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The Banker Podcast
The Banker midweek | January 24, 2024
Jan 24, 2024
Charlotte Crosswell, Chair of the Centre for Finance, Innovation, and Technology (CFIT), talks about the goals of CFIT and how the UK can be a global leader in improving financial services. They discuss demystifying open banking and finance, driving progress, transitioning to a commercial model, and the importance of financial services innovation.
24:00
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Quick takeaways
- CFIT aims to tackle the complex issues faced by the FinTech industry and work with government and regulators to improve financial services for everyone.
- The integration of open finance into existing institutions requires significant changes to legacy systems and establishing a sustainable funding model is crucial for its success.
Deep dives
The Center for Finance, Innovation and Technology (CFIT) was born out of the Ron Khalifa UK FinTech review and aims to tackle the challenges and problems faced by the financial innovation sector.
CFIT emerged as a recommendation by Ron Khalifa, who identified the need for an entity that can independently address the complex issues faced by the FinTech industry, bring together industry voices, and work closely with government and regulators. CFIT has received seed funding from the UK Treasury and the City of London Corporation to kickstart its operations.
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