Fintech Innovation – the need for collaboration
Season 2, episode 2
Listen to the full episode here.
Whilst the fintech movement often makes headlines with those firms that are trying to replace traditional financial institutions, there are many more fintech firms out there trying to work, collaborate or sell to those incumbents to help them deliver better outcomes to their customers.
In this podcast we discuss the opportunities for increased collaboration and some of the challenges? Has the pandemic changed the state of play and what are the solutions to accelerate fintech adoption by historical brands?
This podcast will also be an opportunity to announce the launch of the fintech innovation forum at Phoenix.
Guests:
Josif Grace – CEO at Legado
Kevin Spence – Director Financial Services, Scotland & Client Partner
Andy Young – Group Head of Digital & UX at Phoenix Group
Encompass appoints renowned KYC experts
Scotland based fintech Encompass Corporation announced the appointment of senior industry experts to help banks get the benefits of automation initiatives.
The COVID-19 pandemic has accelerated digital transformation. Companies have been eager to reduce onboarding costs and improve customer experience but still need help to build the foundations to achieve this goal.
The newly appointed Transformation Directors will offer practical support and advice that allows Encompass’ customers to drive change and impactful adoption of KYC automation within their organisations.
The new team includes former Barclays senior executive Howard Wimpory who led major global projects, served as a Managing Director within the bank, leading the Group Financial Crime function. He also authored a new whitepaper for Encompass, titled Embracing KYC Transformation’.
Also joining the team, Jo Scanlan, a recognised leader with experience in leading banks Deutsche Bank, HSBC, Macquarie Bank, Westpac and ANZ. She has led global middle office and operations, overseeing a range of areas, including front office and client support, client onboarding, and regulatory compliance and reporting.
Finally, Darren Marion, also joins the team, bringing his experience acquired within several high-profile investment banks, such as UBS, Deutsche Bank, and Citigroup.
Nicola Pickering, VP, Customer Success and Delivery, Encompass, said:
“We are passionate about ensuring that the benefits of investing in our KYC automation are realised by our customers. This requires building partnerships and transformation strategies that encompass people, process, and technology. It has been great to hear directly from customers how valuable our team’s direction and thought leadership has been in navigating KYC transformational change.”
AG Elevate launches accelerator programme
Addleshaw Goddard just launched its 5th AG Elevate programme ”“ an accelerator for those looking to become the next tech-unicorn.
This fast-track 10-month programme is designed to accelerate the growth of tech businesses in all sectors of the economy helping them with legal challenges that can arise as they grow.
Previous AG Elevate cohorts have included Scottish fintechs Amiqus, Trace and OBR.
The programme is designed, developed and delivered by AG‘s expert lawyers, who will provide access to legal advice, legal and business mentors and networks across the globe.
Elvan Hussein, Partner and co-programme lead at Addleshaw Goddard, said:
“We have emerged from the pandemic into a different environment, with tech integrated in all aspects of our lives and this continues to both offer opportunities for high growth and the chance for tech businesses to play a huge part in rebuilding and growing our economies wherever they are based.”
“AG Elevate is tried and tested and we understand what matters most to these businesses, and what challenges they will inevitably face. Our mentors have the specialist sector knowledge to bring tangible added value to the relationships with their Elevate members, beyond their undoubted legal expertise and we can’t wait to meet our new cohort.”
To qualify for consideration for a place on the programme, businesses need to have existing plans for high–growth and have received external funding.
Interested parties can apply at www.addleshawgoddard.com/en/
Encompass named ”˜RegTech Partner of the Year’
Scotland-based Encompass won RegTech Partner of the Year’ at this year’s British Bank Awards.
Now in its eighth year, the awards, run by Smart Money People, recognise top financial products and innovation based on more than 81,000 votes.
This recognition comes after Encompass was selected as a category finalist in both 2021 and 2020.
Wayne Johnson, CEO and co-founder of Encompass, said:
We’re thrilled, and proud, to have been named as RegTech Partner of the Year at this year’s British Bank Awards.
Being chosen as the overall winner among such strong competition demonstrates not only our impact across the banking sector, but also the loyalty of our customers, who voted for us.
2022 is shaping up to be a strong year for our business globally, and we have big plans for growth in the months ahead, as we continue to work with and for our expanding customer base.
Jacqueline Dewey, CEO of Smart Money People, added:
With the awards 100% voted for by consumers and no judging panel, the British Bank Awards truly reflect the best of the UK banking industry, and the commitment and engagement these organisations have from their customers.
This year, our winners range from the newest firms in the market to well-established household names, illustrating the breadth and depth of the UK’s financial services market across many sectors. We’re absolutely delighted for our winners but also hope that these awards serve a higher purpose in helping consumers and businesses make more informed choices about who they trust with their hard-earned money.
The FinTech Research and Innovation Roadmap
Season 2, episode 1
Listen to the full episode here.
In March 2022, FinTech Scotland released its 10-year Fintech Research & Innovation Roadmap for the UK.
