Technology holds the key, with its proven track record of demystifying and simplifying complex industries to the great benefit of consumers. So far technology hasn't really touched on the issue of financial literacy and tech companies need to step up to fill the void left by the traditional advice industry.
Fintech is undoubtedly one of the major growth sectors for Leeds City Region. Indeed, as an existing centre of excellence for both finance (as the UK's second centre for banking, home to over 30 national and international banks) and technology, we are primed and ready to capitalise on the opportunity.
Legacy players cannot avoid the fact that fintech businesses are growing their share of finance markets globally. As they seek to keep pace, a battle for consumers and revenues - the establishment versus the disruptors - is seemingly unavoidable, with the finance industry as a whole becoming a more competitive sphere.
You can imagine a baby boomer with a nice suit, coming back from working at a company where they've worked for the last 50 years. A Gen X, with long, flowing hair, protesting for civil/woman's rights. A millennial surfing the net, thinking up a new way of how it can make them money. A Gen Z with...well, that really hasn't been defined yet, has it?
It was a privilege to be a part of the audience for Bill Gates' keynote speech at the ASU GSV Summit in San Diego in April this year. Hearing his view of the future, it was hard not to feel the groundswell of optimism currently taking hold around the world. Gates still believes that technology is a force for good, opening a world of opportunity for us all.
A year after the launch, we have processed over £2 million gross transactions through Collins Pay and we are expecting over 100% year on year growth. By focusing on a space where transactions were already happening in vast quantities, but analysing how it could be done better for our clients and their customers whilst integrating this directly into their current booking flows, Collins Pay stands alone in this space.
The bookmakers have George Galloway in third place for the position of Mayor of London, which is determined by the Supplementary Vote. Neither Sadiq Khan nor Zac Goldsmith stands any realistic chance of winning outright on first preferences. They, and all other Mayoral candidates who want to win, need to start engaging with Galloway's policy proposals.
Since digital currencies leapt onto the scene in the early 1990s, they have been steadily gaining traction in the financial sector. The economic crisis in Greece and the recent slowdown in China's growth have given credibility to digital currencies as an alternative to traditional fiat currencies and led people to look for more innovative methods of transaction.
Yanis' reflections on digital currency have focussed on Bitcoin as the case study for his assessments of the potential they offer, and his appraisal of their potential has largely been negative. Yet this has not prevented him from examining how a digital currency of sorts could work for his native Greece.