Photo credit: Francis Storr
New technologies are emerging with the power to transform our financial sector and how we interact with it. Banks and capital markets are being challenged by decentralised exchange networks, peer-to-peer lending, collaborative consumption, mobile payments and methods that can direct much-needed investment more effectively across the economy. NEF is leading UK research into how such innovations can help build a more socially useful and sustainable financial system.
- Investment in the UK fintech industry increased 177% between 2013 and 2014
- In Kenya the M-Pesa has seen mobile phone financial services rise from 0% in 2005 to 68% in 2013, with 40% of those users not having access to a bank account
- In 2012 the UK government announced that it would channel £100 million through P2P lenders to boost credit for small businesses
Blog post // June 19, 2014
Decentralised digital payment systems like Bitcoin and Ripple cut costs, time and fraud More