Customers, consumers and end-users as FinTech innovators?
To celebrate the National Productivity Week, The Productivity Institute Forum and the IRT Digital Society and Economy at the University of Glasgow have teamed up to bring you an event on "Customers, consumers and end-users as FinTech innovators? Reflections on the Consumer Duty".
Social Sciences Hub
Date: Thursday 30 November 2023
Time: 13:00 - 14:30
Venue: Advanced Research Centre (ARC), University of Glasgow, 11 Chapel Ln, Glasgow, G11 6EW
Category: Conferences, Academic events
This event is brought to you by the Innovate UK-funded Financial Regulation Innovation Lab at the University of Glasgow.
FinTech focuses on innovation. The focus is often on the development, production and marketing of new, often disruptive, products and services. End-users, consumers and customers have been less in focus.
In policy and regulation, there is a growing recognition of the role that consumers play in expanding and drawing out the potential benefits of FinTech and financial services, of establishing a Fintech for good. The UK Financial Conduct Authority introduced the Consumer Duty in July 2023, as a contribution to support consumers, adding resilience and growth to the market. We observe similar initiatives internationally.
Famously, Adam Smith in the Wealth of Nations, reflected on the division of labour as a vital and dynamic process of economic growth requiring the interplay of specialising and coordinating. The division of labour is limited by the extent of the market. Corporate growth, scale, competition, entry, and their coordination, depend on the growth of the market. This means end-users, customers and consumers joining the market too, bringing their expertise and capabilities into the mix.
Research, broadly on lead-users in innovation, and increasingly in consumer research, demonstrates that consumption is rarely a near-automated release of the benefits of a product (good or service). Rather consumption is often a skilled set of learning and practices.
How do we give these a safer place in financial markets?
Agenda:
13:00-13:15 - Arrivals and registration
13:15-14:00 - Perspectives from practice and policy
14:00-14:30 - Discussion
Speakers:
Chair: Bridgette Wessels, Professor of Social Inequalities at University of Glasgow
Dorothy Hamilton, ex-Global Head of Securities Services Operations, HSBC; and Scottish President of the Chartered Institute for Securities and Investments
Additional speakers TBC
The Productivity Institute is funded by the Economic and Social Research Council.