Fintech is one of the most exciting industries in the UK, transforming a centuries-old sector and consolidating London’s status as a world-leading tech hub. Here at Media Zoo we pride ourselves on our industry insight and have been lucky enough to work with Tandem Bank, a leading UK digital challenger bank and a key player in the fintech sector.
We have worked with Tandem since November 2017, a partnership that has seen Tandem go from a fledgling business to a market leader with over 600,000 customers, a suite of market-leading products and services, and daily media mentions.
Spend any time on the London Underground and you’ll likely see as many as five new financial brands advertising, offering a range of services and trendy cards. But fintech is about more than ‘hot coral’ and 'crypto'. From our work with Tandem and plenty of sector research, we’ve pulled together our top 3 reasons why Fintech is an industry to watch.
Transforming the Customer Experience
‘Disruption’ is a word that gets thrown around a lot but what does it really mean? Disruption is fundamentally transforming the way something works. In tech this means improving experiences and journeys for the end user; think of the last time you needed to get home, did you go straight to Uber? Or the last time you wanted to order food, straight to Deliveroo? These services have disrupted industries by making traditional processes easier for consumers. This is what fintech is doing for finance.
In the case of Tandem, they were co-founded by 11,000 people who told them exactly what they wanted from their bank, and what they didn’t. This had led them to develop features such as Autosavings, a set of in-app rules that can help even the most struggling of savers to build up a savings pot. People don’t wake up one day and think “wow, I really need a savings account”, they think “I need to start saving” and Tandem built this service to make the process effortless.
London is a home for Fintech
We are operating in a city that boasts the best tech talent, the most banks, and the most fintech over any other city in the world. In fact, investment in London based tech hit an all-time high in 2018. Thanks to the close proximity of the City and the so-called ‘Silicon Roundabout’, it is a great place for entrepreneurs to attract funding and thrive in a community of fintechs of all shapes and sizes.
Open Banking opens doors
January 13th, 2019 marked the first birthday of a game-changer in the banking industry. Open Banking and the Payment Services Directive (PSD2) are pieces of legislation that allow for safe sharing of data between financial institutions and have opened up the market for new players who can attract customers with the promise of greater transparency and personalisation. It is kick-starting a new kind of personal banking, using data to effectively replicate in-branch banking services, with the convenience of mobile access.
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