DirectID and LendInvest to Streamline Credit Decisions
A new partnership between Scottish fintechs DirectID and LendInvest is set to reshape the landscape of property finance. The two companies have teamed up to introduce a new era of streamlined credit decisions. The fusion of cutting-edge technology from DirectID and the visionary approach of LendInvest will bring unprecedented efficiency and effectiveness to the way credit decisions are made in property finance.
Gone are the days of cumbersome, time-consuming credit assessments that often slows down property financing. With DirectID and LendInvest a transformation is underway. This collaboration promises to not only expedite the credit decision process but also enhance its accuracy and reliability.
DirectID’s Technology
At the core of this collaboration lies DirectID’s state-of-the-art technology, which harnesses the power of data to provide deep insights into an applicant’s financial profile. Through advanced data analytics, DirectID paints a comprehensive picture of an individual’s financial behavior, offering lenders a holistic view that extends beyond traditional credit scoring. This multifaceted perspective enables lenders to make more informed decisions, minimizing risks while opening doors for potential borrowers.
LendInvest’s Visionary Approach
Complementing DirectID’s technological prowess is LendInvest’s forward-thinking approach to property finance. Known for their innovation and agility, LendInvest has consistently sought ways to challenge the status quo and simplify processes within the industry. This collaboration aligns seamlessly with LendInvest’s commitment to providing a seamless borrowing experience. By incorporating DirectID’s insights, LendInvest aims to further enhance their ability to cater to the unique needs of borrowers in the property finance market.
A Symbiotic Partnership
The synergy between DirectID and LendInvest is undeniable. Both entities share a common goal: to make property finance more accessible, efficient, and secure. By leveraging DirectID’s cutting-edge technology, LendInvest can fast track their credit evaluation process while maintaining the highest standards of risk assessment. Borrowers can look forward to a smoother journey, marked by quicker decisions and a higher level of transparency.
Smardaten Runner Up to KPMG Tech Innovator China final
Smardaten was named Second Runner Up in the KPMG Private Enterprise Global Tech Innovator China final for 2023.
This marks the second major international Tech Award received by Smardaten in just three months, coming right after the Technology Pioneer 2023 award presented by the World Economic Forum.
These consecutive accolades highlight the contributions of Smardaten in the field of disruptive and transformative technology. The efforts of Smardaten have resulted in tangible outcomes, notably in significantly shortening the lead time for coding-based software development from the traditional 1-2 year span to 3-6 weeks.
This not only leads to a substantial reduction in carbon emissions but also addresses the challenge of data silos, creating an integrated and powerful ecosystem of data and applications.
Both the World Economic Forum and KPMG Private Enterprise acknowledge the profound value that Smardaten’s innovations bring to the tech landscape.
Scottish Fintech KNOW-IT part of UK Trade Mission To Australia
In the ever-evolving landscape of financial technology, a Scottish fintech company is set to make waves on the global stage. Know-it, led by Founder and CEO, Lynne Darcey Quigley, is gearing up to participate in the 2023 UK Fintech Trade Mission, where it will take its innovative platform to Australia’s Intersekt Festival.
Unveiling the Potential of UK Fintech in Australia
The primary aim of this exciting endeavor is to showcase the prowess of UK fintech on the international front, specifically in Australia. As Australia’s needs for digital and automated financial services continues to surge, Know-it is poised to address this demand head-on. The decision to launch its platform in Australia stems from the country’s burgeoning fintech market and the strategic backdrop of the trade mission.
A Perfect Match: Know-it Goes Global
With plans to unveil its platform Down Under in the first quarter of 2024, Know-it is on the cusp of a transformative journey. The Australian market provides an ideal launchpad for this expansion, considering the country’s receptiveness to fintech innovation. The Intersekt Festival, a gathering of Australia’s finest fintech minds and industry leaders, offers the perfect setting to not only introduce the platform but also tap into Australia’s burgeoning fintech talent pool.
Intersekt Festival 2023: A Confluence of Innovation
At the heart of this venture is the Intersekt Festival which draws together thought leaders and collaborative minds from the Australian fintech ecosystem and beyond. The 2023 edition promises international guest speakers, insightful roundtables, and networking sessions aimed at fostering collaboration and sparking innovation.
Lynne Darcey Quigley, the driving force behind Know-it, expressed her enthusiasm, stating,
“Here at Know-it, our long-term goal is to take our offering global and help organisations worldwide wake up to why automating the credit control process is vital to not only business survival, but success too. Having this opportunity would not have been possible without our partners at Fintech Scotland and Scottish Enterprise; providing the necessary support startups like ourselves require to be a part of crucial events such as Intersekt conference.”
