Cavendish Online partners with Aveni for AI-enabled Customer Service
Cavendish Online, part of the Lloyds Banking Group, has recently announced a partnership with Scottish fintech Aveni.ai, a leader in Artificial Intelligence and fintech solutions. This collaboration positions Cavendish Online as one of the first protection distributors to integrate advanced AI technology into their customer service operations.
Revolutionising Customer Experience with AI
The core of this partnership lies in the deployment of Aveni’s Generative AI and Natural Language Processing (NLP) technologies. This innovative platform is designed to attentively listen and learn from every customer interaction. By analysing these conversations, Aveni’s system aims to significantly enhance the quality of advice and service provided by Cavendish Online.
Speed and Efficiency in Service Improvement
One of the most notable capabilities of the Aveni system is its ability to process and analyse an entire day’s worth of customer calls in just a few minutes. This rapid analysis not only offers insights into improving service quality but also aids in detecting any vulnerabilities during customer interactions. It will enable Cavendish Online to swiftly implement improvements and adapt to evolving customer needs.
Human-Centric Approach with AI Support
Despite this reliance on AI for data analysis, the core of Cavendish Online’s customer interactions will continue to be human-led. The Aveni system serves as a support tool, enhancing the advisers’ ability to provide premium service. It also plays a critical role in targeted skills development for advisers, ensuring they are equipped with the knowledge and expertise needed to meet and exceed customer expectations.
Commitment to Consumer Duty
This strategic move by Cavendish Online will help then to fulfil their Consumer Duty obligations. By harnessing the power of AI, they are set to revolutionise the way financial advice and services are delivered, placing a stronger emphasis on customer satisfaction and quality of service.
Rose St Louis, Protection Director at Lloyds Banking Group and CEO Cavendish Online, said:
“Delivering excellent outcomes for all customers is at the heart of Cavendish Online’s mission. Now we can incorporate Aveni’s Generative AI into our processes to provide insight which will help us learn and consistently deliver high quality advice and service to our customers.
“This collaboration marks a significant milestone both for us and for the entire protection market, putting Cavendish at the forefront of AI-driven innovation for financial services distribution, and further demonstrating our commitment and focus on delivering great customer outcomes.”
Andy Johnston, Aveni, said:
“Cavendish Online is making a significant impact in the UK protection market and demonstrates a commitment to innovation and ambition that resonates with our team at Aveni. We have been selected as an AI-partner because of the solutions-based approach of the Aveni platform, combining financial services know-how, with deep expertise in Generative AI and Natural Language Processing.
“The power of Generative AI will be a game changer in this sector. We look forward to working together in partnership to explore further solutions.”
Navigating 2024: Priorities from FinTech Scotland’s CEO, Nicola Anderson
As we step into the early months of 2024, I’m reflecting on the achievements and progress across the FinTech Scotland Cluster over the past six years, and am also focused on the year ahead to build on the work so far and enable more opportunities for fintech innovation.
The FinTech Scotland Cluster is a vibrant and diverse ecosystem that’s driven by contributions from a diverse range of committed participants focused on shaping the future of financial services. It goes without saying that technology is a critical focus, but we also find that there is a purposeful intent to the commitments to support the needs of a successful economy, one that’s becoming more and more digital.
It’s the commitment from all involved in the Cluster that has resulted in a number of significant achievements over the years, including:
- Continued growth in fintech SMEs and fintech jobs,
- Greater collaboration between larger organisations and smaller fintechs,
- Development of new innovative products, services and partnerships that all ultimately deliver good customer outcomes, and
- A deepening focus on fintech R&D driven by the research excellence from the universities in Scotland and by collaboration on industry priorities in the FinTech Research and Innovation Roadmap (R&I Roadmap).
So, despite the challenging economic environment, I am optimistic about our opportunities for growth and innovation. In particular, I am looking forward to deepening our approach of collaborate to innovate’, and the limitless potential this powerful combination offers. We see it working already, resulting in changes for customers, businesses, our economy and the environment, supporting future needs and the development of fintech-enabled financial services in Scotland and across the UK.
A new year brings an opportunity to assess our priorities for the year ahead. We’re focused on propelling our fintech cluster forward, deepening connections across the UK and the world, as well as accelerating fintech SME growth.
