Applied Fintech Project at the University of Glasgow
After the many important achievements during its first year of existence, the University of Glasgow Fintech Society is delighted to share its ambitious plans for the upcoming academic year.
Now that the new academic year is approaching, the society aims to develop even more by offering innovative learning opportunities.
A proof of this is the Applied Fintech Project (AFTP), a 7-week-long activity based on experiential learning, which will take place between September and November 2018.
During the working period, the teams will be supported and guided by mentors (University of Glasgow alumni and/or professionals) and they will be asked to prepare a report and a presentation to show their work.
The AFTP will end with a final event on Friday 16th November 2018, during which the teams will have the chance to present in front of an audience of academics, professionals and students. A board of judges will then deliberate which team has presented the best solution to the case.
The event, taking place at Glasgow University Union (GUU), will also represent a great networking opportunity for everyone involved.
The Applied Fintech Project is not only an exciting opportunity for the students and the businesses involved, but also the first project of its kind organised by a student-led society in Scotland.
Fintech Society members will work in teams to map out the challenges and opportunities faced by the businesses with regards to Fintech, drawing on cross-disciplinary research to devise tailored insights and potential solutions for the firm. At the same time, the startup providing the case will benefit from having the opportunity to gain another perspective on the specific Fintech-related issue from university students. Furthermore, the business will havethe chance to promote themselves among university students interested in technology,finance and innovation.
Apart from the kind support received by Orca in the provision of the case, the AFTP is supported by the UofG Fintech Society’s main sponsor, Previse, a successful Fintech startup that uses an artificial intelligence solution to support instant payments between corporates and SMEs.
Thrive in the Digital Age 2018: Focus on future Leadership and skillset
Shifting from an age where humans had to adapt to machine interfaces, to a new era in which machines adapt to human interface. How will the paradigm shift to natural AI affect the way we work and how we interact with technology? The changes in digital space are affecting us as customers but what about us as employees and our career paths? There are many unanswered questions in todays fast changing technology landscape but with changes and uncertainties often comes opportunities and innovation.
Tomorrow belongs to those who prepare for it today. “Thrive in the Digital Age” brings together Keynote speakers from Google, Accenture Digital, Fintech Scotland, RBS and DLA Piper. Keynotes will share latest news of their fields, from new discoveries to new applications. They will also focus on career outlook based on their vision of the changing landscape in their disciplines as well as how they are working to influence the future.
Why Attend
Get inspired
Industry pioneers will share their vision on digital era, future leadership and how to accelerate your career.
Drive a discussion
Ask and discuss all your burning questions with industry experts during our panel and networking sessions.
Networking
Meeting like-minded people in a lively and friendly environment with food and drinks.
Supercharge your Career
Make this Thursday a day to recharge and refocus your career.
Contribute to a great cause
All earnings from the conference will go towards the Prince’s Trust. While developing yourself, you are supporting young people’s growth.
What’s included in your ticket
✓Access to all speeches
✓Take part in our panel session
✓Access to our booths
✓Energetic brain food, including, refreshments throughout the day
✓Access to post-conference drinks reception
How Returners can address the FinTech skills gaps and increase diversity
As the FinTech sector in Scotland is rapidly growing there is the need to consider a variety of talent pools in order to fill the skills gaps. Women Returners, the UK experts in enabling the return to work of highly-qualified professional women after an extended career break, has received Scottish Government funding to manage a cross-company returner programme within FinTech for employers in Scotland.
Hazel Little, Coaching and Programme Manager, Women Returners says “This is an excellent cost-effective opportunity for FinTech companies to address skills gaps and increase diversity with gender, age and experience. Returners are a relatively untapped talent pool that bring a wealth of professional experience, maturity and knowledge to the business.”
The Returners to Business Services Scotland Programme follows the success of the Returners to Financial Services Scotland Programme which was launched earlier this year in partnership with 12 leading financial companies including RBS, Standard life, Prudential, TSB and CYBG. All participating companies have reported that the programme has been a success for their business and over 75% of the returners have been offered ongoing roles, a testament to the high calibre of talent on the programme.