Addressing a Global Need: Fintech for Business Success
The motivation behind Know-it’s expansion isn’t confined to national borders. Lynne Darcey Quigley emphasises that the challenges of late payment culture and outdated credit control processes aren’t unique to the UK. Australian businesses are now presented with the opportunity to improve their financial processes through Know-it’s automated credit control solution, aligning with established platforms like Xero and MYOB.
A Journey Beyond Borders
The Intersekt Festival will take place in Melbourne from August 30th to 31st, with an optional extension in Auckland, New Zealand, from September 4th to 5th. Know-it is poised to participate in both segments, showcasing their commitment to global growth.
Lynne affirms:
“Making the journey to Australia and exporting UK fintech offerings is the next big step in our journey towards going global. We want to show Australian business owners and Accountants ”“ particularly SMEs ”“ how fintech can help protect business continuity during the turbulent economic conditions currently threatening organisations on a global scale.
“The purpose of this trip for Know-it is to not just demonstrate what we can offer, but to settle and begin building our brand down under. Our team are excited to begin partnering with local businesses to help them increase their cash flow by combatting late payments, reducing debtor days and automating their entire credit control process.”
Pioneering Collaboration for Global Fintech Expansion
Nicola Anderson, CEO of Fintech Scotland, commended Know-it’s journey, stating:
“It is fantastic to see Know-it embark on the 2023 UK Fintech Trade Mission to Australia’s Intersekt Festival. This is a great opportunity to showcase the platform as part of this mission and it recognises the excellent work everyone at Know-it has put in under the leadership of Lynne Darcey Quigley. International growth is the next step for scaling-up fintechs and Australia is a great choice, taking advantage of the UK-Australia fintech bridge which align regulations in both countries. We’re looking forward to witnessing the launch of the Know-it platform in Australia in 2024 and hope it will serve as a model for many other Scottish fintechs.”
Anticipating the Future: Know-it’s Role in the Fintech Landscape
Before Intersekt, Know-it is set to participate in Xerocon Australia, scheduled for August 23rd to 24th in Sydney. This event will offer a sneak peek into Australia’s fintech and accountancy landscape. Following their presence at Xerocon London in 2022, Know-it is well-poised to demonstrate its value to Australian Xero users.
Know-it’s journey signifies more than just a trade mission ”“ it’s a transformative step towards redefining fintech’s role in global business operations. With the right combination of innovation, collaboration, and determination, Know-it will make a lasting impact on the international fintech stage.
Jacobi lists Europe’s first spot Bitcoin ETF decarbonised by Zumo
Underscoring the evolving landscape of digital asset investment and environmental consciousness, Jacobi Asset Management (Jacobi) has introduced Europe’s first spot Bitcoin exchange-traded fund (ETF) on the Euronext Amsterdam exchange. Named the Jacobi FT Wilshire Bitcoin ETF, this innovative investment vehicle not only marks a significant milestone in cryptocurrency but also sets a new standard for environmental sustainability in the sector. The ETF stands out as a decarbonised digital asset fund compliant with SFDR Article 8 regulations, reflecting Jacobi’s commitment to responsible investing.
One of the standout features of the Jacobi FT Wilshire Bitcoin ETF is its verifiable built-in Renewable Energy Certificate (REC) solution. This solution addresses a pressing concern in the crypto space – the energy consumption associated with Bitcoin mining. By integrating REC, Jacobi not only offers institutional investors exposure to the potential benefits of Bitcoin but also enables them to align their investment strategies with environmental, social, and governance (ESG) objectives.
Regulated by the Guernsey Financial Services Commission (GFSC), the ETF trades under the ticker symbol BCOIN.
The ETF derives its benchmark from the FT Wilshire Bitcoin Blended Price Index, a reflection of its commitment to transparent and reliable valuation. The pricing mechanism is also underpinned by the expertise of Wilshire Indexes, ensuring accurate and real-time pricing for investors. However, the true innovation lies in the collaboration with digital asset platform Zumo, which has led to the creation of the REC solution. This partnership has enabled Jacobi to bridge the gap between digital asset investments and environmental responsibility.
Mark Makepeace, CEO of Wilshire Indexes said:
“The launch of the Jacobi FT Wilshire Bitcoin ETF is an important milestone for the digital asset industry and a transformative moment for the global financial industry. We are excited about the partnership with Jacobi and, as a leader in the development of institutional grade digital asset benchmarks, we are committed to helping accelerate the advancement of the entire digital asset ecosystem.”