Innovation and Priorities in 2024:
Fintech Growth
The FinTech Scotland community of fintech SMEs continues to grow, with 227 businesses currently developing and delivering fintech products and services that meet business and citizen needs. Accelerating their success and enabling them to grow and scale requires a collective focus on investment, access to current market opportunities (which includes collaboration with financial institutions), and supporting their ambitions to export.
We’re spurred on by January triumphs already.
Snugg, a thriving fintech, kicked off the year by announcing success on both funding and collaboration that will help them expand and scale throughout 2024.
Broadridge Financial Solutions, a growing and global fintech, announced success in international markets working with Denmark’s Danske Bank, exporting services and continuing its global growth.
Encompass Corporation has also started the year off by continuing its global expansion and growth through acquisitions.
We will continue to focus on investment, growth and international opportunities for the fintech SMEs throughout 2024.
Impactful collaboration
Working with the big and small
We saw growing success throughout 2023 in the fintech programmes delivered in association with Lloyds Banking Group, TSB and Phoenix Group. Within our approach of collaborate to innovate’, more partnerships emerged, and fintech enterprises benefited from hearing about priority needs directly from the market.
There is more to come in 2024. Collaborate to innovate’, through practical innovation programmes, will enable more potential for commercial opportunities and support new ways for market adoption of new and emerging technologies. We’re commencing the year with an innovation call on using AI and emerging technologies to help simplify compliance.
The role we see for R&D
In 2023, we launched the Financial Regulation Innovation Lab, with an agenda focused on how technology can simplify and support compliance, and help regulation develop. The Lab also creates an independent environment to enable industry collaboration on current and emerging challenges within financial services. It’s a privilege to work with all involved, including UK regulators, large financial institutions and fintechs, as well as the University of Strathclyde and the University of Glasgow.
The Lab is kicking off 2024 with a collaborative research and innovation programme focused on AI and emerging technologies, and looking at their application in ESG regulations, Consumer Duty requirements and addressing Financial Crime. You’ll hear more about the progress throughout the upcoming year, and if you’d like to learn more now please let me know.
Financial inclusion continues as a pressing issue. The cost of living crisis has brought it into further focus and the FCA’s Financial Lives survey persists in demonstrating a need for change. Throughout 2024, we will work with Financial Inclusion for Scotland, the FCA and Scottish Financial Enterprise, and explore how technology and a heightened period of focus can help move the dial on this critical problem.
We’ve initiated this already, working in collaboration with the FCA on a Financial Inclusion TechSprint (more details can be found here). The Sprint is focused on helping to find ways to enable those excluded from basic financial services to get access. There’s a firm belief that technology can help, and that collaboration and a willingness to find solutions is key. The Sprint will run from March until the end of May, and conclude with an event in Glasgow. I’m starting 2024 hopeful we can drive change on this difficult agenda. The invitation to get involved is open to all.
Working on priority environmental issues
With the climate agenda critical to so many aspects of business and society, it’s no surprise that fintech enterprises are working to find solutions and services that will help – indeed, the number of Scottish fintechs focused on climate doubled in 2023. In addition, we saw accelerated learning across the cluster through our work with Space Scotland, increasing our knowledge and understanding of geospatial data.
There is more to come through 2024 on the priority of climate finance. We’ll build on the lessons and experiences from Space Scotland, exploring application of geospatial data in insurance risks, investments, emerging regulatory requirements and ESG development.
Inclusive Cluster leadership
We will continue to work across the UK to advance fintech innovation. The FinTech Scotland team will continue to progress collaborative opportunities across the nation, working with the Centre for Finance, Innovation and Technology (CFIT), the Fintech National Network, Innovate Finance and The City of London Corporation. We will work, learn and collaborate across the regions to accelerate the whole of the UK’s fintech potential.
We invite you to collaborate with us
We know purposeful collaboration is key – collaboration across the industry, across sectors, and amongst other fintech clusters – to help us drive and lead the future of the digital economy.
My call to action for 2024 is: Collaborate with us, and innovate.
Scotland strongly represented at the 2024 Bupa everywoman in Technology Awards
The Bupa everywoman in Technology Awards, honouring the most inspirational female figures in Science, Technology, Engineering, and Mathematics (STEM), have unveiled the shortlisted candidates for this year’s ceremony.