About the programme
The Returners to Business Services Scotland programme will enable Scottish employers to access and support 1-5 returning professionals in Edinburgh and/or Glasgow in a highly cost-effective way. Employers will be within business services including fintech, financial, legal and consultancy. The placement will run for 16 weeks, November 2018 to February 2019, and will be driven by employers’ recruitment needs.
Women Returners will provide employers with expert consultation, best practice guidance, promotional and manager support, including a returnship toolkit, programme advertising and line manager training. Returners will receive Career Returners Coaching Programme through four group workshops. The full cost of this is covered by the government funding.
Participating employers will provide CV worthy work (either a project or BAU role) and an internal buddy and mentor and will pay the returner salary at a professional level. There will be a good possibility of permanent employment at the end of the programme.
The business benefits
Employers will be able to tap into the wealth of returner talent in Scotland. The Returners to Financial Services Programme received over 450 applications with many employers hiring additional returners based on the high calibre of talent that they met with during the recruitment process.
Employers can increase diversity (age/gender/experience). This programme, which is aimed at professional women, enables employers to target business areas where they would like increased diversity. The previous programme filled several placements within IT, an area which is notoriously difficult to attract women.
Refill the female talent pipeline and improve the gender pay gap. Bringing experienced women back in at a level in line with their experience helps to build the female talent pipeline at professional levels and to address the gender pay gap.
Growing your Own ”“ the natural antidote to the Data Talent Shortage
This article was written by Robin Huggins, Director of Academy & Client Services for MBN Solutions
Following the success of 2016/17’s Data Lab MSc Placement Programme, the challenge for us was simple: How to deliver “Bigger & Better” results.
2017’s Programme increased in size and complexity with student and participating University numbers growing.
Last year’s results were spectacular ”“ almost 50 students placed into dissertation-worthy Industrial Placements with Scottish organisations. Over 75% of these students immediately securing permanent roles with their summer “host company” or similar Scottish organisations.
How do we improve on that?
The process began late in 2017 with a team from MBN Solutions visiting each of the participating MSc. courses to deliver Employability training under our MBN Academy #MBNSkills banner.
We’ve been working with students for a number of years now so are well versed in delivering a balance of factual and fun based activities designed to achieve one objective: Improve the soft skills, domain expertise and Employability prospects of each student we engage with.
Following our tour of the campuses of Scotland we then worked on an individual basis with students to understand their Placement preferences.
Then, we moved on to the tiny matter of generating enough projects for this group of students to be placed into.
Did we mention there were over 100 Data Lab funded students this year?
Ok, a considerable amount of these students indicated that they’d be more interested in University-based projects, but that still left a large number ”“ based on projections from last year’s Programme – we estimated at least 70 would require an Industrial Placement. How this was to be achieved was a combination of inspiration, perspiration and, to be frank, some desperation!
It’s “hats off” time, now ”“ and we’d like to thank the amazing organisations that we’ve been privileged to work with over the last few months. In a exercise of this nature, without the support of the Scottish business community, our and Data Lab’s efforts would be fruitless.
There are too many to mention each and every one by name in this blog but thanks to Scottish Government, NHS National Shared Services, Wood McKenzie, NCR, Merkle Aquila, Mudano, VShips, Scottish Enterprise and Scottish Power who all agreed to host more than 1 student this summer.
Roger Halliday, Chief Statistician and Data Officer at Scottish Government said
“We’re delighted to be taking on 5 people as part of their data science MSc this year. My ambition is to systematically improve outcomes for people in Scotland with data: saving time, money and lives. Data Lab and MBN Solutions play an impressive role in ensuring we get high quality data scientists”.
So, the months between February and May of 2018 saw us frantically working to match students to projects, facilitating meetings and introductions, dealing with feedback and, most importantly, handing over each and every successful placement to The Data Lab.
