Scottish Fintech Snugg Secures Nearly £2 Million for Pioneering Green Home Hub

Edinburgh-based fintech company Snugg has been awarded nearly £2 million in funding from the UK Government for the development of its innovative Green Home Hub (GHH). This significant investment, part of the UK Government’s Department for Energy Security & Net Zero initiative, will aim to promote energy-efficient homes across the UK.

Understanding the Green Home Hub

The GHH will be a user-friendly digital platform that bridges the gap between homeowners, financial institutions, and energy providers. Its primary function is to guide users towards creating more energy-efficient homes through personalised retrofit recommendations and green financing options. The platform addresses common challenges such as complexity, high costs, and the lack of reliable green finance solutions, thereby simplifying the decision-making process for homeowners.

Collaboration with Perenna and Scroll Finance

Snugg will be collaborating with finance giants Perenna and Scroll Finance to bring this vision to life. Perenna Bank is integrating its long-term fixed-rate mortgage products into the GHH, while Scroll Finance is introducing its innovative Green Shared Equity Mortgage. These collaborations are set to provide homeowners with diverse and accessible financial support options for their green home improvements.

Impact on Homeowners and the Environment

The launch of the GHH is a game-changer for homeowners seeking to improve their property’s energy efficiency. It offers a tailored user experience, providing cost and savings analysis for various installations, and access to financial support like grants and innovative financial products. Additionally, the GHH facilitates progress tracking, monitoring energy, and carbon emissions reductions in real-time post-installation.

Industry and Governmental Support

The project is supported by industry leaders. Robin Peters, CEO of Snugg, highlighted the benefits for homeowners, banks, and the environment, emphasising the reduced energy demand and improved air quality as more homes undergo energy-efficient retrofitting. Arjan Verbeek, CEO at Perenna Bank, and Ashish Kashyap, CEO and Founder at Scroll Finance, both expressed excitement about their collaboration with Snugg, insisting on the importance of cross-industry collaboration for large-scale retrofitting in the UK.

A Step Towards Net Zero

The development of the GHH aligns with Snugg’s commitment to supporting the UK’s journey towards Net Zero by 2050. With changing government policies and a growing emphasis on sustainable living, innovations like the GHH are increasingly vital. The platform not only makes green living more accessible but also propels the UK forward in its environmental goals.

Encompass Corporation acquires CoorpID and Blacksmith KYC from ING to revolutionise Corporate Digital Identity

Encompass Corporation, a fintech in the Scottish fintech community and a leading global provider of real-time digital Know Your Customer (KYC), has announced the acquisition of CoorpID and Blacksmith KYC from ING. This strategic move aims to develop a market-leading Corporate Digital Identity (CDI) platform, addressing a crucial challenge in the financial sector.

Transforming KYC Outreach with CoorpID

Originating in 2018 from ING Labs, CoorpID was a response to the intricate KYC challenges faced by ING and the broader market. It helps global banks in automating outreach and collecting private KYC data directly from corporate banking clients. Providing a centralised repository, CoorpID is being used by over 500 multinationals across Europe, streamlining the management and sharing of KYC company documents.

By integrating CoorpID, Encompass will create a comprehensive KYC profile that merges authoritative public information with private data from clients. This innovation introduces a complete CDI to financial institutions, offering a unified source of truth and enhanced visibility into risk. It also ensures a more efficient, compliant, and seamless experience.

Enhancing KYC Processes with Blacksmith KYC

Established in 2017 as part of ING Labs Singapore, Blacksmith KYC focuses on improving KYC processes for the financial industry. It allows banks to customise their Customer Due Diligence (CDD) requirements within a Digital Policy Manager, streamlining data collection and enhancing efficiency, evidenced by up to 50% efficiency savings.

Integrating Blacksmith KYC with Encompass will empower banks to convert manual KYC policies into automated processes, providing valuable risk insights and better monitoring of Financial Economic Crime (FEC) risks.

