The UK financial services sector predicts that digital transformation will be the top challenge for businesses over the next five years (PwC, Financial Services in 2025).
This, coupled with evolving regulatory requirements, and increasing competition from digital-first providers, means that traditional financial institutions and SMEs are under pressure to innovate, increase productivity and improve access for underserved communities, all while maintaining compliance and security.
To support UK financial services, we’ve created The Future Finance Accelerator Programme. Through providing pathways and practical solutions, businesses are empowered to adopt innovative ways of working and improve equitable access to services. This financial services accelerator is designed not only to help individual organisations, but to strengthen the UK financial services sector.
Understanding the current landscape
UK financial services providers, particularly mid-tier organisations, often struggle with the complexity of implementing new technologies while managing regulatory compliance. Many face common challenges like:
Limited resources to evaluate and implement new technologies
Complex regulatory requirements that can slow innovation
Difficulty in accessing the right expertise for digital transformation
Challenges in serving diverse customer needs, particularly in underserved communities
Growing competition from tech-savvy newcomers
How the Future Finance Accelerator makes a difference
The programme takes a practical, industry-focused approach to these challenges. Businesses begin their journey with an initial online assessment to uncover areas for improvement and benchmarking against industry standards.
Next, teams are invited to a half-day innovation discovery session to explore how they currently operate, identifying challenges, and finding opportunities to innovate and improve.
Insights from these sessions then help map the most appropriate support to match their specific needs, ensuring they receive targeted support which includes:
Regulatory and technical expertise access to specialists: gain an understanding of both financial regulation and technology implementation to help bridge the knowledge gap that often holds back innovation.
Technology implementation support: the programme includes funded consultancy support to help organisations prepare for and manage technology implementation. This practical assistance helps reduce the risks associated with digital transformation projects, which are often cited as a major concern for financial services providers.
Addressing barriers that hinder innovation: through training that supports the industry to explore and embed change, to enable an organisation to build a culture that is more open to experimentation and can effectively implement new ideas of technologies that support activity and growth.
Building industry connections: we have over 50 businesses engaged with the programme already. By joining we’ll help facilitate connections between financial services providers, technology solutions, and industry stakeholders. These networking opportunities help create partnerships that can address common challenges and drive innovation across the sector.
Focus on financial inclusion: a key aspect of the programme is its commitment to supporting solutions that improve access to financial services for underserved communities. This aligns with broader industry initiatives to enhance financial inclusion across the UK.
Supporting real industry change
Improving innovation in the sector is essential to not only maintain the UK’s position as a global financial services leader, but to build inclusive access to services for people in underrepresented communities. By embracing technology like those demonstrated in our financial services accelerator, firms can help those most in need improve their financial wellbeing.
