Over the past six months, at least five fintech conferences and other events dedicated to new technologies in business have taken place in Europe. They have brought together representatives from major financial and technology companies, startups, investors, and industry experts. Members of ACPM attended some of these events to discuss the current state of fintech with industry experts. They met with key players in the industry and discussed important aspects and trends that are impacting companies and managerial skills in the modern world of finance and technology.
In April, the Innovate Finance Global Summit took place in London, highlighting the success of British fintech. Experts at the summit discussed their views and hopes for financial technology in the UK, identifying at least three trends in innovation implementation in business.
1. Fintech is expanding beyond the banking sector.
Fintech is entering new market segments. InsurTech, the implementation of IT innovations in the insurance industry, is gaining momentum. Previously lagging behind the banking sector, the insurance industry is now catching up and experiencing its unique developments. The development of mobile applications and payment technologies is also being applied, improving accessibility to services, business analytics, financial data, identity verification systems during registration, and more. Therefore, the overall progress of fintech and how banks respond to it serve as a rough plan for integrating solutions in other business sectors.
2. Fintech stimulates innovation and team development.
There has been a significant increase in the number of fintech services and startups, with companies increasingly investing venture capital in IT projects. The advantage of fintech startups lies in their low cost of launching, but the development, profitability, and scalability of these projects depend on the experience and skills of managers. Therefore, many companies now require a team that can successfully combine capital, talent, and technology into an attractive proposition for investors and end-users.
3. Government support for fintech development.
The United Kingdom has the lowest fintech adoption rate among developed countries. Therefore, according to Harriett Baldwin, Minister of State for Economic Affairs, who also attended the summit, the government plans to undertake initiatives to support financial technology. As a result, the IT sector will continue to grow and improve.
The Academy of Certified Professional Managers is also focusing on developing educational programs in digital management to help managers implement new technologies in business. They are currently working on a project management program and planning to launch another program on BI systems, which will be beneficial for financial professionals, project managers, and anyone responsible for a company's financial performance. The educational program will assist managers in mastering powerful digital tools for data analysis and business process efficiency management.