Politics can be a cruel business

Politics can be a cruel business

Fintech zeitgeist! Every Monday, we might look back at last week; look ahead to this week; share a few thoughts (our own or others); or discuss anything that catches our eye.

This week, Antony Peyton, Banking Technology’s deputy editor, with the help of many “expert comments” (bless you for those), briefly mulls over the aftermath of the UK General Election.

You gambled. You lost. Politics can be a cruel business. Perhaps even crueller than wading through 50 emails which contain expert comments all saying the same thing.

With the UK’s General Election over, Theresa May and her Conservatives will be working out a deal with the Democratic Unionist Party (DUP) to stay in power. I think people in fintech can relate as they make deals all the time. And they like power.

We can’t be certain yet of the impact on the UK’s fintech industry. However, the expert comments all say that a hung parliament doesn’t offer a firmer footing for Brexit negotiations, there’ll be more pressure on the pound, and volatile markets. The result is the last thing fintech people wanted.

I think fintech is doing so well and so full of dynamic people, it’s simply too good to fail for now. No matter the result. This is not an industry short of ideas or one that takes industrial action or sulks when things don’t go the way planned. In our new Conservative-DUP Britain, most problems will be overcome.

Brexit negotiations are going to be one hell of a dull grind, but some of our previous stories point to strength and depth in the fintech arena.

In April, the UK Government and innovation foundation Nesta pained a pleasant portrait of energy and ambition and accelerators speeding up UK fintech growth.

The fintech rule-makers in the UK are doing a pretty good job as well. One example is the UK’s Financial Conduct Authority (FCA) calling for an end to consumer vulnerability and more access to financial services in its plans for 2017. It’s always keeping people on their toes – but not in a bad way judging from the reactions.

And in case you forgot. The fintech industry brings £6.6 billion to the UK’s economy, employs 61,000 people, and was showered with praise at the UK government’s inaugural International Fintech Conference in London.

Gloom, doom and miserable faces can hold off for now. Save that for the politicians’ tedious speeches. They would test the patience of a saint.

Last week’s Monday mindset summed up the predictions made by Google’s illustrious chief futurist, Ray Kurzweil, on what awaits us this century.

If you’re interested in contributing to our Monday mindset, contact our editorial team.