The financial services industry is in the midst of unprecedented change. Global annual technology spend across financial service institutions is estimated to be over $690 billion USD in 2025. With the AI revolution just starting and quantum computing rapidly coming up in the rearview mirror, the question isn't whether banks are committing investment, it is whether this investment is driving the right outcomes. Can they differentiate themselves and how quickly and intelligently can they embrace change whilst maintaining the consumer trust, regulatory compliance, and operational stability that defines our industry.
This challenge was at the heart of last week's Financial Transformation Summit / Banking Transformation Summit in London, where NextWave's Lead Partner for Asset and Wealth, Kirstie Galloway, had the privilege of hosting the Pink Stage on Thursday 19th June —bringing together some of the brightest minds tackling transformation across Asset Management, Wealth Management, Private Banking, and Insurance.
A host with real-world perspective
With over 25 years of experience navigating the financial services technology landscape at institutions including Goldman Sachs, JP Morgan, and HSBC, Kirstie brought a unique perspective to the stage. Having held various C-suite roles in technology and change across both buy and sell sides—from redesigning global technology operations to architecting enterprise-grade automation solutions—she's lived through the transformation challenges (and more!) that many organisations face today.
As Kirstie opened the day, she set the tone with a message that reflects NextWave's core philosophy: "While technology is the enabler, it's the people and culture that truly drive successful change."
Eight sessions – multiple insights from across financial services
Throughout the day, the Pink Stage delivered knowledge and insights from industry pioneers reshaping the financial ecosystem. Here's what stood out:
- Breaking down industry silos through data
The opening panel, featuring transformation leaders from EVLO, Aon, Schroders, and Brit Insurance, tackled a critical challenge: whilst financial institutions spend over $33 billion USD annually on data services, true cross-industry collaboration remains elusive. Privacy concerns and regulatory complexity have historically prevented institutions from unlocking the full value of their data. A fascinating discussion on how to navigate the complex regulatory landscape while driving innovation and collaboration using new tech and AI models.
- Designing from inside the customer journey
Anna Bojic, CEO of Miss Moneypenny Technologies, presented her innovative approach to serving customers better in the insurance sector. Google and Apple Pay wallets are now the centre of customer interactions, transforming how brands connect with customers. Imagine having all of your insurance policies and claims processes available in your wallet, allowing insurance companies to establish a dynamic customer touchpoint via the wallet, driving up customer service levels, retention rates and building loyalty on a whole new level!
- Redefining economic success
Marc Kahn, Chief Strategy and Sustainability Officer at Investec, offered a thought-provoking perspective and fascinating insights on current market economics and how the ESG agenda got to where we are now. Marc proposed that the future of ESG related investments needed to focus on explaining market value combined with human and planetary well-being to regain traction. In an era where ESG considerations are being questioned across some investment communities, this wasn't just philosophical musing—it was a practical strategy for sustainable growth.
- Operating models as growth enablers
Kirsty Watson, Chief Operating Officer and Advisor from the Aberdeen Group, emphasised that without the right operational design foundation—bringing together talent, culture, processes and organisational design—even the most sophisticated technology investments can fail to deliver. Investing time and expertise in getting your target operating model right will enable your investments to flourish and drive growth.
- Preserving humanity in digital private banking
A standout panel featuring leaders from Julius Bär, Coutts, Investec, and Moneycorp explored how private banks can scale digitally whilst preserving the personal relationships that define their value proposition. The consensus was clear: technology must enhance human connection, not replace it.
- Psychological safety as strategic infrastructure
Vikki Allgood, Director of Technology Strategy at Fidelity International, shared compelling research on the importance of psychological safety in driving high performance in organisations. It's psychological safety—not talent or resources—that is the most critical factor in team performance. Research done by McKinsey in 2021 found that only 26% of leaders actually create psychological safety for their teams. This represents a massive innovation opportunity and competitive advantage for organisations that get it right.
- Communication as competitive advantage
Kate Ainsworth, Head of Comms Standards at Nationwide Building Society, highlighted a fundamental truth: whilst financial institutions invest heavily in technology, many still struggle with basic customer communication. In an era where customers can switch providers with a few clicks, clear, empathetic, customer-focused communication isn't just good practice - it's a differentiator.
- Beyond demographics: human-centred AI
Monica Kalia, Head of Growth at Planda AI, closed the day by exploring the limitations of traditional customer segmentation. Traditional segmentation models have served us well, but are they equipped for today's reality? When a 25-year-old freelancer in Manchester has completely different financial needs than a 25-year-old graduate in Edinburgh—despite sharing the same age bracket and income band—how do we move beyond the limitations of demographic-based approaches? Her message was powerful: leveraging AI to understand individual context rather than demographic categories represents the next evolution of financial services personalisation.
The NextWave difference
What made the day particularly relevant for NextWave was how every session reinforced our fundamental approach to transformation. Whether discussing AI implementation, operating model redesign, or cultural change, the most impactful insights came from speakers who understood that implementing new technology does not differentiate. It's embracing a hoslistic approach to change to drive the right business outcomes that results in success.
This is exactly why NextWave combines industry veterans who've lived these challenges with award-winning engineering teams. We don't just provide strategy—we roll up our sleeves and deliver results that move the dial. Our recognition as a Top 10 best-loved place to work by The Sunday Times, winner of the 2024 Emerging Stars Awards by Megabuyte, and numerous awards from our Partners for our innovation in solutioning, reflects this unique blend of practitioner knowledge and technical excellence.
Looking forward: The transformation imperative
The financial services landscape is evolving faster than ever. Customer expectations have been set by the Netflixes and Spotifys of the world. Regulatory requirements continue to intensify. Technology capabilities are advancing at breakneck speed. The question isn't whether change is coming—it's how quickly and intelligently organisations can embrace it whilst maintaining the excellence that defines our industry.
For NextWave, the Financial Transformation Summit reaffirmed our belief in practical, people-driven innovation. And for everyone in the room, it was a clear call to action: to shape the future not just with code or capital, but with courage.
Looking to accelerate your own transformation journey? Reach out to Kirstie Galloway by email or fill in this form to discover how we help leaders turn strategy into momentum.
June 24, 2025