Programme actions for financial services & payments

techUK is the primary UK organisation that helps members and the wider tech industry understand how technology is transforming the financial services sector and how best it can be used to bring new and innovative services to the market.

techUK’s work focuses on a wide range of areas in the sector: digital banking, insurance, payments and related issues around identity and authentication, cyber security, financial inclusion and the adoption of distributed ledger technology. The Programme also seeks to understand the current and evolving regulatory framework at a domestic, European and international level. Central to these objectives is the role that techUK can play in representing the views of the technology sector in policy making. This is achieved by developing a range of events and activities including focussed working groups, roundtable discussions, presentations from regulators, insights, consultation responses, reports and policy inputs that have a constructive impact on policy.

This is supported by:

  • Developing deeper, stronger relationships with government and regulators to ensure the tech voice is fully heard;
  • Working with partners to increase our impact and reach;
  • Being the voice of the industry on a number of issues and
  • Positively affecting policy on behalf of techUK members and the wider tech industry.

Develop Networks

A wide range of Programme events, working groups and larger conferences provide many opportunities for members to engage with other member firms and the broader stakeholder community. The Programme also works with a number of partners across industry (i.e. BBA, ABI, FCA, PaymentsUK, Innovate Finance) and, within techUK, across different Programmes (Cyber, Big Data and Analytics, Cloud and Mobile and the Internet of Things).

Develop Markets

Technological change and an evolving regulatory framework across financial services and payments is opening up new opportunities for techUK members.

techUK works to help identify and support those opportunities for growth both domestically and internationally. This presents opportunities for technology firms to be both a part of the challenger environment and to support established firms in meeting that competitive challenge. techUK members are the providers of much of the technology that drives new disruptive business models, as well as enabling incumbent firms across the financial services sector to modernize and innovate to meet the challenges and demands of an increasingly digital market. Collaborating with partners such as Payments UK, Innovate Finance, the BBA and the ABI, as well as financial services institutions, for example, helps highlight opportunities for growth.

Reduce Cost

The cost and demand on time and resources of regulation/compliance within firms operating in financial services is very high and can act as a barrier to entry. Improved resilience and increased transparency are also clear policy goals. The programme continually looks for opportunities for the technology sector to reduce these costs and support greater resiliency and transparency through consistent and considered engagement with policy-makers, regulators and other stakeholders. It also explores, often acting with partners, where the use of common platforms can cut costs across the industry.

Reduce Risks

The shape of the financial services industry is changing fast in an increasingly competitive landscape. Technology is enabling new firms to come to market and challenge incumbents in a number of areas. A wide range of regulatory initiatives at the domestic, European and international levels are also having an impact in pushing for increased competition and swifter, more inter-connected infrastructures. Identifying how the role of technology may evolve across the industry as a result of market and regulatory changes is a key strength of the programme. This presents both risks and opportunities for technology firms as client demand changes and new entrants come into the market.


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FROM SOCIAL MEDIA

Our Advisory Panel incl @Gus_ODonnell @syedkamall @realVickyPryce @thulme @Tudoraw @DianeCoyle1859 & @TwobirdsPrivacy to shape Brexit work
Today techUK announces an independent Advisory Panel to ensure UK tech thrives post-Brexit https://t.co/TpE0qL7IUs
We're pleased to announce @vickyford will be joining us for the launch of 'The UK Digital Sectors after Brexit' https://t.co/eHT4ENyZ9r
Early bird discount is now open for PS2030 2017! Visit the webpage for details on the agenda & book your place: https://t.co/1p9v02hg9L