Regulating fintech – herding tech-savvy cats?
Fintech companies may feel that regulation is counterintuitive to innovation. Maximilian Turunen considers the upside of fintech regulation.
CHALLENGES FACING THE FINANCIAL SERVICES SECTOR
The financial services sector is a crucial backbone of the global economy. Its expansive nature, from banking to insurance, wealth management, fx trading, money marketings, futures, securities and beyond means that the needs of the industry are not one-size-fits-all. Your organisation has its own complex set of customer, regulatory and market dynamics. As trusted transformation partners, we have experienced three overarching themes taking place in the sector.
Changing regulatory environment
New regulatory measures, including MFID, IFRS 9 and GDPR, require complex system, process and reporting changes. Many financial institutions are responding by setting aside more of their change portfolios and corresponding budgets. While regulatory changes are likely to continue, a more sustainable, flexible and cost-effective regulatory operations are required to maintain compliance.
Performance optimisation
Increased global competition, growing customer and operational requirements are pressuring costs. Gaps in operational efficiency makes your organisation more vulnerable to competition and disruption, while also decreasing internal investment potential. It is crucial to take advantage of technology advancements and implement leaner operations to address these pressures.
Business model re-evaluation
The opportunities from digital transformation will require you to review your channels and customer propositions. Customer expectations are changing with a high bar being set within and beyond the financial services industry. Digital platforms allow entrants into the market with less operational and technical infrastructure, making it difficult to stay competitive with legacy systems.
OUR CAPABILITIES
Gate One delivers innovative solutions, reliable programme management and relevant regulatory expertise to our capital markets clients. We regularly work with requirements across the front and back office functions. We have strong experience in leading successful programmes in regulatory compliance, client outreach and new product development.
Digital Transformation
Uncover your strategic digital choices, define your strategy and deliver value from digital investments. We couple digital delivery expertise with strategic consulting knowledge to deliver meaningful and lasting digital change.
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Making Strategy Happen
Develop enhanced strategies that are designed with delivery in mind. Our team works with you to balance the competing needs of the business in delivering your strategy.
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Target Operating Model
Harness the full potential of your people, processes, technology and environment to truly differentiate yourselves. The operating model we develop with you will deliver real value to your staff, customers and partners.
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People Change
Develop and drive culturally aligned, innovative change programmes to truly connect with people. We are both strategic advisors and experienced implementers, drawing upon experience in different industries and cultures.
READ MOREOUR CREDENTIALS
We are privileged to be working with some of the UK’s largest and most innovative financial services organisations on their complex change programmes. View our client stories.
OUR INSIGHTS
Our team of experts regularly shares their insights about the things that matter in the financial services sector. You can read some of them here.
MEET SOME OF OUR TEAM
A founding partner of Gate One, Alex is proud of pioneering spirit and strong camaraderie. He enjoys developing innovative solutions for transformation challenges and likes nothing more than toasting the shared hard yards of a job well done. Working principally in the financial services and public sectors, he has extensive experience of hands-on delivery of high profile, complex global transformation programmes, governance of £multi-billion change portfolios and building organisations’ capability to deliver change themselves.
18 March 2020Delivering a leading approach to tackle financial crimeOur client had the vision to spearhead its industry in detecting, deterring and protecting its clients against financial crime....
19 January 2020Development of a client outreach strategyA leading financial services company required an outreach strategy ahead of a number of upcoming compliance deadlines....
28 November 2019IR35 - Driving the evolution of change and transformation from resource to results drivenLooming changes to IR35 regulations have added complexity to an already disruptive business environment...
27 November 2019Why should procurement own the IR35 response?Impending changes to IR35 regulations mean businesses that rely heavily on contractor resources are facing significant disruption...
5 September 2019Enterprise data platform implementation for leading international insurerHelping our client deliver an advanced big data platform, addressing the data complexities across insurance policies, premiums, claims, settlements and...
17 April 2019Gate One's client, Whitbread, wins transformation of the yearWe are very proud to share that our long-term client, Whitbread, has recently been awarded two prestigious awards....
8 February 2019Regulating fintech - herding tech-savvy cats?Fintech companies may feel that regulation is counterintuitive to innovation. Maximilian Turunen considers the upside of fintech regulation....
17 January 2019Owning up to past misdeeds: self-regulation as a cure for market conduct issuesHow banks can learn from others, such as cryptocurrencies, to drive positive change....
5 December 2018Walls don't make a fortressOur paper, 'Walls don't make a fortress', provides actionable insight into how financial crime frameworks can be reviatalised....
2 May 2018Micro-services in the insurance sectorDigital transformation with less implementation risk...Alex McEvoy
Partner
Flora is a principal at Gate One, specialising in behaviour and cultural change. She also has extensive experience in HR transformation and a passion for behavioural science and data-driven decision making to improve organisational effectivness.
22 January 2020Using analytics to improve your cultural healthOrganisational culture is currently seen by many as equally ineffable, unmanageable and unpredictable....
13 December 2019Making changes to improve your cultural healthOrganisations can gain a wealth of insights from a culture health report. But what do you do next?...
12 November 2019What's your cultural health?To understand what cultural health is, we draw parallels with physical health...Flora Spink
Principal
Greg is an experienced management consultant specialising in customer experience (CX), service design and digital transformation consulting. He has extensive expertise in journey mapping, segmentation, experience design and CX-led digital transformation, with specialist knowledge in the financial services sector. Greg possesses excellent delivery ability with knowledge of how to combine customer-centric principles with business objectives, ensuring any recommendations and ideas are pragmatic and deliver value.
Greg Beckett
Senior Consultant
Hannah is a senior consultant at Gate One. She provides a range of strategy, advisory and delivery services across large scale transformational projects. Her experience is focussed across target operating model design, integration M&A, process re-engineering and strategic technology design.
Hannah Seeber
Senior Consultant
If you would like to speak to Gate One about how we can support you with your transformation journey please contact Alex McEvoy, financial services lead, on alex.mcevoy@gateone.co.uk.