The Scottish FinTech community stepped up to the plate in a huge way and I’d like to thank RBS, Clydesdale Bank, Sainsbury’s Bank, Royal London, Aberdeen Standard Investment, Tesco Bank and Lending Crowd for their support throughout this period.
We’re delighted that so many students will receive their first experience of commercial Data Science within these organisations and we are sure their experiences will contribute to a very bright future.
Sainsbury’s Bank Chief Data Officer, Mark Hunter wrote “
Sainsbury’s Bank is delighted to be participating in this year’s MSc placement project. It is really important for the future of Scotland’s data industry that our students get exposure to real-world’ data projects and hopefully this experience fuels their desire to bring their skills to bear in Scotland after graduating. MBN have expertly managed the process of marrying our projects with the students who’ll benefit the most from the experience”.
So, with the Programme completed for another year, what did the results look like?
We are delighted to say that we exceeded last year’s total ”“ and more than matched our initial projection for this year ”“ with a total of 73 students securing Industrial Placements.
These students were placed with a variety of Scottish businesses; Start-Ups, large corporate organisations, SMEs and the public sector. Everyone played their part. From Aberdeen in the North, to Ayrshire in the South, students will be working on real-life Data Science projects throughout the summer that will greatly enhance their domain expertise and, ultimately, Employability prospects.
The last word?
We’ll leave that to one of the amazing students we were honoured to assist.
Kieran Kyle, an MSc. Student from the University of Strathclyde’s Data Analytics course said:
“The information provided at the Employability session was extremely helpful, not only for helping me find my placement, but also for carrying over into further job interviews. I managed to secure a placement with Standard Life, an incredible opportunity that I cannot thank Rob and the MBN team enough for, it is certainly something I would never have imagined just a few years ago”.
Be a ”˜Young Legend’ with the Visit Scotland Business Events team this year
VisitScotland’s Business Events team, responsible for attracting meetings & conferences into Scotland has recently launched a new award for young people to become one of VisitScotland’s three Young Legends’ part of Scotland’s Year of Young People.
As the first ever digital only Legends’campaign, the call has gone out for talented individuals to get involved.
A reason for fintech entrepreneurs to get involved
The Young Legends’ awards will recognise innovative work in key sectors for Scotland ”“ of which Fintech is key. The Business Events team are looking for young people (aged between 18 -26 years) who are building businesses of their own, growing existing businesses or conducting research & innovation in this sector.
They are looking to reward ideas and innovation which has the potential tobe legendary’ in the widest sense. In this connected world it will no doubt be work which has national and international reach whilst being rooted in Scotland which has a long history of being one of the financial capitals of the world.
Beyond fintech
The Young Legends award will celebrate Scotland’s reputation for invention and innovation by recognising leading-edge work. Of course, it won’t just be the financial world which provides this innovative swell of activity amongst this age group. Being a Young Legend’ could mean you workfrom any of the which country’s key economic and academic research sectors such as Technology, Engineering, Energy and Marine Biology or the creative arts including design or food & drink. Entering the awards also means the shortlisted finalists will be able to network amongst this talented group.
What about the prize?
The three lucky “Young Legends” will win a unique opportunity to see their work championed internationally within the Legends campaign throughout 2019. The Young Legends’ awardsceremony will be held in November 2018.
The awards are part of a larger digital campaign, Legends’ by VisitScotland Business Events which launched last November. The “Legends” digital campaign highlights a specific Scottish economic orsocial theme every two months, sharing original online content, blogs and video podcasts from every region of Scotland.
The sectors featured are: Technology; Education; Life Sciences; Engineering; Digital; Marine; Creative; Energy; Health; Space; Food & Drink and Surgery. The campaign will run for two years in total using the hashtag #ideasbecomelegend and the ultimate aim is to attract to Scotland even more business events (conferences, meetings and congresses) from each sector.
