Harnessing the power of FinTech for financial services

How FinTech is transforming businesses

From Big Tech to chatbots, open APIs to AI-enabled analytics, FinTech has transformed the way financial services operate, enabling a new digital ecosystem built on collaboration and innovation to emerge.

Changing customer expectations combined with macroeconomic forces and an increasing focus on Environmental, Social, and Corporate Governance (ESG) are challenging established players and new entrants to seize the opportunities of emerging technology and transform their existing business models to get ahead and stay relevant.

Whether you're a startup or global financial services provider, our teams are here to help. Working with both FinTechs and financial services organisations, we have experience charting the developments and challenges the industry is facing, helping FinTechs to scale up, grow and partner, and helping incumbents to leverage FinTech solutions to enhance or transform existing operations.

Listen to Manoj Kashyap, PwC Global FinTech leader talk about how FinTech is transforming businesses

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What is FinTech? 

Financial technology (FinTech) describes the evolving intersection of financial services and technology. It refers to startups, tech companies, or even legacy providers.

Over the past years a number of variations of FinTech have emerged focussing on different elements of the financial services ecosystem. Some of the best known examples include RegTech or InsurTech, drawing on cutting edge Emerging Technologies.

While London continues to be a leading FinTech centre at the forefront of financial innovation, regional centres are growing in importance, with FinTech hotspots in Scotland, Wales and Manchester in particular emerging.

FinTech Ecosystem hotspots


The costs of compliance and non-compliance have never been higher, both in terms of financial penalties and reputational impact in uncertain and challenging market conditions. However, despite significant investment into remediation and complying with new regulations, banks and insurers continue to struggle to demonstrate compliance in a sustainable manner. Given the cost-pressured environment and the continuing pipeline of regulation on the horizon, there is a clear business case for fundamentally rethinking the way that compliance is achieved and maintained.

Organisations need to consider their long-term architectural vision for how they meet compliance obligations across all lines of defence, not just within Compliance. Organisations need to think about how they assess and incorporate RegTech to meet their compliance obligations in the most efficient and effective way. A business case for leveraging new technologies should consider the benefits to customers and colleagues, as well as the cost benefits.

Contact: Angus Goldie


Organisations now have access to vast amounts of business and customer data. In this digital age organisations must find ways to transform this data to stay relevant to customers, drive strategy and target future investment. Customer data is in particularly high demand as organisations can provide insights into spending patterns and lifestyle choices. Challengers into the market are providing new ways to monetise this data, through automating processes, using alternative data points to create cutting edge products and developing cloud based solutions.

FinTechs are using data to improve internal processes of larger organisations, including onboarding and Know Your Customer (KYC), privacy and governance and data migration. By incorporating emerging technologies and partnering with FinTechs/RegTechs, established financial services organisations - including banks, insurers and wealth managers - can enhance their ability to aggregate and analyse data effectively across multiple sources, future proofing their business and complying with regulation.

Contact: Rav Hayer

Financial Crime

Combating financial crime (FinCrime) remains a key challenge for the industry and despite significant regulatory scrutiny, and effort by the private sector, there remains continued focus on enhancing efficiency and effectiveness.

General recognition is that current processes are overly manual and burdensome on already over-extended resources. High levels of false positives and other redundant activities are leading to backlogs and impacting risk coverage. Technology, cross/converging criminal threats and a rapidly changing regulatory picture demands a new response. 

Organisations are exploring new innovative technologies to better identify risks and improve efficiency. FinTech solutions are emerging to tackle some of the key issues the industry is facing, this includes: 

  • Utilising more diverse data pools to provide a more holistic view of the customer behaviour across all financial crime types
  • Using graph analytics to identify hidden relationships and complex collusive behaviour
  • Use of models that continuously learns and updates to detect unusual activity in addition to rules that target specific risks
  • Use of artificial intelligence to replicate complex human decision-making during investigation to increase operational efficiency
Contact: Scott Samme , Graham Ure


Disruptive trends and technologies create imminent opportunities for the insurance sector. Insurance is predicted to be disrupted to the tune of c.£50bn of revenue in the UK market alone. Innovative Insurtech companies have set the stage to begin delivering significant value in this disrupted environment, having the potential to change insurance for the better for both customers and people working within the industry. 

We are moving closer to wider ecosystems and a platform economy, designed to meet the customer needs in a single place. We are seeing a response in both new entrants and new products/services, such as distribution models, Insurtechs/Banks collaborating to enable a better experience for customers. This means that insurers will need to adapt more quickly to these changing market dynamics. An ability to respond quickly to new insights from different data sources, to release new features in the market to amplify the customer experience, and integrate new insurtech capabilities to enhance the value chain, will be critical to remain competitive. This will require a revised strategic focus and culture on innovation and experimentation, and structural changes to drive great enterprise agility.

Contact: Glynn Austen-Brown


Customer behaviours are being shaped by digital technologies such as eWallets and contactless cards as preferred methods of payments, a trend which has been accelerated by COVID-19. The regulatory opportunity created by Open Banking is encouraging new market entrants to develop innovative and convenient payment experiences at a time when smartphones and tablets are becoming the preferred method for banking and insurance.

We see demand for FinTech related services in areas such as digital banking and wealth management opening new opportunities for revenue generation as well as cost reduction. New players are using digital-only models to reach all segments of society and at the same time, traditional players are looking to FinTech to reduce operating costs and find more cost effective ways to comply with regulatory mandates.

Contact: Jon Maskery


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Mark Leaver

Mark Leaver

UK FinTech lead

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