Transcript

Julia: Hello, my name is Julia Streets, and welcome to the podcast series StreetsTalksTo. In each episode, I interview leaders from some of the most influential firms, bodies and initiatives in the financial services industry, and we explore what’s at the very forefront of innovation and change. We think about the challenges facing firms and the industry at large, and we uncover the opportunities that exist both today and as we look ahead. Right now, every client in every firm is looking to achieve two things, either growth and/or transformation. And as a business, we help firms with three key offerings, campaigns, content and coaching. Today, we centre our discussions around coaching and we are once again this year very proud to be supporting The Investment Association by providing pitch coaching for their Engine programme, for what is now the fifth year in a row.

Now, as always, I hope you enjoy the series, which you can find on all good podcast channels, and all the episodes are listed on our website, streetsconsulting.com, and you can find those using the #StreetsTalksTo. Thank you as always for listening, as I welcome to StreetsTalksTo, Gillian Painter of The Investment Association. Gillian, hi, how are you?

Gillian: Hello Julia, lovely to be here. Thank you for inviting me.

Julia: I’m excited to have you on the show because we’ve been working together in many different ways and collaborating in many ways over many years. For the benefit of the audience, let me just tell them a little bit about The Investment Association, and then I’m going to go on and introduce them to you and your fabulous career. 

Let’s start with The Investment Association. It’s a trade body that represents UK investment management to support British savers, investors and businesses. 250 members collectively manage 8.8 trillion on behalf of clients in the UK and around the world. And their mission is to make investments better, better for clients so they achieve their financial goals, better for companies so they get the capital they need to grow and better for the economy so that everyone prospers.

Gillian Painter is the Head of Membership and Engine at The Investment Association. She’s a senior member of the IA Enterprises management team. And Engine is the IA’s Innovation Hub and FinTech accelerator. Since it launched in 2018, Gillian has managed the growth of Engine, which now encompasses an ecosystem over 150 firms and its innovative programmes. As well as that, she has a regional co-working hub in Birmingham and an international programme. 

I’m really keen to get into all of this, but before I do, I also just want to mention, you have a very strong experience in the world of technology, having worked in technical and operational roles for global IT and telecoms firms. Let’s get straight into this if you would, which is, I’m really keen to start exploring how you’ve been supporting these FinTech innovators over all these years?

Gillian: Well, thank you so much, Julia, that was a fabulous introduction and I couldn’t have done it better myself, explaining about The Investment Association and our mission, and also Engine and what we do. It all started many, many years ago now back in 2018, really as a result of MiFID II and the influx of regulatory burden. There has to be a more efficient way to do business. There has to be a better way to help our members, and the use of technologies, absolutely the way to do that.

So we launched Velocity, and Velocity was the original, the OG as it were, in terms of innovation within investment management. We were, and I think we still are the only investment management focused FinTech hub that exists anywhere on planet earth, and I’m very proud about that. But it really is, as I keep saying, it’s about making sure that we are building an industry fit for the future.

Velocity, which is now Engine, is here to convene and connect tech providers with investment managers. And we educate through our tech talks, through our events, through our round tables and our papers, and members are absolutely engaged.

It’s all about making sure that the investment management community understands the use cases, but also the opportunities that exist for organizations to grow and develop. And part of this is a journey of discovery. It takes months for many firms to really understand where they can see the use cases for innovation, but it’s prolific within investments, operations, distribution and compliance. And that future proofing is what’s going to ensure that we meet the needs of our clients, not just today, but the next generation as well. 

The last three years have been particularly interesting as we’ve built out numerous programmes and I’m really excited to talk about those days. So I’m hoping you’ll give me chance to do that throughout this podcast.

Julia: It’s fabulous to hear about your programmes, how they’ve evolved, and also the fact that you are the only one on the planet, which is incredibly important. Well, let’s get into that a little more because you talked about the evolution from Velocity that is now Engine, but you’ve got three different programmes and I’m curious to know why? Talk us through that.

