UK banks to support Small Businesses growth with new innovation challenge.
FinTech Scotland and Smart Data Foundry have joined forces to launch a UK Fintech innovation challenge in collaboration with some of the leading UK banks.
This innovation challenge seeks to find innovative solutions that will support and strengthen the relationships between Financial Institutions and their SME clients. Successful applicants will be able to access a prize of up to £50,000 to help develop their ideas and support taking them to market.
This challenge offers a unique opportunity for participants to present their ideas to industry leaders, as well as engage with experts in data, technology, and fintech. This exposure will allow innovators to gain valuable insights, receive expert guidance, and enter potential collaborations, maximising the chances of success for their projects.
One of the key features of this challenge is the provision of SME synthetic data* by Smart Data Foundry. It will enable FinTechs to thoroughly test and refine their innovations, ensuring the development of robust and effective solutions that address the real needs of small businesses.
Thanks to the support from the Strength in Places UK Research and Innovation Grant, substantial funding will be offered to promising projects arising from the challenge. This funding will provide the necessary resources for entrepreneurs and innovators to develop and implement their ideas which will support small businesses towards sustainable growth and prosperity.
This challenge aims to provide essential support to address the strategic and operational needs of small businesses in Scotland and the UK in a post-COVID business environment.
Banks hold vast amounts of data about their SME clients. Unlocking the power of this data can help small businesses to become even more resilient and promote financial well-being, allowing them to flourish, grow and achieve sustainable and successful commercial futures.
Supported by NatWest Group and Virgin Money, this Fintech themed innovation call looks to attract creative and innovative ideas for data-led solutions to solve this multi-faceted challenge that will ultimately benefit SMEs across the UK.
This follows recommendations laid out in the Research and Innovation roadmap published by FinTech Scotland in March 2022 which highlighted the opportunity to drive innovation in support of SMEs across various sectors.
Commenting on this initiative, Nicola Anderson, CEO at FinTech Scotland said:
“We are thrilled to launch the FinTech Scotland Innovation challenge, which presents a tremendous opportunity to support small businesses and drive innovation in the post-COVID business environment. By collaborating with industry leaders and leveraging synthetic data assets, we aim to empower entrepreneurs to develop ground-breaking solutions that will address the strategic needs of SMEs. We encourage innovators to join us on this exciting journey as we shape the future of the fintech landscape in Scotland and the UK.”
Bryn Coulthard, Chief Product and Technology Officer at Smart Data Foundry added
“One of our core missions is to use data to inspire and accelerate financial innovation. The combination of funding from UKRI’s Strength in Places Grant together with the unique SME synthetic data that we have made available for this initiative creates the ideal environment for FinTechs to embrace this challenge and to get involved. Collaboration is a key ingredient for innovation and I’m delighted that we have partnered with FinTech Scotland with support from NatWest Group and Virgin Money to provide sector expertise with the power of the combined networks to make this innovation challenge a huge success.”
Those interested in taking part can do so at https://www.fintechscotland.com/what-we-do/research-innovation-challenge/
New signposting service to support vulnerable customers
National Support Network’s directory of national services, Support Hub, has been added by the FCA to the Digital Sandbox and promoted in the FCA Consumer Duty TechSprint. Its ease of use, quality and scope was also praised in a recent Institute and Faculty of Actuaries (IFoA) publication as a solution to enhance customer journeys and support vulnerable customers.
Engaging with a customer who is experiencing the loss of a car, their health, facing problems such as bereavement or redundancy or marking a major turning point in their lives such as becoming a parent can become key moments in which banks or insurers can make a difference to that customer’s wellbeing and resilience. The challenge, of course, is in how to support that customer in a way that is comprehensive and consistent.
National Support Network (NSN) equips organisations with the tools to refer customers to external support services, including charity helplines across 1,000 problem areas. Another unique aspect are the new insights on the challenges facing customers, which can then help firms develop more targeted customer wellbeing and communication strategies.
Co-Founder and CEO, Cat Divers explains:
“Following a background as a chartered insurance professional, I struggled to find support for myself and others. These personal experiences led me to start this initiative to help others facing similar struggles.
Our focus is on making it easy for organisations to refer those in need to specialist support by providing high-quality information. We reduce the noise and streamline referrals by hosting the UK’s largest vetted and independent directory of services.”
Support Hub is one-of-a-kind and can easily be integrated with existing customer platforms and processes through API, iFrame, portal and other offerings. Whereas existing signposting resources can quickly become outdated, or do not offer as much scope, the NSN Directory is continually updated, in recognition of the continually changing support landscape.
