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.
Winners of the Standard Life Innovation Forum announced
FinTech Scotland is delighted to share the announcement from Standard Life regarding their second Innovation Forum. Fintech companies InvestSuite and The Joy Club, impressed the judges with their groundbreaking ideas focused on strengthening the engagement between individuals and their pension investments.
Identifying Cutting-Edge Solutions:
The Innovation Forum attracted over a dozen fintech applicants, each showcasing their expertise through compelling pitches and presentations held at Standard Life’s Edinburgh office. The primary goal was to discover cutting-edge solutions that would empower customers to better connect with their investments, with a special emphasis on Environmental, Social, and Governance (ESG) factors””a crucial aspect of responsible and sustainable investing.
InvestSuite
Transforming the Landscape of Investments InvestSuite emerged as the first winner, offering a unique and holistic perspective on investments that emphasises sustainability alongside performance. Their revolutionary ‘StoryTeller’ reporting tool provides clear insights into the environmental impact of investments, using metrics such as carbon dioxide intensity measured against a benchmark. Furthermore, the tool meticulously analyses the sustainability history of companies linked to the investments. The judges at Standard Life were particularly impressed by InvestSuite’s ability to communicate these vital aspects in a targeted, accessible, and meaningful manner.
The Joy Club
Creating Connections and Fostering Wellbeing, the second winner, The Joy Club, stood out as an exceptional online community designed for retirees seeking connections, personal growth, and skill development. With a wide range of activities like Yoga, creative writing, painting, and Pilates, The Joy Club offers a nurturing space for like-minded individuals to come together, fostering meaningful relationships and mutual support. Although The Joy Club’s primary focus isn’t investments, its unique approach to the ‘Social’ aspect of ESG, emphasising later-life wellbeing, captured the attention of Standard Life’s executive judging panel. This aspect is particularly relevant considering Phoenix Group’s dedication to enhancing the quality and longevity of life.
Collaboration and Future Prospects
InvestSuite and The Joy Club now have an incredible opportunity to collaborate with Standard Life, joining last year’s winner, Behavioural Finance, in introducing their innovative concepts to Standard Life’s customer base of over three million individuals. This partnership promises to revolutionise the way people engage with their pensions and investments, driving positive change in the financial landscape.
The Power of Collaboration
The success of the Innovation Forum would not have been possible without the powerful collaboration among Standard Life, TCS’s Co-Innovation Network (TCS COINTM), Fintech Scotland, Women In Banking & Finance (WIBF), and Scottish Financial Enterprise (SFE). Their collective efforts not only led to the discovery of InvestSuite and The Joy Club but also highly commended sustainable investment tech firm Etcho, whose mission is to help individuals find suitable investment products, including pensions, based on their unique sustainability values.
Standard Life’s second Innovation Forum has been an exceptional platform for groundbreaking ideas and innovation in the world of finance and social engagement. InvestSuite and The Joy Club have are ready to make a significant impact on how people approach their pensions and investments. We eagerly anticipate witnessing their transformative concepts benefitting millions and empowering individuals towards a brighter and more sustainable financial future.
Encompass boosts expertise around pKYC
Encompass Corporation has released a new whitepaper that offers unique insights and expertise to assist banks in their journey towards implementing perpetual KYC (pKYC) operating models, thus accelerating their digital transformation.
pKYC represents a strategic imperative for organisations seeking to maintain a competitive edge in the rapidly evolving financial landscape. By leveraging automation, pKYC enables banks to enhance risk detection accuracy, operational efficiency, and customer experience.
Recognising the significance of executive-level support in the pursuit of pKYC, the whitepaper titled “Securing Executive Sponsorship for pKYC Transformation” addresses key challenges and provides best practices for engaging stakeholders. This guidance is crucial for banks seeking to revolutionise their processes through technology adoption.
Expanding upon Encompass’ groundbreaking pKYC maturity model introduced earlier this year, the whitepaper also presents additional insights on maximising the benefits of digital transformation, irrespective of whether pKYC is the ultimate goal. It explores how banks can effectively articulate the advantages of leveraging advanced technology solutions, encompassing risk mitigation and cost reduction, while ensuring proper stakeholder alignment to drive successful outcomes.
Authored by Encompass’ KYC Transformation Director, Howard Wimpory, and Dr. Henry Balani, the Global Head of Industry and Regulatory Affairs, the paper emphasises the value of digital KYC profiles. These profiles utilise real-time data and document analysis through KYC process automation, enabling informed KYC decision-making and yielding positive impacts such as enhanced risk management, accuracy, and scalability.
