to change, according to Alex malart, CEO at Tandem bank.
He said that traditional banks have lost over time while challenger banks have built it. This is in large part related to tech, with challenger banks built on modern reliable tech foundations.
“You build Trust Over Time Through Many Engages,” said malart. This can be through the front end where it's simple to log into an app, which works every time and is simple to use, and “where customers get what they want, when they were want, and it is free.
Trust is also Built Through Back-ENGEGENMENTS WHERE CUSTOMER SUPPORT IS SMOTH, He Added: “Consures are seeing in the news in the news that tractional banks are experienceing downtime and that has the last trouser in their Customer services.
“We are built on modern architecture. Moving from Primary Bank Services to Secondary Providers Secause Trust has been born built over the past 10 years. “
Recent High-Profile Tech Problems Experienced by Traditional Banks-Such as the Three-day outage at barclays – Has Seen Criticism, Including in Parliament, of Traditional Banks.
Following the Outage experienced by barclays bank customers, MPS Demanded Answers From Bank Ceos and Discovered that Nine of the UK's biggest banks accuced more than 33 days of it downtime over the Past two years, with millions of people affected.
Data also Reveled That there was at least 158 banking it failures between January 2023 and February 2025, Equating to more than 800 hours of service unavailability.