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Being a female fintech leader in 2024

As we celebrate International Women’s Day we spoke to 2 female leaders from 2 successful Scottish fintechs. We got their thoughts, opinions and hopes for the future. Recognising progress around inclusion and diversity, their responsibilities in becoming role model, they also offer their thoughts on what the next steps towards a more inclusive sector need to be.

 

Pardeep Cassells – Global Head of Buyside Client Experience at AccessFintech

As a Scottish woman and second-generation immigrant of Indian heritage, I am proud to be an example of intersectionality this International Women’s Day.

Forging a path in the unquestionably male-dominated fintech sector, I am very fortunate to be working for a company where the leadership team advocate for, and support, women in the sector. Knowing that I’m part of a team with higher-than-average female representation – and that the representation covers all role types – is something in which I take great pride.

Having followed a route from investment operations through to financial technology, I’ve had the privilege to be supported by many men and women who ensured my voice was heard and recognised my input whilst giving time and energy without question or condescension.

From the first ”“ mostly male – senior leaders I worked with, who never overlooked the efforts of a vocal and determined young woman, to those who helped me evolve into someone a little more polished and encouraged me as I took what felt like a scary step into the world of fintech, I felt the support of a village around me.

When specifically considering female role models, my mind never hesitates to recall my first Head of Department in Dundee, who came through the ranks in a far less diverse world but carved her own inspiring path, both personally and professionally. However, I now more clearly see that while senior role models and their backing have been key to my progression, the input of my female peers and those less experienced has been just as crucial.

Receiving support not just from those who came ahead of me but from women of my own generation during my time working in fintech has motived me in many ways. Experiencing this support and camaraderie, not just within my own organisation but from colleagues across other fintechs, banks and investment operations firms, has been transformative.

I am, through all of this, keenly aware that I have a platform; that my platform should be used to open the door for others and to put as much energy as I can muster into lifting up the women around me and the next generation to come, whilst encouraging them to do the same for each other.

This is how the world will change.

This ripple effect of reciprocal support, of creating networks where each voice ”“ regardless of gender or ethnicity ”“ is heard and every person encouraged to achieve their potential in their own way is something that I see daily, and I am incredibly excited by this momentum.

 

Julia Salmond – Founder and CEO at CienDos

In the rapidly evolving landscape of fintech, the need for a more diverse workforce is becoming increasingly significant, and Emotional Intelligence (EQ) is now viewed as a critical asset. As a mid-career professional who has worked across a number of sectors, I have witnessed firsthand the unique skills females can bring to fast-paced, innovative, and scaling businesses, and I have also experienced a number of challenges female leaders face.

My journey into fintech has been an interesting one.  Starting out in big corporate’, initially as a consultant before moving into corporate banking, I gained an insight into the intricacies of regulatory compliance and the importance of leveraging technology. More importantly, I was fortunate to be influenced by a number of female role-models, who were pivotal in shaping my early career trajectory.  These women taught me about the importance of balancing logic and critical thinking with emotional awareness, how to develop my personal brand’ and build a voice of authority in an historically male-dominated sector.

I took the leap from big corporate into the start-up world about a decade ago and, suddenly, I was the one in the position of influence. Although certainly not limited to women, high emotional intelligence is a trait I have seen in many of my female mentors, and it is something I have focussed on while developing my leadership style. I am not afraid of sharing my strengths, blind spots, and vulnerabilities ”“ and I encourage my team to do the same. Creating a team culture, where everybody is trusted to take ownership, develops a strong shared vision – a critical component in the success of that first venture ”“ rapidly scaling and exiting to a global media and data business.

As I continue to scale my new venture, CienDos, I am excited about playing a small part in developing the next generation of strong female leaders ”“ a critical ingredient in the recipe for any successful fintech.

An interview with Rachel Curtis, CEO at Inicio.ai, on Morgan Stanley’s Inclusive Ventures Lab. 

