We loved the insights and discussions we had at IFGS – here’s a summary.


Last week, the mmob team attended our first Innovate Finance Global Summit (IFGS) as one of ten start-ups in the Tech Tunnel. We were keen to get involved in the flagship event of UK Fintech Week and as an Innovate Finance member, we knew the event would offer unique insights. It was two days of jam-packed content, discussions and networking, kicking off UK Fintech Week in the best possible way.

Here are three core topics raised from the event sessions and discussions with fellow attendees.

Collaboration

There were several sessions focussed on partnerships, and the opportunities for collaboration were raised in other sessions. In other words, collaboration is and will continue to be a core aspect of financial services. Discussions mainly focussed on the relationship between fintech and incumbent companies, as partners increasingly come to the table to create new solutions to existing problems.

A networking session organised by Bring Global focussed on this topic, and while there is still a great desire to collaborate with incumbents, it seems that legacy systems and partnership processes are causing friction and more fintechs are starting to partner with each other. This enables fintechs to broaden their service solutions and generate trust among clients, before approaching larger organisations with a proposal.

Sustainability

One theme that regularly emerged, even in discussions that did not focus on it, was sustainability. It seems the industry no longer thinks of ESG as an added benefit, but a crucial component for business and financial services. This has been caused by a change in motivation from industry leaders looking to create more sustainable and inclusive businesses, and also from users and investors wanting to put their money and patronage in services that mirror their values.

With a greater desire to establish sustainable practices comes questions of establishing plans to achieve these intentions, measuring and tracking performance, and prioritising the environmental, social, and governance aspects of ESG (and various components within those categories). While the speakers offered less concrete answers to these questions, the sessions were great for generating further discussions around how to introduce sustainability at all levels of business, with most success being seen from a top-down approach.

The current and future pace of change

Due to various global events over the past two years, financial services have had to adapt and digitise much faster than expected. Initially many services were playing ‘catch-up’ as the global pandemic ensured users had to interact with their finances online, which has led to an expectation from users that services will be available when wanted and needed. Financial services need to not only keep up with the rapid pace of change but anticipate market demand to stay relevant.

Our industry sector, embedded finance, was raised during the event as one way in which financial services are anticipating change. The rise in embedded payments and BNPL products has demonstrated public demand for seamless, ‘invisible’ finance, which will only increase as other embedded services, such as insurance and credit, become more mainstream.


This blog focusses on three recurring themes from IFGS, but the event contained great enthusiasm for all aspects of financial services. The industry is working together more than ever to create sustainable, accessible services in a changing market, and we can’t wait to see what the discussions will be like next year.

Missed us at IFGS? Get in touch below to chat about embedded finance.

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