Gillian: Well, the reason why is because we change as we grow, and that became really rather evident. When we initially started, it was all about FinTech in its early stage, but I’m not sure how aware your audience might be, but investment managers aren’t ordinarily the fastest movers when it comes to tech and innovation. And so working with firms at a very early stage can sometimes be quite difficult. We learned through our process that working with series A, series B firms is relatively straightforward for investment management organisations, but those slightly earlier stage pre-seeds organisations and solution providers are less easy to engage with organisations are more difficult to engage with. And as a result, need very different access to the industry. And finally, the scaling FinTechs, those that are maturing, again needs a very different support network.

We have created three fantastic programmes and I’m so proud of all of the firms that we’ve worked with over the years. We have our flagship, which is the Innovator Programme, which is our series A, series B. We have our Sparks, which is our super early stage ideation phase firms. And we have our advanced access, which is working with those scaling FinTechs, those maturing firms. And we’re here to support innovation. We’re here to support our sector and it really, for us is incredibly important to make sure that we’re providing the opportunities and the bespoke access that these firms need.

Julia: It’s phenomenal to hear about your pride in your three programmes. I’m always really curious about evidence of success. Can you talk to us about some examples?

Gillian: Absolutely. People always go, “Tell me the success rate, tell me the success factors?” And the reality is that success is always incredibly difficult to attribute and relies realistically on so many different factors and touch points. But the pride that we have with our firms is immense and we’re delighted when they tell us of the benefits of joining and being part of our programmes. 

One of our member firms stated that being part of the cohort, so this is the Innovator Programme, generated up to an additional million pounds per year of annual revenue, that simply would not have been possible without the access and support of Engine. I haven’t mentioned this before, but the Engine advisory panel, which is a panel made of 30 industry professionals that really work, support and mentor these firms through the year-long programme.

Another one was really nice actually to say that working with The Investment Association, working with Engine really was a win-win for both sides, and that is ultimately what we’re trying to do. They absolutely benefited from the in-depth technical policy expertise that the IA can provide. They benefited from the mentoring, the support and the connectivity that the Engine advisory panel provided, and we benefited, absolutely, from their expertise and actually onboarded their solutions. So for us, that was a fantastic example of eating your own fishing. I think it’s fishing or is it cooking? But that was really great for us to hear.

One term I use on a regular basis is that one of the cohorts stated it’s been rocket fuel, and that’s what we’re trying to do. We’re trying to propel these firms into the industry, into an industry that is historically risk averse, but an industry that is absolutely ready to embrace innovation. It’s never easy, and we’re always working with our firms to see how we can continue to help them succeed, continue to help them connect and continue to help them grow.

Julia: And I always love talking to your cohort, some of them we’ve worked with as well, is in terms of what this translates into when it comes to things like POCs, proofs of concept, and actually getting briefs and opportunities to do business together.

Gillian: No, absolutely. A number of our firms, whether they’re part of the cohort or not, come and tell us about the fact that they’ve secured new POCs, they’ve secured pilots, they’ve secured funding just as a result of being part of the Engine ecosystem.

Julia: We’ve talked earlier about the work that The Investment Association does on an international scale, and you’ve got international programmes as well. Can we just explore that a little bit? We talk a lot about collaboration on our shores, but also cross-border collaboration as well. I’d love to get your sense of what this is for you, what does that mean for you and also what does that mean for your community?

Gillian: I think collaboration is key. Ultimately, business is all about relationships. It’s about working together. It’s about cross-pollination and networking and working with global partners is absolutely the way forward in terms of accessing opportunities that exist outside of the UK. There’s so much activity in the Middle East at the moment and in Asia, but we mustn’t forget the UK. The UK is a hub of innovation. We are a nation of innovators. 

Much of the world is imitators and we must remember that, because actually, we are called upon for our best practice, for our technical insights. We work very closely with the City of London Corporation and Department of Business and Trade on inwards and outward delegations, and they’re always very keen to hear what the UK is doing with regard to FinTech. How can we help them grow their innovation expertise? And they’re looking to attract UK firms to their region. But likewise, through our partnerships, we are looking to attract firms into the UK to work with our investment management community.

