Competition for Global FinTech top Spot Highly Contested at Hogan Lovells Global FIS Summit
15 February 2016
LONDON, Monday 15 February 2016 - Over 170 key players across the financial services industry came together on Friday at Hogan Lovells' inaugural global Financial Institutions Sector (FIS) Summit in London. The Changing Face of Finance: Disruption and Innovation at Level 39, Europe's largest technology accelerator, brought together representatives from financial institutions and FinTech companies around the world, for a day of discussion and collaboration about the future of the global financial sector. Panellists and speakers from AMP Credit Technologies, Barclays, EY, Fintech HK, Goldman Sachs, HSBC, Innovate Finance, Seedrs, SyndicateRoom and Zopa created lively debate.
The Summit agenda included sessions on change driven by the financial crisis, technology as the future of finance, and how innovators and traditional players are competing and collaborating. These were complemented by a series of "Straight Talks", diving into the detail of technical topics including robo-advice, regulation and payments; and taking broader regional perspectives on the FinTech landscape in Africa, Asia and the U.S.
The final panel session of the day, chaired by Zanny Minton Beddoes, Editor in Chief of The Economist, polled delegates on three key questions, including "Who will win the race to the top as the global centre for FinTech?". London was voted most likely with 58.5% of responses, followed by Silicon Valley (24.5%), Shanghai (13%), and Hong Kong, with 4% of votes.
When asked: "What is the biggest driver of change in the sector?" 49% of respondents cited demographics and changing consumer behaviour, 41% technological advances, and 10% financial regulation. Encouragingly, 42% of respondents deemed collaboration the "end game" for enterprises and entrepreneurs; with 31% plumping for consolidation and 27% going with competition.
Inspiration had been drawn from keynote speaker Adam Steltzner at the Summit's opening dinner the previous evening, who brought to life the focus on innovation and collaboration through sharing his experiences from leading the Mars Curiosity mission. Adam's book The Right Kind of Crazy: A True Story of Teamwork, Leadership, and High-Stakes Innovation, was released last month.
Commenting on the Summit and survey results Rachel Kent, Global Head of Hogan Lovells Financial Institutions Sector, said:
"I read every day about the 'fourth industrial revolution' – that we stand on the brink of a revolution that will fundamentally alter the way we live, work, and relate to one another. In bringing together innovators, disruptors and forward thinkers for a full and frank debate about the future of financial services I have no doubt this rapidly expanding community will continue to push forward the boundaries of product development and distribution in the best interests of consumers and the market. The Summit provided the perfect forum for financial institutions and their clients to share their concerns; among them inconsistencies in international regulation, restricted availability of customer data, and access to capital."