Scotland’s financial services experts confident of fintech future

Business and political leaders have voiced their confidence in the outlook of Scotland’s financial services sector, with investment in innovation and disruptive fintechs tipped to lead the way.
From left: Kate Forbes MSP; James Holt of NewDay; and Anjali Mahey, Anton Ruddenklau, Elise Bailey, Thomas Nash, and Catherine Burnet of KPMG UK. Picture: ContributedFrom left: Kate Forbes MSP; James Holt of NewDay; and Anjali Mahey, Anton Ruddenklau, Elise Bailey, Thomas Nash, and Catherine Burnet of KPMG UK. Picture: Contributed
From left: Kate Forbes MSP; James Holt of NewDay; and Anjali Mahey, Anton Ruddenklau, Elise Bailey, Thomas Nash, and Catherine Burnet of KPMG UK. Picture: Contributed

Industry experts gathered with political figures at KPMG’s 30 Voices: The Next Generation event in Edinburgh last week to share their view on what financial services in Scotland will look like in 11 years.

Digital minister Kate Forbes said she was confident that collaboration between citizens, businesses and employees in the digital community would make Scotland “a top five global fintech centre by 2020”.

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Forbes said: “Scotland has a longstanding international reputation for financial services and is the most important UK financial centre outside London and the South-east.

“With a fintech community of more than 100 companies now operating right across financial services, Scotland is increasingly innovative and dynamic in bringing together financial services and technology.”

A specialist panel exploring challenges facing the nation’s financial services firms featured Helen Page, CYBG’s group brand and marketing director; Barry Connolly, managing director of everyday banking at RBS, Joe Trodden, chief executive of Mindset Experts; and Loral Quinn, co-founder and chief executive of Sustainably.

Event attendees cited an increasing need to address issues such as investing in future skills and talent.

Quinn said: “As technology and the traditional financial services world combine, ensuring we have the right skills to grow and compete globally is going to be crucial.

“The Scottish eco-system has provided a great foundation for a number of success stories, but the reality is that success in this field needs to be on a scaled-up international level.”

Emerging talent from the sector also took part, sharing “pioneering” ideas for the future of the industry.

NewDay’s James Holt, alongside Anjali Mahey, Elise Bailey and Thomas Nash from KPMG UK, outlined a range of concepts to rebuild consumer trust and promote skills.

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Suggestions included an online educational tool providing detailed financial literacy training for young people and the creation of a unique lifetime digital ID for every citizen, to protect against fraud and offer bespoke preventative cybercrime support.

Catherine Burnet, KPMG UK senior partner in Scotland, added: “Scotland’s financial services sector plays a vital role in the success of the economy, but it’s essential that it doesn’t stand still.”

There are an estimated 161,000 people working for more than 2,000 financial services firms in Scotland.