Fintech Explosion: Creating Data Continuity In An Evolving Ecosystem

In episode 14 of the Sense of Identity podcast, we explore the evolution of fintech and the data standards maintaining continuity through change, with Billy Burnside, MD of Criterion Tec.

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With over 30 years of experience in the financial services industry, Billy has held various marketing, eCommerce, and digital transformation roles at prestigious firms including Friends Provident, National Mutual, Standard Life, and Aviva UK.

As Managing Director at Criterion since 2019, he has been instrumental in enhancing the development and governance of industry standards. His career has consistently emphasised the importance of standards in the financial sector, promoting their benefits to all industry participants.

Key Takeaways

• Understand the critical role of standardisation in the ever-evolving world of financial services technology.
• Gain insights into the challenges and innovations surrounding integrations such as APIs and how they are shaping the future.
• Learn about the importance of data standards and how they facilitate efficient and secure industry collaboration.

Interview Summary

Q: Billy, could you start by giving us a bit of your background in financial services?

A: Absolutely, Paul. It's been a long and varied journey, starting straight from university into the world of financial advising and quickly moving into the technological side of things. I've been involved in some groundbreaking projects, from early data standards to significant digital transformations in well-known financial institutions.

Q: What sparked your interest in the technological aspects of financial services?

A: It was really by chance. Early in my career, I was involved in setting up systems for advisers, which piqued my interest in how technology could revolutionise our industry. This led me to roles that focused increasingly on e-commerce and eventually to shaping industry standards.

Q: Could you discuss the importance of data standards in the financial industry?

A: Data standards are crucial because they allow for consistency and security in transactions and interactions across different platforms and institutions. They are the backbone of effective e-commerce in our sector, ensuring that even as technologies evolve, there is a common language that all systems can understand.

Q: What are the current technological challenges facing the financial services industry?

A: One major challenge is the integration of various technologies through APIs, which requires substantial coordination and standardisation. There's also the ongoing need to adapt to rapidly changing regulations and consumer expectations, which demand both agility and foresight in technological development.

Q: Finally, if you could offer a piece of advice to your younger self, what would it be?

A: I would advise taking every opportunity to learn from the experiences you have. Each challenge and each role offers lessons that are invaluable; never underestimate their importance in shaping your career.

Billy's extensive experience and strategic insights provide invaluable lessons for professionals across the financial services industry, highlighting the importance of embracing technology to stay competitive and secure in an increasingly digital world.