BUSINESS FINANCE
Breaking new ground
Tilly Michell considers how challenger banks and FinTech are changing the business finance landscape.
t’s been almost 15 years since the first online-only challenger banks burst onto the scene, promising to change the way we manage our money. Since then, a slew of FinTechs – from multi-currency payment platforms to accounting software – have reshaped our perception of modern business finance. With online banking and WealthTech services making it easier than ever to switch providers, savvy CFOs, entrepreneurs and sole traders are shopping around for a better deal. They are looking for improvements both in fees, and for broader benefits such as customer service, platform capabilities and ethical policies. This has resulted in an interesting shift across the industry. Traditional institutions are scrambling to up their game, buying up tech solutions and introducing their own environmental
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policies in an effort to contend with their more agile competitors and offer a more client-focused experience. In this article, I’ll look at some of the most significant changes we’ve seen in recent years, and the implications for businesses and financial institutions going forward.
Ethical finance
Can a company call itself ethical if its bank invests heavily in fossil fuels? That’s a question you can expect to hear a lot over the coming years, especially as more businesses push to become B Corps. In a smart PR move, Starling Bank has positioned itself as an ethical choice for businesses and consumers. But whilst Starling’s policies extend to paying workers a living wage and not investing in arms or tobacco, their stance on the environment is murkier. Starling claims that ISSUE 123 | AIAWORLDWIDE.COM
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Tilly Michell Content Manager, Airwallex
