Pointing out priorities to help the industry prosper
VOICES We asked six experts to indicate one initiative that could help Scotland’s fintech sector retain and build on its upwards advantage over its foreign competitors
CALLUM SINCLAIR HEAD OF TECHNOLOGY AND COMMERCIAL, BURNESS PAULL (ABOVE)
“Scotland has an exceptional reputation for friendly and trustworthy customer service – remember those surveys we used to top for call centre dealings? There remains a degree of public distrust of big tech and big FS organisations. Scotland should focus on nailing ethics/trust by design in fintech for competitive advantage.”
GRAEME RENNISON TEAM LEADER IN DIGITAL ECONOMY, SCOTTISH ENTERPRISE
“Doubling down on what makes Scotland distinctive within fintech. Being recognised by the UK Government as the most progressive fintech cluster outside London is a fantastic endorsement of our collaborative approach to date. However, to be genuinely competitive on a global stage, we must focus on the themes that embrace Scotland’s particular industry and academic strengths. Fintech Scotland has set these out clearly in its innovation roadmap and Team Scotland should re-double our collective efforts behind this plan.”
CAROLINE STEVENSON HEAD OF FINANCIAL SERVICES REGULATORY, BURNESS PAULL
“Under the excellent leadership of Fintech Scotland, the country should look to increase international co-operation arrangements along the lines of the recently signed Fintech Bridge with Singapore. Such initiatives can show the international stage just what Scotland has to offer in its wellestablished fintech hub.”
MARK JANNETTA EY UK FINTECH LAB DIRECTOR
“There needs to be a focus on further development of industry-wide capabilities allowing fintechs to quickly and practically demonstrate value propositions to banks and financial institutions. And education is required to support fintechs to ensure they are better prepared, positioned and equipped to more quickly onboard and navigate governance requirements to then actively work with clients.”
NICOLA ANDERSON CHIEF EXECUTIVE OFFICER OF FINTECH SCOTLAND
“There are a number of dimensions and one of those is collaboration between the big and the small. There is also a need for more collaboration around the ability to scale. And we must focus on skills and talent development across tech, not just in fintech.”
OLI HENDERSON PARTNER WHO LEADS EY SCOTLAND’S FINANCIAL SERVICES STRATEGY AND TRANSACTIONS PRACTICE (BELOW)
“I think all the ingredients are already here in Scotland, and the Fintech Scotland Innovation Roadmap gives strong strategic direction as to where we should be heading. Collaboration is the key to allow these businesses to scale and we need to continue to build on successes and the close-knit community we have here in Scotland – it is a differentiator.”
“We need to continue to build on successes and the close-knit community we have here in Scotland – it is a differentiator”