Tech women: essential to economic growth

Scotland has a thriving technology sector but there’s still a huge amount of untapped potential that could further elevate its success and bolster our economy. Women, who remain significantly underrepresented within the sector, have a major part to play in making this happen.

The Scottish Technology Ecosystem Review by Mark Logan, published earlier this year, set out how Scotland’s technology sector can contribute to the post-pandemic recovery. The review identified three key areas which were essential in supporting and nurturing Scottish tech businesses, from the early start-up phase through to full scale maturity. These include education and talent, from school to all levels of further learning, infrastructure, and funding.

Logan’s initial point on education is where we need to start in addressing the current lack of women within the sector.

According to the UK organisation Women in Tech, females account for under 17% of technology roles at present with only one in ten women in IT leadership positions. With little progress being made on these figures over the last decade, it’s clear that we need to make a concentrated effort to encourage more girls to pursue STEM subjects which can provide a solid foundation for pursuing a career in technology. We must also support initiatives to keep women interested and active in technology as well as other STEM-related industries beyond their school years.

Here in Scotland there are a number of other bodies already seeking to do this including the Royal Society of Edinburgh (RSE), an internationally renowned science-focused organisation currently run by a female CEO which has significantly increased its number of female Fellows over recent years.  The Scottish Government also set up a taskforce earlier this year to tackle gender stereotyping in schools which aims to drive bold and far-reaching’ actions including ensuring greater gender equality in key professions.

Organisations like ours are also seeking to affect positive change. Through our annual AccelerateHER Awards programme for female company founders, we have now introduced four STEM-focused categories, including FinTech, Data Science and Cyber Security, which is specifically aimed at female technology business founders.

Women leading these types of companies not only demonstrate the potential to thrive in these sectors, they also play an important role as inspirational mentors to younger girls who with a talent for technology.

Encouraging more established businesswomen to become investors is also important in presenting technology as a more attractive sector for female entrepreneurs. We’ve seen this phenomena in the US where females now account for more than 25% of its business angel investment community. This has created a ripple effect where a corresponding percentage of angel-backed companies are those led by a woman.

As the Logan Review has reported, technology in now essential to our economic future as it’s a sector that is most likely to create jobs and develop new, world class companies. Women in Tech has also estimated the UK economy would benefit from an extra £2.6 billion each year if we increased the number of women working in technology to fill the prevalent IT skills shortage.

As we have witnessed through our AccelerateHER Awards programme, female tech business founders are breaking through. Previous award winners including Rachel Jones of SnapDragon Monitoring, Elaine Galston of Tubular Sciences and Sheila Hogan of Biscuit Tin Planning are great examples of successful, Scottish-based technology business founders who are growing their companies and contributing to Scotland’s overall economic growth.

I would invite any female tech business founders, even those whose businesses are in the very early stages of growth, to put themselves forward and apply for next year’s awards ”“ the deadline for entries closes this Friday (11 December).

Meanwhile, educators, governments and business must continue to ensure they keep the focus on attracting more females into the tech sector. This will not only deliver greater equality in a field where there are still far too few women, it will also help pave the way for a strong economic recovery which will be essential as we emerge from the global pandemic.

Jackie Waring, CEO at Investing Women

More details on the 2021 AccelerateHER awards can be found here

Is artificial intelligence the key to better access to funding for business and consumers alike?

Although the UK ranks third in the world for numbers of new business start-ups, it sits at a less impressive 13th place in the number of successful business scale ups^[1].   Access to finance is widely argued to be a contributing factor with traditional banks having become more risk averse in recent years, and focussed heavily on security rather than a borrower’s ability to pay.    Consumers, too, know first-hand how frustrating this can be, especially those held back by the seemingly inflexible approach taken by credit ratings agencies.

Change, however, is coming

Financial disintermediation, or more direct links between providers of capital and borrowers, has been a major feature of the financial landscape for the past two decades.   Digital advances have seen this trend accelerate and the proliferation of non-bank lenders continues to increase.   In fact, according to recapitalnews.com, 18 of Europe’s 40 largest real estate lenders are non longer banks.

And whilst some might argue that it really doesn’t matter where borrowers gain access to the funding they need to grow, there are increasing signs that both sides of the lending equation are benefitting significantly from new, highly advanced, technology solutions being deployed in the sector.

