How FinTech startups are shaking up the financial industry and what the rest of the world can learn
The UK has long been a suitable place to incorporate a technology start-up. Given that it’s also one of the financial capitals of the world, it was only a matter of time before tech merged with the banking world, and the rapid expansion of numerous FinTech companies is positive proof that Britain’s financial district is slowly but surely being changed by keen young upstarts with their eyes firmly on the prize.
How the United Kingdom helps companies to flourish
The British Government has long had a commitment to helping new tech businesses flourish – help is always forthcoming, regardless of whether the company in question is a start-up or an established international player looking to open a UK office to gain a foothold in emerging industries.
The Financial Conduct Authority is a governing body which works closely with new businesses to help them to understand regulation, and it’s recent scheme – dubbed “Project Innovate” – allows firms to test new models and products in a protected environment.
User friendly financial services
While the governments of other countries could follow the UK’s lead to provide the help needed to get start-ups off the ground, so too could budding entrepreneurs take note of the innovative ways UK FinTech start-ups work with their customers.
Perhaps the largest reason why UK FinTech brands have been so successful is because they’ve understood that their customers require flexibility and mobility. Ultimately, it’s the understanding that a completely digital bank needs to provide a truly flawless user experience in order to succeed.
Instilling consumer confidence
The UK – and London in particular – has long held a reputation for financial services. However, the brand reputation built up by financial institutions over hundreds of years can be yours without having to have a “brick and mortar” base in the country. It’s possible to set up a UK company with a virtual office in the UK and enjoy all the benefits and rewards associated with the capital.
For further information on how launching a startup in the UK could transform the fortunes of your startup, get in touch with the friendly, experienced and professional team at Goodwille.