FIN TECH
The Dock, Accenture
Partners in innovation
Just a few years ago, FinTech start-ups were seen as serious disrupters to mainstream financial services providers. Today, a spirit of partnership is increasingly driving progress, making Ireland a key location for the next generation of FinTech innovation. Donal Nugent reports.
nothing new to financial services, having been part of the mainstream since the 1980s. However, FinTech – innovation specifically driven by big data, analytics and the emergence of artificial intelligence (A.I.) – is undoubtedly a phenomenon of our times, gaining traction in the years following the financial crash, and in many ways, still in the early stages of transforming the global finance industry. As the FinTech juggernaut advances, its potential for disruption remains profound. Increasingly, however, established financial institutions have come around to the view that FinTech is as much an opportunity as a threat, meaning a new spirit of collaboration is now in the air. As an economy strongly positioned in global financial services,
F
inancial technology has arguably been a part of business since fingers first rolled across the abacus. Computers, certainly, are
Ireland is well placed to be a major player in this evolving synergy. The Irish Government’s financial services strategy, IFS 2020, explicitly calls out the opportunity for the sector, outlining a vision of a ‘thriving tech start-up scene, combined with established research centres, creating an ecosystem for FinTech research, development and innovation’. Recently, German consulting firm Roland Berger noted that over
half of European FinTech businesses are looking to expand geographically, with Ireland the country most often said to be in their cross hairs. With its dual strengths in financial services and technology internationally recognised, Ireland is increasingly seen as a place where leaders in FinTech’s next wave of innovation will meet, collaborate and grow.
20 INNOVATION IRELAN REVIEW
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