"We have to constantly seek new ways to help intermediary partners collate, save, store, upload and send information at the click of a button or a swipe of the screen."
Barclays is an organisation which has long prided itself on leading the market in banking innovations, especially when it comes to pioneering new technology. Historically we have been the driving force behind many ‘firsts’ within the banking arena via a range of revolutionary new concepts. This ethos saw Barclays open the UK’s first banking computer centre in 1961. Issue the UK’s first credit card in 1966. Unveil the world’s first cash machine in 1967. Introduce the UK’s first debit card in 1987. Be the first UK credit card company to go online in 1995, and in 2008 become the first bank in the UK to announce a mass roll-out of contactless debit cards.
These innovations stretched over a 47 year period. In contrast, since 2008 there have been so many advances in the way technology is being utilised that it would be difficult to know where to start, never mind list them. Demand has quickly turned into reliance across a host of mobile platforms and smart technology. So much so that most people are now actively managing their finances, applying for a loan or juggling investments through a range of mediums and devises.
This has led to fintech becoming a real buzzword. In 2016 the Bank of England launched its own fintech accelerator to harness innovation for central banking, build its understanding of fintech technologies and in turn support development of the sector. In a further step, it has recently launched a new community, bringing together fintech-related organisations to engage with the Bank, share insights on trends and support development of the sector. Alongside this, the Financial Services Agency of Japan and the FCA are reported to have recently established a new framework in a bid to support fintech companies. The exchange of letters between the JFSA and the FCA will provide a regulatory referral system for fintech firms from Japan and the UK seeking to enter the other’s market, reducing regulatory uncertainty and time to market. Such important initiatives and alliances help outline the importance attached to this movement and the potential for future growth. It also signifies an important platform for the sharing of information about financial services innovation across many markets, reduce barriers to entry in a new jurisdiction and generate stronger lines of learning and engagement.
All sectors and individual firms within financial circles are searching for the newest, and best, ways to integrate responsible and reputable fintech solutions, both for internal use and to benefit the end customer. The key to developing successful technology and challenging new concepts is to understand how customer behaviour is changing and recognise developing trends. And it’s more important than ever to adapt to their ever-changing wants and needs. Lenders are embracing tech advances to automate their administrative processes and help empower intermediaries. Additional speed, security and flexibility can help provide an additional layer of interaction to boost service standards.
In a time where a host of online tools and apps can all be housed on one simple device we have to constantly seek new ways to help intermediary partners collate, save, store, upload and send information at the click of a button or a swipe of the screen. All features which are especially relevant for a community which may often be on the road attending client meetings in their own homes.
Fintech will continue to influence many layers across the mortgage market and the quest for ways to work smarter, not harder, will only intensify. For lenders and intermediaries it will be those who best embrace the right elements of future developments who will continue to stay one step ahead of the competition.