Kirsteen Harrison, Environmental Manager, Zumo, commented:
“The decarbonisation of crypto is one of the most pressing challenges facing the nascent digital assets sector, and there is increasing pressure on all businesses to have credible plans to decarbonise. We’ve been working closely with Jacobi Asset Management to help them build out an ESG-aligned, future-proofed crypto offering for their customers. It’s hugely exciting to see it come to life in the shape of Europe’s first Bitcoin ETF. We’re creating the investment products of tomorrow ”“ what a moment for the industry.”
TSB and FinTech Scotland open applications for annual Innovation Labs programme
From today, TSB is taking applications for fintechs to participate in its third annual TSB Innovation Labs programme ”“ as the bank and Fintech Scotland encourage a new round of fintech collaboration.
Under the programme, winning fintechs will officially partner with TSB to offer innovative services and money-saving solutions to customers, as the Bank expands its fintech partnership programme.
The scheme also helps boost the UK’s fintech sector ”“ as between 10”“20 successful applicants will develop their proposition under the guidance of TSB business leaders and experts in TSB’s Edinburgh Tech hub to ready themselves for market.
Previous winners ApTap, Snugg Energy and Lightning Reach are currently delivering Money Confidence for TSB customers by providing utility switching; energy efficiency and financial hardship services respectively.
This year, TSB is encouraging fintech applicants to develop propositions across four areas:
- Money Confidence: TSB wants to deliver innovative partnerships that help boost households’ Money Confidence ”“ helping people better manage their finances and make more of their money.
- Inclusive Services: Successful applicants will develop inclusive financial services both for TSB customers and TSB colleagues.
- Delivering Differently: TSB aims to deliver partnerships that create positive career experiences for TSB colleagues ”“ from career development and engagement to cost-of-living support.
- Wildcard ”“ Innovation is at the heart of TSB’s digital offering ”“ so TSB is encouraging fintech applicants to deliver creative propositions to meet an array of customer needs.
The programme, hosted in TSB’s Edinburgh Technology Centre, will run until the end of the year. The George Street facility houses technical specialists, data engineers, analysts and other IT experts to develop and deliver innovative services for customers across the UK.
Aruna Bhalla, Head of Partnerships & Open Banking, TSB said:
“Scotland is home to more than 200 fintechs and, with access to world class talent from Scottish universities, this is an excellent opportunity for TSB to bolster its position in the fintech landscape and provide even more Money Confidence to our customers.”
Nicola Anderson, Chief Executive, Fintech Scotland said:
“We are excited to join forces with TSB once again to discover and accelerate some of the most innovative fintech companies.
“This initiative not only reinforces TSB’s commitment to fostering fintech collaboration but also its involvement in developing the fintech ecosystem in Scotland and across the UK.”
Discover how to apply here
James Sharp implement Aveni’s AI technology
Broker James Sharp has chosen cutting-edge technology from Scottish fintech Aveni.ai to ensure Consumer Duty compliance.
The company has seamlessly integrated Aveni Detect, an advanced platform rooted in AI and Natural Language Processing (NLP). This strategic move guarantees that James Sharp’s brokers and investment advisors deliver precise advice, oversee customer interactions meticulously, and promptly identify potential vulnerabilities.
The integration of Aveni Detect’s demonstrative monitoring technology ensures a high standard of service, enabling real-time identification and resolution of vulnerabilities, grievances, or inquiries. Furthermore, it aligns seamlessly with the imperative of complying with the substantiated Consumer Duty regulations.
Sheriden Davy, Chief Risk Officer at James Sharp, said,
“Our commitment to providing a personalized client experience is integral to our core values. Leveraging Aveni Detect empowers us to vigilantly oversee client interactions, ensuring effective communication and support for our valued customers.”
Jamie Hunter, Chief Operating Officer at Aveni, said,
“James Sharp’s sterling reputation and historical achievements are rooted in exceptional client service and facilitating prudent investment choices. To perpetuate this ethos, especially within a consumer-centric regulatory landscape, the company has astutely acknowledged the pivotal role of technology. Aveni Detect serves as the cornerstone of this technology-driven approach, fostering optimal customer service and assuring compliance with the exacting standards set by the business and regulatory authorities.”
Aveni Detect stands as a “Machine Line of Defence,” scrutinising every customer interaction to preempt an array of risks ranging from conduct issues and grievances to customer vulnerability. This robust solution meticulously adheres to the data-centric mandates introduced with the new Consumer Duty regulation, effective as of the close of July 2023.
