A balance between innovation and sustainable delivery is critical
The financial services industry is mindful of the benefits of assessing risks and planning carefully. For us the lessons and experience of the payments industry are ingrained in our corporate memory and underpin our entire business. Our innate knowledge, expertise and awareness of the concepts of collaboration, networks, schemes, crisis management and standards gives us a unique capability with which to serve the industry.
We know that carefully planned, well designed architecture is critical for sustainable business models. We know that our industry is a ‘network business’ which requires collaboration in order to optimise strategic value. For example, we have a deep understanding that the primary user requirements of market resilience, market efficiency and market safety have to be met in order to deliver the secondary requirements of simplicity, value and experience.
Location and logistics make the level of change harder to manage
Understanding the regulatory landscape, deciding how best to respond and delivering the required market changes is even more complex in the multi-stakeholder environment of the payments industry.
Overlay this with the other changes taking place in the financial services – bank reconstruction, ring-fencing, sort codes, cheque imaging, PSD2, World Class Payments, the change projects likely to emerge from the PSR’s Payment Strategy Forum – and the change agenda is daunting.
With so many stakeholders located in so many different places involved in these fast moving projects, there is a significant logistical challenge to being agile and to delivering at pace.
Valuable time is often spent in transit, meetings are difficult to organise at short notice and specialist staff are expensively located in offices that they rarely spend time in. Briefings often have to take place at inconvenient times, projects sometimes struggle to stay in touch and the level of engagement achieved often feels limited and late.
These issues also tend to favour the larger players in the market, whose scale allows them the capacity to get involved and to be heard. Almost invariably well meaning, it is nevertheless vital that someone is able to be provide the independence, the facilitation and the wherewithal to ensure that conflicts of interest are managed, that everyone’s voice can be heard, and that collaboration is transparent and accessible.
Multiple stakeholders; complex projects; little time.
We understand the challenge
Our leadership team has an outstanding track record of maximising inclusion, increasing engagement and breaking down barriers to change. We have a track record of delivering value, optimising efficiency and sustainably building consensual momentum.
Looking at today’s management landscape, we have therefore identified six critical industry issues confronting today’s business leaders:
- regulatory-related change;
- the scarcity of industry knowledge, whether historical or prospective;
- key people are spending a lot of their time ‘in transit and collaborating’ sometimes making their knowledge inefficient or ineffective to access;
- leadership and management is being spread thinly, increasing the risk of mistakes occurring as well as impacting the delivery of cost-effective change;
- the price and risk of simply being in business is much greater and therefore the tolerance for compliance failures is at an all time low; and
- the requirement to collaborate and to effectively engage with more demanding regulators is inherently complex and very high risk.
In simple terms, business leaders have a sometimes urgent need to rebalance their organisations so that more effort and talent is focused on building the business, adding value for customers and innovating new value streams.
We know that we can simplify the management agenda, alleviate the organisational pressure and free the talent of management and their teams to focus on areas where their business can add the most value: users, services and shareholders.
We have a vision to address the challenge
This is where our vision comes in. Imagine if all of the key industry activities took place in a single location – an industry ‘hub’. Imagine if that hub was close enough to the City and Canary Wharf to be easily accessible but sufficiently outside of it so that it is relatively inexpensive. Imagine if your key industry managers could actually work securely from that same location, and especially, if you could run your industry projects from there too. In short, more productivity for less cost, better insight and quicker awareness with faster delivery and less risk.
The good news is that UK Payments Administration means The Hub is already a reality and it is set to grow significantly over the next few years. Based in central London our experienced support teams are working with many of the leading participants and stakeholders from the industry helping them to deliver their business objectives, grow their networks and navigate the increasingly regulated, networked and collaborative industry.
Our vision is becoming a reality.