Elsewhere, comparison websites, taxi or ride-hailing apps and online supermarkets have all helped to show us the convenience of going digital.   We feel more in control of our choices, and have the information we need at our fingertips.   We have become used to instant gratification, and processes that are simple to use (even if they are massively complex to run).   So too, we are starting to see this in the world of FinTech – where finance and technology collide to produce new and innovative activities in the sector.

Houston we Have is one such company that has developed an innovative solution that produces the strangely non-binary, or win-win, situation where a lender risk and operating costs are reduced and borrower convenience and access to funding is actually enhanced.

Based on the company’s proprietary prescriptive intelligence software platform, Houston we Have developed a credit risk assessment model for a Sydney-based SME lending platform that combines leading automation, the best of human expertise (without bias) and more than 70 information variables to produce an online application tool that’s easy to use, and fast to run.

Prior to the implementation of Houston we Have’s solution, the credit risk decision support system in place at the business was manual, resource intensive, reliant on third party providers and exposed to flawed systems.  Typically a fast decision would take several hours.  Today, the business can produce a decision within seconds.

Risk has also been reduced with a far better understanding of a borrower’s ability to pay and the removal of human bias in the decision making.  Delinquent loans have been an astonishing zero since the system was introduced.   And as for changes in legislation, lending frameworks or appetite for risk; these can be easily factored into system updates, as can revised versions for the regulatory environments in different countries and jurisdictions.

All this points to a more efficient industry that benefits lenders and borrowers alike.

Houston we Have is a boutique technology business that combines data science, software and artificial intelligence to deliver the kind of information that allows their clients to make better decisions and thrive.  Their proprietary software was initially developed for military intelligence agencies, an environment where it is still very much in use.   Gartner has identified the company as a Cool Vendor describing the value proposition as “unlike that of any vendor we have seen.”

^[1] www.smallbusiness.co.uk, June, 2018

Photo by Markus Spiske from Pexels

Making FinTech more diverse and representative

Rise, Barclays’ FinTech ecosystem, is spearheading diversity and inclusion in the sector. This wide-ranging topic is the subject of the latest edition of Rise FinTech Insights, a regular publication from the bank.

This blog was written by Clare Whitehead, FinTech Platform Lead, Rise London

Building a more diverse future for FinTech

Working towards a more equitable future starts with addressing the wealth gap created by unequal access to resources by underepresented communities. Bridging the gap starts in the very early years from focusing on STEM eduction to the later years by providing FinTech resources for the baby boomer population.

The next generation is very evidently making great strides in FinTech when you watch Stemettes in action. Dr Anne-Marie Imafidon MBE and her remarkable organisation allows girls and young women to get creative with technology and see the opportunities available to them in joining one of the fastest-growing (but still male dominated) UK sectors.Pre-lockdown, Stemettes, their siblings and their parents would regularly take over our Rise London building to work on Future of FinTech’ hackathons. Based on the energy and enthusiasm of that crowd, we should be seeing more women in our sector in the years to come.

Rise community leading the way

We call the Rise ecosystem the #HomeofFinTech because it fosters such great technology and talent. The latter includes several diverse pioneers, and they deserve a shout-out. To name just three from our sites around the world:

• Kevin Barrow is a Black founder in our community and CEO of Mark Labs, a London-based FinTech company that shows how money can be used as an instrument for creating positive social and environmental change at scale.
• Nadia Sood is the female founder and CEO of CreditEnable, a Mumbai-based credit insights and technology company that applies proprietary data analytics, and AI to build solutions to the world’s biggest financial challenges.
• David Beatty is a co-founder of Gaingels, a New York-based company focusing on co-investing with leading venture funds in companies that embrace LGBT leadership.

Building and maintaining a diverse and inclusive environment are at the heart of Barclays’ values: Respect, Integrity, Service, Excellence and Stewardship. The global corporate and investment bank is a better, stronger and more successful organisation as a result of it.

As Jes Staley, Group Chief Executive Officer, Barclays said recently: “We are deeply committed to empowering the next generation of leaders, providing access to enterprise, employability and financial skills.”

