Announcing the Launch of the Smart Data Discovery Challenge
Exciting news for all innovators, entrepreneurs, academia, and the civil society! The Department for Business & Trade, Challenge Works, the Open Data Institute (ODI), and Smart Data Foundry are announcing the launch of the Smart Data Discovery Challenge.
Smart Data’s potential impact
From the 26th of October to the 8th of December 2023, the consortium will welcome ideas from across sectors. They invite participants to share their most innovative use case ideas that drive a consumer-focused Smart Data economy.
The heart of this challenge lies in discovering the leaders in the Smart Data domain. Those with the most compelling cross-sector Smart Data use case ideas will be recognised. Their expert panel will review all submissions and choose the most innovative. If your idea is selected, you will have the opportunity to refine it further in collaboration with their expert team.
And that’s not all!
The Discovery Challenge will peak in March 2024 with an event dedicated to the rising Smart Data community. Here, the best ideas will take center stage, with participants pitching their proposals. The stakes? Financial rewards from a prize pool of up to £20,000! The most outstanding pitches can win individual prizes of up to £5,000 each.
But the journey doesn’t end with the Discovery Challenge. 2024 will witness the inauguration of the Smart Data Challenge Prize. Those participating stand a chance to gain a portion of an impressive £750,000 and gain exclusive access to a customised data sandbox. This unique platform will empower participants to prototype and test a plethora of cross-sector Smart Data use cases.
So, whether you’re an individual bursting with innovative ideas or an organisation ready to make waves in the Smart Data sphere, you are encouraged to apply.
Scotland Fintech Festival – Episode 2 – Snugg & TSB
Season 3, episode 11
Listen to the full episode here.
In this special 2023 Scotland Fintech Festival episode we spoke with Mike Teall, Co-Founder and Chief Commercial Officer at Scottish fintech Snugg and Adam Betteridge, Partnerships and Open Banking Lead at TSB.
We discussed TSB Innovation Labs that saw Snugg secure a partnership with TSB, helping the bank’s customer make their homes greener.
We focus specifically on what makes for a good collaboration between established financial firms and fintechs.
How to manage retirement during a cost of living crisis
Confused about your pension? You are not the only one. “People have an average 11 small pots, they don’t really know what that means for them in terms of what their retirement income is likely to be,” explained Laura Trott, UK’s Minister for Pensions at a recent evidence hearing by the Work and Pensions Committee examining DWP’s plans to introduce Pensions Dashboards.
And it’s not only UK citizens who don’t know what their retirement income is likely to be. The DWP admitted in the same evidence session that there have been underpayments to the tune of £1bn in state pension payouts due to missing information from people’s national insurance records.
Meanwhile, the cost of living in the UK is rising. The latest inflation figures show prices have gone up by 7.9% in June, with food prices increasing by 17.4%, resulting in 57% of households reporting to have struggled to pay for essentials. This state of affairs has dramatically diminished the capability of people to save for their retirement.
During these worrying times of rising prices, people have much more of a need to know what they are likely to have in retirement. Yet at the moment it’s very difficult to determine what that will look like. This is particularly relevant for younger generations. How millennials go about saving for a pension has radically changed from when their grandparents dealt with retirement. There is a concern that Generation Y (millennials) is not informed enough about saving for a pension, especially considering it is likely they will on average hold more than ten jobs before they retire.
A different pension approach is needed.
Introducing the (delayed) Pensions Dashboard
The UK Government is focused on the financial wellbeing of people by equipping them to be more financially informed and make the most of their money and pensions. This is why the UK Government has initiated the implementation of the Pensions Dashboard, enabling individuals to find and view their pensions all in one place, bringing more awareness to how much they will need to save in the long term for retirement.
Although the DWP recognises the importance of the Pensions Dashboard, it nevertheless announced a delay to implementation:
“The pensions dashboard will play a really important role in bringing that all together and also allowing people to see this alongside their state pension to get a full picture of what it’s going to look like for their retirement,” said pensions minister Laura Trott. “[Yet] it was the issue that we had around the connection process, which was needing more work in terms of the industry and there was insufficient testing in terms of the actual architecture itself. We needed more time to ensure that it was robust.”
The DWP is hoping to have the portal up and running “very soon” and the government body will start the process of writing later this year. This timing, however, has not come soon enough for Jonathan Hawkins, Principal Consultant and Pensions Expert at Bravura. Bravura has been collaborating closely with the Pension Dashboards Programme (PDP), regulators and its industry partners to make sure dashboards are delivered successfully for the good of the industry.