We met with CEO and Co-founder of Scottish fintech Inicio.ai, Rachel Curtis, who was one of the 23 companies from North America, Europe, the Middle East, and Africa selected by Morgan Stanley to go through their Inclusive Ventures Lab, an accelerator to help tech and tech-enabled startups develop and scale their companies, and to advance a more equitable investment landscape. To get there, Rachel had previously won the Scottish pitching event.

With the Inclusive Ventures Lab 2024 now open for applications we wanted to know more about Rachel’s experience of the programme and the impact it had on her business.

Rachel, could you introduce yourself and Inicio.ai?

Of course, I’m the CEO of Inicio.ai, a fintech for good focussed on helping vulnerable people get out of debt.

We have built a solution that removes a key barrier for those struggling with debt ”“ it uses cutting edge conversational AI to guide consumers through a self-serve affordability assessment. The solution also has huge benefits for organisations as we deliver a more consistent and efficient process, which captures deeper and better-quality data, whilst saving them up to 90% of their agent costs.

How did you first hear about the Morgan Stanley Inclusive Ventures Lab?

We are part of the FinTech Scotland community and Morgan Stanley are one of FinTech Scotland’s strategic partners. FinTech Scotland contacted us directly to make us aware of this opportunity as they thought we would be a good fit for the Lab.

What’s interesting is that if I’d just seen information on the Lab elsewhere, I would probably have disregarded it as my first thought would have been that we were too small for a giant like Morgan Stanley. However, thanks to this warm introduction from FinTech Scotland we decided to apply.

What other attributes of the programme did you find interesting?

It was a combination of a few things. Of course, the prospect of securing a £250,000 investment was a key driver, but the overall programme looked fantastic with an incredible level of support offered to participants.

At the time we had just gone through the University of Edinburgh’s AI accelerator and the experience had been really positive. Therefore, we thought that continuing with Morgan Stanley’s Inclusive Venture Lab made a lot of sense.

 

Can you tell us more about the Inclusive Ventures Lab?

After winning the Scottish pitch event, we then successfully made it through the Investment Committee screening and a due diligence phase to secure our place.

On the first day of the lab we came together as an EMEA cohort in London at Canary Wharf and were welcomed with our pictures on the TV screens in the lobby and even in the elevators.  They made us feel like movie stars! We were taken to the 11th floor Boardroom where we joined via video with the North America cohort.

During the lab we were given office space on the 10th floor which really helped us punch above our weight, giving us credibility when inviting investors or potential clients to visit us.

When the Lab concluded at the start of February 2024, after 5 intensive months, I had the privilege to attend the Final Demo Day and pitch in front of hundreds of global investors from across the US and EMEA. After the pitching day I even got displayed on the Nasdaq Tower in Times Square, New York. When we shared this on LinkedIn, we got 10 times more responses than any other previous posts. This created a lot of brand awareness for us and gave us fuel for our business.

On a practical level, the support we received was unparalleled. We were given a dedicated team that helped us with information sourcing, presentations, pitching preparation and more. They became a part of the Inicio team and we were supercharged overnight! We also met with our Entrepreneur in Residence every week and they had such broad experience it meant we could cover all aspects of the business in detail.

On top of this I received a lot of coaching around sales, pitching, go to market strategies, investment readiness and more. I was also allocated a Morgan Stanley Managing Director as a mentor, which really demonstrates how committed the company is to the Lab programme.

We were even given free sessions with a top law firm which is not something we could have afforded ourselves.

How was the Inclusive Ventures Lab different from other accelerators you had come across?

The Inclusive Ventures Lab is a pure accelerator in that Morgan Stanley were not looking for a solution for their business but instead were focussed on our success as an investor.

They were very involved to the point that it felt that we had more than doubled the number of Inicio colleagues overnight. The Lab team even helped us rethink our brand and identity and whilst the programme is now over, the team is still helping us with our website redesign and other tasks ”“ they continue to support even after the 5 months.

Finally, Morgan Stanley was really committed to inclusion and diversity and it was fantastic to work alongside the other 22 entrepreneurs who all came from different backgrounds and different countries.

Could you describe your experience?

