News in brief: FinTech, finance, productivity, office space

News in brief
News in brief

Britain leads the world of FinTech

Britain is the leading FinTech centre in the world, ranked amongst the world’s seven leading FinTech hubs, from Silicon Valley to Hong Kong.

This is according to an independent report by EY which compared these FinTech markets against four key criteria: the availability of talented staff, access to investment, the nature of government and regulatory policy, and the demand for FinTech services.

The report found that the UK has a particularly good policy environment for FinTech, with the most supportive regulatory regime, and praised the Financial Conduct Authority (FCA) as one of the most progressive regulatory bodies in the world when it comes to FinTech.

Chancellor George Osborne said: “In 2014 I said I wanted Britain to be the global capital of FinTech. This report says that we have delivered exactly that: we have the most supportive tax and regulatory regimes in the world for FinTech, and we have the world’s leading FinTech ecosystem.”

Commenting on this announcement, founder and CEO of Xendpay Rajesh Agrawal said: “The UK, and London in particular, has been a beacon for Fintech innovation and it’s very exciting to witness. From mobile money to app development, advances in the industry are snowballing at a rate never seen before. With its unique position as a platform for new ideas at the crossroads of Europe and the rest of the world, the UK’s FinTech sector definitely has a bright future.”

UK has one of the most unfocussed workforces

UK employees are falling below the global average for almost all workplace satisfaction metrics, reporting a lack of control over their work environment (59%), difficulties concentrating (43%) and an inability to work without being interrupted (50%). These three factors were found to be central to fostering an engaged and satisfied workforce.

A study from Steelcase– a result of data collected from over 12,000 workers in 17 countries by global research firm Ipsos – found that almost half (49%) of UK workers are based in open plan offices; more than twice the global average (23%). Meanwhile almost one in five (17%) do not have a fixed work location – due to hot-desking or nomadic working - compared to just eight per cent globally.

“While open plan offices and hot-desking have their benefits, there is evidence that they are contributing to lower levels of engagement and workplace satisfaction in the UK, through limiting the control employees have over their work environment,” commented Steelcase VP for UK and Ireland Bostjan Ljubic.

“We have consistently found that the most engaged workers are those who have more control over their work environment, including the ability to concentrate easily and work in teams without being interrupted. To cater to these needs, employers should provide a range of working environments, including private spaces, meeting rooms and informal break-out areas, to suit different styles and types of work.”