Creating a Unified Corporate Digital Identity Platform

This acquisition is an important milestone for Encompass, aligning with its vision since its inception in 2011. By acquiring 100% of CoorpID and Blacksmith, Encompass will to transform the KYC industry. ING will not only be a stakeholder but also a development partner in this endeavor.

The emerging CDI sector, essential in the KYC ecosystem, will now complement Client Lifecycle Management (CLM) technology, enhancing the overall customer journey. With ING committing to use the platform in the coming years, Encompass is on its way to become the premier CDI platform globally.

“ING’s commitment to supporting and fuelling KYC excellence has led to the successful journeys of CoorpID and Blacksmith KYC. The combination of the  technology and market expertise brought by these two businesses is the perfect match for Encompass.

“Encompass, CoorpID and Blacksmith have been established with the customer at heart, which connects them and has been their recipe for success. Together they will continue to provide a first-class customer experience, with smart, tailored offerings that address the needs and challenges of our clients and industry, now and in the future.

Origo appoints Tom Mullally as Chief Product Officer

Tom Mullally has joined the Origo team as their new Chief Product Officer.

This marks an exciting chapter for Origo on their road to creating the go-to resource for seamless financial connectivity and efficiency.

Starting at Nat West, he then joined Deloitte thank to his expertise in product and business development. More recently he was Chief Product Officer at two pioneering payments companies.

Tom says:

“For over 30 years, Origo’s focus has been on solving the industry’s problems, and that will continue. I am already talking with key industry players to see where we can add value and improve the industry’s efficiency, reduce costs, and help consumers.

“As well as building on Origo’s existing range of industry essential products, such as Unipass Identity, Origo Transfer Service, Origo Integration Hub, Unipass Letter of Authority, and our work for the Pensions Dashboard, among others, we are looking at new product development and pipeline growth that will see Origo able to support more businesses across the industry.”

Anthony Rafferty, CEO, Origo says:

“Since becoming an independent company, backed by Vespa, we have been looking at ways we can bring greater efficiencies and cost savings to the industry, by building on our ability to connect the industry through key services and processes.

“This is the technology for which we are well known, and which benefits the industry as a whole, including providers, platforms, software houses, advice firms and end clients.

“Tom brings a wealth of experience to the Origo team, which will help us expand our horizons, with the opportunity to create a bigger impression not only in our traditional market but in similar areas which could benefit from our expertise and technology.

“We are about to enter another exciting period of growth for Origo and its customers.”

Alba Bank Empowering SMEs with nCino’s Cloud Banking Technology

Scottish fintech Alba Bank, one of the newest challenger banks is adopting the nCino Cloud Banking Platform to revolutionise the way it supports the growth of SMEs.

Why nCino and Why Now?

With the world increasingly moving towards digital solutions, Alba Bank’s choice of nCino’s cloud banking platform couldn’t be timelier. This secure, cloud-based solution will streamline Alba’s lending processes from start to finish right from the initial loan application to the final fund disbursement. What does this mean for SMEs? Faster, more efficient, and more reliable access to essential funding.

The nCino Difference

The integration of nCino’s platform with Alba’s core banking engine is a game changer. It simplifies the loan application process, enabling digital submissions, real-time progress monitoring, and quick digital sharing of loan decisions. This integration is expected to significantly reduce the time it takes for Alba’s underwriting team to review and approve loan applications.

Alba’s Journey and Commitment

Earlier this year, Alba was granted its banking licence by the UK Prudential Regulatory Authority (PRA) and the Financial Conduct Authority (FCA). Currently, in its mobilisation phase, Alba is focused on building its team, operations, and infrastructure. With its partnership with nCino, Alba is ready to hit the ground running, ensuring that it is technically and operationally ready to start lending from day one.

Andrew Lewis, Chief Risk Officer at Alba Bank, highlights the importance of this partnership: To build Alba, we partnered with the very best technology providers in their fields to offer our customers a first-class banking experience. Partnering with nCino underlines this approach. nCino’s highly regarded Cloud Banking Platform will support our end-to-end lending needs, helping our expert underwriters to make quicker lending decisions for our customers, and allowing us to scale with speed and agility as we introduce more products and build our customer base.