It isn’t, it absolutely isn’t just about MOUs, it’s about building those relationships and building those exchanges. And our Global Partners Programme is something that we’re again very proud of. We’re building out real relationships with real hubs across the world.

Julia: I’m really pleased to hear you talk about that because when you talk about MOUs, you mean Memorandums Of Understanding. So there’s a lot of talk about collaboration, but clearly that’s evidence of real financial benefits, real collaboration, real projects that are working together, which is incredibly important to hear, particularly right now when I think people are wanting to do business and on an international scale. 

I’m always really curious about what’s holding back progress? And I’d love to get your thoughts on where must there be more focus in order to remove the obstacles to prevent the drag on the huge potential that’s out there?

Gillian: It is really interesting, I’ve changed my mind numerous times on what the real reason is. The reality is, I’m not sure, but one thing I can say is it is all about culture. Get the culture right, everything else will follow. There is an impact of legacy infrastructure. There are contributory factors in terms of silo data, lack of connectivity, but ultimately, it’s that culture that really will create the change. And it’s that understanding of what are the problems? We’re a country and a sector of magpies really, we get really excited about the shiny new stuff. But really, what we need to understand is, what are we trying to change? What is the problem? But as importantly, what is the opportunity? Where can we see that growth? Where are we looking to build? And that’s really where the culture comes into play. It’s a growth mindset and ensuring that we’re working with the senior leaders as well as the junior analysts is so important to create that change.

Julia: Can I just explore that a little bit further? When you talk about the culture, do you mean in terms of organisational culture around adoption and working and collaboration, or are you thinking about culture in terms of the industry and the nation?

Gillian: It’s both. It’s always both. Culture is so important, but it’s organisational culture that is crucial. You have potentially individuals within organisations that are waiting to see out their days, not looking to invest in change and challenge the status quo. You have organisations that are talking continually about innovation being a priority, but not investing in that innovation and that change. 

Those firms that we work with now that are at the forefront really are beginning to see those benefits. And it can be simple things. It doesn’t have to be transformational tech projects. It can be small individual changes that are made that really improve efficiency, and that’s what this is all about. It’s about making sure that we’re more efficient.

Generative AI is phenomenal, but do we know how to use it properly within our organisations? It’s something that will evolve, but do we need to start embracing it? Absolutely. And looking for those use cases, looking at how it can help, but first of all, first and foremost, it’s about work out what are the problems that exist? And it’s not always about big transformational projects. It’s sometimes about making those smaller independent changes that make the big difference. It’s really important to think about, we don’t always need a faster horse. Sometimes we need to change. We need to look at new innovation and build a car. And that’s really where we are in terms of the sector, looking at how we can build better, stronger infrastructures that will support the future, not necessarily the legacy of the past.

Julia: Can I ask you, when you think about technology and you think about innovation, as you look beyond the world of investment tech, wealth tech, the world of The Investment Association, are there other technologies that you look at and think if we could apply that into our world, that could have a huge impact?

Gillian: I think that’s a great question. For me, there is so much opportunity that exists and it’s not always about the new tech, it’s about better understanding the problem. I have been very excited, probably for way too long now, about the opportunity that exists with distributed ledger technology. It’s a phenomenal way to ensure that we can reduce so much cost and create so much efficiency. And yet, over the last 20 years it keeps plodding away but never actually coming to the wider market.

I do however, think that we are at a tipping point. I think that the work The IA is doing, the work that MAS in Singapore is doing, the work that’s happening within our member organisations, looking at how we can use that technology to better create those efficiencies is a real area for excitement, a real source of competitive advantage. It’s reducing time, it’s reducing resource, it’s increasing the opportunity and it’s a real cultural shift. It’s not going to be easy. There is going to be some casualties along the way, but the opportunities that exist are phenomenal.

If we can get that cultural change right, it’ll just really push forward the opportunities that exist for that technology. And also with regard to artificial intelligence and particularly generative AI, we’re seeing so many different use cases, so many different opportunities. We’ll see eventually though, it’s a bit of a shakeout, working out where we are realistically going to be able to benefit most. And it is really about embracing these changes, thinking about how we can utilise artificial intelligence for good, reduce the hallucinations, reduce any biases, and think about what that means to our daily work. Again, it’s not always about big transformational change. It’s about making those small changes that make a big difference.