Howard Wimpory, KYC Transformation Director at Encompass Corporation, emphasised the need for banks to optimise operational efficiency in today’s competitive market. He stated that traditional manual processes are no longer sufficient and emphasised the imperative of implementing technology-driven solutions like pKYC for long-term success.
Dr. Henry Balani, Global Head of Industry and Regulatory Affairs at Encompass Corporation, stressed the importance of prioritising compliance and enhancing processes using technology-led solutions in response to evolving regulatory landscapes and the persistent threat of financial crime. Balani explained that manual KYC processes are time-consuming, resource-intensive, and struggle to keep up with regulatory changes, thereby increasing risks for institutions. He also highlighted the expectations of regulators, who encourage banks to adopt available technologies and integrate them into their operations.
Encompass’ whitepaper aims to elevate the pKYC discourse in the industry by sharing the perspectives and experiences of its pKYC Advisory Board. Chaired by Dr. Henry Balani, the board includes representatives from leading global banks as well as trusted partners specialising in data, technology, and consulting services. This collaborative effort supports Encompass’ goal of promoting meaningful dialogue and driving effective solutions to address the critical global issue of financial crime.
By presenting real-world insights and leveraging expert knowledge, Encompass aims to empower banks to embark confidently on transformative digital projects, be it towards pKYC or other strategic objectives, with the expectation of reaping immediate and long-term rewards.
Read the white paper here
Showcasing innovation from across the UK with the sixth fintech festival
Scotland is set to host the 6th edition of its Fintech Festival, which celebrates remarkable achievements in fintech innovation. From September 21st to October 12th 2023, the festival will bring together fintech leaders, innovators, and enthusiasts from the UK, and beyond.
The Scotland Fintech Festival has firmly established itself as a leading platform for showcasing the UK’s leadership in the global fintech landscape. The festival has become an annual highlight for the movement, attracting over 2,500 attendees each year.
The festival will commence with the Fintech Summit which will set the tone for the festival, bringing together thought leaders, entrepreneurs, and policymakers to discuss the latest trends, challenges, and opportunities in the fintech sphere such as the impact of AI, CBDCs, Quantum and much more.
As the festival draws to a close, the Scottish Fintech Awards will recognise the outstanding achievements and contributions made by individuals and organisations in the Scottish fintech cluster This event promises to be a fitting conclusion, recognising the exceptional talent and innovation that drives Scotland’s fintech success.
Throughout the festival, attendees will have the opportunity to participate in over 50 events that explore various aspects of fintech. These events, hosted by leading fintech organisations and experts from across the UK will address the key themes highlighted in the Fintech Research & Innovation Roadmap published by Fintech Scotland in 2022. The Roadmap highlighted Open Finance, Financial Regulation, Climate Finance and Payment as key priorities for the UK fintech sector. The festival aims to drive forward Scotland’s fintech agenda and support its continued growth and innovation.
To keep up with the festival’s program, attendees are encouraged to visit the official festival website at www.scotlandfintechfestival.com. The website will be regularly updated with the latest event details, ensuring participants have access to the most comprehensive and up-to-date information.
Commenting on the upcoming festival, Nicola Anderson, CEO at FinTech Scotland said, “The Scotland Fintech Festival is a testament to Scotland’s position as a global leader in fintech. We are thrilled to showcase the remarkable achievements, innovation, and collaborative spirit of Scotland’s fintech ecosystem. This year’s festival promises to be an exceptional platform for knowledge exchange, networking, and exploring the cutting-edge trends shaping the industry. We look forward to welcoming participants from Scotland, the UK, and around the world.”
AutoRek secures Best CASS Solution for the fourth consecutive year
Scottish fintech AutoRek achieved outstanding recognition at the Systems in the City Fintech Awards 2023.
Demonstrating unrivaled excellence, Autorek clinched the highly coveted title of Best CASS Solution for a fourth consecutive year. Organised by specialist business and technology consultancy Goodacre, those awards celebrate the finest achievements in the industry.
Leahn Parry, Head of Governance, Risk, and Compliance at AutoRek, claimed the individual award for Compliance Specialist.
In addition to securing the crown for Best CASS Solution, AutoRek was also recognised as a contender for Best Wealth Management Solution.
Lyn Canavan, Vice President of Marketing at AutoRek, stated,
“The recognition of winning this prestigious award, along with reaffirming AutoRek’s standing as the indisputable Best CASS Solution, fills us with immeasurable joy. Over the years, we have meticulously refined and perfected our CASS solution in close collaboration with our esteemed clientele. This victory serves as a testament to the unwavering dedication and tireless efforts exhibited by the entire AutoRek team behind the scenes.”