A call to action

Personal empowerment is perhaps the main driving force in any diversity initiative, and these leaders demonstrate how effective it can be. Empowerment of a different kind can come when underrepresented communities come together to effect change in a system ”“ like the Latinx community in banking. Ramona Ortega, Founder of My Money My Future, argues the case with a FinTech call to action to create a more diverse FinTech sector. Speaking for that community, she calls on us to:

1. Help more FinTech founders of colour get funded. Get to know them and open up your network to them.
2. Partner, support or even acquire small diverse companies and, as a result, add value by reaching new markets (because existing products doesn’t fit the market for people of colour).
3. Give Black and Latinx folks a seat at the table. If you’re launching a diversity campaign or coalition, make sure to have them involved.

And, if you’re a FinTech VC, take the time to research the opportunity and make a pledge to fund a Black or Latinx founder.

In case you were wondering, supporting the Black and Latinx community in these ways makes great business sense because the future will be even more diverse than it is now, with 2020 being the year when more than half of all Americans under seventeen years old are from a minority background[1] and with Latinos making up 35% of Gen Z[2].

AI ”“ the part diversity plays

Does technology have a part to play in making FinTech more diverse and representative of our societies? It certainly does. A great example is how we can use technology to design out bias in the many AI algorithms at the heart of so much data analysis and business decision-making. The way that financial decisions the algos make can be intrinsically unfair, and this bias is now seen as the biggest risk in data-driven technology[3]. Bias can creep in at any point in the development process, but technology and regulation both play a part in mitigating it. But a number of tools can measure bias and the trustworthiness of algorithms. Some are open source, some commercial. Furthermore, there are considerable efforts across academia to enhance these tools and provide improved algorithmic transparency and explainability’.

However, technology alone is not enough. As Ana Perales, AI Horizontal and Conception X Lead at Barclays Ventures, explains in the Rise FinTech Insights report, other factors are key to minimising bias. These include design and regulation. Designing ethics into algorithms requires, among other things, the very teams (of data scientists and developers) that create the code to be diverse. Additionally, developing a culture of frequent testing to collect data in an unbiased and systematic way should be part of any design.

Tracking changes to government regulation is key. Regulatory consultations and frameworks for AI highlight the close link between fairness and bias, on the one hand, and transparency and explainability on the other. For example, the European Commission, the Monetary Authority of Singapore, the Financial Conduct Authority and the Information Commissioner’s Office have all issued guidance that includes principles of fairness, bias, explainability and accountability. Check out Rise FinTech Insights for examples of how bias can creep into AI and of startups that specialise in analysing and reducing bias.

The distribution of AI companies across the Rise ecosystem

Download all editions of Rise FinTech Insights here.

[1] https://www.npr.org/sections/thetwo-way/2015/03/04/390672196/for-u-s-children-minorities-will-be-the-majority-by-2020-census-says?t=1598894550932&t=1602514826391

[1] https://tribecamarketinggroup.com/tribecatrending/get-to-know-hispanic-generation-z/

[1] Report: AI Barometer by the Centre of Data Ethics and Innovation

Why FinTech Brands Use Content Marketing

The FinTech industry is one of the fastest-growing sectors in the world. By the year 2022, the global financial sector is expected to be worth over US$26.5 trillion with a compound annual growth rate of 6%.

FinTech brands are now increasingly looking to include content marketing as a key pillar of their marketing and growth strategy.

We spoke to FinTech giants Klarna and Modulr as well as their content marketing partner, Copy House to find out more about the role content marketing plays in their strategy to increase brand awareness and engage audiences.

What is Content Marketing?

Content marketing is a strategic marketing approach that focuses on creating and distributing valuable and consistent content to attract and retain customers from a clearly defined target audience. On average, content marketing pulls in 3x as many leads and costs 62% less than traditional marketing. A well-written piece of content also continues to drive traffic to your site long after you publish it.

Marketing Challenges For FinTech Brands

When it comes to marketing FinTech, most brands face challenges around trust and education.

Traditionally, finance marketing has been aimed solely at IFA’s and the content typically used complicated and jargon-heavy language, which shut out smaller businesses and left customers confused about how financial services work.

FinTechs brands often look to challenge this status quo by creating a more accessible world, which naturally means they also have to educate their audiences in the process.

Klarna’s Senior Marketing Manager, Elias Pitsavos, explains:

“Many traditional financial institutions are afraid of Open Banking because it challenges established business processes and poses the threat of their customers abandoning them. There are also many small companies that we need to reach that don’t know about Open Banking. So we need to find a way to educate them about the service and its value.”