Bravura recently completed a collaboration with MoneyHub at this year’s PASA Annual Conference, at which a fully operational front- and back-end pensions dashboard was showcased for the very first time, demonstrating the tech works. Nonetheless, the pension solution provider is waiting for final guidance from the PDP to continue onboarding clients and build on the work the sizable amount of work the industry has already delivered.
“We are concerned that any further delays in connecting to the CDA will likely eat into the time pensions providers and schemes have to deliver, so it is important the programme comes back online sooner rather than later,” explained Hawkins. “Although June’s announcement played a useful role in tidying up the regulations and legislation around the PDP, we are roughly four months on from the programme reset and we’re still waiting on key guidance on connections and staging deadlines.
“When the guidance is received (which we hope to be over the next few months) there is, of course, a worry that guidance differs in gravity from legislation. It will ultimately be up to the industry to lead by example and to the regulators to ensure appropriate measures are in place to meet the updated timelines.”
In the meantime prices are likely to continue to rise, which puts people more at risk of not putting enough aside for retirement. The Pensions Dashboard is expected to help many, especially the younger generation, in planning for their retirement income in the future. Once it’s ready.
Photo by Breakingpic: https://www.pexels.com/photo/gold-colored-coins-near-calculator-3305/
“The Future is Unwritten”: Stephen Ingledew OBE on the Promise of FinTech
Stephen Ingledew OBE, Chair of FinTech Scotland, likens fintech to the new punk rock scene of the 1970s. “What punk rock did was allow anyone who wanted to form a band, play an instrument, and just get up there and be part of it. It allowed more women, for example, into music than any other genre,” he explained. “Fintech is similarly challenging the traditional ways in which innovation is done.”
We took the opportunity to interview Stephen Ingledew on the occasion of him being awarded an OBE for services to the UK fintech sector and asked him the following questions:
Congratulations on your OBE! Can you briefly describe your FinTech journey and the innovations that led to this recognition?
I suppose innovation has been in my blood for just under 40 years. I decided to come into the financial world to change it for the better because, for me, innovation is a means to improve the state of affairs for people, including financial wellness. From 2018, I was asked to set up and lead Fintech Scotland as a new organisation. This allowed me to use my experience of working in big companies, like Barclays, as well as small, innovative financial companies, and bring all these experts together to develop a cluster focused on genuine innovation using new technologies – which is precisely what Fintech is. And while fintech itself is not new, what has changed in the last 10 years or so is, firstly, an acceleration of the type of technology that can be applied, and secondly, the mindset of focusing on technology as a way of bringing about better outcomes for individuals, businesses and communities.
What makes fintech in Scotland stand out?
At FinTech Scotland, we are focused on the actual impact of the outcomes of innovation on consumers, whether that’s around issues like financial inclusion, financial crime or operational improvements for large financial firms. The FinTech Scotland cluster is about bringing people together who would not naturally do so, to drive better outcomes. Diversity is the key ingredient here. Scotland, albeit small, has a heritage of innovation, and brings together major players, bigger and smaller enterprises, and great universities. What’s crucial to our success is, rather than a narrow focus on Scotland, we see ourselves as part of the broader UK ecosystem. I happen to be one of the founders of the UK FinTech national network and believe strongly, therefore, in the value of working in collaboration with our other regional fintech groups, rather than in competition.
What emerging trends and technologies do you think will have the most significant impact on the financial sector, both in Scotland and beyond?
What’s most exciting is the way that the cluster approach allows us to cut through the financial world into horizontal sectors of other parts of the economy. So, for example, fintech can work with SpaceTech, HealthTech and ClimateTech. I have a little saying, that fintech is far too important to leave up to the financial services industry on its own. After 40 years in the industry, I can say that we’ve not always got things right. To improve on this we need more diverse minds around the table, for instance, consumer groups impacted by the innovation. We need to listen to the users themselves, not those who think they know what’s best.
Winning an OBE is a significant achievement. How do you plan to leverage this recognition to inspire and contribute to the fintech community in Scotland?
Hopefully it will encourage more people who wouldn’t normally have thought of fintech to actually reach out and get involved. Of course, I’m very humbled by the recognition, but it wouldn’t have happened if it wasn’t for the enablement of the three Teams’: the wonderful team at FinTech Scotland; the Scottish fintech cluster team (comprised of entrepreneurs, established industry players, academics, economic agencies like Scottish Enterprise, and investor and consumer groups); and the UK team including industry, regional fintech associations, Innovate UK, the FCA, the Centre for Finance Innovation and Technology (CFIT) and Innovate Finance amongst others. This is a great example of the whole being greater than the parts. By joining up with the UK as a whole we can recognise bigger ambitions and achieve more success for the Scottish cluster as a whole.
