The Future of Financial Inclusion Webinar Write-up
FinTech North Future of Financial Inclusion Webinar – Event Summary
On the 27th of February, FinTech North, hosted a webinar on The Future of Financial Inclusion with accelerator for UK financial services, Future Finance. This event provided a platform for researchers, industry professionals, and financial accessibility advocates to discuss the challenges and opportunities surrounding financial inclusion in the UK. The webinar featured thought-provoking discussions on the role of FinTech in addressing financial vulnerability, digital inclusion, and accessibility.
Here’s the full recording of the webinar:
https://www.youtube.com/watch?v=OLPmxzAgstY
Opening Remarks
The event commenced with a welcome from Joe Roche, General Manager of FinTech North, alongside Rachel England, Events Coordinator at FinTech North who compared the event. This was followed by an introduction from Jack Stanbury, Senior Project Manager at Future Finance, who provided an overview of Future Finance and highlighted opportunities for engagement with the organisation.
Looking Back wards, Thinking Forwards: The Role of FinTech in Promoting Financial Inclusion
Sharon Collard, Professor of Personal Finance ,Research Co-Director, Personal Finance Research Centre & Co-Director at Bristol Hub for Gambling Harms Research set the scene by reflecting on the historical challenges of financial inclusion. Despite advancements in banking and payments, savings, insurance, financial education, and consumer credit over the past 30 years, access issues remain for large numbers of people. However, the landscape has evolved significantly with greater emphasis now on digital inclusion and regulatory frameworks aimed at protecting vulnerable consumers. Sharon also highlighted the growing threats of fraud and scams in the digital age and stressed the importance of addressing social inequality.
The Challenges of Supporting Financially Vulnerable Consumers
Karleen Dowden, Regional Partnerships Manager at the Money and Pensions Service, presented insights on consumer debt and financial wellbeing. She detailed the UK’s strategy for financial wellbeing and discussed the economic and social barriers that prevent individuals from accessing financial services. Her presentation underscored the need for partnership work, particularly between FinTech firms, credit unions, and social services, to create more inclusive financial solutions.
Panel Discussion: Financial Inclusion in Practice
Next, Joe Roche returned to the stage to chair a panel of industry experts, academics and FinTech providers in discussing the factors at play in financial and digital exclusion today, featuring:
– Sharon Collard, Professor of Personal Finance ,Research Co-Director, Personal Finance Research Centre & Co-Director, Bristol Hub for Gambling Harms Research
– Karleen Dowden, Regional Partnerships Manager, Money and Pensions Service
– Dr. Alison Lui, Associate Dean Global Engagement, Reader in Corporate and Financial Law, Joint Deputy Head of the Centre of Study of Law in Theory and Practice, Liverpool John Moores University
– Melanie Wilkinson, COO, OnePay
– Nick Quin, Chief Corporate Affairs Officer, Link
Joe welcomed the panellists who had not yet spoke to introduce themselves and their organisations. Melanie highlighted the work of OnePay which provides current accounts to individuals who might otherwise struggle to access traditional banking services.
Dr. Alison then introduced herself, outlining her research into financial inclusion and FinTech at Liverpool John Moores University. She spoke about her work on vulnerable consumers, women’s financial inclusion, and the impact of AI-driven decision-making in financial services.
Nick followed by introducing Link, the UK’s ATM network, and its role in ensuring cash accessibility. Link is committed to ensuring people have access to free cash withdrawals, particularly in areas where banking services are limited.
Several key themes emerged out of the discussion:
The Role of Cash in the Digital Transition
Melanie, Alison and Nick discussed trends in cash usage which has declined significantly, yet a substantial number of people still rely on it for budgeting and accessibility. Nick highlighted that while the use of cash has dropped by 40-50%, there are still £250 million withdrawn from ATMs daily. Melanie highlighted that vulnerable groups, particularly those with limited access to digital banking, continue to depend on cash. The discussion addressed how businesses and financial services can adapt to ensure these individuals are not excluded as the industry shifts toward digital payments.
Digital Accessibility and Inclusion
Alison, drawing on Karleen’s prior presentation point, noted out that good internet connectivity does not necessarily mean financial inclusion. Many people in deprived areas cannot afford data or do not have the necessary digital literacy to access financial services online. The discussion also highlighted that reliance on digital-only solutions can be exclusionary, particularly for older people or those uncomfortable using technology. Melanie emphasised that while digital banking offers convenience, some customers prefer cash for budgeting purposes and may not benefit from a forced digital transition.
Consumer Vulnerability and Fraud
The panel discussed the rise in financial fraud and scams, particularly in the digital age. AI-driven scams, cheap and easily accessible deepfakes, and social media fraud were identified as emerging threats that disproportionately impact vulnerable consumers. Melanie noted that many people avoid digital banking due to fears of fraud, and financial education is crucial to tackling this issue. There was also concern over the overuse of AI-driven customer service, which can alienate those who need human interaction to resolve financial issues, as noted in Sharon’s presentation.
Collaboration and Cross-Sector Efforts
Karleen Dowden stressed that partnership and collaboration are fundamental to addressing financial exclusion. Local authorities, NHS foundations, and financial service providers need to work together to understand the specific needs of underserved communities. The panel agreed that financial inclusion strategies must integrate efforts across different sectors to be truly effective.
Regulation and Innovation: The Future of Financial Inclusion
The discussion also explored the role of regulation in fostering financial inclusion. Nick Quin mentioned the upcoming introduction of the digital pound and other significant changes in the payments landscape. The panel agreed that regulatory frameworks should prioritise protecting vulnerable consumers while allowing for innovation. Sharon Collard raised the need for more data on the impact of consumer duty regulations to ensure they are effective in safeguarding financial well-being.
Closing Remarks
The event concluded with reflections on how the North of England can lead the way in financial inclusion. The speakers acknowledged the region’s strong tradition of innovation and collaboration, with calls to build a future payments vision centred around financial accessibility.
The webinar generated excellent engagement, with numerous audience questions and live polls providing valuable insights into the community’s thoughts on the sector’s current role in driving change and the impact of innovation. As financial services continue to evolve, the key takeaway from the event was the importance of ensuring that innovation does not leave behind those who are most in need of financial inclusion.
We’d like to share a massive thank you to Future Finance for partnering with us on this webinar, and to our brilliant speakers for speaking on such a crucial sector issue.
For more information, reach out to us at info@fintechnorth.uk.