How Content Marketing Conquers These Challenges

“Content marketing is all about building trust and educating people. If your website looks and sounds good people are more likely to trust you. Content helps you give them quality insights without them having to ask for it.”

Kathryn Strachan, MD at Copy House

Content marketing also helps FinTechs to:

Increase Brand Awareness

Being a relatively new player in the field of finance, FinTechs are competing against household names like RBS and HSBC when trying to acquire new clients. Content marketing is an excellent way to increase brand awareness and educate people about their solution.

Klarna’s Elias Pitsavos explains: “

Klarna already has an established brand name when it comes to our core business and our payments solutions. We want to increase brand awareness in the Open Banking world and establish Klarna as a thought-leader in the field. Content marketing helps us do that.”

Build Trust & Credibility

Rightly so, people are nervous about who they trust with their money, so to gain new clients, FinTechs must let people know who they are and what they offer.

Content marketing helps FinTech brands build trust and prove their credibility before someone even speaks to their company. Businesses can then use content marketing to scale those relationships and reach a wider audience, regardless of team size or budget.

Modulr’s Chief Marketing Officer, Edwin Abl, informs:

“As we are a scaling business, we need to get people to understand our brand and our services. Content marketing helps us build credibility and prove that we’re a viable alternative to traditional banking. It’s a key pillar in our strategy to achieve that.”

Exercise Thought-Leadership

“We educate our audience through content marketing. Since traditional marketing methods like events aren’t available to the same extent because of COVID, content plays an even more vital role in getting our message out there.”

Elias Pitavos, Klarna.

By sharing useful information in a blog article or on social media, FinTech brands can demonstrate their expertise in the field and kickstart conversations.

Modulr’s Edwin Abl, adds:

“Content marketing helps us communicate what we stand for and how helpful we can be from an education standpoint. It’s not just about marketing, but teaching the audience about changes in the industry and informing people of what’s going on. We use content marketing to build our community.”

Whether you’re an established FinTech brand or a startup, content marketing is critical to creating a successful marketing strategy. Other marketing methods come and go, but people have always, and will always want content.

By putting energy into creating high-quality, SEO optimised content ”“ or outsourcing your content creation to a content marketing agency ”“ is a long-term investment, but will bring great results. So start investing now.

Note: Copy House is a content marketing agency specialising in FinTech content and provides content marketing support for Modulr and Klarna. By crafting SEO-optimised, educational content, Copy House helps these FinTech giants increase brand awareness, build trust and educate their audiences. Find out more about Copy House byscheduling a call or visiting their website.

Photo by Kaboompics .com from Pexels

Two means to help protect against cybercrime

Firms need a combination of robust policies/procedures and technology to help protect against themselves against cybercrime, says Anthony Rafferty, Managing Director, Origo

It seems hardly a week goes by without news of the vast sums of money which has been scammed or otherwise stolen by criminals through cybercrime.

The extent to which cybercrime is prevalent within pensions and financial advice services ”“ two of Origo’s principal areas of focus ”“ has been brought home during the Covid-19 crisis as criminals have ramped up their attempts to trick individuals and businesses into giving away personal and financial details to enable fraudulent transactions.

Recent reports have highlighted that the Financial conduct Authority (FCA) has been investigating more than 150 Coronavirus-related scams since the outbreak began (1) and spent over £300,000 on fighting fraud online in the first six months of the year (2).

The industry’s compliance consultancies have been warning financial advice firms on scams and email hacking. Paradigm Consulting recently warned advice firms about fake email surveys purporting to be from the Regulator (FCA) on the impact of Covid-19 (3), while ATEB Consulting warned on fraudsters hacking personal email accounts and impersonating clients to encash investments (4).

Alongside this are reports of company owners and directors receiving highly realistic scam emails from trusted organisations, including banks, requesting usernames, passwords, and bank details.

This increase in reports and news stories serves to illustrate that the threat to financial services businesses from cybercriminals cannot be ignored by any company.

Data published by the Information Commissioner’s Office (ICO) has revealed that phishing’ by cybercriminals was the second highest reported incidence of the inappropriate disclosure of data’ by company staff (5).

However, the most common incidence of data breach reported to the ICO was information being emailed to the incorrect recipient. That suggests a breakdown or lack of internal procedures.

