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What is the purpose of FinTech?

The promise of FinTech cannot be overstated. It will change the way that we bank, invest, insure and pay. The UK FinTech sector contributes £6.6 billion annually to the UK economy, and employs over 60,000 people across 1,600 companies, and this is only set to increase.

But as this industry matures, does it have a sense of purpose? And does it need one?

The Government’s Industrial Strategy, published in November 2017 identified five foundations of productivity:

  • Ideas – making the UK the world’s most innovative economy

  • People – good jobs and greater earning power for all

  • Infrastructure – a major upgrade to the UK’s infrastructure

  • Business environment – making the UK the best place to start and grow a business

  • Places – prosperous communities across the UK

There is no mention of purpose, but purpose is fundamental in answering the question, “why”? And in an industry which is offering such potential disruption and change to the way individuals and businesses act, shouldn’t​ we make efforts today to embed purpose within start-ups that are going to become the big businesses of tomorrow?

JBM’s board advisor Kresse Wesling MBE is Co-founder of Elvis & Kresse, a purpose driven business creating luxury goods from other industry’s waste. She says:

“Your purpose should be about goodness. It should be about making the world better. It should be about honour, ethics, transparency and sustainability because we don’t have time for anything else.”

We are in the formative years of FinTech and we owe it to the consumer to build businesses that are worthy of their trust. So that when FinTech is running at scale, as an industry it contributes to the wealth of the many, to the sustainability of our environment and to the equability of society.

Start delivering against your purpose today. And a good place to start is by hiring a Chief Purpose Officer or Purpose Advisor​. ​