I felt hugely supported. Sometimes, being a CEO can be lonely. I have an amazing and very supportive board of directors but it’s obviously not possible for them to be involved in every detail of the daily running of the business, nor should they. The Morgan Stanley team was involved 24/7 to help move things at pace and offered the extra help we needed to accelerate our growth.

The programme was intense and soul searching as it made me rethink so much. They didn’t pull any punches and gave me raw feedback which is what entrepreneurs need to ensure success, but they did it in a super supportive way.

Overall, I feel a lot more confident and better at making fast decisions. Prior to joining the Lab, I felt much weaker in investor pitches. There’s been a real shift now and I have confidence that my business is valuable and I find myself asking more of the questions during pitches as I want the right investors for my company.

What has the impact of going through this programme been for Inicio?

This has helped us secure investment and sales which has been a real boost for Inicio. This comes from being able to articulate our proposition much more clearly. I hadn’t realised how complex my business could sound before but the coaching I received helped me to understand how to focus our story for the relevant audience.

Going through the Inclusive Ventures Lab has fast tracked our businesses by years and we’re now seen as so much more credible which has enabled us to open new doors.

Why do you think diversity is important when it comes to financial innovation?

I believe it allows for more diverse thinking and a fresh perspective. I think some of the biggest leaps in innovation are driven by the edge case experiences of those in the minority where there are more challenges. There is much less creativity in the average middle ground and the innovation that comes from solving struggles in the edge cases can then be applied to the whole market so all benefit.

To finish and now you completed the program, what advice would you give to other budding diverse entrepreneurs who might be considering applying to the 2024 Morgan Stanley Inclusive Ventures Lab 2024?

 My advice to anyone thinking about applying is first, ensure you can give it your full commitment in terms of time and effort so that you are able to get the most out of what is an amazing opportunity, and second ”¦ DO IT, DO IT, DO IT!!!

The Art of Problem-Solving: Insights from a New Type of Innovation Call

“Fall in love with the problem you’re trying to solve”, that’s Kent Mackenzie’s mantra when it comes to innovation challenges. As leader of Deloitte’s Digital Compliance business, Kent has spent the past 12 years observing innovation calls of all different types, whether they are directly pointed towards a particular financial services organisation, regtech provider or academia. While many of these have come up with some quite good solutions, Kent observes that they can major quite heavily from one perspective.

What intrigues Kent at the moment, however, is an exciting new type of innovation call that is being issued from FinTech Scotland and leading financial services firms, in conjunction with Deloitte. Spearheaded by the newly established Financial Regulation Innovation Lab, the first in a series of industry-led innovation calls will focus on ‘Simplifying Compliance through the Application of AI and Emerging Technologies’.

With a passion for FinTech, data and advanced analytics, Kent has worked with local, national and international clients to develop tech and data solutions to manage financial crime, regulatory compliance, credit risk, and collections & recoveries. We thought he would be the ideal person to answer our questions and provide us with more detail about the inaugural innovation call”¦

Q: How can industry-wide innovation calls in general, such as the one led by the Financial Regulation Innovation Lab, contribute to accelerating positive change in financial services?

A: I think for me, the breadth and ambition of this series of innovation calls is what will stand out quite markedly. The wonder of these innovation challenges is the involvement of a very broad community of participants, from large financial institutions and fintech providers, to academia and regulators. What I’m looking forward to the most is having the richness that comes through from that breadth of community, because not only will we be able to understand the problem through a number of different lenses, but we can then go on to solve that problem with a number of different answers and potential solutions.

Q: How does the Lab’s unique environment for collaboration support financial services firms in innovating to meet their regulatory obligations. And what makes this initiative groundbreaking in that context?

A: I think there are a number of different components. Firstly, the Lab will provide us the opportunity to really focus on a particular use case. There have been some innovation calls in the past in which fintechs and regtechs have missed the point of the question and end up coming up with solutions that don’t solve the original problem. What is innovative about the Lab is that it allows us to bring in a range of perspectives from the people that are feeling the impact of this particular problem.