Neil Brownlee, Head of Business Visits & Events at VisitScotland, said:
“Scotland’s reputation for innovation stretches back hundreds of years and continues to this day. We think it’s time toshowcase the breadth and depth of the country’s young talent who are heirs to the many famous Scottish inventions and innovations that are known throughout the world. I encourage all young people working in Scotland to apply for the Awards ”“ we know there are some unsung heroes outthere who deserve to be recognised for their amazing work and pioneering spirit.”
Help for FinTech SMEs to attract more women and address the skills gap
The FinTech sector in Scotland and across the world is growing rapidly as is the demand for new staff to fuel this growth. In the wider digital technologies sector in Scotland, 12,800 vacancies arise every year and many businesses struggle to fill these roles.
Despite this evident skills gap, the proportion of women in digitally focused roles is only 18% as opposed to 48% in the workforce as a whole and 39% in other skilled occupations. There is an enormous opportunity to meet many of the industry’s skills needs by closing the technology gender gap.
The need for diversity
In addition to addressing the growing skills gap, there are robust business, legal and moral cases for improving gender diversity in companies. We know that where there are greater levels of diversity, companies experience greater returns on investment, equity and sales. Women’s equal participation in STEM is estimated to be worth £170 million to the Scottish economy annually.
Over the last few years, an increasing number of companies have started taking action and working in partnership with education institutions and the skills agencies to attract and retain more women to the digital technologies sector. This is reflected in the results of the recent Scottish Technology Industry Survey 2018, conducted by ScotlandIS, which showed that more than 68% of respondents have already taken action to address the technology gender gap.
A new workplace
The most commonly taken step to attract more women is to offer flexible working patterns that are compatible with child care commitments. 55% have tried this measure and found that it helps and only 6% of respondents are unlikely to try it.
Around a quarter of responding companies provide female role models for engagement with schools and universities and/or support initiatives like Scotland Women in Technology (SWiT) or Girl Geeks.
The least used measure is the provision of return-to-work training for women after a career break (15%) even though 71% of respondents would consider this step.
A question of size?
However, the figures also reveal that large businesses (more than 500 employees) were more likely than small and medium companies to have successfully implemented any of the measures mentioned above.
SMEs often report that they struggle to develop more inclusive workplaces policies and practices due to a lack of time, resources, access to expertise and awareness of effective practices.
The engendering STEM project
The ENGENDERING STEM project has been set up to help SMEs in FinTech and other sectors that recruit for technical/STEM roles to overcome these barriers. City of Glasgow College, Equate Scotland and partners from the Netherlands and the Basque Country in Spain are working together to develop an evidence based self-assessment toolkit, best practice guides and blended learning training solutions. The project is funded by the Erasmus+ programme.
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Get Advice and Support – We will work with you to provide tailored recommendations and support to improve the gender balance in your business ”“ all you have to do is complete our free online self-assessment tool.
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Give Your Views – What are your views on getting more women into Science Technology Engineering and Maths (STEM)? Fill in our anonymous survey here
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Share Best Practice – Do you have a success story to share? ENGENDERING STEM can promote this to a European audience in our series of best practice guides. Share your case study with us here
New Fintech Fellowship to Address Skills Gap
The idea behind this fellowship is to raise the awareness of the fintech talent gap and seek involvement from organisations and individuals. Last year, 42 UK universities took part.
“Seeing positive collaboration between groups of talented entrepreneurs and established financial institutions really inspired me to apply”, said Mohammed Hassan, last year’s winner.
The fintech talent situation in Scotland
The fintech sector isn’t completely centralised in London with Scotland contributing massively to the growth of this sector in the UK.
Universities have been quick at identifying fintech as an area of focus and the University of Strathclyde recently launched the first UK MSc in fintech, rapidly followed by Stirling University. It is highly important when projections show a potential for the creation of over 15,000 new roles overt the next 10 years.