Phoenix Group and FinTech Scotland launch the Women’s Innovation Forum
Phoenix Group’s research has unveiled that a majority of individuals contributing to defined contribution schemes are falling short of securing a basic standard of living for their retirement years. To bridge this savings gap, Phoenix embarked on an innovative journey last year ”“ introducing the inaugural Innovation Forum. This platform was dedicated to exploring technological innovations aimed at increasing financial well-being challenges faced by both the industry and society at large.
In partnership with FinTech Scotland and TCS COIN (Co-Innovation Network), Phoenix Group are now unveiling the second edition of their Innovation Forum.
This time the focus is on a pressing goal: empowering more women to realise their financial aspirations. The aim is to achieve this through strategic initiatives that will improve financial proficiency and engagement, thus chipping away at the gender pension gap over time. Phoenix Group has conducted meticulous research that unearths a glaring gender pension gap of up to 40.5%. Shockingly, the efforts made to address this gap remain insufficient.
The aim is to raise awareness about this critical challenge and foster innovative solutions that empower women to actively shape their financial future.
Applications are now open. The inaugural pitches are scheduled for October, culminating in December.
To read more and enter this collaboration opportunity click here.
UK banks to support Small Businesses growth with new innovation challenge.
FinTech Scotland and Smart Data Foundry have joined forces to launch a UK Fintech innovation challenge in collaboration with some of the leading UK banks.
This innovation challenge seeks to find innovative solutions that will support and strengthen the relationships between Financial Institutions and their SME clients. Successful applicants will be able to access a prize of up to £50,000 to help develop their ideas and support taking them to market.
This challenge offers a unique opportunity for participants to present their ideas to industry leaders, as well as engage with experts in data, technology, and fintech. This exposure will allow innovators to gain valuable insights, receive expert guidance, and enter potential collaborations, maximising the chances of success for their projects.
One of the key features of this challenge is the provision of SME synthetic data* by Smart Data Foundry. It will enable FinTechs to thoroughly test and refine their innovations, ensuring the development of robust and effective solutions that address the real needs of small businesses.
Thanks to the support from the Strength in Places UK Research and Innovation Grant, substantial funding will be offered to promising projects arising from the challenge. This funding will provide the necessary resources for entrepreneurs and innovators to develop and implement their ideas which will support small businesses towards sustainable growth and prosperity.
This challenge aims to provide essential support to address the strategic and operational needs of small businesses in Scotland and the UK in a post-COVID business environment.
Banks hold vast amounts of data about their SME clients. Unlocking the power of this data can help small businesses to become even more resilient and promote financial well-being, allowing them to flourish, grow and achieve sustainable and successful commercial futures.
Supported by NatWest Group and Virgin Money, this Fintech themed innovation call looks to attract creative and innovative ideas for data-led solutions to solve this multi-faceted challenge that will ultimately benefit SMEs across the UK.
This follows recommendations laid out in the Research and Innovation roadmap published by FinTech Scotland in March 2022 which highlighted the opportunity to drive innovation in support of SMEs across various sectors.
Commenting on this initiative, Nicola Anderson, CEO at FinTech Scotland said:
“We are thrilled to launch the FinTech Scotland Innovation challenge, which presents a tremendous opportunity to support small businesses and drive innovation in the post-COVID business environment. By collaborating with industry leaders and leveraging synthetic data assets, we aim to empower entrepreneurs to develop ground-breaking solutions that will address the strategic needs of SMEs. We encourage innovators to join us on this exciting journey as we shape the future of the fintech landscape in Scotland and the UK.”
Bryn Coulthard, Chief Product and Technology Officer at Smart Data Foundry added
“One of our core missions is to use data to inspire and accelerate financial innovation. The combination of funding from UKRI’s Strength in Places Grant together with the unique SME synthetic data that we have made available for this initiative creates the ideal environment for FinTechs to embrace this challenge and to get involved. Collaboration is a key ingredient for innovation and I’m delighted that we have partnered with FinTech Scotland with support from NatWest Group and Virgin Money to provide sector expertise with the power of the combined networks to make this innovation challenge a huge success.”
Those interested in taking part can do so at https://www.fintechscotland.com/what-we-do/research-innovation-challenge/
New signposting service to support vulnerable customers
National Support Network’s directory of national services, Support Hub, has been added by the FCA to the Digital Sandbox and promoted in the FCA Consumer Duty TechSprint. Its ease of use, quality and scope was also praised in a recent Institute and Faculty of Actuaries (IFoA) publication as a solution to enhance customer journeys and support vulnerable customers.
