One cannot deny that the #UK has been undergoing a fintech revolution

If I scroll back a few years,
😑 From taking days to open a current account to being onboarded in minutes
😐 From just a few options for managing savings and pensions via paper updates to online tailor-made choices with accessible interfaces
😌 From having just handful of providers of SME Financing on the high street to digital access to an array of lenders

🤑 Fintech has played a crucial role in the UK becoming a global leader in Financial Services over the last decade

Fast forward to today,
With #fintechs making £11bn revenue in 2019, tech spend of £95bn by UK financial services firms, $4.1bn worth investment into UK fintech in 2020, 71% UK citizens using the services of at least one fintech company, and 10 percent of the global market share

While the UK’s fintech position is well established, its future is not assured. The competition, Brexit, and Covid-19 have been a threat to the strength of fintech in the UK.

This week’s #FINCUTS provides a little SNIPP to the much-awaited “Kalifa Review of UK Fintech” (see report link in comments) and its five core recommendations of retaining the UK’s fintech crown, creating more skilled jobs, and delivering better financial services for people and businesses.