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Fintech leaders gathered in Parliament last night to discuss the impact a lack of diversity, increased regulation, and limited access to funding will have on the future of the industry.
Speaking at the Parliament Street think tank’s fintech summit on Monday night, which was hosted by Dean Russell MP for Watford and chaired by Steven George-Hilley of Centropy PR, a panel of fintech experts debated the role businesses should play in recruiting and building a more diverse fintech workforce along with the threat posed by AI to job creation.
“Educating young people on fintech and financial literacy is key. As the compliance space grows, not only the business but individuals themselves should be mindful of actions,” said Caroline Ruto, Head of Compliance at DKK Partners.
Fintech entrepreneur Aaron Carter, Managing Director, Showpiece added, “Education is paramount in the financial sector. For example, developing an understanding of what sits behind an asset and knowing who the true owner is can be incredibly valuable.”
“Diversity is challenging in finance and technology. We all know that diverse organisations perform better but it’s about taking action to solve it,” added Steve Hadaway, CRO, Encompass Corporation.
Leading academic Dr Iwa Salami, Director, Centre of Fintech, of the University of East London said, “Giving students the opportunities to learn about financial technology is becoming more important and can help drive diversity inclusion.”
Attendees also discussed the future of the fintech industry in the face of funding shortfalls.
“Fintechs across the globe are experiencing turbulence within the regulatory landscape. The funding environment can also be difficult to achieve growth where some areas are oversaturated, but fintech is not dead,” added Jim McCarthy, EVP, Thredd.
“We tend to judge things in tech and innovation as they are now. If we look at the change of the past 10 years, we can expect to see that in the next 10 to help put developments in perspective”, said Laimonas Noreika, co-founder and CEO, HeavyFinance.