Fintech – financial technology — is booming, and the UK is leading the way with some of the most innovative digital technology like blockchain and artificial intelligence (AI) that are inspiring new ways of working in banking, insurance, and wealth management.
The growth of the fintech market has been accelerated by the COVID-19 pandemic as consumers consider alternatives to services that they would have accessed previously on the high street. Less tech savvy consumers are now also looking to take advantage of services that are accessible remotely.
But with new, technology-driven financial services comes risk – and plenty of it. These fast-growing companies need to ensure they are managing risk effectively if they are to last the course and withstand the pressure of more well-established competition.