Scottish Fintech KNOW-IT part of UK Trade Mission To Australia

In the ever-evolving landscape of financial technology, a Scottish fintech company is set to make waves on the global stage. Know-it, led by Founder and CEO, Lynne Darcey Quigley, is gearing up to participate in the 2023 UK Fintech Trade Mission, where it will take its innovative platform to Australia’s Intersekt Festival.

Unveiling the Potential of UK Fintech in Australia

The primary aim of this exciting endeavor is to showcase the prowess of UK fintech on the international front, specifically in Australia. As Australia’s needs for digital and automated financial services continues to surge, Know-it is poised to address this demand head-on. The decision to launch its platform in Australia stems from the country’s burgeoning fintech market and the strategic backdrop of the trade mission.

A Perfect Match: Know-it Goes Global

With plans to unveil its platform Down Under in the first quarter of 2024, Know-it is on the cusp of a transformative journey. The Australian market provides an ideal launchpad for this expansion, considering the country’s receptiveness to fintech innovation. The Intersekt Festival, a gathering of Australia’s finest fintech minds and industry leaders, offers the perfect setting to not only introduce the platform but also tap into Australia’s burgeoning fintech talent pool.

Intersekt Festival 2023: A Confluence of Innovation

At the heart of this venture is the Intersekt Festival which draws together thought leaders and collaborative minds from the Australian fintech ecosystem and beyond. The 2023 edition promises international guest speakers, insightful roundtables, and networking sessions aimed at fostering collaboration and sparking innovation.

Lynne Darcey Quigley, the driving force behind Know-it, expressed her enthusiasm, stating,

“Here at Know-it, our long-term goal is to take our offering global and help organisations worldwide wake up to why automating the credit control process is vital to not only business survival, but success too. Having this opportunity would not have been possible without our partners at Fintech Scotland and Scottish Enterprise; providing the necessary support startups like ourselves require to be a part of crucial events such as Intersekt conference.” 

 

Addressing a Global Need: Fintech for Business Success

The motivation behind Know-it’s expansion isn’t confined to national borders. Lynne Darcey Quigley emphasises that the challenges of late payment culture and outdated credit control processes aren’t unique to the UK. Australian businesses are now presented with the opportunity to improve their financial processes through Know-it’s automated credit control solution, aligning with established platforms like Xero and MYOB.

A Journey Beyond Borders

The Intersekt Festival will take place in Melbourne from August 30th to 31st, with an optional extension in Auckland, New Zealand, from September 4th to 5th. Know-it is poised to participate in both segments, showcasing their commitment to global growth.

Lynne affirms:

“Making the journey to Australia and exporting UK fintech offerings is the next big step in our journey towards going global. We want to show Australian business owners and Accountants ”“ particularly SMEs ”“ how fintech can help protect business continuity during the turbulent economic conditions currently threatening organisations on a global scale.   

“The purpose of this trip for Know-it is to not just demonstrate what we can offer, but to settle and begin building our brand down under. Our team are excited to begin partnering with local businesses to help them increase their cash flow by combatting late payments, reducing debtor days and automating their entire credit control process.”

 

Pioneering Collaboration for Global Fintech Expansion

Nicola Anderson, CEO of Fintech Scotland, commended Know-it’s journey, stating:

“It is fantastic to see Know-it embark on the 2023 UK Fintech Trade Mission to Australia’s Intersekt Festival. This is a great opportunity to showcase the platform as part of this mission and it recognises the excellent work everyone at Know-it has put in under the leadership of Lynne Darcey Quigley. International growth is the next step for scaling-up fintechs and Australia is a great choice, taking advantage of the UK-Australia fintech bridge which align regulations in both countries. We’re looking forward to witnessing the launch of the Know-it platform in Australia in 2024 and hope it will serve as a model for many other Scottish fintechs.”

 

Anticipating the Future: Know-it’s Role in the Fintech Landscape

Before Intersekt, Know-it is set to participate in Xerocon Australia, scheduled for August 23rd to 24th in Sydney. This event will offer a sneak peek into Australia’s fintech and accountancy landscape. Following their presence at Xerocon London in 2022, Know-it is well-poised to demonstrate its value to Australian Xero users.

Know-it’s journey signifies more than just a trade mission ”“ it’s a transformative step towards redefining fintech’s role in global business operations. With the right combination of innovation, collaboration, and determination, Know-it will make a lasting impact on the international fintech stage.

James Sharp implement Aveni’s AI technology

Broker James Sharp has chosen cutting-edge technology from Scottish fintech Aveni.ai to ensure Consumer Duty compliance.

The company has seamlessly integrated Aveni Detect, an advanced platform rooted in AI and Natural Language Processing (NLP). This strategic move guarantees that James Sharp’s brokers and investment advisors deliver precise advice, oversee customer interactions meticulously, and promptly identify potential vulnerabilities.

The integration of Aveni Detect’s demonstrative monitoring technology ensures a high standard of service, enabling real-time identification and resolution of vulnerabilities, grievances, or inquiries. Furthermore, it aligns seamlessly with the imperative of complying with the substantiated Consumer Duty regulations.

Sheriden Davy, Chief Risk Officer at James Sharp, said,

“Our commitment to providing a personalized client experience is integral to our core values. Leveraging Aveni Detect empowers us to vigilantly oversee client interactions, ensuring effective communication and support for our valued customers.”

Jamie Hunter, Chief Operating Officer at Aveni, said,

“James Sharp’s sterling reputation and historical achievements are rooted in exceptional client service and facilitating prudent investment choices. To perpetuate this ethos, especially within a consumer-centric regulatory landscape, the company has astutely acknowledged the pivotal role of technology. Aveni Detect serves as the cornerstone of this technology-driven approach, fostering optimal customer service and assuring compliance with the exacting standards set by the business and regulatory authorities.”