Can you share a memorable success story or milestone in your fintech career that you’re proud of and exemplifies your contributions to fintech?
FinTech Scotland winning the silver cluster excellent accreditation from the European Secretariat for Cluster Accreditation was an important recognition that we’re on the right track to what we are trying to achieve. Alongside that, we’re hosting the third annual UK FinTech Symposium this November, which engages the whole of the UK ecosystem, including UK government ministers, the FCA, the City of London, as well as all of the regional fintech groups, to share examples of best practice and how to build on that as a family
Personally, my motivation has come from meeting so many brilliant entrepreneurs who are inspired about improving some aspects of the financial world, whether that’s in terms of how people manage their money, through to payments mechanisms or handling new regulations. With the right mindset and the right technology, I believe things can be made better.
Joe Strummer, lead singer of the Clash, once said, “The future is unwritten”, because it is up to each one of us to break out and write our own future. Ultimately, there will always be room for improvement and, therefore, always room for innovation – and that will always be fintech, even if it is called punk rock.
Special Scotland Fintech Festival 2023 – Nicola Anderson, CEO at FinTech Scotland
Season 3, episode 10
Listen to the full episode here.
Scotland Fintech Festival took place between the 21st of September and the 12th of October. With over 50 events the festival was a real success this time again.
During the launch event, the Fintech Summit, we recorded special episodes in collaboration with collaboration platform Findr.
In this episode we speak with Nicola Anderson, CEO at Fintech Scotland about the festival itself as well as initiatives that are underway, delivering the recommendations of the UK Research & Innovation Roadmap.
docStribute® and Chorley Building Society set to transform member communications
Chorley Building Society has teamed up with fintech docStribute on their journey towards digitalisation. This strategic partnership represents Chorley Building Society’s strong commitment to operational efficiency, elevated member engagement, and adherence to regulatory compliance standards.
The shift towards digitalisation is a crucial step for building societies in the modern age, and Chorley Building Society is setting a great example. By partnering with docStribute, they are not only aligning themselves with the evolving financial landscape but also taking active steps to reduce their environmental footprint.
Recent data from UK local government sources indicates that paper and cardboard constitute a staggering 20% of all waste produced in the country. Through the adoption of docStribute’s cutting-edge document distribution solutions, Chorley Building Society is on a mission to lower its paper consumption and carbon emissions whilst optimising their operational efficiency.
Chris Ansara, the CEO of docStribute, highlights the profound impact this partnership will have on digital transformation and customer relationships, all of which will ultimately benefit Chorley’s members. The solutions offered by docStribute will play an important role in achieving these objectives, promising lasting, positive change for Chorley’s members.
Kim Roby, Customer Services Director at Chorley Building Society, insists on the fact that their primary objective is to ensure that their
members receive nothing short of outstanding service. Their commitment extends to providing an exceptional member experience that adheres to regulatory standards and contributes to environmental sustainability. The partnership with docStribute aligns perfectly with this vision, as it will streamline member communication, enhance consumer comprehension, and make it simpler for members to engage with the society.
One of the standout features of this new partnership is the significant improvement in Chorley Building Society’s documentation delivery processes. Through this collaboration, members will have instant and secure digital access to information and communications whenever they need them. This level of convenience will transform the way members interact with the society, making their experience more personalised, timely, and tailored to their needs. In essence, this partnership empowers Chorley Building Society to deliver an elevated standard of member engagement.
Aveni Launches Innovative Consumer Duty Board Report for Data Compliance Assurance
Scottish fintech Aveni, has unveiled its innovative Consumer Duty Board Report. This report template offers a robust solution to reassure board members that their data obligations are being diligently met. As the financial landscape evolves with the advent of data-first regulation and the increasing demands of quality and risk assurance stipulated by Consumer Duty, the responsibility placed on boards has grown exponentially. Aveni’s template is a critical step in addressing this challenge.
The Consumer Duty Board Report template is a tool designed to help companies create reports that are not only board-ready but also regulator-friendly. It provides a clear roadmap for evaluating data requirements within four key areas: Product and Service, Price and Value, Consumer Understanding, and Consumer Support. By scrutinising these dimensions, organisations can effectively determine whether they are meeting the Consumer Duty mandate.
The template goes beyond guidance; it equips users with the necessary metrics to measure, the data required, and the actionable insights that stem from this data. Additionally, it offers practical examples of technologies that can be leveraged to automate reporting and facilitate access to, as well as analysis of, crucial data. By adopting this comprehensive approach, companies can demonstrate their commitment to fulfilling Consumer Duty Key Performance Indicators (KPIs) and reassure regulatory bodies that proactive risk management is firmly in place at the board level.
