Embracing Digital Transformation: Key Insights from Legado’s 2024 Private Client Experience Report
The legal sector is on the brink of a transformative shift, according to the latest findings from Scottish fintech company Legado. Their 2024 report, “The Private Client Experience, Legal Report,” unveils crucial insights into how private client solicitors and their clients interact, highlighting a compelling case for the adoption of digital solutions in the legal sector.
The Digital Demand in Legal Client Experience
The traditional modes of communication, predominantly email and post, remain the solicitors’ go-to methods. However, this seems to be out of sync with client expectations and needs. The report reveals that a staggering 60% of clients encounter challenges in their interactions with solicitors, signaling a clear demand for more streamlined and digital approaches. 92% of survey participants expressed the need for a secure digital portal, emphasising its potential to significantly enhance the quality of interaction between clients and legal professionals.
The Challenge of Change
Despite the unanimous use of email by solicitors, half of them find managing client communications challenging. This paradox underscores a broader issue within the sector: while there’s recognition of the need for digital transformation, the actual implementation of such solutions lags behind. Only a minority of law firms currently offer client digital portals, even though 90% of clients prefer this method of interaction.
The Path Forward
This gap between current practices and the potential for digital innovation presents an opportunity for significant improvement in how legal services are delivered. By embracing digital platforms, law firms can not only enhance client satisfaction but also achieve greater operational efficiency and security in document exchange and communication.
A Call to Action
Josif Grace, the founder and CEO of Legado, passionately advocates for this digital shift. He views the findings of the report not as a critique but as a blueprint for growth and advancement in the legal sector. According to Grace, the future of legal services will be determined by the industry’s willingness to adapt and innovate, meeting the evolving digital needs of clients in a secure and user-friendly manner.
Encompass Corporation Welcomes Neil Acworth as New CISO to Fortify Global Banking Trust
Encompass Corporation, a fintech based in Scotland and a leading global provider of real-time digital Know Your Customer (KYC) solutions, just announced the appointment of Neil Acworth as its Chief Information Security Officer (CISO). Acworth’s entry is a significant milestone for Encompass in its mission to provide gold-standard information security processes to global banking institutions.
Acworth brings to the table an impressive array of experiences, having navigated through the tech space with roles such as Chief Technical Officer (CTO) and Chief Information Officer (CIO), particularly within the Regulatory Technology (RegTech) sphere. His appointment is reinforcing Encompass’ capabilities in delivering seamless, data-focused processes crucial for the safety, compliance, and operational efficiency of financial institutions. This move is especially pertinent given the ever-evolving business and regulatory landscape where security remains a key concern across the financial services industry.
In his new role, Acworth will spearhead the information security team at Encompass, driving the company’s ongoing endeavors to embody and promote the highest standards in combating financial crime and fostering business growth. His leadership is expected to further solidify Encompass’ stature on the global stage as a beacon of trust and excellence in information security.
Neil Acworth, Chief Information Security Officer at”¯Encompass Corporation,”¯commented:
“I’m delighted to join an industry-leading business that is growing and strengthening its value every day. Information security is of the utmost importance to banks and financial institutions, and they need to see that we take it as seriously as they do. It’s clear that Encompass recognises this and is actively working to cement its place as a best-in-class partner.
“I’m excited to bring my leadership skills, perspective and technical expertise, gained from decades of experience, to this role and play my part in the business enhancing its reputation and success.”
Stuart Barnard, Vice President of Finance and Business Operations at”¯Encompass Corporation,”¯added:
“Compliance is at the heart of what we do, and hiring Neil as our new CISO brings this to life, in terms of how we operate internally and externally. For banks, we know security isn’t just about ticking a box, it’s business critical, and we are focused on being the proactive and trusted partner that our customers need.
“Neil has outstanding technical and business authority, gained from his vast industry experience. Neil‘s customer-focused approach also means that he is the ideal leader to help our customers operate most effectively within what is a fast-moving and pressured industry landscape, ensuring they feel safe with Encompass.”
An interview with Rachel Curtis, CEO at Inicio.ai, on Morgan Stanley’s Inclusive Ventures Lab.Â
We met with CEO and Co-founder of Scottish fintech Inicio.ai, Rachel Curtis, who was one of the 23 companies from North America, Europe, the Middle East, and Africa selected by Morgan Stanley to go through their Inclusive Ventures Lab, an accelerator to help tech and tech-enabled startups develop and scale their companies, and to advance a more equitable investment landscape. To get there, Rachel had previously won the Scottish pitching event.
With the Inclusive Ventures Lab 2024 now open for applications we wanted to know more about Rachel’s experience of the programme and the impact it had on her business.
Rachel, could you introduce yourself and Inicio.ai?