The event acknowledges women at every stage of their professional journey, from apprenticeships to executive levels. Celebrating its 14th anniversary, the awards highlight and applaud the tech sector’s most outstanding talents, both from the UK and internationally. These awards aim to create exemplary figures who can motivate and draw women and young girls into STEM careers, thereby narrowing the gender disparity in technology.
The technology sector, known for its innovation, continues to expand, introducing new areas and specialisations, which in turn offer more career possibilities. Valued at $1 trillion, the UK’s technology market stands as the world’s third largest, a testament to its unceasing expansion. However, women presently fill just 24% of roles in the tech industry, and recent studies indicate that nearly half of them are experiencing burnout, with 7% reporting that they have been pushed to their physical and mental limits.
Maxine Benson MBE, Co-Founder of everywoman comments:
“It is paramount that the technology industry not only attracts female talent to sustain the industry’s innovation and growth, but that this female talent is retained. Since 1999, everywoman has been supporting companies to attract, develop, retain, and advance women in business, delivering leadership development to over 200,000 women and today over 40% of all our learning content has a wellbeing related theme. Family responsibilities and health related issues play key roles in career progression; they are intrinsically linked. It is only by ensuring that female tech talent is empowered to live long, healthy lives enabling them to enjoy successful careers, that the gender gap can truly be addressed. Our partnership with Bupa will focus on gaining a deeper understanding of what more we can be doing to transform the workplace into one that enables that.”
This year, 7 women working in Scotland have been recognised for their achievements:
APPRENTICE AWARD ”“ sponsored by SSE:
- Fatima Bari, Technology Apprentice at JP Morgan Chase, from Glasgow
In 2019 she began her career journey at J.P. Morgan as a Software Development Apprentice and in 2023 she graduated with a 2:1 honors degree, stepping into a full-time role as a full stack developer. She chose a career in technology because of her love of learning and seeking out creative solutions to problems and has found endless opportunities in the field keeping her from being bored. There are so many uses of technology and she loves the ability to be able to create various solutions, helping people and addressing problems. She shares her technology ”¯enthusiasm at a variety of events, actively engaging with young people to inspire the next generation of technologists.
CYBER SECURITY AWARD ”“ sponsored by BAE Systems:
- Freha Arshad, Managing Director at Accenture, from Edinburgh
Freha leads Accenture Security’s UK&I Health & Public Service Practice as well as being responsible for the cyber team in Scotland. Freha is also a member of the Scottish Government’s National Cyber Resilience Advisory Board’, advising ministers and the national cyber resilience team on the cyber landscape for Scotland and how the government should best formulate its processes and action plans for a cyber resilient Scotland. Freha works in close collaboration with key stakeholders including the regional cyber cluster, with whom she co-founded Women in Cyber Scotland’ group.
DIGITAL STAR AWARD ”“ sponsored by Lloyds Banking Group:
- Rose Ulldemolins, Tech School Lead at Lloyds Banking Group, from Edinburgh
Since being reskilled Rose has done a variety of tech roles, from a full-stack Engineer to Engineering Community Lead and now to Tech School Lead. With her passion for I&D, Rose co-chairs a 1700 strong network called Women ConnecTech, whose aim is to improve gender diversity in the industry. This included running a program to upskill over 100 colleagues to be able to code, following the success she is now rerunning this for over 250 people.
- Suzanne Laporte, Marketing and Communications Lead at Tech She Can, from Glasgow
Suzanne is a Marketing and Communications Specialist, with more than 15 years’ experience in a range of industries, including the Third Sector, Recruitment and Financial Services. She loves connecting with audiences through the right channels, at the right time, to tell engaging stories. Suzanne’s approach is to create data-driven, insight-led campaigns that build a compelling narrative. She has led large scale product launches for Tesco Bank, driven digital adoption for NatWest and created compelling campaigns for charities.
INNOVATOR AWARD ”“ sponsored by American Express:
- Amberle Gregory, Project Manager at SSEN ”“ Transmission, from Glasgow
Amberle Gregory has a passion for technology and innovation and wants to use it to help achieve Net Zero. After six years in the British Army and tours of duty around the world, she is now a project manager at the electricity distribution network operator, SSEN. Amberle has successfully led the technical trials of a system that could help her industry reduce its carbon footprint. She is also an army reservist and champions inclusion in the workplace for ex-forces personnel.