In collaboration with leading universities, large financial institutions, fintech businesses, citizens, industry experts and senior officials this report explores the opportunities that will help the UK maintain its fintech leadership globally.
In this episode we explore what this roadmap means for Scotland and what the next steps are to deliver on the roadmap recommendations.
The Startup Race announces 9 events in Scotland
The Startup Race, just announced that it will host nine events in Scotland All those events will be headlined by bestselling entrepreneurship author Ash
Maurya, well-known for his book Running Lean, which has become a real entrepreneurship movement.
The events will take place in Edinburgh, Glasgow and Dundee, and will aim to connect angels, investors and startup founders. They will offer the opportunity to discuss how to identify risk in business model. The events are supported by both The Startup Race through a partnership grant with the Scottish Government’s Technology Ecosystem Initiative.
Ash Maurya said:
“As I always say, Building a scalable and successful business starts with knowing what to measure and how. Being able to bring this mission to Scotland with the support of both The Startup Race and the Scottish Government’s Technology Ecosystem Initiative, in order to meet with like minded individuals ”“ this is a true honour.”
Here is a breakdown of the programme of events:
Dundee 3rd May
Angel Investor Lunch with Ash Maurya 12:00-14:00
Scaling Lean Workshop for Scaleups & Investors with Ash Maurya
14:00-18:00
Fireside Chat for Scaleups, Startups & Investors with Ash Maurya
19:00-21:00
Glasgow 4th May
Angel Investor Lunch with Ash Maurya 12:00-14:00
Scaling Lean Workshop for Scaleups & Investors with Ash Maurya
14:00-18:00
Fireside Chat for Scaleups, Startups & Investors with Ash Maurya
19:00-21:00
Edinburgh 5th May
Angel Investor Lunch with Ash Maurya 12:00-14:00
Scaling Lean Workshop for Scaleups & Investors with Ash Maurya
14:00-18:00
Fireside Chat for Scaleups Startups & Investors with Ash Maurya
19:00-21:00
Mr. Maurya’s objective is to meet Scottish Angel investors and Scaleup Entrepreneurs to discuss how funded Scaleups need to exploit the “Lean Startup principles” to achieve revenue and profit growth.
Michael Clouser, co-founder of The Startup Race said
“Introducing Ash Maurya to the Scottish startup community has been a goal for quite some time, and we are thrilled to be able to launch this partnership. We hope Scottish based startup founders, angels and investors find value in these events for future growth in all of their entrepreneurship endeavours.”
For more information on The £10,000 Startup Race, please visit:
https://thestartuprace.com/the
Fintech Aiming to Help Businesses Access Cash Faster
A new Fintech, Saltare, has just launched with the ambition to help businesses improve cashflow, strengthen supply chain relationships and give more certainty over payments.
Saltare is headquartered in Bristol and employs people around the UK including Scotland. It was created because 82% of businesses fail through difficulties of accessing cash (there is currently a whopping £200bn tied up in unpaid invoices). Saltare is about incentivising buyers to pay early, and in giving them the tools and reasons for doing so.
The solution comprises mobile-led technology to allow buyers to manage their entire supply chain in a way that works for them and their key suppliers. Saltare will address the needs of some of the more challenging sectors and industries, where extended supply chain are the norm (public sector and local authority bodies through to retail and construction).
Chief Executive Anthony Persse says:
“By shifting the debate away from the negative commentary around late payment’ and moving it towards a more positive conversation about early payment’, we will do much more than simply improve payment performance. We will help create more jobs, deliver greater levels of investment and generate deeper social value with long-term sustainability at a time when the country needs it most.”
“Our mission is to develop a series of tools that bring the certainty of payment, and the certainty of cashflow, that support both ends of the supply chain. Bigger than this, our mission is to change the mind-set of businesses once and for all, to embrace a new approach that is simple to make, and yet will have positive consequences for future generations”
Plan for a new Financial Services Skills and Inclusion Hub unveiled
SFE led the production of an industry-led Financial Services Skills Action Plan, alongside Skills Development Scotland, educators, third sector organisations, and the Scottish Government.
The plan was presented to Cabinet Secretary for Finance and the Economy, Kate Forbes MSP, and endorsed by the First Minister. It includes proposals to create Scotland’s first Financial Services Skills and Inclusion Hub, a virtual environment created, developed, and delivered by the industry through key partnerships, supporting the aim of filling 50,000 roles in the next three years.
The hub aligns with the Scottish Government’s recently launched National Strategy for Economic Transformation and will contribute significantly to accelerated economic recovery, the development of Scotland’s skilled workforce and promoting inclusive growth.
First Minister Nicola Sturgeon said:
“This is an important step forward in building Scotland’s status as a leading global financial centre in which people from all backgrounds want to work. We want to attract skilled people to come and work within our financial services industry as well as create a sustainable and accessible platform for them.
“We want people – whatever their age or circumstances – to see finance as an achievable industry to break into and not one that is only for a select few. That is why it is important we collaborate to ensure we’re doing everything we can to promote financial services across Scotland’s schools. By bringing together employers with educators we can identify talent as early as possible and open pathways which will benefit the sector and help us build a more inclusive labour market.