Leahn Parry added,
“It is with immense honor that I receive this prestigious award. I extend my heartfelt gratitude to Goodacre, the distinguished panel of judges, and the individual who nominated me.”
The Systems in the City Fintech Awards serve as a resounding endorsement for suppliers of services and systems within the regulated financial services sector.
Guided by an independent and fact-based annual accreditation process, the selection procedure is meticulously overseen by a panel of three independent judges.
These awards serve as a pivotal reference point for enterprises evaluating the suitability of their operational infrastructure, cementing their crucial role within the industry.
Smardaten Technologies Secures Technology Pioneer Title from World Economic Forum
Scotland-based Smardaten Technologies, a cutting-edge provider of big data and no-code software technology and services was one of the select few “Technology Pioneers” recognised by the World Economic Forum.
In its quest to identify the most promising Technology Pioneers worldwide, the World Economic Forum has unveiled a list featuring 100 companies actively addressing critical issues such as revolutionary technologies, sustainability, climate change, and healthcare. Among the winners is Smardaten Technologies, leading the charge with its fourth-generation big data-powered NoCode platform.
Established by a team of data technology experts from prominent conglomerates in China, Smardaten Technologies introduces a groundbreaking no-code technology, fuelled by intelligent data, that expedites traditional software development timelines from 1-2 years to an impressive 3-6 weeks. Furthermore, the company plays a pivotal role in carbon reduction by significantly decreasing the hours of computer resource consumption.
The World Economic Forum’s Technology Pioneers represent early-stage companies spearheading novel technologies and innovations poised to make a substantial impact on both business and society. Verena Kuhn, the Head of Innovator Communities at the World Economic Forum, enthusiastically welcomed Smardaten and fellow pioneers, acknowledging their instrumental role in driving innovation and disruptive solutions to tackle the world’s most pressing challenges. Their contributions to the Forum’s collaborative efforts, uniting public and private sectors, are eagerly anticipated.
Dr. Yadong (Adam) Cao, co-founder and COO of Smardaten, as a distinguished Technology Pioneer, has been invited to actively engage with the World Economic Forum. Collaborating with global leaders, Dr. Cao will help address key industry and societal issues. Additionally, Technology Pioneers will receive exclusive invitations to participate in Forum events and discussions throughout the year, fostering meaningful exchanges among influential stakeholders from the public and private sectors.
FinTech Scotland’s Chair appointed as Non-Executive Directors to the CFIT board
The Centre for Finance, Innovation, and Technology (CFIT) has appointed Stephen Ingledew OBE, to their board as an independent non-executive director.
CFIT, established in early 2023, operates at the crossroads of government, regulators, and industry, serving as a central force for collaboration within the financial innovation space. It aims to set priorities, drive solutions, and foster growth within the UK fintech sector.
Alongside Alex Marsh, Former Head of Klarna UK, Stephen will bring invaluable experience and insights to the CFIT team. As independent non-executive directors, both him and Alex will bolster CFIT’s governance and facilitate the formation of expert coalitions comprising professionals from finance, technology, academia, and policy makers.
Stephen Ingledew OBE is an influential advocate for openness, creativity, and inclusivity in the financial world. With an impressive track record in driving collaborations across UK regional fintech clusters, Stephen will chair CFIT’s Remuneration and Nomination Committee. His expertise in selecting board members and executive directors ensures a balance of skills, independence, and knowledge, critical for CFIT’s success in fostering innovation and collaboration.
Stephen commented:
“I am thrilled to have been appointed NED for CFIT. Having set up Fintech Scotland in 2018 to deliver positive economic outcomes through financial innovation, I have first hand experience of driving collaborations across diverse stakeholders and organisations and can bring my expertise to the team as we, jointly, lead the charge for financial innovation across the UK.”
To read more about this announcement visit the CFIT website
DirectID and Zinia AI partner to assist with regulatory compliance in lending
The collaboration between DirectID and Zinia AI propels lenders towards an unprecedented realm, where flawless compliance and unrivaled personalisation coexist seamlessly.
In the rapidly evolving digital landscape of today, discerning customers yearn for bespoke financial encounters tailored precisely to their distinct requirements. Through DirectID’s cutting-edge open banking service, lenders gain direct access to real-time financial data, emboldening them to truly apprehend their customers’ financial patterns, inclinations, and capabilities. This wealth of information serves as the bedrock for lending decisions that transcend boundaries, ushering in an era of hyper-personalized experiences that foster unparalleled satisfaction and unwavering loyalty.
