UK. The rise of the Fintech sector
The UK’s Fintech (Financial Technology) sector is on the rise – despite Brexit uncertainty investors have put $16bn into the UK fintech market in just the first-half of 2018, a level of investment surpassing that of both the US and China. The UK remains the main hub in Europe for financial technology start-ups, providing over 60,000 jobs.
Cloud Computing & The Foundations of Banking: In a highly competitive market, high-street banks are in pursuit of digital transformation with business models changing from being product-centric to customer centric. With this change in approach, it is increasingly clear that the foundation of modern banking is cloud computing.
After an initial hesitancy amongst banking firms to adopt cloud-based solutions due to concerns that there could be leakage of financially sensitive data, traditional banks such as the Royal Bank of Scotland are now choosing to keep pace with the revolution that is taking place within Financial Technology. The cloud’s ability to support users anywhere at any time on any device is a key factor in a growing mobile-app driven landscape.
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