RISING STAR AWARD ”“ sponsored by Booking.com:
- Fatima Ceesay Lopez, Software Engineer at JP Morgan Chase, from Glasgow
Fatima, a Software Engineer at JP Morgan, began her technology journey as a Tech Apprentice in 2019. Recently graduating with a first-class honours degree in Software Development, she has been a driving force in developing innovative solutions and leveraging AI and ML for process automation. Her dedication to fostering diversity, equity and inclusion has led to her being named JP Morgan’s BOLD Scotland resource group lead (Black Organization for Leadership and Development). Fatima is also a passionate advocate of tech careers for young people through her engagement with schools, colleges, and charities.
SOFTWARE ENGINEER AWARD ”“ sponsored by Discover:
- Joanna Kelly, Senior Software Engineer at Leonardo, from Edinburgh
Joanna is a Senior Software Engineer at aerospace engineering company Leonardo, where she works in a diverse team that supports an advanced radar capability. She has a long standing interest in aerospace, having studied engineering at school as well as being a member of an RAF Air Cadet Squadron in Edinburgh, before studying a degree in Computer Science and Electronics at the University of Edinburgh. At school, Joanna was one of just 10 students studying engineering and since then she has had a passion to make a contribution to increasing the diversity of the engineering community. Joanna is an active STEM committee member organising multiple events for school children of all ages across Edinburgh. These have included the EDT Gold and Bronze Industrial Cadets programme, careers talks at local schools, and a glider building activity for International Women in Engineering Day.”¯
With this year’s theme Empower. Transform. Thrive.’, the 2024 Bupa everywoman in Technology Awards ceremony and dinner will take place at The Park Plaza in London on 14 March 2024, after the annual everywoman in Technology Forum.
To book your place at the awards ceremony and find more information visit www.everywoman.com/techawards.
WIBF Seeking Passionate Volunteers to support their Student Engagement Strategy
WIBF’s Commitment to Student Involvement
Women in Banking & Finance (WIBF) has announced the launch of its ambitious Student Engagement Strategy (SES). This initiative marks a pivotal step towards building a more inclusive and diverse future in the world of finance.
The SES is more than just a program; it’s a commitment to nurturing the next generation of female financial professionals. Understanding the challenges faced by women in the sector, WIBF is dedicated to providing students with the necessary support and guidance to thrive in their careers.
A Unique Opportunity for Enthusiastic Volunteers
As part of this strategy, WIBF is calling for passionate individuals to join as SES Working Group Members. This is a fantastic opportunity for those who wish to make a tangible impact in the finance industry and be a part of a forward-thinking initiative. The roles are open for volunteers across various regions including Scotland, the North and North East, Midlands, and the South, including London.
The Role: A Blend of Innovation and Outreach
Selected volunteers will be instrumental in shaping the strategy. Their role involves event planning, student and university outreach, and contributing to the SES’s monthly student newsletter. This is a chance to not only grow professionally but also to help mold the future of aspiring finance professionals.
Volunteers will act as ambassadors for WIBF, promoting the SES both internally and externally, and building relationships that will forge the future of women in finance.
Key Skills and Experience Sought
Ideal candidates are those with a flair for event management, strong communication skills, and an ability to build and maintain relationships. A commitment to teamwork and a results-oriented mindset are essential.
The roles are voluntary and require a commitment of at least four hours per week over a two-year term. Interested individuals are invited to apply by sending their CV and a cover letter, outlining their motivation and relevant skills, to Lizzy Merrall (lizzy.merrall@wibf.org.uk) and Andriana Stampoli (andriana.stampoli@wibf.org.uk) at WIBF. The deadline for applications is midnight on Monday 5th February 2024.
Photo by ThisIsEngineering: https://www.pexels.com/photo/woman-in-black-tank-top-3861962/
Ionburst selected as one of the top 40 Fintechs globally to join IBM Fintech Fast Pass
Imagine,
..having power to control the security, resilience and compliance of your data in one place.
Wherever it is in the world. On premises, in (multi-) Cloud, or at the Edge.
You know:
- where it’s stored
- how it’s protected
- that it complies with regulations everywhere
”¦and you’ve cut your data exposure and costs by half
Meet Ionburst.
Research proves moving data into Cloud is difficult.
For sectors like financial services, healthcare and defence, that rely on keeping data secure and compliant, it’s a nightmare.