Clearly, whether dealing with cybercrime or staff error, having a well-documented policy, robust procedures and monitoring of processes, can go a long way to preventing potentially costly data breaches.

Education is another area where firms can help protect themselves from external threat and internal error, including regular cybercrime awareness sessions and training of staff.

Implementing technology ”“ such as employing military-grade encrypted email, particularly when exchanging personal and sensitive information with clients or between organisations ”“ should become standard every-day practice. Encrypted email secures against hacking, enables authentication to ensure the right person has accessed the information, and provides an audit trail for security and regulatory purposes.

We are operating in a world where disclosure of information is a threat on many levels and putting in place preventative measures is essential for any size of firm within our industry.

(1)The data was obtained under the Freedom of Information (FOI) Act by the Parliament Street think tank’s cyber research team.

(2) https://www.ftadviser.com/regulation/2020/09/03/fca-spends-300k-to-fight-fraud/

(3) ttps://www.moneymarketing.co.uk/news/scammers-posing-as-fca-send-out-advisers-covid19-impact-survey/

(4) http://www.atebconsulting.co.uk/news/beware-email-hacking-scam/

(5) https://ico.org.uk/action-weve-taken/data-security-incident-trends/

Developing a Change-Ready Mindset

The only constant is change’. At least, that’s how Heraclitus put it, leading me to believe that resistance to change was as common in Ancient Greek society as it is today.  Whilst quite obviously a lot has changed since 570BC ”“ medicine, architecture, Tesco Expresses ”“ our aversion to change, especially when forced, has remained steadfast. Over the last few months I’ve been speaking to a great many business owners, young and old, about the effects of COVID-19 on their businesses. What has really stayed with me is how many have really resisted these changes and still yearn to get back to business as usual’.

But what is business as usual? Can we go back to a pre-COVID method of operation? Even if we can, should we? Business owners have felt the full impact harder than many and for that reason I can understand the desire to sweep the whole affair under the rug and move on. However, in doing so we might just miss out on crucial opportunities.

The questions I keep coming back to are: if another global event occurred right now, how would your business be better able to handle the situation and what has been learned and implemented this time around to get your business into better shape? A big part of honestly facing up to those questions comes down to our own mindset and sense of control. When the pandemic hit and threw everything out of sync, the natural reaction was to cling onto what we knew and what gave us that sense of control and certainty, but very quickly it became apparent that wasn’t a viable option this time and nor will it be with future situations. The real  issue here  is that nobody truly  likes being told what to do, especially not by a microscopic virus with absolutely no redeeming qualities and so, to come back to mindset,  what can WE do to normalise our relationship with change to ensure it’s never forced upon us in future?

Managing change is a bit like going to the gym; the first time you go, it hurts and (speaking from personal experience) frustrates you when you haven’t dropped a stone by the next day. When you maintain a rhythm, the pain subsides and the benefits begin to show. So if we adopt the same relationship with change and by actively seeking it, stay ahead of the curve, we’ll slowly develop our mindset around change much like a muscle at the gym. With that in mind, I wanted to share with you my 5 steps for developing a Change-Ready’ mindset.

• Analyse what is happening now? ”“ Look at your business to really understand what is happening right now. Analysis tools like the PESTEL, competitor analysis, SWOT analysis are great tools to help you really understand the change. What are the indicators that change is needed: revenue has declined; customers aren’t buying through the shop any longer; or suppliers are no longer able to supply you?
• Identify the changes required ”“ What needs to change within the business to resolve this issue? Do you need to look at alternative channels to market, such as selling online? Do you need to look at  or alternative suppliers? Do you need to completely pivot what you do?
• Identify the obstacles ”“ What issues are there with making that change? Once you’ve identified a possible solution, you need to apply your critical thinker and  consider all of the obstacles stopping you form implementing that change ”“ Lack of funds? Lack of customer validation? Lack of man power (or woman power)?

Now at this point it’s worth noting that, as a demographic, entrepreneurs and business owners are phenomenal at rapid decision-making, however, in some cases this needs to be checked. When change is forced upon us, there is a risk that these decisions could be made on the basis of emotion rather than reason. Even when change is unexpected, there is usually a little time to step back, analyse and identify. If we don’t, required changes can be blown out of proportion and become too general to have a lasting, meaningful impact.

