Mansfield Building Society partners with DirectID

To help mortgage applicants to provide digital bank statement, Mansfield Building Society has partnered with Scottish open banking platform DirectID.

Applicants can now allow their bank to share their statements online with The Mansfield, hence speeding up the income and expenditure check and help prevent brokers from having to use PDFs or paper.

Mansfield Building Society Commercial Development Executive, Richard Crisp, said:

“Brokers and borrowers regularly tell us that they value our individual lending approach in providing flexible solutions to slightly unusual or niche circumstances. At the same, they need an increasingly swift and efficient service and, as a result, we’re delighted to be launching this service with DirectID.

This new service is a safe and convenient way for borrowers to provide their bank statements online via DirectID’s open banking platform. This improvement can help brokers reduce the amount of chasing around they do for their clients and help us deliver a faster speed to offer.

Combined with our robotics developments, not only can we continue to commit to our flexible underwriting approach, we can do it with the modern service that brokers and borrowers need.”

Scotland’s Fifth Fintech Festival Celebrating UK Wide Innovation

Celebrating collaborative innovation that is driving economic recovery will be a core theme at Scotland’s Fintech Festival which will take place over four weeks in September and October.

This will be the fifth FinTech Festival hosted by FinTech Scotland with every indication that this will be even larger than previous years with participation from leading entrepreneurs, innovators and policy makers from across the UK and the world.

Every year since 2018, Scotland’s Fintech Festival has showcased the growing innovation across the fintech cluster involving a diverse range of fintech leaders and organisations

The 2022 FinTech Festival will give particular emphasis to the growing collaboration throughout the UK which is enabling the progress of the much-acclaimed FinTech Research & Innovation Roadmap launched in March of this year by FinTech Scotland

The FinTech Festival opens on 15th of September with the Annual Fintech Summit at Dynamic Earth, Edinburgh and conclude on 6th of October with an evening of Fintech Awards recognising the achievements of people and organisations across the fintech cluster.

Commenting Nicola Anderson, FinTech Scotland Chief Executive said:

“The Festival has grown each year, despite the pandemic, and for 2022 I’m looking forward more in-person events. The four weeks is an ideal opportunity to share how collaborative innovation has a key role to play in addressing economic and social challenges”

A Festival highlight will be the UK Fintech Symposium taking place at NatWest Gogarburn headquarters on 22ndSeptember, bringing together all the UK regional fintech clusters as well as Government ministers, regulators and leading fintech innovation influencers to discuss financial innovation contribution to economic recovery.

Stephen Ingledew, FinTech Scotland chairman and host of the UK FinTech Assembly said,

“The Festival will celebrate how fintech is very much a team’ activity and how this UK collaborative approach to innovation is fueling sustainable growth and job creation as well as a positive social impact to benefit all UK regions and communities.”

The many diverse Festival events and gatherings are already scheduled and many more will be added on www.scotlandfintechfestival.com.

A conversation about art and NFT with Trevor Jones

Season 2, episode 4

Listen to the full episode here.

The NFT movement seems to have taken the world by storm. For most people it came out of nowhere and when most people are grappling with the idea of digital currencies, they now have to deal with non-Fungible-tokens. Digital currencies are changing everything and not just the way we deal with money. However, it’s not just about coins anymore. Today, in the episode we’re speaking about how it’s affecting one of the oldest disciplines in the world. Art. And just like appetite for cryptocurrencies is going up and down (down at the minute) so might NFTs. However, one thing is for sure is that they are here to stay. On this episode we welcome on of the top 10 NFT artists in the world according to most NFT specialists, Trevor Jones. Trevor is Canadian but has chosen bonny Scotland to establish himself and his art. With him we’ll discuss his incredible story and his vision on this new world. This podcast will also be an opportunity to showcase the Stirling Castle Party.

Scottish Fintech Snugg® raises £1.2m

Scottish Fintech start-up Snugg® has raised £1.2 million in their first seed fundraising round. The funding from private investors is being used to accelerate development of a unique, net-zero eco platform for UK homeowners and private landlords to make home energy efficiency improvements simpler and more affordable.

With some of the oldest housing stock in Europe and just over 20% of UK CO2 emissions coming from residential homes*, improving the energy efficiency of existing buildings is critical to the UK meeting its net-zero targets.

In partnership with banks, installer networks and data providers, the Snugg® platform will provide energy efficiency recommendations to homeowners based simply on their address. Developed by leading digital experts, Snugg® tackles the complex and fragmented home energy efficiency market by helping homeowners easily identify, finance and implement improvements to their homes. It will also link to smart meters to monitor reductions in carbon emissions.

Snugg® is part of the growing FinTech Scotland community and is based in the Bayes Centre at the University of Edinburgh, a data hub that is home to many data and digital start-ups. Edinburgh is also home to some of the UK’s largest banks and financial services institutions, making the city the perfect home for Snugg®.

Snugg® co-founder and CEO, Robin Peters, said: “We’re delighted to have raised the finance we need to accelerate the development of our new platform. We’re passionate about helping homeowners across the UK, and in international markets, tackle climate change by improving the energy efficiency of their homes. As part of the thriving Scottish Fintech community, we’re in the perfect place to forge the industry partnerships and access the skills we need to deliver a unique, market-leading digital proposition. I’d like to say a big thank you to our investors for their enthusiastic support for Snugg®.”