Aveni Detect stands as a “Machine Line of Defence,” scrutinising every customer interaction to preempt an array of risks ranging from conduct issues and grievances to customer vulnerability. This robust solution meticulously adheres to the data-centric mandates introduced with the new Consumer Duty regulation, effective as of the close of July 2023.

Bravura: Celebrating Success in Brand Management and Diversity in Finance Awards

Bravura and Delta Financial System’s pensions dashboards project team have yet another reason to celebrate! They received the prestigious Best Product/Service award at Citywealth’s Brand Management & Reputation Awards 2023. The award recognises their exceptional ISP solution, Dashboards Connect, and the impactful Pensions Dashboards Week, which garnered significant industry attention and participation.

The joint initiative brought together over 1,500 industry professionals, offering enlightening webinars, myth-busting sessions, and Q&As. It showcased the potential of dashboards and the significance of cutting-edge technology in transforming the pensions sector. Chris Spencer, Bravura’s EMEA Managing Director, expressed pride in their innovative microservice technology, highlighting its security and scalability.

Jonathan Hawkins, the leader of Bravura’s pensions dashboards project team and Pension Age’s Pensions Personality of the Year 2023, commended the industry recognition. The initiative served as a catalyst for progress in uncertain times, and with recent clarifications from the Pension Dashboards Programme, they look forward to future advancements and benefits for the industry and savers.

In addition to their groundbreaking ISP, Bravura received accolades at FT Adviser’s Diversity in Finance Awards 2023. The company was named Large Employer of the Year for its commendable Diversity & Inclusiveness (D&I) program. Launched in 2020, the D&I program promotes awareness and fosters a supportive environment through various initiatives and events.

Nigel Liddell, General Counsel and Founder of Bravura’s D&I program, expressed gratitude for the recognition, emphasising the importance of diversity and inclusivity in attracting top talent and cultivating a caring workplace. Bravura’s D&I program covers six key pillars, each with dedicated leaders working to drive engagement and awareness globally.

The awards serve as a testament to Bravura’s commitment to excellence in brand management, diversity, and inclusion. As they continue their journey towards becoming a more diverse and inclusive employer, they look forward to making an even greater impact in the financial services sector.

Bravura’s success extends beyond these awards, with their affiliates, Delta Financial Systems, and FinoComp, securing gold at Goodacre’s Systems in the City Awards 2023 for Best Pensions Administration Technology and Best Performance Measurement System, respectively.

With these remarkable achievements, Bravura reaffirms its position as a trailblazer in the financial industry, delivering cutting-edge solutions and fostering a supportive and inclusive work environment.

Encompass boosts expertise around pKYC

Encompass Corporation has released a new whitepaper that offers unique insights and expertise to assist banks in their journey towards implementing perpetual KYC (pKYC) operating models, thus accelerating their digital transformation.

pKYC represents a strategic imperative for organisations seeking to maintain a competitive edge in the rapidly evolving financial landscape. By leveraging automation, pKYC enables banks to enhance risk detection accuracy, operational efficiency, and customer experience.

Recognising the significance of executive-level support in the pursuit of pKYC, the whitepaper titled “Securing Executive Sponsorship for pKYC Transformation” addresses key challenges and provides best practices for engaging stakeholders. This guidance is crucial for banks seeking to revolutionise their processes through technology adoption.

Expanding upon Encompass’ groundbreaking pKYC maturity model introduced earlier this year, the whitepaper also presents additional insights on maximising the benefits of digital transformation, irrespective of whether pKYC is the ultimate goal. It explores how banks can effectively articulate the advantages of leveraging advanced technology solutions, encompassing risk mitigation and cost reduction, while ensuring proper stakeholder alignment to drive successful outcomes.

Authored by Encompass’ KYC Transformation Director, Howard Wimpory, and Dr. Henry Balani, the Global Head of Industry and Regulatory Affairs, the paper emphasises the value of digital KYC profiles. These profiles utilise real-time data and document analysis through KYC process automation, enabling informed KYC decision-making and yielding positive impacts such as enhanced risk management, accuracy, and scalability.

Howard Wimpory, KYC Transformation Director at Encompass Corporation, emphasised the need for banks to optimise operational efficiency in today’s competitive market. He stated that traditional manual processes are no longer sufficient and emphasised the imperative of implementing technology-driven solutions like pKYC for long-term success.

Dr. Henry Balani, Global Head of Industry and Regulatory Affairs at Encompass Corporation, stressed the importance of prioritising compliance and enhancing processes using technology-led solutions in response to evolving regulatory landscapes and the persistent threat of financial crime. Balani explained that manual KYC processes are time-consuming, resource-intensive, and struggle to keep up with regulatory changes, thereby increasing risks for institutions. He also highlighted the expectations of regulators, who encourage banks to adopt available technologies and integrate them into their operations.

Encompass’ whitepaper aims to elevate the pKYC discourse in the industry by sharing the perspectives and experiences of its pKYC Advisory Board. Chaired by Dr. Henry Balani, the board includes representatives from leading global banks as well as trusted partners specialising in data, technology, and consulting services. This collaborative effort supports Encompass’ goal of promoting meaningful dialogue and driving effective solutions to address the critical global issue of financial crime.

By presenting real-world insights and leveraging expert knowledge, Encompass aims to empower banks to embark confidently on transformative digital projects, be it towards pKYC or other strategic objectives, with the expectation of reaping immediate and long-term rewards.

Read the white paper here