Secondly, this breadth of participants will be able to forensically examine every single element of a potential solution: from the established, to the groundbreaking, to the “way-out-there” considerations – these are all valid when you come to solve a complicated and gnarly problem like this. Lastly, once the Lab has gained an intimate understanding of how it is going to solve the problem, we can focus on the perspective from regulators, academics and end-users who will all try to ensure the solution will actually work in the context of the real world. I truly expect the Lab to be a real petri dish of experience, in the way that it will forensically deconstruct a problem, build up a solution, and then challenge from a number of different angles to ensure it is market-ready.

Q: The Lab’s inaugural innovation call is focusing on ‘Simplifying Compliance through the Application of AI and Emerging Technologies’. How will simplifying compliance processes accelerate positive change, and why is this particularly important now?

A: Ultimately, financial services companies are trying to do a number of things: to achieve better outcomes for consumers; to access people who might have previously been financially excluded with products and services; and to provide the best rates and offerings to clients. But in order to achieve all these things, a deep understanding of the underpinning regulations of these offerings is compulsory.

The current challenge for organisations is the time it takes between understanding the regulation, and then bringing products and services to market. The use of technology, however, can rapidly accelerate this understanding so that new products and services can be created with much more expedience. In addition, a beneficial byproduct of using technology is that it also promotes transparency on how a product has been shaped around a particular regulation decision, the communication of which is crucial to consumers, compliance departments and regulators.

Q: From Deloitte’s perspective, how does the innovation challenge contribute to building confidence in the adoption of AI and other technologies within the financial services sector, particularly in meeting global regulatory requirements?

A: When adopting AI, particularly in meeting global regulatory requirements, there can at times be a “black box” type feeling. Typically, the extraction and translation of regulatory obligations can be a highly nuanced affair due to the different risk appetites of organisations and the final definition of what constitutes an obligation. Because of this nuance, I don’t expect AI can solve the entirety of absolute extraction of appropriate obligations. But I do expect us to solve a lot of the problem in the right way, and in doing so then build confidence around how AI can play in this space. As we explore all the angles, facets, challenges and concerns, by unpacking and then restacking them, this will give us confidence that actually AI is capable of doing either all of this job, some of this job, or parts of this job.

Q: How do you see these Innovation Calls contributing to maintaining and growing Scotland and the UK’s position as a global leader in financial services regulatory innovation?

A: The net effect of these innovation calls across all of these groups is positive. For Deloitte itself, it will accelerate and advance our understanding of how our clients are thinking about this. For fintechs, it will also advance the intimate understanding and knowledge of the problem that their tech is trying to solve so they can better shape their offerings and propositions. Both large financial services organisations and consumers alike will have their eyes opened to the art of the possible, either in today’s world or the future. And for academia, it will ping their synapses on every level to further examine possible points of contention or unresolved issues. So for each of the stakeholders involved in these calls, it’s going to give them oxygen for their own individual pursuit.

I am also really intrigued about the role of the regulator during these innovation calls. I am quite looking forward to having the contribution from the regulator – in the room with a ringside seat – on where they stand on quite how far technology could and should take us.

Essentially, I think this new type of innovation call stands to help each of the stakeholders fall in love with the problem, construct solutions, and examine how they can be applied as live use cases.

Fintechs and other teams of innovators are invited to join the Financial Regulation Innovation Lab’s innovation call challenge, ‘Simplifying Compliance through the Application of AI and Emerging Technologies’.  Applications are closing 3rd March.  To find out more click here.

Sarah Kocianski Announced As New CEO for FinTech Wales

Sarah Kocianski is set to become the Chief Executive Officer of FinTech Wales starting 1 March 2024, marking a significant chapter in the narrative of the independent membership organisation dedicated to fostering the fintech and financial services sectors in Wales. With a rich history of over ten years in the fintech and insurtech arenas, Kocianski brings a wealth of experience from her engagements with global firms and startups spanning the financial spectrum, including eminent banks, insurers, healthtech companies, and retail businesses.

