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FinTech: come for the experience, leave with the culture

18 November 2016
The Bank of England has recently made some interesting comments on the value of its FinTech Accelerator, stating that it was set up “precisely to develop our practical experience of FinTech.” The Bank of England is not the only establishment icon racing to learn about new disruptive financial technologies. Many big names are providing assistance to startups, often through unusual levels of investment and collaboration, to gain valuable know-how. Notably, Slaughter and May is offering a limited amount of free advice to selected FinTechs and Barclays are running a FinTech-focused accelerator in collaboration with Techstars.

This trend shows an interesting shift in the balance of power from big to small, as large established players are forced into being creative to avoid being left behind by the sheer speed of technological development within the grassroots of the FinTech sector. The phenomenon is adding a lot to the extremely healthy FinTech ecosystem in the UK.

Perhaps more interesting still is the cultural infection from startups to large institutions. Could it be, startup-ification has infected the Bank of England? By their own admission, their “…Fintech Accelerator isn’t just about new tools and technology. It’s about cultural change... For an institution to endure it needs to change with the times…” It is interesting to see disruptive technology is changing more than systems and processes, and is having an impact on culture and behaviour too.

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