Recently our Client Engagement Manager, Sophie, visited the FinTech North Conference, which took place at the beautiful Tyneside Cinema. Here’s what she had to say…
To start with, stats and facts were discussed plenty of times throughout the day, and the Kalifa report was particularly mentioned (something we recommend reading for fascinating insight!) It’s an excellent snapshot of the FinTech space on a national level, but gives the North East a great shout out as an up- and-coming “one to watch” geographical area. Specifically, the Newcastle and Durham corridor of FinTech companies was something highlighted on more than one occasion; the grouping of these companies is something to note and their “clustering” (something I’ll touch on again below) is key to developing on the existing foundations in the region.
The North as a whole, as a hub
General Manager of FinTech North and compère for the day, Joe Roche, made it clear that the goal of the organisation, and for hosting events such as the conference, was to promote the North as a whole within the sector. No one northern city would be given the accolade of the “City of FinTech” but that together as a large northern collaborative and supportive collective we can develop and vitalise the sector to compete much more heavily on the global stage.
In this respect, clustering and the activities it generates are absolutely vital for galvanising those already in the sector but, potentially more importantly, inviting and encouraging outsiders to consider FinTech as a collaborative partnership for their businesses and complementary sectors.
For those who don’t know, clustering is where organisations within a certain sector come together to create an environment which promotes their common cause. It can support activities such as identifying shared frustrations, developing much needed skills, benchmarking and having a larger sway of power when talking to institutions such as universities and governments about how to improve the sector. Many voices over one voice adds weight to any argument. Moreover, the most important element of a cluster is that its players put in their time, effort and resource to help the sector, not merely from a selfish business perspective but a question of how they can help the greater good.
As someone who has had minimal interaction with the FinTech community, I have to say I did feel rather uplifted to hear they are looking outward and upward, not just creating a closed community, accessible by a few.
People and culture
Looking around the attendees on the day (I believe there were 190 sign ups), there was a vibrant range of people from within the sector. It wasn’t only the suits I had imagined, it seemed people wore what they wanted, including colourful bags, converse shoes, along with suits and shirts of all combinations. There was a wide age range and a really good proportion of the attendees were female, which took me pleasantly by surprise.
There was talk about diversity in the sector and how to encourage the next generation to view FinTech as a good career option. Whilst there were a number of activities discussed it did seem that the activities were targeted at the mid-teens and those already showing interest in the sector. I wasn’t able to ask the question on the day, but I do wonder what activities we could undertake from a very early age to create a larger initial pool of potentials.
From there we then need to create a pipeline of engaging and exciting activities to keep those from that pool interested into teens and beyond. This to me seemed an obvious way to collaborate with other sectors and clusters in the tech space, such as Cyber This, as an area where FinTech can be incredibly creative and use this pivotal moment in time to springboard the brand and image of the sector. Additionally, this is where a cluster idea generating session or ‘blue sky thinking day’ could really help to formulate and develop practical ideas for the next generation of FinTech.
I am very people focused, so was a little disappointed we didn’t really talk about how we retain staff within these fast-scaling, ever-changing businesses where employees can easily get lured away or burnt out. How do we get them to buy into our company visions and continue to power through the scaling up process? (which was noted as being particularly stressful for employees). If we know that certain pain points exist as a business scales, it does mean we need to be acutely aware of employee welfare and the reality that this process may eliminate certain candidates from wishing to continue in that business at that time.
Roger Binks, CCO of Kani, spoke candidly about how the people who help you start a business aren’t necessarily the people that continue on your journey with you, and how business owners need to be aware of the growing pains that come with growing a tech business. It’s an interesting debating point that I intend to delve deeper into in the future.
To ensure we continue to push for a heterogenous talent pool for the sector, we need to be thinking about how we can support individuals who may want to stay in that high pressure role or environment. Can we think creatively about managing stress levels or creating resilience? We also need to consider how working parents and carers may be excluded from scaling businesses if we write them off as unable to commit to the additional workloads given. But we also do need to be realistic about the constraints of a businesses and the time and financial pressures they absorb! It’s a topic I find fascinating and a potential topic for further discussions!
Data and a visual
By its very nature FinTech love facts, figures, numbers and working smarter. There was definitely a vibe of as a sector we speed up processes, we make products slicker and quicker, and we do it all by being transparent and communicating effectively, for customer ease. For example, a visual dashboard can empower customers and effectively showcase the benefits of your product immediately, whilst also ensuring customers are fully utilising the whole product’s offerings. The easier you make a product for a customer to use, the more likely they are to buy into the product and remain a loyal customer.
Themes across the day
There were such a vast range of areas touched upon, but I did note some commonly occurring themes which I think are key for moving this sector forward:
Environmental
There was a recurring bold acknowledgement that the FinTech sector has such a momentous part to play in fighting the global climate challenge. Thinking long-term about products and services offered, their conception methods, and reducing carbon emissions in every which way possible. Utilising tech to reduce unnecessary travel and calling out bad practices in the sector, such as greenwashing.
Atom Bank certainly have their sights on a greener and more sustainable future. Setting out in a calculated strategic plan, their next ten years involves some pretty big commitments to achieving carbon neutrality and ultimately carbon positive by 2035! I can’t wait to see this journey happen but also the ripple effect with other driven North East businesses.
FinTech for good
Time and again the sector was described as doing so much positive for its staff, customers and the wider community. Smart and open data which was available in real time could have such a public benefit, and Ghela Boskovich (who is an absolute force by the way!) is beyond passionate about the future of data being open for individuals to take back control of their personal data. If you get the chance to hear her speak, please do!
Diversity to develop
We have touched on this subject already but as a theme across the day it was something that kept rearing its head. As someone who has supported tech businesses for several years, I know the feeling of skills shortages and the retention of skills in the region are not merely a FinTech issue but an issue across the board. The luring bright lights and higher salaries of London and the south are an issue faced by most tech companies here and there isn’t a magic silver bullet. It seems to me that the North East, its occupants and the fantastic innovative and quite frankly brilliant businesses here need to shout about our achievements and accomplishments louder, to highlight that what we offer to the FinTech and tech community more generally, is really something quite unique.
Wrapping it up
I came away from the day absolutely full to the brim with ideas, thoughts, and areas where I personally think I could support the sector (watch this space) but also where MMC Research could add to the body of knowledge to bolster the North East’s FinTech offering.
Through research we can really help organisations to determine what their customers think (levels of satisfaction) through both quantitative and qualitative research.
Undertaking bespoke and tailored research (surveys, focus groups, in-depth interviews) which will get to the key drivers and motivations of your clients, will help you focus on your branding and messaging to retain and secure more clients. Furthermore, by testing new concepts or product developments at an early stage, before spending time, resource and money, you can really cut down on potential headaches further down the line.
For me the journey in the FinTech sector is just beginning but I hope that there continues to be a collective movement which sweeps others like me, up for the ride. For those who hadn’t thought about collaborating within the FinTech arena before, I really would recommend attending one of their northern conferences. Immerse yourself in their world and contemplate how you can add to the cluster, for the greater good.