I was International Treasury Director for BlackRock, and I know no solution existed before now and that’s why I’m so passionate about Ionburst.
I’m not alone:
We’re delighted IBM has selected Ionburst as a top 40 fintech globally recognising we uniquely solves critical pain points others can’t.
It’s great recognition for our Scottish Fintech and cybersecurity ecosystems. We learned of this great opportunity from Fintech Scotland’s Opportunities Digest ”“ so a big thank you to all the team!!
So, what is the IBM Fintech Fast Pass and what does it mean for us, for IBM and for IBM Customers?
IBM and IBM Customers
IBM launched their Fintech Fast Pass programme to give their FS customers access to innovation, at their customers’ request.
To support this, IBM has put together a package of measures ranging from engineering support and credits through to introductions to key FS customers, culminating in a showcase annual summit.
IBM also provides marketing and PR support, co-selling and joint Go-to-market opportunities.
In short, a fantastic opportunity!!
We’ve already deployed on IBM, demonstrated Ionburst to their team and are planning next steps ”“ so watch this space!!
Who knows, we may be relevant to our Scottish FS giants!
Meanwhile, we’ll keep our eyes firmly glued to Fintech Scotland’s Opportunities Digest to learn of other opportunities as they arise.
FCA TechSprint 2024 ”“ A Catalyst for Inclusive Financial Technology
Embracing Innovation for Financial Inclusion: FCA’s TechSprint Initiative
The Financial Conduct Authority (FCA) has launched a new TechSprint focussing on the topic of Financial Inclusion. The application period will run from the 19th of January until the 13th of February. The cohort- based sprint will then run from 7th March to 30th May 2024. This initiative is aimed at leveraging technological solutions to foster financial inclusion, a critical step towards a more equitable financial landscape.
A Virtual Journey Culminating in Glasgow
The three-month TechSprint will be conducted virtually, allowing widespread participation and collaboration. The event will culminate in an in-person showcase on 30 May 2024 in Glasgow, Scotland, offering a platform for participants to present their innovative solutions.
The FinTech Scotland Research & Innovation Roadmap identified that with advances in new data sources and emerging technology capabilities being developed by Academia and innovative SMEs within the sector Scotland has the history, the experience and the capabilities to take a leading role on the development and acceleration of solutions and widening access to inclusive products and services. Companies like Inicio, InBest, Amiqus and ClearScore are great examples of leading innovative fintechs spearheading the use of data and technology to support financial inclusion.
Glasgow is also home to the Financial Regulation Innovation Lab (FRIL) which launched in December 2023. The FRIL project is funded by the Glasgow City Region (GCR) Innovation Accelerator programme led by Innovate UK on behalf of UK Research and Innovation. The GCR accelerator supports the UK Government’s levelling-up agenda which at its foundation supports sustainable and inclusive economic growth across all the nations and regions. An inclusive banking and financial sector is integral to achieving this. This Techprint is designed to tackle challenges spanning not only access to financial services but also issues encountered throughout the consumer journey.
Tackling Key Problem Statements
The TechSprint is structured around three fundamental problem statements:
- What technological solutions can help to increase the probability of consumers being accepted when they apply for everyday financial services, such as basic bank accounts, credit or insurance products?
- What technological solutions can help to deliver positive outcomes for consumers when a firm declines their application for a product, or when at a subsequent point in the consumer journey they become excluded because the product is no longer suitable for their needs?”¯
- How can technology, including AI, be deployed to ensure that firms deliver good outcomes across the board to groups of consumers who have been excluded or not well-served in the past, particularly in retail banking, payments, credit and insurance?
Leveraging the FCA Digital Sandbox
The FCA’s unique digital sandbox will be a central resource in the TechSprint, offering access to both real and synthetic data. Participants are encouraged to bring their data or explore other data sources to fuel their innovative solutions.
Building Diverse and Dynamic Teams
Participants in the TechSprint will form diverse teams including visionaries, challengers, and thinkers, ensuring a breadth of perspectives and ideas. These diverse teams are expected to bring their unique personalities and approaches to the table, fostering creativity and innovation.
The TechSprint will encourage collaboration among a diverse range of industry participants and stakeholders. Teams are encouraged to engage in collaborative discussions and sessions throughout the event. The focus is not just on competition but on collective innovation and knowledge sharing.