Engaging with a customer who is experiencing the loss of a car, their health, facing problems such as bereavement or redundancy or marking a major turning point in their lives such as becoming a parent can become key moments in which banks or insurers can make a difference to that customer’s wellbeing and resilience. The challenge, of course, is in how to support that customer in a way that is comprehensive and consistent.
National Support Network (NSN) equips organisations with the tools to refer customers to external support services, including charity helplines across 1,000 problem areas. Another unique aspect are the new insights on the challenges facing customers, which can then help firms develop more targeted customer wellbeing and communication strategies.
Co-Founder and CEO, Cat Divers explains:
“Following a background as a chartered insurance professional, I struggled to find support for myself and others. These personal experiences led me to start this initiative to help others facing similar struggles.
Our focus is on making it easy for organisations to refer those in need to specialist support by providing high-quality information. We reduce the noise and streamline referrals by hosting the UK’s largest vetted and independent directory of services.”
Support Hub is one-of-a-kind and can easily be integrated with existing customer platforms and processes through API, iFrame, portal and other offerings. Whereas existing signposting resources can quickly become outdated, or do not offer as much scope, the NSN Directory is continually updated, in recognition of the continually changing support landscape.
Offering a valuable extension to wellbeing strategies and toolkits for both customers and staff, NSNs innovative specialist signposting services can help direct people to charities or third parties who can provide relevant support without risking advisers overstepping their training.
11.8 million people in the UK struggle to find support when facing personal life challenges. Of these, two in five will delay or give up looking (Censuswide, 2020). This is a long-standing issue spanning many areas such as money, health and housing problems. Without finding support at the earliest opportunity, problems are likely to worsen and give rise to yet further problems.
Frontline staff often interact with customers who present multiple requirements and problems. The frequency of these more complex interactions is on the rise as customers grapple with one crisis after another. While specialist teams can support vulnerable customers, many advisers do not have adequate resources to refer customers to trusted support across the variety of problems that can arise.
Customers are facing more varied and complex problems, and the fintech sector is well placed to look for innovative ways in which they can better support their customers in need through these difficult times. As an independent and reliable source for information on external services, the NSN Directory can quickly become an important part of a customer advisor’s toolkit.
National Support Network is a not-for-profit social enterprise.
For more information please see nsn.org.uk
Bravura: Celebrating Success in Brand Management and Diversity in Finance Awards
Bravura and Delta Financial System’s pensions dashboards project team have yet another reason to celebrate! They received the prestigious Best Product/Service award at Citywealth’s Brand Management & Reputation Awards 2023. The award recognises their exceptional ISP solution, Dashboards Connect, and the impactful Pensions Dashboards Week, which garnered significant industry attention and participation.
The joint initiative brought together over 1,500 industry professionals, offering enlightening webinars, myth-busting sessions, and Q&As. It showcased the potential of dashboards and the significance of cutting-edge technology in transforming the pensions sector. Chris Spencer, Bravura’s EMEA Managing Director, expressed pride in their innovative microservice technology, highlighting its security and scalability.
Jonathan Hawkins, the leader of Bravura’s pensions dashboards project team and Pension Age’s Pensions Personality of the Year 2023, commended the industry recognition. The initiative served as a catalyst for progress in uncertain times, and with recent clarifications from the Pension Dashboards Programme, they look forward to future advancements and benefits for the industry and savers.
In addition to their groundbreaking ISP, Bravura received accolades at FT Adviser’s Diversity in Finance Awards 2023. The company was named Large Employer of the Year for its commendable Diversity & Inclusiveness (D&I) program. Launched in 2020, the D&I program promotes awareness and fosters a supportive environment through various initiatives and events.
Nigel Liddell, General Counsel and Founder of Bravura’s D&I program, expressed gratitude for the recognition, emphasising the importance of diversity and inclusivity in attracting top talent and cultivating a caring workplace. Bravura’s D&I program covers six key pillars, each with dedicated leaders working to drive engagement and awareness globally.
The awards serve as a testament to Bravura’s commitment to excellence in brand management, diversity, and inclusion. As they continue their journey towards becoming a more diverse and inclusive employer, they look forward to making an even greater impact in the financial services sector.
Bravura’s success extends beyond these awards, with their affiliates, Delta Financial Systems, and FinoComp, securing gold at Goodacre’s Systems in the City Awards 2023 for Best Pensions Administration Technology and Best Performance Measurement System, respectively.
With these remarkable achievements, Bravura reaffirms its position as a trailblazer in the financial industry, delivering cutting-edge solutions and fostering a supportive and inclusive work environment.