Money Advice Scotland is looking for help bring technical solutions to the debt advice sector.
Money Advice Scotland is seeking support and collaboration to help bring technology aids and solutions into the independent and impartial debt advice sector. They’ve published a call for help and want to hear from anyone (fintech’s, financial services, investors or others) who’d like to collaborate and partner with them to augment the impartial debt advice sector through greater use of technology.
Simply put the ambition is to radically improve the current financial health and wellbeing for people by using data and technology to understand and solve debt problems.
Money Advice Scotland is Scotland’s national organisation promoting the development of free, independent, impartial, and confidential debt advice. It’s been working in the debt advice sector for 30 years and includes approx. 150 members including Local Authorities, Citizens Advice and other organisations providing debt advice.
Collectively they all strive to deliver and challenge for citizen financial inclusion. They support those in need at particularly vulnerable and difficult times.
What they need are tools to help build efficiency into the start of the debt advice process.
They’re looking for solutions that will help advisers quickly and efficiently assess a client’s holistic debt position and understand if there are options for clients to increase income and save money. The emphasis is on gaining a ‘holistic’ view as quickly and as accurately as possible.
Currently there are some examples where it can take up to 14 weeks or longer to get a holistic view of a clients circumstances. This time frame often exacerbates the problem and can limit the debt solution options.
The ability to analyse income and expenditure both matter but income really matters.
For advisers to provide best advice they need an accurate view of income. It may feel like an obvious point but some debt solutions will not be available or appropriate for some clients and it can be dependent on source and type of income.
Technology alongside people
Technology can be a powerful enabler for the sector, to allow advisers to spend quality time supporting people and discussing options before issues become bigger problems.
FinTech Scotland is confident that technology along with the will within the fintech, tech and financial services industry can help this important sector. It aligns to our work on consumer financial inclusion and we’re delighted to support Money Advice Scotland on its initiative.
Please get in touch with Money Advice Scotland or FinTech Scotland if you think you can help.