Technology is rapidly changing financial services. It is changing how customers consume services and firms deliver them. Many of these trends were explored by Huw van Steenis in his Future of Finance review. As a senior adviser to Mark Carney he led the review of the future of the UK's financial system, and what it might mean for the Bank of England (the Bank)'s agenda over the coming decade. The release of the report prompted the Bank to commit to a five-pronged strategy: to enhance the payments system for the digital age; build a platform to boost access to finance for small businesses; support the transition to a carbon-neutral economy; develop a ?world-class? regtech and data strategy; and facilitate firms? use of cloud systems to promote operational resiliency.

Inspired by the report UK Finance launched a podcast series to explore these trends earlier this year. Each episode aims to provide a provocative idea about how current and future trends will drive change, and how firms can best position themselves to take advantage.

In this third episode Hannah Gurga, Managing Director, Digital Technology and Cyber and Chief of Staff at UK Finance was joined by Huw van Steenis, now Senior Adviser to the Chief Executive of UBS, and Lord Macpherson, Chairman of C Hoare & Co and former Permanent Secretary of the Treasury.

One year on and in a very different socio-economic environment, this third podcast seeks to explore what progress that has been made and where the Bank and wider industry should be focusing their energies. Has the pandemic accelerated the digital transformation shift? Is the industry making progress at sufficient pace? How can technology strengthen firms? operational resilience? How has consumer behaviour changed? And how can regulators and the financial services sector support the transition to a carbon neutral economy?

In previous episodes we looked at how technology is driving changes in the kind of workplace we operate in, with remote working a key tool in response to Covid-19, and how technology is changing firms? relationships with customers. As a test of some of the concepts we explored we have been recording the podcasts remotely, which has certainly had a few challenges along the way. It has been my pleasure to speak at length to fascinating people about these important industry trends, so join me on a journey of discovery and learning about what's happening in the industry today but, more importantly, about the technology and ideas that are catapulting the industry into the future.

This topic is discussed in our latest 'Future of Finance' podcast episode - The Future of Finance a year on: A conversation with Huw van Steenis and Lord Macpherson.

View all episodes and find out more at ukfinance.org.uk/podcasts

Digital Innovation Summit - November

The discussions in the Future of Finance podcast series will drive the agenda and talking points at the upcoming Digital Innovation Summit, our upcoming virtual event where discussions will focus on the role of emerging technologies in protecting customers, reaching the 'unbanked', increasing trust and transparency, meeting regulatory change, overcoming legacy systems, and strengthening the UK's position as the leading global financial sector. Learn more about this event here.