Joseph Twigg, CEO of Aveni, emphasised the significance of the Consumer Duty initiative, stating,
“Consumer Duty is well underway in its implementation phase, and the Financial Conduct Authority (FCA) is demonstrating its commitment to enforcing it by taking action against non-compliant banks and building societies. The core expectation of data-backed evidence is a shared responsibility that extends throughout the organization, all the way up to the board level. Boards must possess a deep understanding of the factors affecting consumers and the metrics to track potential risks, as well as the corrective actions taken to address issues before they escalate. Our report template has been meticulously designed to reassure boards that Consumer Duty-related risks are being diligently assessed and that relevant data is being disseminated across the organization to ensure continuous improvement.”
Twigg continued, “When we founded Aveni, our extensive experience in financial services strategy and planning was central to our mission to provide solutions that address the pain points faced by executives and boards, especially from a regulatory perspective. We are now collaborating with some of the largest banks, equity release, and advisory firms to deliver on this mission.”
For those interested in adopting this transformative template, the Consumer Duty Board Report template is available here.
Scotland FinTech Festival Wrap-Up: Unlocking answers through comprehensive understanding
Following the conclusion of this year’s successful Scotland Fintech Festival, we spoke to Nicola Anderson, CEO of FinTech Scotland, to find out what her key takeaways of the festival were, and how she sees it demonstrating the importance of the FinTech Research and Innovation Roadmap’ in guiding the industry’s priorities.
Nicola Anderson, CEO of FinTech Scotland, is of the firm view that fintech is supremely poised to solve some of the most pressing challenges we have in society today, from driving change on the climate agenda, to embracing the opportunity that fintech can provide for women and financial inclusion in general. “The breadth and quality of contributions across the full range of festival events has been amazing,” Anderson comments. “The purpose of the Scotland Fintech Festival has always been about definitively showing the vibrancy, connection, collaboration, and the inclusion that we see fintech presenting as an opportunity for the economy in Scotland and across the UK – and I think the festival has demonstrated that.”
Anderson is encouraged that the festival has promoted the interests of fintechs based in Scotland by helping reignite relationships and networks, allowing participants to hear different perspectives and views. “If you look at some of the speakers and across the events, they are from both UK-wide and global institutions. This shows how connected the Scottish fintech cluster continues to be across the world, and how interested people are in coming to hear what we have to say,” she points out. The festival aims to shine a light on fintech innovation and the opportunity that fintech presents for Scotland’s economy. This sentiment was further strengthened by the launch of a new £150 million Investment Fund for Scotland by the British Business Bank to help unlock additional funding to help smaller businesses to prosper and thrive.
“We’ve experienced purposeful action plans coming from the meetings and discussions across the Fintech Festival,” says Anderson. She provides a couple of examples, including the Scottish government’s drive behind an action plan that will enable fintech for exports. In addition, the focus of discussions on the impact of data and AI on the future of finance and climate. This demonstrates that the FinTech Research and Innovation Roadmap’ is the right vehicle to advance innovation in the financial services sector. It calls on the importance of data, AI and technologies to drive change and innovation.
Anderson also feels that the UK is starting to realise the benefits from some of the recommendations outlined in the Kalifa Review. This is shown through the relationships FinTech Scotland has created with the Centre for Finance, Innovation and Technology (CFIT) around work on finance data, as well as the team behind the UK FinTech Growth Fund involved and participating at the Festival showcasing investment opportunities. “It emphasises how important it is to connect the regions as per the Kalifa Review,” she notes.
What should the Scottish FinTech sector focus on next? “We have an opportunity to drive growth by focusing on those fintechs that are starting to scale,” she underlines. “We also need to focus on continuing to build relationships across the financial services ecosystem and cluster towards an inclusive environment that allows participation and collaboration between big and small entities, as well as connecting internal experts and inviting international perspectives to help us develop and grow.” In fact, there was great international representation across the festival involving delegations from China, as well as sessions focusing on the markets in the US.
“This year’s festival was a great success, and it underlines why I continue to be inspired to work at FinTech Scotland,” she concluded. “It’s about business growth, problem solving, collaboration, and innovation with purposeful intent. And most importantly, it’s about driving responsible change and outcomes that will serve society, and the future economy.”
Scotcoin Partners with Blockraise: A Major Leap in its Web3 Journey
Scottish fintech Scotcoin has taken an important step forward in its journey towards accessibility and impact. The Scottish cryptocurrency has appointed Blockraise, a Zurich-based Web3 venture accelerator, as its strategic partner to guide its expansion and listing in the global cryptocurrency market. This move is set to open up new possibilities for the project and bring ethical cryptocurrency into the mainstream.