Of course, I’m the CEO of Inicio.ai, a fintech for good focussed on helping vulnerable people get out of debt.
We have built a solution that removes a key barrier for those struggling with debt ”“ it uses cutting edge conversational AI to guide consumers through a self-serve affordability assessment. The solution also has huge benefits for organisations as we deliver a more consistent and efficient process, which captures deeper and better-quality data, whilst saving them up to 90% of their agent costs.
How did you first hear about the Morgan Stanley Inclusive Ventures Lab?
We are part of the FinTech Scotland community and Morgan Stanley are one of FinTech Scotland’s strategic partners. FinTech Scotland contacted us directly to make us aware of this opportunity as they thought we would be a good fit for the Lab.
What’s interesting is that if I’d just seen information on the Lab elsewhere, I would probably have disregarded it as my first thought would have been that we were too small for a giant like Morgan Stanley. However, thanks to this warm introduction from FinTech Scotland we decided to apply.
What other attributes of the programme did you find interesting?
It was a combination of a few things. Of course, the prospect of securing a £250,000 investment was a key driver, but the overall programme looked fantastic with an incredible level of support offered to participants.
At the time we had just gone through the University of Edinburgh’s AI accelerator and the experience had been really positive. Therefore, we thought that continuing with Morgan Stanley’s Inclusive Venture Lab made a lot of sense.
Can you tell us more about the Inclusive Ventures Lab?
After winning the Scottish pitch event, we then successfully made it through the Investment Committee screening and a due diligence phase to secure our place.
On the first day of the lab we came together as an EMEA cohort in London at Canary Wharf and were welcomed with our pictures on the TV screens in the lobby and even in the elevators. They made us feel like movie stars! We were taken to the 11th floor Boardroom where we joined via video with the North America cohort.
During the lab we were given office space on the 10th floor which really helped us punch above our weight, giving us credibility when inviting investors or potential clients to visit us.
When the Lab concluded at the start of February 2024, after 5 intensive months, I had the privilege to attend the Final Demo Day and 
pitch in front of hundreds of global investors from across the US and EMEA. After the pitching day I even got displayed on the Nasdaq Tower in Times Square, New York. When we shared this on LinkedIn, we got 10 times more responses than any other previous posts. This created a lot of brand awareness for us and gave us fuel for our business.
On a practical level, the support we received was unparalleled. We were given a dedicated team that helped us with information sourcing, presentations, pitching preparation and more. They became a part of the Inicio team and we were supercharged overnight! We also met with our Entrepreneur in Residence every week and they had such broad experience it meant we could cover all aspects of the business in detail.
On top of this I received a lot of coaching around sales, pitching, go to market strategies, investment readiness and more. I was also allocated a Morgan Stanley Managing Director as a mentor, which really demonstrates how committed the company is to the Lab programme.
We were even given free sessions with a top law firm which is not something we could have afforded ourselves.
How was the Inclusive Ventures Lab different from other accelerators you had come across?
The Inclusive Ventures Lab is a pure accelerator in that Morgan Stanley were not looking for a solution for their business but instead were focussed on our success as an investor.
They were very involved to the point that it felt that we had more than doubled the number of Inicio colleagues overnight. The Lab team even helped us rethink our brand and identity and whilst the programme is now over, the team is still helping us with our website redesign and other tasks ”“ they continue to support even after the 5 months.
Finally, Morgan Stanley was really committed to inclusion and diversity and it was fantastic to work alongside the other 22 entrepreneurs who all came from different backgrounds and different countries.
Could you describe your experience?
I felt hugely supported. Sometimes, being a CEO can be lonely. I have an amazing and very supportive board of directors but it’s obviously not possible for them to be involved in every detail of the daily running of the business, nor should they. The Morgan Stanley team was involved 24/7 to help move things at pace and offered the extra help we needed to accelerate our growth.
The programme was intense and soul searching as it made me rethink so much. They didn’t pull any punches and gave me raw feedback which is what entrepreneurs need to ensure success, but they did it in a super supportive way.
Overall, I feel a lot more confident and better at making fast decisions. Prior to joining the Lab, I felt much weaker in investor pitches. There’s been a real shift now and I have confidence that my business is valuable and I find myself asking more of the questions during pitches as I want the right investors for my company.
What has the impact of going through this programme been for Inicio?
This has helped us secure investment and sales which has been a real boost for Inicio. This comes from being able to articulate our proposition much more clearly. I hadn’t realised how complex my business could sound before but the coaching I received helped me to understand how to focus our story for the relevant audience.
Going through the Inclusive Ventures Lab has fast tracked our businesses by years and we’re now seen as so much more credible which has enabled us to open new doors.
Why do you think diversity is important when it comes to financial innovation?