A period of heightened focus
The TechSprint will contribute to a wider programme across Scotland focused on financial inclusion. FinTech Scotland, Financial Inclusion Scotland, Scottish Financial Enterprise, and Smart Data Foundry are all working in collaboration with industry, regulators and government on a range of initiatives all focused on driving financial inclusion, for people, and businesses. There are a number of initiatives under way for 2024 that create the opportunities to collaborate and drive action on this important agenda.
Solutions will be multifaceted and will require a large degree of public and private sector collaboration. FinTech Scotland’s cluster management approach brings together consumer groups, academia, the financial services sector, technology innovators, data experts, regulators and government and fosters the right environment for collaborative problem solving.
Getting Involved in the Tech Sprint
Interested parties are invited to apply for participation or mentorship in the TechSprint. Applicants are asked to provide detailed information about their experience, data sets, additional resources, and expertise. The FCA stresses the importance of diversity in applications, reflecting its commitment to inclusivity.
Further information on how to get involved, deeper dives into the use case statements and frequently asked questions as well as a detailed participation pack can be found here
Please include a point that the sprint opens for applications on 19th of January – running until the 13th of February.
Scottish Fintech Snugg Secures Nearly £2 Million for Pioneering Green Home Hub
Edinburgh-based fintech company Snugg has been awarded nearly £2 million in funding from the UK Government for the development of its innovative Green Home Hub (GHH). This significant investment, part of the UK Government’s Department for Energy Security & Net Zero initiative, will aim to promote energy-efficient homes across the UK.
Understanding the Green Home Hub
The GHH will be a user-friendly digital platform that bridges the gap between homeowners, financial institutions, and energy providers. Its primary function is to guide users towards creating more energy-efficient homes through personalised retrofit recommendations and green financing options. The platform addresses common challenges such as complexity, high costs, and the lack of reliable green finance solutions, thereby simplifying the decision-making process for homeowners.
Collaboration with Perenna and Scroll Finance
Snugg will be collaborating with finance giants Perenna and Scroll Finance to bring this vision to life. Perenna Bank is integrating its long-term fixed-rate mortgage products into the GHH, while Scroll Finance is introducing its innovative Green Shared Equity Mortgage. These collaborations are set to provide homeowners with diverse and accessible financial support options for their green home improvements.
Impact on Homeowners and the Environment
The launch of the GHH is a game-changer for homeowners seeking to improve their property’s energy efficiency. It offers a tailored user experience, providing cost and savings analysis for various installations, and access to financial support like grants and innovative financial products. Additionally, the GHH facilitates progress tracking, monitoring energy, and carbon emissions reductions in real-time post-installation.
Industry and Governmental Support
The project is supported by industry leaders. Robin Peters, CEO of Snugg, highlighted the benefits for homeowners, banks, and the environment, emphasising the reduced energy demand and improved air quality as more homes undergo energy-efficient retrofitting. Arjan Verbeek, CEO at Perenna Bank, and Ashish Kashyap, CEO and Founder at Scroll Finance, both expressed excitement about their collaboration with Snugg, insisting on the importance of cross-industry collaboration for large-scale retrofitting in the UK.
A Step Towards Net Zero
The development of the GHH aligns with Snugg’s commitment to supporting the UK’s journey towards Net Zero by 2050. With changing government policies and a growing emphasis on sustainable living, innovations like the GHH are increasingly vital. The platform not only makes green living more accessible but also propels the UK forward in its environmental goals.
Encompass Corporation acquires CoorpID and Blacksmith KYC from ING to revolutionise Corporate Digital Identity
Encompass Corporation, a fintech in the Scottish fintech community and a leading global provider of real-time digital Know Your Customer (KYC), has announced the acquisition of CoorpID and Blacksmith KYC from ING. This strategic move aims to develop a market-leading Corporate Digital Identity (CDI) platform, addressing a crucial challenge in the financial sector.
Transforming KYC Outreach with CoorpID
Originating in 2018 from ING Labs, CoorpID was a response to the intricate KYC challenges faced by ING and the broader market. It helps global banks in automating outreach and collecting private KYC data directly from corporate banking clients. Providing a centralised repository, CoorpID is being used by over 500 multinationals across Europe, streamlining the management and sharing of KYC company documents.
