Critical Issues in Business Management: Fintech in Commonwealth UK

This report provides a comprehensive analysis of the Fintech sector in the UK, examining the challenges and opportunities it faces within the Commonwealth. The introduction highlights the importance of business operations and the issues that impact company functioning. The report ...Read More

Critical Issues in Business
Management

Table of Content
 Introduction
 Challenges and opportunities of fintech sector in commonwealth in UK
 Recommendations
 Conclusion
 References

Introduction
Business is the suitable composition of several number of operations that are useful for each and every
company regarding their sustainable operations. For this, it is identified that organisation tends to face
various issues that impact the functioning of company. For this, the power point presentation leads to
focus on the suitable recommendations for commonwealth governments by evaluating the possible
challenges and opportunities of fintech sector in the commonwealth of United Kingdom and also offer
recommendations for commonwealth governments to support and encourage collaboration among
commonwealth countries.

Challenges and opportunities of fintech
sector in the commonwealth UK
Financial technology tends to deliver inclusive economic progress which is being launched by
the commonwealth secretariat. For this, over the past decades advances in fintech have been
revolutionised by various aspects of financial services and also leads to expand the provision
of banking services. In regard of this, the financial services also leads to become quite
accessible for the cheaper and faster rate. Besides this, Fintech grow across the commonwealth
undertaking the mobile money by creating the central bank backed digital currency with the
effective use of identity processes.

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Financial technology is also useful for countries in order to overcome the suitable development
and challenges by enhancing the financial inclusion and also lift people out of poverty in
order to boost their jobs, economic growth and businesses.
Challenges:
 UK has effectively been a cash based economy in which people arrive from the remote
areas in order to manage regarding staying under radar without being the part of any formal
banking system.

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 Effectively accessing the growth and patient capital in UK is for financial support but also for the
access of new customers and partnerships in order to enable international expansion.
 Navigating the regulatory landscape in terms of developing operational resilience for the regulatory
needs.
 It also tends to have effective access to the needed talent for the cost effective manner at the suitable
pace by which scaling is required for businesses which are moving.
 Fintechs are based on high potential clusters for accessing the benefits of cluster undertaking the
capital, talent, policymakers and regulators. In regard of this, suitable challenges undertake the
limitations for the national infrastructure and barriers to the flexible working.

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Opportunities:
It leads to undertake the suitable range of ecosystem participants in terms of expanding effectively
beyond the fintech start-ups with effective innovation by the collaboration among Fis, policymakers,
trade bodies and so on. For this, suitable opportunities include:
 In UK the policy environment is more effective and mature instead of other markets undertaking
the competition which is being mandate in order to appear for the suitable sources of
differentiation. It also leads to remain supportive for the innovation with various markets in order
to look towards UK for the world class infrastructure initiatives.

Recommendations
By considering the above discussion, it is recommended that financial technology sector tends to face
suitable opportunities and challenges in business environment but for this, it is suggested that they
need to undertake prominent initiatives for their financial institutions. Following are the major
recommendations:
 Fintechs work with insurance organisations that tends to permit the use of Drone and concerning
technologies in order to assess the insurance claims.
 Moreover, financial services also tends to work with other banks in order bring more efficiency in
their work and also reduce fraud and security risk.
 They also tends to explore suitable opportunities in order to increase the level of automation by
using Artificial Intelligence, machine learning and cognitive analytics.

Conclusion
Therefore, from the power point is being analysed that financial services and department tends
to face suitable challenges in commonwealth and also have prominent opportunities for
effective running and functioning. In regard of this, in order to overcome from the suitable
challenges, prominent recommendations are also given for effective survival.

References
Cletus, H.E and et. al., 2018. Prospects and challenges of workplace diversity in modern day
organizations: A critical review. HOLISTICA–Journal of Business and Public
Administration, 9(2), pp.35-52.
Dörrenbächer, C. and Gammelgaard, J., 2019. Critical and mainstream international business
research. critical perspectives on international business.

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