Fintech industry leaders warned of the risks posed by AI and ChatGPT last night as well as discussing the role automation and digital skills will play in the driving economic growth.
Speaking at the Parliament Street think tank’s Digital Economy summit on Monday night, which was hosted by Dean Russell MP for Watford and chaired by Steven George-Hilley of Centropy PR, a panel of fintech experts debated the ethics of machine-learning and the UK’s skills crisis.
“Small businesses are the economy’s backbone – better support and collaboration is needed between government, academia and organisations alike to meet the growing digital economy’s needs,” said Steven Mooney, Founder and CEO, FundMyPitch.
Khalid Talukder, Co-Founder of fintech firm DKK Partners said, “Blockchain will advance significantly off the back of digital currencies from economies. It’s only a matter of time before digital currency becomes more common in the UK.”
Meanwhile said Fraser Stewart, co-founder of fintech platform Lyfeguard said,
“Half of us in the UK struggle to manage important personal information. Empowering people to gain insights and life management capabilities to streamline their life is a core aspect of the digital economy.”
Dean Russell MP for Watford who hosted the debate said,
“We live in a world where international collaboration is so important. There’s great scope to see how far we can take technology to see how it can work for the global economy.”
Editor’s take on the State of UK’s digital economy
The United Kingdom has undoubtedly become a leading player in the global digital economy. With its innovative start-up culture, world-class universities, and highly skilled workforce, the UK is now home to some of the most dynamic tech companies in the world.
The UK’s digital economy is currently one of the strongest in the world, with a market value of over £200 billion. In 2020, it accounted for 10% of the country’s GDP and employed over 2.9 million people.
The most significant markets contributing to its growth are the financial technology market and the rise of e-commerce. Online shopping has become increasingly popular among consumers due to its convenience and accessibility, resulting in more businesses moving their operations online.
Additionally, there has been a surge in demand for digital services such as cloud computing and cybersecurity, further fueling the growth of the industry.
However, despite its success, there are still challenges that need to be addressed. One major issue is the lack of diversity within the sector. Women and individuals from minority backgrounds remain underrepresented in tech-related roles.
Moreover, concerns have been raised about data privacy and online security following high-profile incidents such as the Cambridge Analytica scandal.
Nevertheless, overall it’s evident that the UK’s digital economy remains strong with new technologies continuing to emerge regularly.
The impact of Brexit on UK’s digital economy
Brexit has had a significant impact on the UK’s digital economy. Prior to Brexit, the UK was one of Europe’s leading technology hubs and its departure from the EU led to uncertainty in the industry.
One of the main impacts of Brexit on the UK’s digital economy is regarding talent acquisition. The freedom of movement offered by EU membership allowed tech companies based in Britain to hire skilled professionals from across Europe easily. However, with Brexit came stricter immigration rules and obtaining visas for non-UK workers became more challenging.
Another significant issue that Brexit posed for businesses operating in this sector was data protection regulations. Due to their close association with GDPR (General Data Protection Regulation), many firms were uncertain whether they would be able to continue operating under similar regulations following Brexit.
There is also concern over access to funding as many tech startups rely heavily on investment from European sources such as venture capitalists or angel investors who may not have confidence investing now due to regulatory changes brought about by Brexit.
While it’s clear that there are challenges ahead for the UK’s digital economy post-Brexit, it remains an innovative and dynamic landscape full of potential for growth and prosperity if managed correctly.
The future of UK’s digital economy
The future of the UK’s digital economy is looking bright, with continued growth and innovation expected in various sectors. Since after COVID, one area that is likely to see more significant development is e-commerce – as more businesses shift their operations online, we can expect to see an increase in sales through digital channels.
Another important trend to watch out for is the rise of big data analytics. With companies collecting vast amounts of data on consumer behaviour and preferences, there will be a growing need for skilled professionals who can analyze this information and use it to drive business decisions.
In addition, emerging technologies such as AI and blockchain are set to revolutionize industries across the board – from healthcare to finance. As these technologies become more mainstream, they will create new opportunities for entrepreneurs and startups.
However, there are also challenges ahead. Cybersecurity threats continue to grow in sophistication, meaning that businesses will need to invest heavily in protecting their assets against attacks. And while automation has its benefits, it also poses a potential threat to jobs in certain industries.
Yes, the future looks promising for the UK’s digital economy – but only if businesses are willing to adapt quickly and embrace new innovations as they arise.
In summary, the UK’s digital economy is currently thriving and expected to continue growing in the coming years. The government’s investment in digital infrastructure and innovation has played a significant role in this growth. However, Brexit remains a potential threat to its success.
Despite the uncertainty surrounding Brexit, there are still opportunities for businesses to thrive in the UK’s digital economy. By embracing emerging technologies and staying up-to-date with industry trends, companies can position themselves for success.
It is an exciting time to be part of the UK’s digital economy. As we look ahead to 2023 and beyond, it will be interesting to see how this sector continues to evolve and shape our world.