Growth . It ’ s an ambition that has featured as frequently in boardrooms across the country as it has done in the new UK Cabinet Office . As one of the nation ’ s most prized assets , the fintech industry is at the heart of the growth agenda .
Trailblazers such as Starling have shown there is no limit on the growth runway . Now , as others seek to replicate its success , the fintech industry must continue to power the UK ’ s growth ambitions .
Yet while the vast majority of fintech respondents view growth as a priority , private sector enterprises must guide the industry through this transformation . This will allow them to realise their potential and turn these ambitions into a reality .
Getting in the way of progress
The UK ’ s fintechs acutely struggle to put the vast quantities of data they generate to effective use , and this affecting their ability to scale . When asked in our research , many suggested that their growth plans are being waylaid by a lack of systems integration , quality data and outdated technology infrastructure .
While these pressure points are not new , these issues have been exacerbated over the last 18 months as visibility into business operations becomes a competitive differentiator in the face of cost-of-operating crises . Fintechs need to be able to be resilient amidst a challenging business environment , and this starts with trusted data insights .
Unlocking the freedom to scale
With the UK economy flatlining , AI is a crucial piece of the jigsaw . This is becoming increasingly accessible to fintechs of all sizes – they just need the right data foundations in place first .
To truly unlock the benefits of AI , fintechs need to understand why and how it produced an insight or response . This traceability can mitigate many of their indicated barriers to growth , unblocking data bottlenecks or siloes and reducing the risk of false insights . AI needs to be using data that has the right context , meaning why it ’ s relevant , how it was generated and when it was created and by whom .
Unlocking the freedom to scale With the UK economy flatlining , AI is a crucial piece of the jigsaw . This is becoming increasingly accessible to fintechs of all sizes – they just need the right data foundations in place first .
With a unified platform , organisations can have a single source of truth for all decision making . This means that they can expect AI , including co-pilots like Joule , to provide real-time analysis across different units to inform accurate decision making . Moreover , they will be able to create smart contingency plans to offset geopolitical or economic disruption , and be more agile to changes in regulation or compliance .
Powering the ‘ Growth Agenda ’
As the UK sets its sights on the growth agenda , the ambitious fintech sector needs to get its digital infrastructure in order , to best make use of the insights at their disposal .
But it ’ s a responsibility that they do not need to shoulder alone . The private sector must support them in this transformation , beginning with the adoption of AI . That ’ s how they ’ ll grow faster , and boost the UK economy in turn .
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