I believe it allows for more diverse thinking and a fresh perspective. I think some of the biggest leaps in innovation are driven by the edge case experiences of those in the minority where there are more challenges. There is much less creativity in the average middle ground and the innovation that comes from solving struggles in the edge cases can then be applied to the whole market so all benefit.
To finish and now you completed the program, what advice would you give to other budding diverse entrepreneurs who might be considering applying to the 2024 Morgan Stanley Inclusive Ventures Lab 2024?
My advice to anyone thinking about applying is first, ensure you can give it your full commitment in terms of time and effort so that you are able to get the most out of what is an amazing opportunity, and second ”¦ DO IT, DO IT, DO IT!!!
Leadership Transition at Alba Bank
Scottish fintech Alba Bank, headquartered in Glasgow, announced an important change in its leadership with Rod Ashley stepping down. This marks the beginning of a new chapter for Alba Bank, an company that has grown and evolved significantly under Ashley’s stewardship.
Welcoming New Leadership
Stepping into the role of acting CEO is Jonathan Thompson, who brings a wealth of experience from the start-up and SME banking sectors. Thompson’s appointment signals Alba Bank’s continued commitment to innovation and growth, particularly in areas critical to the future of banking. His expertise and vision are expected to lead Alba Bank through its forthcoming critical phase, steering the institution towards new opportunities and challenges.
Joining Thompson in leading the bank into its new era is Dominic Wade, the newly appointed Chief Financial Officer. Wade, who transitions from Unity Trust Bank where he served in the same capacity, brings a deep understanding of the financial intricacies facing today’s banks. His experience and strategic insight will undoubtedly be invaluable as Alba Bank continues to evolve and adapt in a rapidly changing financial environment.
Forward Momentum
Rod Ashley said: ”
“I have enjoyed every moment of leading Alba from the early days but now is the right time to step aside”
His sentiments were echoed by Alba’s Chair, Robert Sharpe, who thanked Ashley for his years of dedicated service and wished him the best in his future endeavors.
Jonathan Thompson, the acting CEO, expressed his enthusiasm for the challenges ahead, stating,
“I am delighted to take the reins at Alba and lead the bank through this next critical phase.”
Join Etive and be part of the Fintech Revolution in Scotland
Scottish fintech Etive, is developing a digital identity trust scheme, MyIdentity. With the UK’s digital identity legislation on the horizon, set to take effect in the spring of 2024, Etive’s mission couldn’t be timelier or more vital and there is an exciting opportunity for those looking to come on board.
Etive’s Visionary Mission
Since 2018, Etive has been dedicated to mitigating the friction involved in identity verification within the residential property market. This initiative, spanning new home builders, estate agents, lawyers, financial brokers, and mortgage lenders, is on the cusp of going live. MyIdentity represents a groundbreaking identity trust scheme that ensures identity verification is completed to a trusted set of standards, rules, and regulations, aligned with the Government’s Digital Identity & Attributes Trust Framework (DIATF).
With two core online products under the Etive brand ”“ the Property Log Book® and Digital Log Book® ”“ and the flagship MyIdentity® proposition in development, the company is at an exciting growth phase. These products are not just about technology; they’re about creating a secure, efficient future for identity verification in the UK.
The Role: Application & Innovation Manager
Etive is recruiting an Application & Innovation Manager. This key position is responsible for leading the information technology activities at Etive, ensuring the effective delivery of IT systems, services, and support. From strategic planning and project management to leadership and collaboration with internal and external stakeholders, this role is about driving technology initiatives forward.
The ideal candidate? A technical visionary with hands-on experience in application architecture and design, who can engage at both a strategic and detailed level. This role demands a dynamic individual who can work closely with the Product Owner and Operations Director to bring Etive’s products to market and support their ongoing development and operation.
Your Impact
As the Application & Innovation Manager, you will:
- Manage product and service application and infrastructure development throughout their lifecycle.
- Develop and implement IT security policies and procedures.
- Manage relationships with development and infrastructure outsourced partners.
- Own and develop the application and infrastructure strategic roadmap.
This position is not just a job; it’s a chance to be a pivotal member of the management team, directly influencing a growing product and business, and potentially progressing rapidly into a CTO position.
Join Etive
If interested please contact Stuart Young at s.young@etive.org
Cavendish Online partners with Aveni for AI-enabled Customer Service
Cavendish Online, part of the Lloyds Banking Group, has recently announced a partnership with Scottish fintech Aveni.ai, a leader in Artificial Intelligence and fintech solutions. This collaboration positions Cavendish Online as one of the first protection distributors to integrate advanced AI technology into their customer service operations.
