The transformation of financial services through data and digital technologies is only now starting to really take place, according to Scott Gallacher, who recently left fintech wealth management firm Moneyfarm.
His comments follow a Propel London event, Fintech Focus, featuring representatives from Techstars, OpenCorporates, Open Banking Project and more examining the sector's biggest opportunities and challenges
“We’re at the Friends Reunited stage rather than the Facebook stage of fintech in terms of the industry’s development,” said Gallacher. “It feels like we’ve travelled back to 2000 and we’re speaking to retailers telling them that ecommerce is on the way. But this time the large incumbents are much more welcoming of the change coming and open to it.”