Her journey also encompasses contributions to several fintech associations such as Qorus, and her role on the committee of WVC:E, focusing on promoting equity within the venture capital space to the advantage of both investors and entrepreneurs. Before assuming her new role, Kocianski used her strategic insight at Founders Factory, aiding financial service partners like Aviva in finessing their fintech investment approaches, and led the Competitor Strategy at 11:FS, a pioneering consultancy providing benchmarking, research, and advisory services globally to a diverse clientele including banks, insurance companies, government bodies, regulatory agencies, and startups.

Upon her appointment, Kocianski expressed her enthusiasm for leading FinTech Wales, emphasising her intent to leverage her extensive background to bolster the fintech ecosystem in Wales. She highlighted the challenges of establishing and scaling a fintech venture, especially in securing funding and crafting investment strategies, and voiced her eagerness to augment the already vibrant Welsh fintech scene, known for its innovation and talent. Kocianski’s vision is to elevate Wales’ status as a fintech hub of international repute, driven by the region’s abundant resources, and the inherent drive and passion of its fintech community.

Sarah Williams-Gardener, who passes on the CEO mantle to become the new Chair of FinTech Wales, praised Kocianski’s appointment, citing her deep-seated industry knowledge and commitment to fintech as pivotal to the organisation’s future success. Williams-Gardener’s endorsement underscores a seamless transition aimed at further nurturing and expanding the Welsh fintech ecosystem.

Since its inception in April 2019, FinTech Wales has been instrumental in providing support to its member network, advocating on their behalf to key political and financial influencers, and striving to create a fertile environment that not only retains existing fintech entities but also attracts new ventures to Wales. The organisation’s mission to establish Wales as a centre of fintech excellence is underpinned by a strategic four-year plan focusing on enhancing skills and talent, fostering community and ecosystem development, amplifying funding and investment opportunities, and promoting Wales as an ideal location for fintech and financial organisations.

This mission received a significant boost with a five-year, £1.6 million investment from Cardiff Capital Region (CCR) in June 2022, reinforcing a collaborative effort to position Wales at the forefront of the UK’s fintech sector. For further details about FinTech Wales and its initiatives, visit their website at www.fintechwales.org.

Scottish Friendly and FinTech Scotland join forces to help boost innovation in the financial mutual sector

Leading financial mutual Scottish Friendly has announced a strategic partnership with FinTech Scotland, highlighting the growing significance of further developing and improving fintech innovation across all financial services sectors, including life, savings, and investments.

By joining forces with FinTech Scotland, Scottish Friendly positions itself at the forefront of the fintech revolution, signalling a commitment to innovation and customer-centric financial solutions.

The partnership will provide Scottish Friendly with deep insights into cutting-edge fintech areas such as open finance data and regulatory technology (regtech), which are crucial for the evolution of savings and investment strategies.

Scottish Friendly will actively participate in FinTech Scotland’s research and innovation roadmap, contributing to the shaping of the industry’s future. Their involvement is aimed at streamlining the life, savings and investment process, leveraging technology to make it as effortless and accessible as possible for consumers.

Alexander Manas, Commercial Director at Scottish Friendly, said:

“We are dedicated to helping individuals and their families achieve the best possible financial outcomes through affordable, high-quality products and exceptional customer service. We are therefore delighted to partner with FinTech Scotland in our efforts to continuously deliver better outcomes for our customers through technology and innovation.”

Nicola Anderson, CEO at FinTech Scotland said:

“We are delighted to welcome Scottish Friendly to the FinTech Scotland cluster to embrace fintech innovation through strategic partnership. This partnership is a testament to our inclusive approach, aiming to revolutionise financial services by leveraging collective expertise. Scottish Friendly’s objectives align perfectly with our mission to drive impactful changes in the sector.”

 

Leadership Transition at Alba Bank

Scottish fintech Alba Bank, headquartered in Glasgow, announced an important change in its leadership with Rod Ashley stepping down. This marks the beginning of a new chapter for Alba Bank, an company that has grown and evolved significantly under Ashley’s stewardship.

 

Welcoming New Leadership

Stepping into the role of acting CEO is Jonathan Thompson, who brings a wealth of experience from the start-up and SME banking sectors. Thompson’s appointment signals Alba Bank’s continued commitment to innovation and growth, particularly in areas critical to the future of banking. His expertise and vision are expected to lead Alba Bank through its forthcoming critical phase, steering the institution towards new opportunities and challenges.