Revolutionising Customer Experience with AI
The core of this partnership lies in the deployment of Aveni’s Generative AI and Natural Language Processing (NLP) technologies. This innovative platform is designed to attentively listen and learn from every customer interaction. By analysing these conversations, Aveni’s system aims to significantly enhance the quality of advice and service provided by Cavendish Online.
Speed and Efficiency in Service Improvement
One of the most notable capabilities of the Aveni system is its ability to process and analyse an entire day’s worth of customer calls in just a few minutes. This rapid analysis not only offers insights into improving service quality but also aids in detecting any vulnerabilities during customer interactions. It will enable Cavendish Online to swiftly implement improvements and adapt to evolving customer needs.
Human-Centric Approach with AI Support
Despite this reliance on AI for data analysis, the core of Cavendish Online’s customer interactions will continue to be human-led. The Aveni system serves as a support tool, enhancing the advisers’ ability to provide premium service. It also plays a critical role in targeted skills development for advisers, ensuring they are equipped with the knowledge and expertise needed to meet and exceed customer expectations.
Commitment to Consumer Duty
This strategic move by Cavendish Online will help then to fulfil their Consumer Duty obligations. By harnessing the power of AI, they are set to revolutionise the way financial advice and services are delivered, placing a stronger emphasis on customer satisfaction and quality of service.
Rose St Louis, Protection Director at Lloyds Banking Group and CEO Cavendish Online, said:
“Delivering excellent outcomes for all customers is at the heart of Cavendish Online’s mission. Now we can incorporate Aveni’s Generative AI into our processes to provide insight which will help us learn and consistently deliver high quality advice and service to our customers.
“This collaboration marks a significant milestone both for us and for the entire protection market, putting Cavendish at the forefront of AI-driven innovation for financial services distribution, and further demonstrating our commitment and focus on delivering great customer outcomes.”
Andy Johnston, Aveni, said:
“Cavendish Online is making a significant impact in the UK protection market and demonstrates a commitment to innovation and ambition that resonates with our team at Aveni. We have been selected as an AI-partner because of the solutions-based approach of the Aveni platform, combining financial services know-how, with deep expertise in Generative AI and Natural Language Processing.
“The power of Generative AI will be a game changer in this sector. We look forward to working together in partnership to explore further solutions.”
Ionburst selected as one of the top 40 Fintechs globally to join IBM Fintech Fast Pass
Imagine,
..having power to control the security, resilience and compliance of your data in one place.
Wherever it is in the world. On premises, in (multi-) Cloud, or at the Edge.
You know:
- where it’s stored
- how it’s protected
- that it complies with regulations everywhere
”¦and you’ve cut your data exposure and costs by half
Meet Ionburst.
Research proves moving data into Cloud is difficult.
For sectors like financial services, healthcare and defence, that rely on keeping data secure and compliant, it’s a nightmare.
I was International Treasury Director for BlackRock, and I know no solution existed before now and that’s why I’m so passionate about Ionburst.
I’m not alone:
We’re delighted IBM has selected Ionburst as a top 40 fintech globally recognising we uniquely solves critical pain points others can’t.
It’s great recognition for our Scottish Fintech and cybersecurity ecosystems. We learned of this great opportunity from Fintech Scotland’s Opportunities Digest ”“ so a big thank you to all the team!!
So, what is the IBM Fintech Fast Pass and what does it mean for us, for IBM and for IBM Customers?
IBM and IBM Customers
IBM launched their Fintech Fast Pass programme to give their FS customers access to innovation, at their customers’ request.
To support this, IBM has put together a package of measures ranging from engineering support and credits through to introductions to key FS customers, culminating in a showcase annual summit.
IBM also provides marketing and PR support, co-selling and joint Go-to-market opportunities.
In short, a fantastic opportunity!!
We’ve already deployed on IBM, demonstrated Ionburst to their team and are planning next steps ”“ so watch this space!!
Who knows, we may be relevant to our Scottish FS giants!
Meanwhile, we’ll keep our eyes firmly glued to Fintech Scotland’s Opportunities Digest to learn of other opportunities as they arise.
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.
Wayne Johnson, co-founder and CEO, Encompass Corporation, said:
“Today is a momentous occasion for our business, and one I could not be prouder to see.
“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.
“CDI is the future of our industry, solving critical problems for the banks we serve, and these acquisitions represent a huge step forward in bringing our vision, which will transform KYC, to life. I could not be more excited as we embark on this next phase and fully believe in what we collectively bring, with much more on the horizon.”
Ivar Lammers, Global Head of Financial Crime Wholesale Banking at ING, said:
“I am very proud of the sale of our KYC innovations that have reached the time for the next chapter of their journeys.
“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.
“I have no doubt Encompass is the ideal partner to take our foundations to the next level.”
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.”