FinTech Fortnight has returned to educate businesses on the growing importance of FinTech and Open Banking
The Open Banking Implementation Entity has partnered with FinTech Fortnight to spread this message of empowerment to the UK, helping them get better deals and make smarter choices.
All this is done through financial technology, or FinTech, which employs over 60,000 people in the UK and is a vital part of the economy.
According to the Treasury, FinTech is now worth £7 billion to the UK economy and FinTech fortnight aims to educate businesses on what it is and how it can help them.
A growing sector that shows no signs of slowing down, FinTech attracted £433 million of venture capital investment in the first six months of 2017 alone, and over half of that was from outside Britain, and there is set to be even further investment in 2018.
Imran Gulamhuseinwala OBE, Trustee of the Open Banking Implementation Entity said: “Open banking is without doubt the most exciting development in banking today.
“It has the potential to fundamentally transform the financial services and banking market by creating greater choice, access and value for consumers. It will put consumers in the driving seat by giving them complete control over their financial data, confident in the fact that their data will only ever be used with their explicit and informed consent.
“This is a huge opportunity for FinTechs – and it is clear that FinTechs have been asking for this for some time. The scale of ambition many FinTechs have is massive and many can see that this is a once in a lifetime opportunity.”
Adam Cox, Founder of Fintech Fortnight said: “In the year where Open Banking and GDPR comes into force, FinTech has never been so important.
“That said, there are still high levels of ignorance and confusion from both consumers and businesses as to the risks and opportunities.
“FinTech Fortnight is about educating and encouraging consumers and businesses to embrace the huge opportunities that FinTech offers”.