Offering a valuable extension to wellbeing strategies and toolkits for both customers and staff, NSNs innovative specialist signposting services can help direct people to charities or third parties who can provide relevant support without risking advisers overstepping their training.
11.8 million people in the UK struggle to find support when facing personal life challenges. Of these, two in five will delay or give up looking (Censuswide, 2020). This is a long-standing issue spanning many areas such as money, health and housing problems. Without finding support at the earliest opportunity, problems are likely to worsen and give rise to yet further problems.
Frontline staff often interact with customers who present multiple requirements and problems. The frequency of these more complex interactions is on the rise as customers grapple with one crisis after another. While specialist teams can support vulnerable customers, many advisers do not have adequate resources to refer customers to trusted support across the variety of problems that can arise.
Customers are facing more varied and complex problems, and the fintech sector is well placed to look for innovative ways in which they can better support their customers in need through these difficult times. As an independent and reliable source for information on external services, the NSN Directory can quickly become an important part of a customer advisor’s toolkit.
National Support Network is a not-for-profit social enterprise.
For more information please see nsn.org.uk
Bravura: Celebrating Success in Brand Management and Diversity in Finance Awards
Bravura and Delta Financial System’s pensions dashboards project team have yet another reason to celebrate! They received the prestigious Best Product/Service award at Citywealth’s Brand Management & Reputation Awards 2023. The award recognises their exceptional ISP solution, Dashboards Connect, and the impactful Pensions Dashboards Week, which garnered significant industry attention and participation.
The joint initiative brought together over 1,500 industry professionals, offering enlightening webinars, myth-busting sessions, and Q&As. It showcased the potential of dashboards and the significance of cutting-edge technology in transforming the pensions sector. Chris Spencer, Bravura’s EMEA Managing Director, expressed pride in their innovative microservice technology, highlighting its security and scalability.
Jonathan Hawkins, the leader of Bravura’s pensions dashboards project team and Pension Age’s Pensions Personality of the Year 2023, commended the industry recognition. The initiative served as a catalyst for progress in uncertain times, and with recent clarifications from the Pension Dashboards Programme, they look forward to future advancements and benefits for the industry and savers.
In addition to their groundbreaking ISP, Bravura received accolades at FT Adviser’s Diversity in Finance Awards 2023. The company was named Large Employer of the Year for its commendable Diversity & Inclusiveness (D&I) program. Launched in 2020, the D&I program promotes awareness and fosters a supportive environment through various initiatives and events.
Nigel Liddell, General Counsel and Founder of Bravura’s D&I program, expressed gratitude for the recognition, emphasising the importance of diversity and inclusivity in attracting top talent and cultivating a caring workplace. Bravura’s D&I program covers six key pillars, each with dedicated leaders working to drive engagement and awareness globally.
The awards serve as a testament to Bravura’s commitment to excellence in brand management, diversity, and inclusion. As they continue their journey towards becoming a more diverse and inclusive employer, they look forward to making an even greater impact in the financial services sector.
Bravura’s success extends beyond these awards, with their affiliates, Delta Financial Systems, and FinoComp, securing gold at Goodacre’s Systems in the City Awards 2023 for Best Pensions Administration Technology and Best Performance Measurement System, respectively.
With these remarkable achievements, Bravura reaffirms its position as a trailblazer in the financial industry, delivering cutting-edge solutions and fostering a supportive and inclusive work environment.
Winners of the Standard Life Innovation Forum announced
FinTech Scotland is delighted to share the announcement from Standard Life regarding their second Innovation Forum. Fintech companies InvestSuite and The Joy Club, impressed the judges with their groundbreaking ideas focused on strengthening the engagement between individuals and their pension investments.
Identifying Cutting-Edge Solutions:
The Innovation Forum attracted over a dozen fintech applicants, each showcasing their expertise through compelling pitches and presentations held at Standard Life’s Edinburgh office. The primary goal was to discover cutting-edge solutions that would empower customers to better connect with their investments, with a special emphasis on Environmental, Social, and Governance (ESG) factors””a crucial aspect of responsible and sustainable investing.
InvestSuite
Transforming the Landscape of Investments InvestSuite emerged as the first winner, offering a unique and holistic perspective on investments that emphasises sustainability alongside performance. Their revolutionary ‘StoryTeller’ reporting tool provides clear insights into the environmental impact of investments, using metrics such as carbon dioxide intensity measured against a benchmark. Furthermore, the tool meticulously analyses the sustainability history of companies linked to the investments. The judges at Standard Life were particularly impressed by InvestSuite’s ability to communicate these vital aspects in a targeted, accessible, and meaningful manner.