A majority of the companies who took part in the HM Treasury UK FinTech Census 2017 identified skilled talent attraction as one of their top challenges.
The judging panel
Further members of the judging panel include:
Marilena Ioannidou, Director & Team Lead on Fintech Investments, British Business Investment
Elizabeth Lumley, global fintech commentator and advisor
Tanya Andreasyan, Managing Director and Editor, FintechFutures/Banking Technology
Niels Turfboer, Managing Director, Spotcap
Finding your Finance Seat at the Fintech Table
Fintech is a rapidly growing area that has captured imaginations in recent years; from entrepreneurs and CEOs to office workers catching up over a coffee. However, the integral role of the accounting professional within a fintech has perhaps slipped beneath the radar for many. It is worth lifting the lid on this innovative industry and looking at the highs and lows of working in finance for a fintech SME.
Taking stock of the fintech landscape
Financial technology is at the heart of a fintech business and as technology evolves it has the potential to change the way we carry out transactions and work. The industry, in line with the rate which new technology is advancing, is fast paced and always looking for new ways to challenge convention. The big trends in fintech to be aware of this year include diversifying cryptocurrencies such as Bitcoin, the increasing use of blockchain, improving the reach of contactless payment technology, greater competition between SMEs and large firms and increasing regulation.
Where do I fit in as a finance professional?
Most fintech organisations are progressive SMEs, where the function of the finance team evolves as the organisation grows. At an early growth stage, the finance team will often be outsourced. As the SME grows in terms of transaction volume and product and service offering, in the interests of cost and efficiency, the finance function tends to be brought in-house.
According to Andrew Robinson, iMultiply Senior Consultant this is a key time to join the business:
“Once a fintech, as with any SME, hits a critical point in the growth curve they will be looking to bring an agile finance team on board. The ability to roll up your sleeves and embrace variety and challenge are crucial. One minute you might be transaction focussed and the next you might be producing the management accounts and working with the CEO on finance strategy and company projections.”
What skills do I need to work for a fintech?
A recent PwC report revealed that 61% of CEOs believe that innovation is a priority, while 75% of executives are concerned with not having enough ideas. Bearing in mind this emphasis on innovation, you need to bring the right mind-set to this exciting sector. Although SMEs look for a variety of skills, we have set out the top three attributes which are a priority for fintech and SME employers:
Analytical Mind: You need to be able to solve problems, but also demonstrate logical thinking, strong numeracy skills and the ability to analyse data and information. If you can demonstrate strong analytical ability, you will be in high demand.
Dynamism and Adaptability: A lot of the firms working in this sector operate very much within a growth environment and will be looking for accounting professionals who have the ability to work across departments and position functions. Being able to bring new ways of working and showing an entrepreneurial spirit is key for being successful.
“You will need to be the right cultural fit. Working for an SME or fintech is like riding a rollercoaster ”“ you need to embrace change and enjoy the peaks and troughs. Adapting to evolving business needs and bringing a powerful blend of technical expertise, commercial nous and the ability to connect to different functions will enable you to rise quickly in the business”, confirms Kirsty Mackenzie, iMultiply CEO.
Resilience: This sector is unpredictable and things may not always go to plan, so developing resilience skills and the ability to bounce-back is highly prized.
The future of fintech is right there in the name. The industry has a heavy focus on finance and technology, and the remit of finance and technology is constantly changing. The only thing that we can know with any certainty is that the fintech market is set for further disruption and that the rewards for those who get the mixture of innovation and practicality just right will be enormous.
One thing’s for sure – it’s an exciting time to be a part of the industry, and it’ll be interesting to see how it continues to develop. As an accounting professional, if you spot the right opportunity with one of these SMEs, perhaps you’ll be the one to usher in the change.
University and fintech collaboration to improve financial well-being
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Consumers display sustainable spending patterns and have manageable debt levels
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Consumers have enough savings to face unexpected events
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Consumers have adequate savings to fund their retirement