Echoing this sentiment, Charlie McIver, Managing Director, EMEA at nCino, expressed pride in partnering with Alba Bank. He emphasised nCino’s robust and adaptable technology, designed to support both emerging and established banks in innovating and modernising their services.

Two Scottish Firms win Lloyds Banking Group Launch Innovation Programme

Lloyds Banking Group have selected two Scottish firms as winners of the third edition of their Launch Innovation Programme. This initiative, a collaborative effort with FinTech Scotland and GrowthBuilders, seeks out the most innovative technologies to forge solutions that resonate with and empower customers.

GoCodeGreen: Pioneering Digital Sustainability

In a world increasingly aware of its carbon footprint, GoCodeGreen stands out with its commitment to environmental responsibility. LBG has recognised the potential in GoCodeGreen’s approach to reducing carbon emissions across their digital estate by an ambitious double-digit percentage. It’s not just about reduction, though; it’s about transformation. GoCodeGreen is set to offer specialised training to LBG’s colleagues, nurturing a new generation of digital professionals who can integrate sustainability into the core of their design and development processes.

Appointedd: Revolutionising Scheduling One Click at a Time

Efficiency meets sophistication in Appointedd’s online scheduling system. LBG’s Operations department is gearing up to integrate this technology, which promises to smooth out the intricacies of digital procedures. The goal? To enable LBG to sharpen its focus on supporting customer financial aspirations, streamlining interactions, and enhancing overall service.

Beyond Scotland: The Joy Club

Joining the Scottish powerhouses is London-based fintech The Joy Club. This innovative service is dedicated to enriching the retirement experience, offering LBG’s customers a platform to learn, stay fit, and connect. With a vision that everyone is entitled to a joyful retirement, The Joy Club is set to infuse a new zest for life among its members.

This selection is a testament to the vision and capability of these firms to shape a future where technology serves people with greater impact and empathy. LBG’s Launch Innovation Programme is a catalyst for change.

docStribute® and Chorley Building Society set to transform member communications

Chorley Building Society has teamed up with fintech docStribute on their journey towards digitalisation. This strategic partnership represents Chorley Building Society’s strong commitment to operational efficiency, elevated member engagement, and adherence to regulatory compliance standards.

The shift towards digitalisation is a crucial step for building societies in the modern age, and Chorley Building Society is setting a great example. By partnering with docStribute, they are not only aligning themselves with the evolving financial landscape but also taking active steps to reduce their environmental footprint.

Recent data from UK local government sources indicates that paper and cardboard constitute a staggering 20% of all waste produced in the country. Through the adoption of docStribute’s cutting-edge document distribution solutions, Chorley Building Society is on a mission to lower its paper consumption and carbon emissions whilst optimising their operational efficiency.

Chris Ansara, the CEO of docStribute, highlights the profound impact this partnership will have on digital transformation and customer relationships, all of which will ultimately benefit Chorley’s members. The solutions offered by docStribute will play an important role in achieving these objectives, promising lasting, positive change for Chorley’s members.

Kim Roby, Customer Services Director at Chorley Building Society, insists on the fact that their primary objective is to ensure that their

members receive nothing short of outstanding service. Their commitment extends to providing an exceptional member experience that adheres to regulatory standards and contributes to environmental sustainability. The partnership with docStribute aligns perfectly with this vision, as it will streamline member communication, enhance consumer comprehension, and make it simpler for members to engage with the society.

One of the standout features of this new partnership is the significant improvement in Chorley Building Society’s documentation delivery processes. Through this collaboration, members will have instant and secure digital access to information and communications whenever they need them. This level of convenience will transform the way members interact with the society, making their experience more personalised, timely, and tailored to their needs. In essence, this partnership empowers Chorley Building Society to deliver an elevated standard of member engagement.