* Source: Energy Saving Trust: https://energysavingtrust.org.uk/net-zero-carbon-emissions-and-homes-whats-the-connection/

AutoRek wins ”˜Best CASS Solution’ Award

Scottish fintech company, AutoRek, just announced it won both the Best CASS Solution’ and Best Wealth Management Solution of the year at the City Financial Technology Awards 2022.

Lyn Canavan, Head of Marketing at AutoRek, commented,

“We are delighted to have won this prestigious award and to be recognised again as a provider of the Best CASS Solution’ by the Systems in the City Financial Technology Awards judging panel. We have developed our CASS solution with our clients over the years to fine tune it into the best CASS solution. The recognition is a reflection of the hard work and dedication of the AutoRek team behind the scenes.”

The Awards are organised by Goodacre and recognises service and system suppliers for their innovation. Based on an independent and factual annual accreditation process, the selection process is overseen by three independent judges.

The Awards provide an important point of reference for user firms assessing the suitability of their operational infrastructure.

Scottish fintech founder finalist at Great British Entrepreneur Awards 2022

Scottish fintech entrepreneur Craig Forsythe has just been named as a finalist in the Great British Entrepreneur Awards.

He founded his company,GiftRound, to allow people to group-collect money for gifts so that they can celebrate together and show that they care through the magic of group gifts.

Craig is one of the shortlisted business leaders from across the nation to have been selected out of over 5,300 entrants – the most the awards has ever had.

The Awards recognises entrepreneurs based on their journey and resilience. 12 awards will be handed out per region for categories including Disruptor of the Year, Entrepreneur for Good Award, and the Great British Entrepreneur of the Year. Notable winners from previous years include Social Chain founder Steven Bartlett, who went on to become the youngest ever investor on BBC’s Dragon’s Den.

Craig said:

“Being shortlisted came as a total surprise!  It’s great to get some recognition for the GiftRound team for all the hard work that has gone into enabling GiftRound to help so many teams and people and celebrate together and show they care.  “

The winners will be announced at a Grand Final, held at the Grosvenor Hotel in London on 21st November.

This year is the 10th anniversary of the Great British Entrepreneur Awards. The alumni has collectively generated over £30 billion in revenue and employed more than 450,000 people.

To mark the milestone year for the programme, entrants will have the chance to win over £30,000 worth of marketing support and a tree will be planted for every application submitted with the support of Ecologi.

Founder of the Great British Entrepreneur Awards, Francesca James said:

“From the pandemic to the ongoing cost of living crisis, business owners haven’t had it easy over the past few years, but it’s a testament to the tenacity and perseverance of these entrepreneurs that they have continued on their path and refused to give in.

“This year’s finalists should be so proud of what they’ve already achieved both in business and in being shortlisted for an award – we’re looking forward to seeing everyone at the Finals and unveiling the winners!”

Anne Boden MBE, Founder of Starling Bank, headline partner of the Awards, said:

“Congratulations to all those businesses who have made the shortlist. It’s great to see the passion, resilience and amazing ingenuity from entrepreneurs across so many categories.”

To book your place at the Grand Final in London on 21st November, you can go to greatbritishentrepreneurawards.com

For the full list of finalists, visit greatbritishentrepreneurawards.com 

DirectID Announce Partnership With Payments firm Shieldpay

Scottish fintech and global credit and risk specialists DirectID just announced a partnership with Shieldpay, the secure digital payments market leader.

the partnership will see Shieldpay payments engine use DirectID’s open banking-powered bank account verification.

Customers will be able to transfer funds online with digital escrow and trust services benefiting from seamless identity verification during transfers, streamlining the Shieldpay customer experience without sacrificing any measure of security, bringing customers a frictionless payments journey at every step.

The professional services firms relying on Shieldpay to safely transfer millions of pounds in client fees and project finances, to the marketplaces bringing more security and digital escrow (fund holding) services to their buyers and sellers, can now benefit from DirectID’s 13,000+ bank connections.

James Stubbs, Financial Crime Systems, SPG, comments:

We’re excited and intrigued by the possibilities of what DirectID and Shieldpay can bring to the table for our customers. Blending frictionless account verification in a customers’ own banking environment with safer online payment solutions for marketplaces will only help us on our mission to facilitate a new era of trust online.

Clare McCaffery, Chief Commercial Officer, DirectID comments:

Verifying that the bank account details provided match those on file is one of the most proven and effective use-cases for Open Banking. I’m delighted Shieldpay have chosen DirectID to safely verify account ownership for digital escrow and trust services. We’re delighted to launch and look forward to working with Shieldpay on a variety of use cases in the future.

The role of fintech in fighting the cost-of-living crisis

Season 2, episode 3

Listen to the full episode here.

According to the Office for National Statistics, 87% of adults in the UK reported an increase in their cost of living in April 2022.