“This industry-led Skills Action Plan will support the development of Scotland’s skilled workforce, with the aim of filling 50,000 new roles in the next three years, and I welcome this alignment with the ambition we set out in our new National Strategy for Economic Transformation.”
SFE Chief Executive, Sandy Begbie CBE, said:
“We were delighted that the First Minister welcomed our Skills Action Plan as we launch our new visual identity and website. Our message this week is that finance is one of Scotland’s biggest assets. We have a truly unique, globally recognised financial services ecosystem here that is at the cutting-edge in terms of technology and innovation and offers real value and expertise to international investors. Supporting and enabling new pipelines of diverse talent is essential as we seek to build on these strong foundations and create more well paid, highly productive jobs and investment to benefit the whole of Scotland.”
Caitlin Cooke, Seconded Head of Skills and Talent, SFE, and Senior Manager, EY, said:
“This time last year we launched Scotland’s Financial Services Strategy which underlined our commitment to having a positive impact on society through leading the journey to net zero, supporting the economic recovery, responding to changing customer needs, and developing skills and inclusion. We are now putting concrete plans into place to make sure the aims of the strategy are delivered, working collaboratively with government, industry, educators and the third-sector to ensure the best possible outcomes for the sector while creating inclusive growth and fair, long-term prosperity for all.”
Encompass appoints Steve Hadaway as Chief Revenue Officer
Encompass, the leading KYC automation platform, just announced it had appointed Steve Hadaway as its Chief Revenue Officer.
Hadaway joins Encompass after over 15 years in senior management positions at FICO. More recently, he was Vice President & Managing Director, EMEA, and drove the regional strategy, leading a team of 200 employees and serving more than 50 markets worldwide.
Steve Hadaway is taking on a very important role for the firm as he will head up its revenue-focused functions, including Direct Sales, Strategic Alliances and Marketing.
The news follows twelve months of significant growth in revenue and new accounts, including global banks, as well as the addition of specialist industry experts to the business across the UK, Europe, Asia-Pacific and the US.
Encompass also recently announced a capital raise of £25m. This will be used to accelerate its international expansion plans, which have included office openings in New York and Amsterdam.
Wayne Johnson, CEO and co-founder, Encompass, said:
“We are delighted to welcome Steve to Encompass. His vast experience of working with major financial institutions and steering impressive business growth will be invaluable as we continue to expand at a rapid rate.
“This will be a crucial year for us as we work to enhance our impact across all regions, developing our product and business to bring on new customers and better meet the needs of those existing to us, and we are pleased to have someone of Steve’s calibre join in this capacity at what is an incredibly exciting stage.”
Steve Hadaway added:
“It is such a thrill to be joining Encompass at this exciting stage of their evolution. They have built an extraordinary platform to help banks fight financial crime, ensure compliance and deliver enhanced customer experience through automated and digitised customer journeys.
“The numerous client successes to date have been impressive and I see a great deal of potential still for the business, and for our clients. It is also rewarding to be joining a company where growth is built on a positive culture of customer-led innovation, employee collaboration and empowerment. I am so excited to get started.”
Sainsbury’s Bank partners with FinTech Scotland to deliver better customer outcomes through collaboration
Today, FinTech Scotland announced Sainsbury’’s Bank is joining its group of strategic partners.
The strategic collaboration with Fintech Scotland will enable the supermarket bank to collaborate with innovative leaders in technology, helping to shape future customer propositions. This builds on the strategic digital emphasis of Sainbury’s Bank in recent years, including the transformation of operational systems and platform to best serve its customers.
The new Sainsbury’s Bank operating model has been developed to advance nimble and agile ways of working, creating the right environment for its technology team to innovate and integrate new fintech solutions.
The strategic partnership with FinTech Scotland will serve as a catalyst to accelerate change, deliver better outcomes for customers, and learn from the thriving Scottish fintech cluster.
Sainsbury’s Bank will also get involved in the work to progress the actions from the FinTech Research & Innovation Roadmap published by FinTech Scotland in March 2022. More specifically they will participate in projects around the theme of Everyday Personal Banking and SME Banking.
Commenting on this partnership, Nicola Anderson, CEO at FinTech Scotland said:
“Sainsbury’s Bank is an important and valuable contributor for the Scottish FinTech Cluster, and I am delighted it has joined the Fintech Scotland strategic partners. We’re looking forward to working with the team, learning from their experiences in building a digital bank and innovative mindsets, while supporting their future banking ambitions through fintech partnerships and actionable research.”
Simon Jacobs, Chief Operating Officer, Sainsbury’s Bank said:
“As we continue to look at how technology helps to take our business forward, and to deliver great propositions and products, for loyal Sainsbury’s and Argos customers, we’re delighted to be joining the FinTech Scotland cluster to play our part in ensuring Scotland seizes the fintech opportunity in terms of economic growth and job creation.”