The FinTech Impact Report: Working through the world’s to-do list #FinTechforImpact Conclusions What we can do, together With 97% of UK FinTechs assessed contributing positively 2. Focus on our strengths harnessed successfully, FinTechs can be at the vanguard to the UN SDGs, the sector has been shown to be impactful There are also points to note on the impact of FinTech on of the UK’s growth in the next decade, uplifting people’s against the things that matter for our world. people and place. The contribution to inclusive offerings welfare and wellbeing. The sector’s overall impact against the SDGs is a and access to financial services has a meaningful impact. As FinTechs have a proven impact on the world, it is critical significantly positive one and, whilst its impact is less than However, FinTech has a limited ability to distribute to a that they are nurtured independently and through key sectors such as education for example, it outperforms wide customer base and operate at scale. Traditional partnerships, with the right investments, fairer others such as retail, capital markets and construction. financial institutions may have less of a propositional representation of founders from diverse backgrounds and Based on our research, Productivity is the most impacted impact, but this is spread across a wider range of places an uplift in women in the workforce beyond the current area of SDGs, with 98% of the assessed FinTechs making a and a greater number of people. 28%. Together, this will accelerate the sector’s growth and positive contribution. The positive impacts of FinTech 3. Partner and invest drive positive changes to society and the planet. extends beyond economics though, with notable benefits For these reasons, the prospect of more partnerships with 4. Take action to harness our productive potential also identified against the things that matter most for enterprise firms offers a route to even greater impact in the The prospect of FinTech having an even greater impact people, place and peace – such as reducing transaction future. By combining the innovative and impactful than it currently does is undeniable. costs, enabling new infrastructure and developing security solutions of FinTechs that operate at the cutting edge of controls. financial services with the scaled reach and robust Now is the time to ask… 1. Save the planet governance of larger institutions, the true impact of WHAT CAN YOU DO TO CHAMPION THE CONTINUED We have shown that despite a very strong positive impact FinTech could be unlocked and the risks to financial SUCCESS OF FINTECHS ACROSS THE UK? on the planet from 9% of UK FinTechs, the sector overall stability and customers from emerging technology #ForCustomers #ForFounders #ForThePlanet has a negative impact. This cannot be ignored, particularly mitigated. This would benefit the UK in many ways. when you consider that financed emissions associated with There is encouraging movement toward this collaboration investing, lending and underwriting are on average over for scale – we have seen the FinTech Pledge, the Kalifa 700 times higher1 than an organisation’s direct emissions. Review of UK FinTech, The FinTech Growth Fund and now Capital markets and finance must align to environmental the Centre for Financial Innovation and Technology (CFIT) goals, deploying capital towards a transition to being formed and mobilising to address specific financial sustainability and positive impact, and thereby de-risking industry challenges for customers. investments. By combining impact data and finance flows FinTechs have the power to sustainably boost our to enable tangible change, FinTech has a huge role to play productivity in the UK, at a time when the national and must rise to this challenge. economy is battling to achieve productivity targets. If 55