The Joy Club
Creating Connections and Fostering Wellbeing, the second winner, The Joy Club, stood out as an exceptional online community designed for retirees seeking connections, personal growth, and skill development. With a wide range of activities like Yoga, creative writing, painting, and Pilates, The Joy Club offers a nurturing space for like-minded individuals to come together, fostering meaningful relationships and mutual support. Although The Joy Club’s primary focus isn’t investments, its unique approach to the ‘Social’ aspect of ESG, emphasising later-life wellbeing, captured the attention of Standard Life’s executive judging panel. This aspect is particularly relevant considering Phoenix Group’s dedication to enhancing the quality and longevity of life.
Collaboration and Future Prospects
InvestSuite and The Joy Club now have an incredible opportunity to collaborate with Standard Life, joining last year’s winner, Behavioural Finance, in introducing their innovative concepts to Standard Life’s customer base of over three million individuals. This partnership promises to revolutionise the way people engage with their pensions and investments, driving positive change in the financial landscape.
The Power of Collaboration
The success of the Innovation Forum would not have been possible without the powerful collaboration among Standard Life, TCS’s Co-Innovation Network (TCS COINTM), Fintech Scotland, Women In Banking & Finance (WIBF), and Scottish Financial Enterprise (SFE). Their collective efforts not only led to the discovery of InvestSuite and The Joy Club but also highly commended sustainable investment tech firm Etcho, whose mission is to help individuals find suitable investment products, including pensions, based on their unique sustainability values.
Standard Life’s second Innovation Forum has been an exceptional platform for groundbreaking ideas and innovation in the world of finance and social engagement. InvestSuite and The Joy Club have are ready to make a significant impact on how people approach their pensions and investments. We eagerly anticipate witnessing their transformative concepts benefitting millions and empowering individuals towards a brighter and more sustainable financial future.
Growing the fintech sector in the UK through collaboration
By Simon Pickering, Head of Insurance and Pensions, Finance Isle of Man.
Look to any league table on FinTech and it will tell you that London is firmly ranked in the top 3 globally, alongside North American competitors of San Francisco and New York. What this won’t reveal however, is that the British Isles has a burgeoning FinTech sector from Edinburgh to Douglas, the Capital of the Isle of Man.
Last year, Finance Isle of Man, the Government agency for the financial services industry on the Island, was delighted to sign its first partnership agreement with FinTech Scotland. This collaboration is a source of strength for the Isles and intended to promote and develop FinTech and InsurTech capabilities across the Irish sea, as well as boost economic and business co-operation and investment.
The partnership has already seen our two organisations working closely together to stimulate education, recruitment and employment opportunities, as well as provide businesses with opportunities to attend events and seminars, trade missions, conferences and Expos, including the globally renowned Scotland FinTech Festival.
We were delighted to welcome Stephen Ingledew, the Chair of FinTech Scotland to the Isle of Man this June to see first-hand how we are attracting global innovators at the Island’s first FinTech Innovation Challenge Demo Day event. This program, launched at the end of 2022 invited businesses from around the world to showcase their solutions to core challenges identified across the Isle of Man business community. 14 finalists, from Singapore to Switzerland, India to the US, were chosen to work closely with the Isle of Man Government and local financial institutions to refine their solutions. These are addressing a range of emerging issues from blockchain and cryptography protections, to AI-based business forecasting.
This is just one example of how we are establishing expertise in digital finance, and this builds on the success of the Island’s first InsurTech Acceleration Program, which last year supported pioneering InsurTech scale-ups to pitch their innovations to the business community. The program, which culminated in a sold-out pitching event in Douglas, marked a major milestone for plans to establish an InsurTech hub on the Island.
The potential for the family of British Isles, from Scotland to the Isle of Man, to collaborate and drive leadership in digital finance is significant and the past year has only seen our two jurisdictions grow in strength together.
I look forward to building on and growing this partnership over the coming months, not least returning to the Fintech Festival in Edinburgh this Autumn where I hope to have the chance to meet and reconnect with many of you.
London may sit highly in the global rankings for digital finance ”“ but this success story is undoubtedly also one of the British Isles.
Encompass boosts expertise around pKYC
Encompass Corporation has released a new whitepaper that offers unique insights and expertise to assist banks in their journey towards implementing perpetual KYC (pKYC) operating models, thus accelerating their digital transformation.
pKYC represents a strategic imperative for organisations seeking to maintain a competitive edge in the rapidly evolving financial landscape. By leveraging automation, pKYC enables banks to enhance risk detection accuracy, operational efficiency, and customer experience.
