In order to stay relevant in the financial services space, traditional institutions must have a strong collaboration programme.

This is according to a panel at London FinTech Week, which discussed how banks must prioritise innovation and collaboration with FinTech players. “Innovation is a mindset – a willingness to change,” said Simon Rogerson, chief executive of Octopus Investments and co-founder of Octopus Group. The culture of being afraid of failure needs to change, according to Rogerson, while the hierarchical nature of traditional institutions also acts as a hindrance to innovation.

“Financial services companies must incorporate the test and learn environment, learn from their failures and bring in expertise to navigate the unfamiliar waters,” added Sharon Henley, communications director for the British Blockchain Association.

Henley described the “Wild West” environment in which blockchain has grown as an example of this, with many companies exploring use cases for where the technology does not fit – until there is a set environment for it to thrive.

The panel agreed that firms need a solid collaboration programme to drive innovation in their organisation. Lyle Wraxall, chief executive of Digital Isle of Man, said that collaboration could help the industry’s focus on being leaner and more cost efficient, while Tim Evans, head of innovation and FinTech alliances at Hargreaves Lansdown, noted that collaboration can often lead to smarter leverage of data and other assets.

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