An aging programming language known as COBOL underpins much of the U.S. financial industry, but it has fallen out of favor among coders. This sets up a problem when systems run into glitches or need updates, and companies no longer have COBOL experts on hand.
As the UK continues to usher in the fourth industrial revolution by making enormous advances in technology and digital innovation, it’s fintech that shines as the brightest example of where we lead the world.
We’re fortunate to have the basic ingredients for a thriving fintech ecosystem - a position as a world financial capital, a broad and deep financial services expertise, best-in-class developers, a robust supply of investment and supportive regulators. In addition, the government’s willingness to engage with innovators to ensure resilience, innovation and competition is a key element in driving our fintech success story.
Mobile messaging apps within capital markets and a culture of bring your own device are not going away. Not everybody has Bloomberg or some form of proprietary messaging system. Many people communicate with clients very conveniently using WhatsApp, WeChat, and Telegram –and these will have to become compliant with regulations.
It is estimated that there are almost 250 million migrants living outside their home countries. Remittances – the money sent back to relatives – are believed to support an additional 750 million people worldwide.
Financial institutions are increasingly no stranger to innovative technology as a way to boost their efficiency while cutting costs. The use of RegTech (defined by the UK Chief Scientific Adviser as technology "applied to regulation and compliance to make financial regulation and reporting more transparent, efficient and effective") has similar aims to streamline related processes, human capital and cost.