Armed with Zinia’s visionary decisioning algorithms, lenders can automate, refine, and imbue hyper-personalised journeys within the lending process, birthing superlative outcomes that captivate customers. Zinia’s formidable technology empowers lenders to make precise, consistent, and equitable lending determinations, taking into account an expansive array of factors, encompassing affordability, risk tolerance, and suitability.
In an era of transformative shifts in consumer obligations within the lending industry, the alliance between DirectID and Zinia emerges as a paradigm-shifting game-changer. Together, we embrace the opportunity to shape the future of lending, equipping lenders with the ability to deliver unparalleled personalisation on a grand scale, surpassing even the loftiest of regulatory benchmarks.
If you are a lender driven to carve your own distinct identity in the market and surge ahead of the competition, we implore you to embark upon an exploration of the profound possibilities that lie within the DirectID-Zinia AI partnership. Connect with us today to unlock a treasure trove of insights into how we can empower you to drive hyper-personalised outcomes that will leave an indelible mark.
Nikola Kelly joins Scotcoin’s Advisory Panel.
The Scotcoin Project (TSP) is excited to announce the addition of Nikola Kelly from the Be-It Group to its Advisory Panel.
Nik has a vast background in the Scottish Technology sector, leading highly skilled teams for 16 years. Recently, she completed an MBO of Be-IT Group, which includes Be-IT Resourcing, the largest independently owned IT Recruitment Specialist firm in Scotland, and BE-IT Projects, a growing IT consultancy. Nik’s primary focus remains on the growth of Be-IT Group. She also serves on the Advisory Board for Career Ready, a national social mobility charity, and actively promotes diversity and inclusion in the Scottish technology market. Nik frequently speaks at events on topics such as Women in Technology and Inclusion within Neurodiverse Communities. Alongside her impressive professional achievements, Nik is a mother of four and has received recognition as the Scottish Women in Business Young Star and for her outstanding contributions as a young business leader.
Starting from 1st July, Nik will join the TSP advisory panel to assist in the search for a CEO who will lead the management team. This team’s primary objective will be to develop a preferred partner base centered around TSP’s core values of providing food, clothing, and accommodation for those in greatest need.
Temple Melville, CEO of TSP, expressed his delight at Nik’s inclusion in the Advisory Panel, emphasising her extensive knowledge and expertise in both IT and business. He believes that she will play a significant role in implementing the business plan as it unfolds.
Nikola Kelly shared her excitement about joining the TSP Advisory Panel during this momentous period. Having supported numerous fintech companies in their growth journeys, she finds it incredible to be involved with Scotland’s digital currency and the world’s first ethical cryptocurrency. Nik is thrilled to embark on this amasing journey and contribute to making a positive social and ethical impact.
Encompass Corporation Appoints Cheri Burns as PR & Corporate Communications Director
Scotland based Encompass Corporation, has named industry veteran Cheri Burns as the Director of PR & Corporate Communications. In her new role, Burns will oversee media relations for the company.
Burns will be responsible for developing and executing Encompass’ global PR and communications strategy, including managing relationships with analysts and influencers in collaboration with leading trade bodies and industry experts.
Before joining Encompass, Burns held significant editorial positions at national newspapers such as The Daily Record and The Herald, as well as BBC Sport Scotland. She later managed the publications stream for the Glasgow 2018 European Championships.
Cheri Burns, the PR & Corporate Communications Director at Encompass Corporation, expressed her enthusiasm, stating,
“I am thrilled to assume the role of PR & Corporate Communications Director at Encompass, leading media relations for such an innovative organisation.”
“Encompass plays a vital role in addressing global issues like combating financial crime and driving workplace diversity, inclusion, and development. I am excited to continue sharing our values and insights with the media.”
“Effective communication is essential in the technology and financial services industries, fostering awareness and dialogue on important topics, while showcasing innovative solutions that support businesses and encourage collaboration.”
Magalie Pimentel, VP of Marketing at Encompass Corporation, commented,
“Cheri’s extensive and diverse background in public relations, coupled with her profound understanding of the RegTech landscape, makes her an invaluable asset to our organisation.”
“With Cheri’s passion and expertise in shaping brand narratives that resonate with our target audiences, we are confident in our ability to effectively communicate our global vision, values, and innovation.”
Leading global banks and financial institutions, including members of the Wolfsberg Group, rely on Encompass’ award-winning platform to automate the KYC search process and generate real-time digital KYC profiles of their customers within minutes, rather than hours or days.
By streamlining complex manual processes, Encompass enables regulated firms to expedite revenue generation, enhance operational efficiency, and demonstrate consistent compliance.