Joining Thompson in leading the bank into its new era is Dominic Wade, the newly appointed Chief Financial Officer. Wade, who transitions from Unity Trust Bank where he served in the same capacity, brings a deep understanding of the financial intricacies facing today’s banks. His experience and strategic insight will undoubtedly be invaluable as Alba Bank continues to evolve and adapt in a rapidly changing financial environment.

Forward Momentum

Rod Ashley said: ”

“I have enjoyed every moment of leading Alba from the early days but now is the right time to step aside”

His sentiments were echoed by Alba’s Chair, Robert Sharpe, who thanked Ashley for his years of dedicated service and wished him the best in his future endeavors.

Jonathan Thompson, the acting CEO, expressed his enthusiasm for the challenges ahead, stating,

“I am delighted to take the reins at Alba and lead the bank through this next critical phase.”

Join Etive and be part of the Fintech Revolution in Scotland

Scottish fintech Etive, is developing a digital identity trust scheme, MyIdentity. With the UK’s digital identity legislation on the horizon, set to take effect in the spring of 2024, Etive’s mission couldn’t be timelier or more vital and there is an exciting opportunity for those looking to come on board.

 

Etive’s Visionary Mission

Since 2018, Etive has been dedicated to mitigating the friction involved in identity verification within the residential property market. This initiative, spanning new home builders, estate agents, lawyers, financial brokers, and mortgage lenders, is on the cusp of going live. MyIdentity represents a groundbreaking identity trust scheme that ensures identity verification is completed to a trusted set of standards, rules, and regulations, aligned with the Government’s Digital Identity & Attributes Trust Framework (DIATF).

With two core online products under the Etive brand ”“ the Property Log Book® and Digital Log Book® ”“ and the flagship MyIdentity® proposition in development, the company is at an exciting growth phase. These products are not just about technology; they’re about creating a secure, efficient future for identity verification in the UK.

 

The Role: Application & Innovation Manager

Etive is recruiting an Application & Innovation Manager. This key position is responsible for leading the information technology activities at Etive, ensuring the effective delivery of IT systems, services, and support. From strategic planning and project management to leadership and collaboration with internal and external stakeholders, this role is about driving technology initiatives forward.

The ideal candidate? A technical visionary with hands-on experience in application architecture and design, who can engage at both a strategic and detailed level. This role demands a dynamic individual who can work closely with the Product Owner and Operations Director to bring Etive’s products to market and support their ongoing development and operation.

Your Impact

As the Application & Innovation Manager, you will:

  • Manage product and service application and infrastructure development throughout their lifecycle.
  • Develop and implement IT security policies and procedures.
  • Manage relationships with development and infrastructure outsourced partners.
  • Own and develop the application and infrastructure strategic roadmap.

This position is not just a job; it’s a chance to be a pivotal member of the management team, directly influencing a growing product and business, and potentially progressing rapidly into a CTO position.

Join Etive

If interested please contact Stuart Young at s.young@etive.org

FinTech Scotland Deepens Collaboration with Leading Global Financial Firms for Inaugural Innovation Challenge

Applications Open for AI Compliance Innovation to Discover Fintech Partners 

Today, FinTech Scotland, working with professional services supporter Deloitte, and with Tesco Bank, Morgan Stanley and abrdn, launched a first-of-its-kind innovation challenge. The industry-led call to action will encourage financial institutions and innovators from across the Fintech community and beyond to learn collaboratively and facilitate industry forums to collectively share best practices for companies to develop new solutions to key financial regulatory challenges.

The inaugural innovation challenge, spearheaded by the newly established Financial Regulation Innovation Lab (FRIL), and funded through the UK Governments’ Innovation Accelerator programme, delivered by Innovate UK, focuses on ‘Simplifying Compliance through the Application of AI and Emerging Technologies’.

