How is FinTech Changing Banking? | IPT
Chair: Faisal Rashid MP, Select Committee on International Trade
Speaker: Gary Wilkinson, Chief Executive Officer & Co-Founder, RedwoodBank
Breakfast Meeting

Date:

Tuesday 15 October 2019

Venue:

House of Commons

Start Time:

08:30

End Time:

09:30

In recent years, several new technologies have become widely used in financial services, including contactless payments and real-time payment notifications alongside the growth of ‘challenger banks’, with whom over 4.5 million customers have opened accounts in the last two years. In 2018, the Competition and Markets Authority found that 70% of current accounts in the UK were held with the big four banks and supported the creation of technology to provide for Open Banking. Nine of the largest banks in the UK are planning to debut mobile open banking products this year. As consumers become increasingly tech savvy and demand new services, what innovations will have a significant impact on the banking sector?

This breakfast meeting will:

  • Consider the future of challenger banks, including moves into business banking and supporting local communities
  • Discuss how digital technology and customer insight data could change products offered to consumers
  • Explore the existing and potential future regulatory environment, including how regulators themselves could utilise digital innovations