A data revolution is underway in finance, COVID-19 is only accelerating technological change, and policymakers are looking to boost the UK’s ‘fintech’ sector – but do we really know what the use of technology means for building a financial system that serves people and planet? On 1 December, the Lab launched Lifting the Lid on Fintech, a new report to explore this question.
Lifting the Lid on Fintech puts forward an alternative perspective on fintech – one that is grounded in a vision for a financial system that is democratic, sustainable, just and resilient. The report brings together new research from academics, policymakers and civil society with the Lab’s unique insight from incubating purpose-led financial innovations and working with our community of over 600 systems-changemakers from across the financial system.
It finds that, despite the opportunities that fintech presents for transforming finance for the better, it is not clear that it has advanced us towards that vision, and it has also opened up major new risks. Fintech is transforming the financial system, with implications for people’s livelihoods, for social justice, and for freedom.
It’s time to #LiftTheLidOnFintech
This online convening brought together Lab community members from civil society, money and debt advice and responsible finance. After a presentation of the report’s findings by the Lab’s Head of Programmes Marloes Nicholls, we were joined by thought leaders on finance, tech and data for their expert analysis:
- Mick McAteer – Founder and co-Director, Financial Inclusion Centre
- James Meadway – Associate Fellow, IPPR
- Reema Patel – Head of Public Engagement at the Ada Lovelace Institute
Watch a recording of the event here.