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How FinTech has shaped banking since the credit crunch hit 10 years ago

FinTech 10 years on

Natalie Ceeney, chairwoman at Innovate Finance, spoke to several leading FinTech entrepreneurs to get their views.

Ten years have passed since the credit crunch rocked the financial services sector and led to an unprecedented economic crisis. Rising from the ashes of this devastation was the FinTech movement, which aimed to develop innovations that would create a sustainable and inclusive financial services sector.

But has the promise of FinTech become a reality for consumers?

“In many ways nothing has changed. All the big banks still exist!” said Michael Rolph, co-founder of mobile payments app Yoyo Wallet. “The reality though is that the crunch acted as a catalyst for change. The open bank API mandate is a great example of how FinTech is shaping the future of finance. It’s opening up the banks and allowing us to gain easier access to customer data. It’s a change for the better.”...