By integrating CoorpID, Encompass will create a comprehensive KYC profile that merges authoritative public information with private data from clients. This innovation introduces a complete CDI to financial institutions, offering a unified source of truth and enhanced visibility into risk. It also ensures a more efficient, compliant, and seamless experience.
Enhancing KYC Processes with Blacksmith KYC
Established in 2017 as part of ING Labs Singapore, Blacksmith KYC focuses on improving KYC processes for the financial industry. It allows banks to customise their Customer Due Diligence (CDD) requirements within a Digital Policy Manager, streamlining data collection and enhancing efficiency, evidenced by up to 50% efficiency savings.
Integrating Blacksmith KYC with Encompass will empower banks to convert manual KYC policies into automated processes, providing valuable risk insights and better monitoring of Financial Economic Crime (FEC) risks.
Creating a Unified Corporate Digital Identity Platform
This acquisition is an important milestone for Encompass, aligning with its vision since its inception in 2011. By acquiring 100% of CoorpID and Blacksmith, Encompass will to transform the KYC industry. ING will not only be a stakeholder but also a development partner in this endeavor.
The emerging CDI sector, essential in the KYC ecosystem, will now complement Client Lifecycle Management (CLM) technology, enhancing the overall customer journey. With ING committing to use the platform in the coming years, Encompass is on its way to become the premier CDI platform globally.
Wayne Johnson, co-founder and CEO, Encompass Corporation, said:
“Today is a momentous occasion for our business, and one I could not be prouder to see.
“ING’s commitment to supporting and fuelling KYC excellence has led to the successful journeys of CoorpID and Blacksmith KYC. The combination of the technology and market expertise brought by these two businesses is the perfect match for Encompass.
“CDI is the future of our industry, solving critical problems for the banks we serve, and these acquisitions represent a huge step forward in bringing our vision, which will transform KYC, to life. I could not be more excited as we embark on this next phase and fully believe in what we collectively bring, with much more on the horizon.”
Ivar Lammers, Global Head of Financial Crime Wholesale Banking at ING, said:
“I am very proud of the sale of our KYC innovations that have reached the time for the next chapter of their journeys.
“Encompass, CoorpID and Blacksmith have been established with the customer at heart, which connects them and has been their recipe for success. Together they will continue to provide a first-class customer experience, with smart, tailored offerings that address the needs and challenges of our clients and industry, now and in the future.
“I have no doubt Encompass is the ideal partner to take our foundations to the next level.”
Employment by Fintech enterprises grows by 24% over two years as FinTech Scotland reaches its sixth anniversary
Scotland’s fintech cluster has seen a 24% increase in jobs within fintech as FinTech Scotland, the cluster management organisation, celebrates its sixth anniversary.
Delivering on Scotland’s ambition to significantly increase fintech-related jobs, the 24% increase is driven by several components, including an increased number of fintech SMEs, a growing maturity across this community with more achieving growth, and a continued number of international businesses settling in Scotland.
FinTech Scotland also reports an increase in enterprises scaling through collaboration with large financial institutions. Fintech innovation labs are playing a key role, creating the environments that enable product development to thrive and support partnerships to develop.
These innovation labs, launched with institutions such as Lloyds Banking Group, TSB and Phoenix, are providing positive outcomes for customers through collaborative fintech partnerships. Examples include: Snugg and TSB enabling TSB’s customers to improve their home energy efficiency; Behavioural Finance and the Phoenix Group supporting better retirement outcomes for consumers; and GoCodeGreen teaming up with Lloyds Banking Group around digital sustainability.
The thriving fintech SME community and the vibrant fintech cluster has made Scotland a major destination for companies worldwide and continues to position Scotland as a global opportunity for innovation. 38 international fintechs have included Scotland in their development plans, including AccessFintech, Clearwater Analytics, Two Hands, and Mail Metrics.
FinTech Scotland has further plans in 2024 to support fintech SMEs to scale, maintaining a focus on investment, international connection, and impactful collaborative partnerships.
Nicola Anderson, CEO of FinTech Scotland, said:
“As we mark FinTech Scotland’s sixth anniversary, we’re focused on building on the strong foundations that are enabling Scotland to continue to realise its fintech potential. Seeing the increase in SMEs and the growth in jobs is a testament to the fintech businesses and the commitment from all involved in the FinTech Scotland Cluster. It spurs us on as we look to the year ahead and continue to focus on growth, the fintech community, and supporting Scotland to achieve its ambition as global fintech leader.”
