Innovations in finance: will they destroy, create or share value? Geoff Mulgan.

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Presentation transcript:

Innovations in finance: will they destroy, create or share value? Geoff Mulgan

I wish someone would give me one shred of neutral evidence that financial innovation has led to economic growth — one shred of evidence…..the only useful banking innovation was the invention of the ATM Paul Volcker, Former Federal Reserve Chairman

Alternative finance Crowd-funding Social investment What next?

National surveys of 506 SME’s and 2,000 consumers Capture and analysis of data from all major UK alternative finance platforms Surveyed 14,000 users of alternative finance STUDY DATA

CROWDFUNDING

Research and programme work on crowdfunding CENTRE FOR INNOVATION IN FINANCE

SOCIAL INVESTMENT

Social investment

A common language to describe standards of evidence

WHERE NEXT?

CENTRE FOR INNOVATION IN FINANCE Continue strong track record of research in to crowdfunding and P2P lending and become a hub for the growing alternative finance research community Build on links with all relevant government departments and help shape policy on P2P and crowdfunding departments Work with UKP2PFA and UKCFA on helping the industry grow and innovate Help consumers and SME’s understand and make the most of the alternative finance market Explore the relationship between incumbents and providers of alternative finance.

BIG CHOICES What do tax reliefs and subsidies support? QE and bailouts – incumbents or insurgents? Law & regulation – to drive growth, in stages Embedding good finance – hippocratic oaths, new data?