• Assess the risk & cost of change ”“ Determine the degree of risk and the cost of change looking at different scenarios to help you map alternative paths. Before progressing with any significant change you need to assess the risk and costs involved with adopting this new approach. How does this affect your overall costs? Do you need additional resources? Are there any risk involved?
• Plan the way forward ”“ Once you have all the information you can then decide on a clear way forward and put steps in place to integrate that change. Break it down into manageable steps and make sure you are testing at every step of the way to make sure the change is working.

There are two forces underpinning these steps. Firstly the clarity of your vision: if you know where you’re going and what you want to achieve, you’re likely to accommodate change better, provided you can see how it helps you achieve what you wish to. You wouldn’t get in your car and ask your sat nav where you want to go, so don’t expect the same from your business. If your vision needs a refresh, make sure you prioritise that! Secondly, resistance to change: as we’ve covered, this is a challenge millennia in the making, so take some time to understand your own resistance to change, by questioning where it comes from and when was the last time change adversely and/or positively influenced your business.

The ironic thing about all of this is that resistance to change stems from a perceived loss of control and yet, if our vision is unclear and our self-awareness is lacking, the uncomfortable truth is that we lost control long ago.

Mindset, Managing Change and a whole host of other business support content is available via the Royal Bank Business Builder programme ”“ a free virtual tool for new and established businesses. Open to everyone, Business Builder supports you to stay in control across a wide range of business topics, available 24/7. Sign up today by clicking here.

UK tech demonstrates resilience amid virus crisis

Tech Nation and Dealroom published a report for the Digital Economy Council. It highlights that investors are still active in the tech space, despite the challenges posed by COVID-19.

UK digital tech companies are still attracting investors and are still recruiting. Most of them declared being optimistic about their ability to navigate the crisis. On the investment side of things the UK outperforms all of its European neighbours.

The report shows that British tech companies are resilient with tens of thousands of jobs advertised in cities across the UK in 2019 and the start of 2020, with salaries continuing to grow well-above inflation in almost all regions.

London leads the way and is a global tech leader with London-based companies raising $4bn since the start of January, more than Paris, Stockholm, Berlin and Tel Aviv combined. But other regions including Scotland are also doing well with Glasgow and Edinburgh leading the way.

Digital Secretary Oliver Dowden said:

“The UK’s tech sector has shown resilience in these challenging times and the levels of investment in the year to date have consolidated our Europe-leading position.

“We have a vast pool of talent in the country’s digital and tech firms who have played a big part in supporting communities across the UK and beyond throughout the pandemic and I applaud them for their ongoing efforts.

“The government will continue to champion and support the sector as it navigates the months to come as we step up our Coronavirus recovery plans. We will back entrepreneurs, encourage innovators and help businesses make the most out of the opportunities the digital and tech world provides.”

UK’s position of strength

The UK’s tech sector went into the coronavirus crisis in February in a strong position. From January to the end of May, tech companies raised $5.3bn, compared to a total raised in the rest of Europe of $4.1bn. However, there are concerns that many of these deals were agreed in principle before the onset of the virus, which has reset expectations. Capital inflows in the second half of the year are unlikely to be as strong as those in 2019, itself a record year.

In April, the Government unveiled its Future Fund of £250m of matched funding for startups, so that tech companies which are typically loss-making could access support. Equity backed small businesses right across the UK are developing vital innovative products and services that have the capacity to help the growth of our economy in the months ahead as we emerge into economic recovery. Yet many of these businesses need further support and investment to withstand the impact of the coronavirus crisis to ensure that they can survive and successfully continue to build and commercialise their innovations.

However, startups are fragile businesses and recent data gathered from 200+ companies for the venture capital community shows that:

• Two-thirds expected revenues to drop by more than a quarter

• 39% of business to consumer companies saw March revenues drop by over 50%

• A third of companies have slowed hiring, while almost a half have frozen hiring

• Two-fifths of companies believe they have less than 12 months of funds

Gerard Grech, chief executive of Tech Nation: “Many businesses are adapting and innovating to support the fight against coronavirus, demonstrating the resilience and resourcefulness of the UK tech sector. Although we are seeing many tech companies closing key rounds of funding, the picture is being monitored closely at Tech Nation, especially across different parts of the country, where access to finance may not be as strong. These findings today confirm that the UK is well positioned to face the challenges that lie ahead and leave Covid-19 in a position of strength.”