Jane Martin, Managing Director of Innovation and Investment at Scottish Enterprise, said:
“The 24% increase in jobs in the fintech cluster reflects Scotland’s commitment to nurturing an environment where technological and financial innovation can thrive. The growth in employment is a clear indicator of our country’s attractiveness to global fintech companies, driven by our rich talent pool, academic excellence and well-established strengths of our financial services sector. We look forward to working with FinTech Scotland and the wider sector to see even more companies coming through, achieving scale and creating new jobs over the years to come.”
Jackie Leiper, Chief Customer & Distribution Officer, Insurance, Pensions & Investments at Lloyds Banking Group, and CEO of Embark said:
“Over the past three years through our Launch Innovation Lab we have worked with over 30 fintech firms, supporting their product development, generating new products for our customers, clients and colleagues whilst tackling some very important challenges around climate, cost-of living and financial inclusion. A growing fintech sector benefits the whole industry, supporting talent development and attraction, driving innovation, and enabling purpose-led collaboration with good outcomes for business and consumers. The Launch Innovation Lab will continue to grow, and we will continue to work in close collaboration with FinTech Scotland to build on our success to date and create more opportunities to engage fintech businesses in 2024.”
Pardeep Cassells, global head of buy-side customer experience at AccessFintech, said:
“The growth we’re seeing shows how fintech companies like AccessFintech can have an impact on Scotland’s economy. It echoes what we are experiencing within our organisation. In the past three years, we’ve grown the number of full-time colleagues from zero to 24 and will continue to grow in 2024. Our company started in the US and Glasgow has been a great second home for us as well as a great platform to support our growth thanks to a very collaborative environment and the great work by universities to provide a pipeline of new talents.”
Aruna Bhalla, Head of Partnerships and Open Banking at TSB, said:
“With TSB’s strong roots in Scotland, we’re delighted to partner with Scottish fintechs like Snugg to help us deliver Money Confidence to our customers. We’ll continue to play our part by working with fintechs to develop partnerships that will help our customers better manage their finances and make more of their money.”
Robin Peters, Co-founder and CEO at Snugg, said:
“At the heart of Scotland’s fintech cluster’s success is the collaboration mindset. Thanks to our new partnership with TSB, secured through their innovation lab, we’ve been able to accelerate our growth plan and develop our team further. Now on our scaling-up journey, we’re excited to see FinTech Scotland’s plan to provide many more collaboration opportunities, helping us move to the next stage of our growth.”
AI in Scotland’s Workplaces: Navigating the Shift
A Surge in AI Adoption
Scotland is witnessing a significant shift towards embracing Artificial Intelligence (AI) in the workplace. Recent research by Hays reveals a notable increase in AI utilisation: from 26% to 32% in just six months. This uptrend is not just among organisations but also individual workers, with 19% now incorporating AI tools into their roles.
Employer Expectations and Future Outlook
Interestingly, 59% of employers anticipate allowing AI usage in the workplace but plan to monitor it closely. On the other hand, a smaller fraction, about 20%, expect to ban AI usage. This divergence in approach reflects the evolving landscape of AI in the professional sphere.
The Scottish State of Play
The research, encompassing feedback from nearly 15,000 employers and professionals, including 886 from Scotland, underscores a growing trend of AI adoption. Despite this, a significant majority of Scottish professionals (80%) have not integrated AI into their current roles.
Justin Black, Business Director at Hays, highlights mixed attitudes towards AI in the workplace. While a modest 21% view AI’s impact on their jobs positively, a declining number, now at 6%, see it negatively. Interestingly, some Scottish organisations have already prohibited AI usage.
Challenges and Opportunities
Black points out several hurdles in AI adoption, including GDPR concerns and skepticism about AI reliability. Additionally, the rapid surge in AI demand has outpaced the growth in relevant skills, leading to notable skill shortages. However, there’s a silver lining: the extreme skills shortage in AI among employers has decreased from 48% to 36% in the last six months.
The Skills Gap and Employer Role
The study also reveals a decrease in professionals who believe they lack the right skills for AI, dropping from 29% to 26%. However, Black emphasises that employers still need to do more in supporting staff upskilling for effective AI usage. This includes clear communication about AI’s role and monitoring in the workplace.
For more insights, visit Hays Technology.