The first in a series of industry-led innovation calls, the initiative is dedicated to fostering confidence in the adoption of emerging technologies into financial services. Notably, this call aims to demonstrate the ability technology could have in meeting global regulatory requirements, setting a new standard for future advancements in the industry.

FinTech Scotland and the financial services firms, in conjunction with professional services leader Deloitte, are inviting entrepreneurs and innovators to identify and use technologies to address industry compliance challenges. Launched under the principle of responsible innovation, these calls set the stage for exploration and development of effective solutions that will yield positive outcomes for the pressing needs of consumers and businesses alike, resulting in an overall economic contribution.

Nicola Anderson, CEO of FinTech Scotland, said:

“We are extremely excited to kick off this inaugural industry innovation challenge. Demand-led innovation calls are an important part of the toolkit that the Financial Regulation Innovation Lab will employ to drive positive outcomes. It is also an opportunity to bring together financial institutions and innovators, enabling financial institutions to learn collaboratively about ways to improve compliance processes to drive efficiency for the sector and, ultimately, increase consumer protection.”

In partnership with the University of Strathclyde and the University of Glasgow, the Lab aims to leverage expertise in financial services risk and compliance and combine this with emerging technologies to build capabilities that maintain and grow both Scotland and the UK’s position as a global leader in financial services regulatory innovation.

Kent Mackenzie, Fintech Lead for Scotland at Deloitte said:

“Deloitte is excited to be one of the challenge supporters of the Financial Regulation Innovation Lab’s first innovation call. Simplifying compliance is critical to delivering change in financial services, and industry-wide solutions can help enable us to accelerate this positive change. The Lab provides a unique environment to support collaboration, and this groundbreaking initiative will further support how financial services firms are innovating to meet their regulatory obligations.”

 

Joanne Seagrave, Head of Regulatory Affairs at Tesco Bank:

“At Tesco Bank we embrace the opportunity that the Financial Regulation Innovation Lab’s innovation call series offers to collaborate with innovators. This will allow us to gain further insight on how utilising AI and emerging technologies could help support us in managing the evolving regulatory change landscape. It also presents a significant opportunity to advance industry understanding.”

 

Angela Benson, Head of Glasgow Finance at Morgan Stanley:

“Morgan Stanley recognises the opportunity in employing AI and emerging technologies to address the industry’s global regulatory obligations. We are delighted to partner with FinTech Scotland on this innovation challenge to foster ideation and support the next generation of innovators in this space. Having opened our office in Glasgow over 20 years ago, we have seen first-hand the depth of talent Scotland has to offer.”

 

Gareth Murphy, Chief Risk Officer at abrdn:

“At abrdn, we’re delighted to join the Financial Regulation Innovation Lab’s inaugural innovation call to action.  It is essential that we continue to evolve the mix of people, process and technology in all of our activities.  We draw on extensive experience in financial services, in Scotland and globally. This collaboration is a testament to our commitment to seizing the ongoing opportunities that financial services and innovation present.”

The programme includes three phases: challenge definition, solution design & testing, and final demonstrations. Applicants will receive invaluable insights about financial firms through close collaboration, a support network, academic expertise and service design support. Successful companies will receive grant awards up to £50,000 for further development and implementation.

Fintechs and other teams of innovators are invited to join the challenge. The application window is open from 1stFebruary. To find out more click here

The Innovation Challenge Call finale event will take place in April 2024.

The FRIL project is funded by the Glasgow City Region Innovation Accelerator programme.

Led by Innovate UK on behalf of UK Research and Innovation, the pilot Innovation Accelerator programme is investing £100m in 26 transformative R&D projects to accelerate the growth of three high-potential innovation clusters ”“ Glasgow City Region, Greater Manchester and West Midlands. Supporting the UK Government’s levelling-up agenda, this is a new model of R&D decision making that empowers local leaders to harness innovation in support of regional economic growth and help attract private R&D investment and develop future technologies.

Glasgow has a remarkable history rooted in industry and innovation and is home to world-leading science and technology expertise. The Innovation Accelerator programme will support the Region’s key economic aims of increasing productivity, delivering inclusive growth and achieving net zero.

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.”

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.