The Office for Budget Responsibility expects household incomes after tax and adjusted for inflation to start falling in Q2 2022 and not recover until Q3 2024.Since Russia invaded Ukraine, economic forecasters have raised their expectations for consumer price inflation, not just in the near term but that it will be higher for longer.On 5 May, the Bank of England forecasted inflation to peak “at slightly over 10% in 2022 Q4, which would be the highest rate since 1982”.

In this podcast we ask ourselves what the financial sector can do to help people and businesses. How can collaboration between fintechs, established firms and support organisation can improve outcomes for individuals and companies

This podcast will also be an opportunity to announce the launch of the ⁠fintech innovation labs at TSB⁠.

Participants

Sharon MacPherson – CEO at Scotcash

Jason Wilkinson Brown – Head of Partnerships & Open Banking at TSB

Iain Niblock – Head of Product at ClearScore

Autorek appoints new CTO

AutoRek has just announced the appointment of its new CTO, Andrew Elmore, former  PagoFX and C24 Technologies.

Andrew has extensive financial services knowledge gained from previous roles including Head of Technical Architecture at PagoNxt, VP Engineering at Velo Payments and heading up development at SmartStream.

Elmore will look after all technology activities, from product definition and implementation, through to the 24×365 operation of the cloud reconciliation service.

He will also help the fintech to scale, ensuring high quality and reliability standards  of services while increasing the delivery pace and capacity.

Gordon McHarg, AutoRek’s CEO, commented:

“AutoRek’s rapid growth over the past few years has been very exciting and with continued plans for recruitment and expansion, we are delighted to have Andrew Elmore join us with his past experience to help drive the company in the direction we have set out.”

Andrew Elmore, CTO at AutoRek commented:

“I am very excited to join AutoRek as part of the next stage of their exciting growth. AutoRek’s broad product functionality, market-leading matching engine, domain expertise and cloud platform are dramatically reducing the time and cost for clients to improve their Straight Through Processing (STP) and operational efficiency. Combined with a relentless focus on customer success, I believe AutoRek will continue to be the best choice for traditional and next-gen financial institutions alike.”

Over 13% of all Scottish jobs in digital sector

13.22% of jobs in Scotland are in the digital sector according to numbers by Adzuna analysed by Tech Nation for the UK’s Digital Economy Council.

Since January 2022, there have been over 20,000 tech roles advertised in Scotland, with average advertised salaries hitting £52,893 across the country.

Digital Secretary Nadine Dorries said:

“The UK is enjoying a golden age in tech. Not only are we one of the best places in the world to start digital businesses, but there are countless opportunities for people to enter the sector and flourish in their career.

“We’re working hard to open doors for people from all walks of life so that they can gain the skills and knowledge needed to make the most of our booming tech industry.”

 

The need for upskilling

A survey by Tech Nation and YouGov showed that having tech skills was essential for job security and pay increase . During the COVID pandemic an increased number of people have chosen to learn coding, cloud technologies or data visualisation skills.

Companies are also focussing on on-the-job training for future tech talents and tech companies like Amazon and Google have also launched digital skills programmes to train employees across the UK.

Software developers and cyber professionals in high demand

Software development are the most sought after roles in the UK and this is for both tech and non tech businesses.

Other in-demand jobs include business analysts (+650% compared to 2019), data analysts (+520%) and product managers (+710%). Business analysts are now the second most in-demand tech role in the UK, having overtaken engineers.

Top 10 available UK tech jobs

  1. Software developer

  2. Business analyst

  3. Java developer

  4. DevOps engineer

  5. Project manager

  6. Engineer

  7. Data analyst

  8. Product manager

  9. Consultant

  10. IT system architect

The prevalence of data

Data is now the number one desired skill in UK tech with a 1006% increase in demand for data skills since 2019.

Dr George Windsor, Data and Research Director at Tech Nation, said:

“The UK is continuing to be the leading light for tech in Europe and the scale of exciting job opportunities across the country is a reflection of that. It’s interesting to see how companies are responding to changing challenges, such as the rise in the demand for data skills and an increase in security skills across the board. It’s not just technical skills that can make a difference – but communication and management experience are increasingly important too. For anyone looking to enter this fast-paced and innovative industry, there is a role for you if you want it.”

Paul Lewis, chief customer officer at Adzuna, said:

“UK tech has consistently been one of the fastest-growing industries for job opportunities over the past few years as companies compete for skilled staff to enable them to grow in a competitive environment. Though we are starting to see the impact of the wider slowdown begin to affect the wider tech landscape, the rapid rise in digital tools and services since 2020 means that roles for software developers remain the most in-demand by companies across the board. Security specialists are also in hot demand as companies adapt to changing business challenges like increased cyber threats.”

Euan Blair, CEO and founder of Multiverse, said: “

The shortage of tech skills is a huge challenge to companies everywhere, but it also means incredible opportunities are being opened up to well-paid, long-term careers. As a tech industry we’ve a duty to make sure these jobs are accessible to talented people regardless of background or financial circumstances. We’ve built an outstanding alternative to university to deliver on exactly this goal. Ultimately whether it’s a start-up or a large corporate, the companies that get their skills pipelines right will have an enormous competitive advantage.”


Photo by Vojtech Okenka