Recognising the significance of executive-level support in the pursuit of pKYC, the whitepaper titled “Securing Executive Sponsorship for pKYC Transformation” addresses key challenges and provides best practices for engaging stakeholders. This guidance is crucial for banks seeking to revolutionise their processes through technology adoption.
Expanding upon Encompass’ groundbreaking pKYC maturity model introduced earlier this year, the whitepaper also presents additional insights on maximising the benefits of digital transformation, irrespective of whether pKYC is the ultimate goal. It explores how banks can effectively articulate the advantages of leveraging advanced technology solutions, encompassing risk mitigation and cost reduction, while ensuring proper stakeholder alignment to drive successful outcomes.
Authored by Encompass’ KYC Transformation Director, Howard Wimpory, and Dr. Henry Balani, the Global Head of Industry and Regulatory Affairs, the paper emphasises the value of digital KYC profiles. These profiles utilise real-time data and document analysis through KYC process automation, enabling informed KYC decision-making and yielding positive impacts such as enhanced risk management, accuracy, and scalability.
Howard Wimpory, KYC Transformation Director at Encompass Corporation, emphasised the need for banks to optimise operational efficiency in today’s competitive market. He stated that traditional manual processes are no longer sufficient and emphasised the imperative of implementing technology-driven solutions like pKYC for long-term success.
Dr. Henry Balani, Global Head of Industry and Regulatory Affairs at Encompass Corporation, stressed the importance of prioritising compliance and enhancing processes using technology-led solutions in response to evolving regulatory landscapes and the persistent threat of financial crime. Balani explained that manual KYC processes are time-consuming, resource-intensive, and struggle to keep up with regulatory changes, thereby increasing risks for institutions. He also highlighted the expectations of regulators, who encourage banks to adopt available technologies and integrate them into their operations.
Encompass’ whitepaper aims to elevate the pKYC discourse in the industry by sharing the perspectives and experiences of its pKYC Advisory Board. Chaired by Dr. Henry Balani, the board includes representatives from leading global banks as well as trusted partners specialising in data, technology, and consulting services. This collaborative effort supports Encompass’ goal of promoting meaningful dialogue and driving effective solutions to address the critical global issue of financial crime.
By presenting real-world insights and leveraging expert knowledge, Encompass aims to empower banks to embark confidently on transformative digital projects, be it towards pKYC or other strategic objectives, with the expectation of reaping immediate and long-term rewards.
Read the white paper here
Showcasing innovation from across the UK with the sixth fintech festival
Scotland is set to host the 6th edition of its Fintech Festival, which celebrates remarkable achievements in fintech innovation. From September 21st to October 12th 2023, the festival will bring together fintech leaders, innovators, and enthusiasts from the UK, and beyond.
The Scotland Fintech Festival has firmly established itself as a leading platform for showcasing the UK’s leadership in the global fintech landscape. The festival has become an annual highlight for the movement, attracting over 2,500 attendees each year.
The festival will commence with the Fintech Summit which will set the tone for the festival, bringing together thought leaders, entrepreneurs, and policymakers to discuss the latest trends, challenges, and opportunities in the fintech sphere such as the impact of AI, CBDCs, Quantum and much more.
As the festival draws to a close, the Scottish Fintech Awards will recognise the outstanding achievements and contributions made by individuals and organisations in the Scottish fintech cluster This event promises to be a fitting conclusion, recognising the exceptional talent and innovation that drives Scotland’s fintech success.
Throughout the festival, attendees will have the opportunity to participate in over 50 events that explore various aspects of fintech. These events, hosted by leading fintech organisations and experts from across the UK will address the key themes highlighted in the Fintech Research & Innovation Roadmap published by Fintech Scotland in 2022. The Roadmap highlighted Open Finance, Financial Regulation, Climate Finance and Payment as key priorities for the UK fintech sector. The festival aims to drive forward Scotland’s fintech agenda and support its continued growth and innovation.
To keep up with the festival’s program, attendees are encouraged to visit the official festival website at www.scotlandfintechfestival.com. The website will be regularly updated with the latest event details, ensuring participants have access to the most comprehensive and up-to-date information.
Commenting on the upcoming festival, Nicola Anderson, CEO at FinTech Scotland said, “The Scotland Fintech Festival is a testament to Scotland’s position as a global leader in fintech. We are thrilled to showcase the remarkable achievements, innovation, and collaborative spirit of Scotland’s fintech ecosystem. This year’s festival promises to be an exceptional platform for knowledge exchange, networking, and exploring the cutting-edge trends shaping the industry. We look forward to welcoming participants from Scotland, the UK, and around the world.”