Julia: And of course, when we think about the world of The Investment Management Association, we think about how we do business better. And that’s where all of this comes into play. And one of the things I love about your annual conference, it’s called MTECH, I’ve been very honoured to be the MC and to host a number of panels over the years.

And this year ‘m really excited by what comes out of that because not only do you look at serving the audience with insights from around the world, but you also explore some of these technologies. Last year, I remember you had a session about quantum computing. I did one about metaverse because I had a show called Metaverse: What Matters? You had another one about generative AI as well as looking what’s going on around the regions across the UK.

I’m really curious, and I know it’s a bit of a strange question because as I mentioned at the beginning, we do lots and lots of coaching with people about how to be great, great speakers, great leaders, great in front of the press, great in front of the camera, but also how to be great on stage. I’d love to hear from you actually, what advice do you give speakers and what do you think makes a great panellist?

Gillian: Well, to be honest, Julia, I think you can answer this better than I can. You’re a professional of the utmost order and we’ve been delighted to be able to work with you over the years and I must thank you for that. And again, really, really delighted that you’re going to be joining us again this year on two panels as you moderate “The State Of The Nation” and Scaling The Nation. So thank you so much for that. And thank you again for reminding me about quantum and the metaverse. I can’t believe I forgot that when we’re talking about the hopes for the future, two technologies that absolutely are going to be at the forefront of change.

And when you think about conferences, when we think about speakers, it’s everything that you do. It’s about that enthusiasm, it’s about that honesty, it’s about that creativity. Obviously, you need to know your stuff, you need to know what you’re talking about, but it is about that projection that is so important. And also enabling the audience to understand what it is, your key points that you want to land. What are your asks as a result of that five-minute, 10-minute, 40-minute session? And it’s about that journey. Take the listener on a journey, but make it quick, if you’re me. I don’t like to have to sit and listen for hours on end, but I do want to be entertained. And it’s making sure that you’re entertaining, that you’re enjoying it, that you’re smiling. It’s all of those aspects that you and your colleagues coach FinTechs to do, and it really does make a massive difference.

Julia: Well, I know that I don’t have to say this, but it is a joy to work with you. I always really enjoy it. And I think that actually, taking these stories to the stage, taking them out into the industry is so important and people need to be very clear about what it is they’re asking as well as what it is they’re giving. And the generosity of insight is a phenomenal power for any speaker. It’s great to hear your thoughts on that. It’s also wonderful to have you on the show. I know how busy you are because not only are you getting ready for your conference. This is recorded late in February, ahead of your conference early in March.

Also, you’ve been selecting your cohort for The Engine Programme for 2024, which is really exciting. So I just want to tell everybody how to find you because Gillian Painter from The Investment Association, best way to find The Investment Association is www.theia.org. And you can also find on that website or indeed just go to theiaengine.com, and that’s where you can find all about Engine, and also on LinkedIn, Investment Association, IA Engine.

Gillian, thank you for being with us. It’s been great to hear your thoughts not only about the programme, its history, its heritage, and where it is now, but also, your insights around some of the phenomenal innovation happening.

Gillian: Thank you, Julia. It’s been great to talk to you as always and very much look forward to seeing you soon.

Julia: I’ll see you very soon. And to all our listeners, this has been StreetsTalksTo, Gillian Painter from The Investment Association. Thank you as always for listening and until next time, goodbye.

This episode of StreetsTalksTo was produced by Podshop on behalf of Streets Consulting Ltd. At Streets Consulting we are a strategic business development, marketing and communications consultancy, focussed on helping financial services and technology clients around the UK and around the world.  Every client is focussed on growth and/or transformation and as Fintech PR specialists we are there to help them every step of the way and we do this through strategic campaigns, compelling content and impactful coaching. We never forget the human in the mix.  You can find this episode on Streetsconsulting.com and using #StreetsTalksTo, we can also be found on LinkedIn, YouTube and X @streetsconsult. Thanks for listening.