The Role of Blockraise
Blockraise will play a pivotal role in making Scotcoin accessible to a global audience. The Zurich-based firm will provide valuable guidance to Scotcoin in several key areas, including liquidity strategy, community expansion, and tokenomics design. This collaboration with Blockraise is a significant step toward the project’s listing of tokens in the coming months.
A Vision for Scotcoin
Scotcoin’s vision extends beyond just being another cryptocurrency. The project seeks to create a vast ecosystem by forging partnerships with third sector organisations and private sector businesses willing to accept Scotcoin in exchange for a wide range of goods and services. Initially focusing on essentials like food, clothing, and shelter, this approach could have a profound impact on communities and individuals alike.
For instance, consider a clothing shop with unsold garments that would typically go to waste. With Scotcoin, a charity can purchase these items, providing a sustainable solution for both the business and the charitable organisation. This innovative approach could revolutionise how we think about currency and its impact on our society.
Opening Doors to More Participants
By listing Scotcoin on cryptocurrency exchanges, the project aims to increase its accessibility to a broader audience. The Scotcoin Project’s marketing and treasury division will provide financial support and regulate the distribution of tokens to ensure responsible and controlled growth.
Accessibility Through Scotscan.io App
Scotcoin offers a user-friendly solution for its community. Holders can easily exchange Scotcoin using the Scotscan.io app, available for download on Google Play and Apple’s App Store. This feature simplifies the process of transacting with the cryptocurrency and furthers the project’s goal of inclusivity.
A Promising Future for Scotcoin
The appointment of Blockraise as a Web3 partner marks an exciting and promising chapter in Scotcoin’s journey. Temple Melville, CEO of The Scotcoin Project CIC, is optimistic about the future. He stated,
“Appointing Blockraise is the next major step in our strategy to expand the Scotcoin community. The firm is well respected in the global cryptocurrency space, and we look forward to working with the team on this next phase of Scotcoin’s development, bringing the token to a much wider audience and helping to provide food, clothing, and shelter to those who need it.”
Alba Bank Partners with Mambu to Revolutionise SME Banking
Alba Bank just announced its strategic partnership with Mambu, a leading cloud banking platform. This collaboration is set to redefine how SMEs access lending services and manage their retail and business deposits.
Supporting UK SMEs
Founded by Scottish entrepreneur Jim McColl in 2018, Alba Bank was born out of a vision to bridge the growing gap in financial services for small and medium-sized enterprises (SMEs) in the UK. Based in Glasgow, the Scottish fintech has been developing new solutions to provide commercial finance to UK SMEs that have long felt underserved by traditional banking institutions.
Embracing the Future with Mambu’s Cloud Banking Platform
Alba Bank’s partnership with Mambu represents a significant move towards achieving its mission. By harnessing the power of Mambu’s cloud banking platform, Alba Bank will adopt a “composable approach” that promises to revolutionise the way it serves SMEs. This approach empowers the bank with greater agility and speed to market, a much-needed change for SMEs striving for financial support in an ever-evolving business landscape.
Addressing the Funding Gap
A report from Mambo shows that over the past five years, a staggering 58% of UK SMEs have faced have been unable to secure adequate funding to meet their business needs. Many SMEs are struggling to stay afloat or seize growth opportunities.
The report highlights the critical importance of impeccable service in the eyes of SMEs. 93% of them would contemplate switching lenders if a competitor offered a superior service. This is why financial institutions like Alba Bank need to deliver not just funding but also a customer-centric experience that SMEs truly deserve.
Nick Lawler, Market Director, Northern Europe at Mambu, says:
“Now more than ever, the availability of finance is key to the success of all SMEs. SME pain points need to be properly acknowledged by banks, as success rates for loan applications are 20% lower than for large enterprises. By pivoting to Mambu, along with a growing number of neobanks in the UK, Alba is in good stead as it continues to transform this sector of banking, supporting small and medium-sized businesses to reach their potential. We look forward to working with Alba as it supports direct lending to SMEs and fuels economic growth in Scotland and the wider UK region.”
Sandeep Kadam, Chief Technology Officer at Alba Bank adds:
“We’re excited to work with Mambu and fully embrace a cloud-first approach. Our partnership will enable us to build our products quickly and adapt to ever-changing market demands. At a time when SMEs are being underserved by traditional lenders, speed to market and agility are both crucial. Mambu’s ability to offer both will enable Alba to build a great banking experience for our customers.”