When the term ‘FinTech’ emerged, the narrative around it was primarily focussed on the promise of disruption and disintermediation of incumbent Financial Services business models and processes. Whilst there has been some evidence of that being borne out, the narrative is now largely characterised by a desire for collaboration between FinTech businesses and incumbents.
The value of FinTech, and digital transformation more broadly, lies in the delivery of better services, driving out costs, improving the customer experience and managing risks more effectively. As established Financial Services providers seek to improve their performance they need to innovate efficiently and implement strategic change in a rapidly evolving digital environment or how to meet the digital skills challenge.
This desire for collaboration is consistently articulated by start-ups, corporates, public and private sector organisations, investors and advisors, and also for cities and regions.
Whitecap’s involvement in FinTech
As a consultancy with a focus on commercial strategy and expertise in Financial Services and Technology, we were drawn to FinTech since our inception in 2012. Since then, we have worked with a wide range of organisations helping them understand the role that FinTech can play in their future strategy.
Typical FinTech related projects we are asked to support relate to:
- FinTech market mapping across specific sectors
- Assessing the impact of Open Banking
- Digital transformation
- Brand and proposition development
- FinTech start-up /scale-up engagement strategy
- FinTech engagement strategy for universities
- FinTech market research and analysis
- Project management of FinTech Missions to the UK
- Regional FinTech
In November 2018, Whitecap published a detailed analysis of the Leeds City Region FinTech Ecosystem. The report identified eight key findings and associated recommendations to help further develop the relationship between FinTech firms, corporates, universities and public authorities.
We also have a strong involvement in FinTech related events, primarily via our role as co-founder of FinTech North. As Whitecap, we have also chaired and / or delivered keynote presentations at various industry conferences, including events organised by the Building Societies Association, Open Banking Expo, Innovate Finance Global Summit, Tech Talks at KPMG, Association of Financial Mutuals and the Westminster Business Forum.