Future for business & government must feature fintech to fuel growth

CBI President Lord Bilimoria will this evening (Monday) launch a major new campaign at City Week to get more businesses using fintech to fuel future growth.

Given the serial headwinds facing businesses – including supply shortages, rising inflation and energy prices – the crossbench peer will say using fintech to unlock productivity growth has never been more important.

Speaking before an invited audience in the Crypts at Guildhall, City of London, Lord Bilimoria will urge both business and government to back the CBI’s ‘Winning with Fintech’ campaign by underlining the sector’s transformational potential for the UK economy.

Among the campaign’s aims will be to help non-financial firms get to grips with fintech as a means of embracing innovation; improving efficiency and competitiveness.

The CBI’s economic strategy Seize the Moment identified the UK’s fintech sector as a key opportunity, with a potential £32bn additional revenues on offer by 2030. Statistics from Innovate Finance show in 2021 $11.6bn was invested in UK fintech businesses, a 217% increase from 2020. And number of UK fintech ‘unicorns’ continues to rise.

‘Winning with Fintech’ will explore how firms can work more effectively with fintech to unlock growth and efficiency opportunities – in areas including opening up new markets, improving payment flows and transitioning to net zero.

Lord Bilimoria, CBI President, is expected to say:

“Businesses need all the support they can get at present. Slow growth post-pandemic and supply chain struggles have been exacerbated by the terrible conflict in Ukraine.

“What firms need are fair winds and following seas, with fintech featuring a flotilla of benefits, making global trade smoother, payments easier and sustainability better.

“The UK’s world leading fintech sector is ideally placed to go from strength-to-strength in supporting businesses to manage risks and reduce costs in an uncertain world. The CBI will champion fintech by supporting businesses of all sizes across and sectors to seek solutions that will work for them.

“The government is to be applauded for acting on last year’s excellent Kalifa review. Beyond this, the CBI sees a continued role for ministers in driving adoption; from greater coordination of fintech-related initiatives to furnishing the UK’s labour market with the digital skills it needs to succeed.  

“Combining the CBI’s convening power with the City’s world-leading financial ecosystem is a surefire way to success; helping firms fuel their future growth.”

Ed Thurman, CBI Strategic Adviser on Fintech, said:

“All too often many businesses think innovation is something other firms do. ‘Winning with fintech’ aims to get more firms engaged with financial technologies to save costs, improve efficiency and go for growth. In challenging times, partnering to achieve these aims will be crucial for businesses of all sizes, and is a key area of focus for this work.”

25 April 2022