Yesterday, COL was at the UK’s Financial Centres of Excellence Conference #UKFCE at Lancaster House. It was hosted by the Department for International Trade and the topic was the current state of the financial industry. Panel discussions ranged from the challenges and solutions in financial services, how to find success in the UK and its regions, and how #fintech experts look at the FinTech market and its future in the regions – and the UK in general. There were a ton of takeaways, which include:
– Relationships are important for innovation; the interaction between front and back office is key.
-Geographic location of offices can be a competitive advantage in finance. Find an area where you can get the best talent, while being close to clients. Look to University’s for untapped resources and partnerships.
– Fintech is in an era of growth.
– Make sure your business strategy aligns with your execution plan.
– To get funding, as an SME, you need to network; draw VC’s out of London if you are in the regions.
– Brexit isn’t going to be the end of the world for the finance industry in the UK. The uncertainty around it, however, needs to be addressed.
– Invest in adaptability. Brexit isn’t the only uncertainty in the world. Look at the US election and other variables. Businesses that have flexible strategies – and the ability to execute them – will succeed.
The conference was fascinating and it shed a ton of light on the future of finance in the UK – long story short, it is here to stay. It’s role and how it operates may change but business is adaptable. The issue is that until the uncertainty around Brexit is diminished, companies don’t know how to adapt. The key is to remain flexible, create business plans that are flexible, and invest in keeping your competitive advantage.
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