New solution for Pensions Dashboards onboarding
A consortium of four leading technology providers has joined forces to offer a comprehensive end-to-end solution for pension providers seeking to integrate into the UK pensions dashboards ecosystem.
The collaboration between Target Professional Services, mypensionID, Bravura, and Delta Financial Systems is designed to simplify the complex processes and regulatory requirements that providers face when connecting to the ecosystem.
Each firm specialises in a particular area of expertise to ensure a seamless journey toward dashboard readiness before the staging deadline. Target Professional Services uses its leading tracing capabilities to screen and cleanse member data while mypensionID verifies and traces individual members using a verification app tailored to the pensions industry.
Bravura and Delta then provide a jointly developed cloud-hosted Integrated Service Provider (ISP) solution for providers’ data, with a focus on configurability and compliance with the Pensions Dashboards Programme’s (PDP) Code of Connection. The four firms’ technical expertise and market knowledge combine to create a unique solution capable of addressing pensions providers’ urgent and specific needs.
Jonathan Hawkins, Principal Consultant & Pensions Specialist at Bravura, said:
“Delta, mypensionID and Target’s deep expertise and technical know-how in the pensions and data sectors, combined with our ability to process huge volumes of assets and trades on our systems, brings a level of reliability and scalability that pensions providers require right now.
“Pensions dashboards are a crucial step towards modernising and digitising the UK’s pensions sector and, with the clock ticking, pensions providers up and down the country need tech partners with proven scale and expertise. This unique collaboration delivers that solution.”
Photo by Andrea Piacquadio: https://www.pexels.com/photo/young-woman-helping-senior-man-with-payment-on-internet-using-laptop-3823488/
Strategic AI Investment Partnership in fintech Level E Research by M&G
Level E Research has announced that it has received a minority stake investment from M&G plc in its latest seed funding round. The two companies are collaborating to develop a suite of investment strategies using Artificial Intelligence (AI). The AI investment strategies will be focused on regional equity markets and will be supported by an initial investment of GBP £100 million each. The first strategy, AI Smart US, has already been launched, with the aim of outperforming the US S&P 500 Index. The other strategies will have a similar aim of delivering excess investment returns compared to specific financial indices.
AI investment strategies rely on powerful computers to analyse vast amounts of data to identify investment opportunities. They can uncover value in areas that are difficult for humans to recognise and execute investment decisions faster and more efficiently. Additionally, they benefit from economies of scale and scope, making them more cost-effective.
Edinburgh-based Level E Research, founded by Dr. Sonia Schulenburg, is pioneering an innovative approach to AI-driven investing using a process called “Co-Creation.” Institutional investors can use this approach to create bespoke AI-driven investment strategies that run on Level E’s in-house “E-platform.” The strategies are backed by rigorous academic research.
M&G and Level E Research aim to bring AI and Machine Learning to the forefront of investment management. Dr. Sonia Schulenburg, CEO of Level E Research, expressed her excitement about the partnership with M&G and stated that Level E Research is perfectly positioned to provide AI solutions that empower the investment industry in the UK and beyond. David Montgomery, Managing Director at M&G Wealth, emphasised that AI solutions are becoming increasingly important in constructing bespoke investment options and that the partnership with Level E Research will help to offer a wide range of investment choices at a great value to financial advisers and clients.
New Scotcoin reward programme
Scotcoin, a decentralised digital currency created to provide a secure and stable alternative to traditional fiat currencies, has recently announced its new Rewards Programme. This exciting programme is designed exclusively for Scotcoin holders and is a unique opportunity for cryptocurrency enthusiasts to enjoy significant savings on various products and services.
The Rewards Programme, which is the first of its kind, is aimed at providing an innovative approach to incentivising Scotcoin holders to continue holding and using the cryptocurrency. The programme offers a wide range of discounts, including significant savings on shopping, groceries, entertainment, theme parks, audiobooks, and online classes. By utilising Scotcoin as a payment method, users can enjoy these savings and support the growth of the cryptocurrency ecosystem.
One of the most remarkable features of the Rewards Programme is its affordability. For only 1,000 SCOT, users can access the programme and take advantage of the discounts on offer. The availability of such a low-cost programme is a testament to Scotcoin’s commitment to democratising access to its services and supporting its growing community.
The Scotcoin team’s dedication to social responsibility is evident in its recent partnership with Scotcoin Carbon Offset, which allows Scotcoin holders to use their cryptocurrency for carbon offsetting. By using Scotcoin for this purpose, holders can contribute to environmental conservation efforts while enjoying the benefits of the cryptocurrency.
The Rewards Programme is just one of the many exciting initiatives that Scotcoin is launching to promote the widespread adoption of cryptocurrency. With the increasing acceptance of cryptocurrencies worldwide, Scotcoin’s unique approach to incentivising users to hold and use their cryptocurrency could serve as a template for other digital currencies.
For cryptocurrency enthusiasts looking for an ethical and community-focused alternative to traditional fiat currencies, Scotcoin is the way to go. By participating in the Rewards Programme, users can not only enjoy significant savings but also contribute to the growth of a sustainable and socially responsible cryptocurrency ecosystem. To access the Rewards Programme, simply visit the Scotcoin website at scotcoinproject.com/rewards.
New identity verification standards for new home sales
The Home Builders Federation (HBF) has announced the launch of new and updated customer identity verification (IDV) and anti-money laundering (AML) checks following a successful 3-month consultation period run by Etive. The new process aims to improve the customer experience and align with emerging Government legislation and standards.
The HBF’s new process aims to eliminate the need for customers to show their ID separately to different parties throughout the purchase journey, reducing frustrations, costs, delays, and errors in the process. Customers will only have to prove their ID once during the home buying process.
The HBF consulted with 84 HBF members who responded to the survey, and one-to-one in-depth interviews were conducted with a range of different sized builders across the membership groups. The consultation helped the HBF develop an industry-centered set of rules that reflect good practices amongst home builders and ensure alignment to planned Government legislation.
The consultation’s output has led to the development of two new standards that go over and above the standards set out by DSIT to facilitate the selling of a home. The new standards are compliant with the DIATF and the HM Land Registry ‘safe harbour’.
Steve Turner, Executive Director of the HBF, said, “The new procedures are a huge step forward that will benefit both businesses and our customers and reduce delays, costs, and the opportunity for errors.” Stuart Young of Etive said, “A standard for IDV and AML will drive the industry towards higher standards, reducing the likelihood of money laundering and ID/property fraud, which can only benefit the sector, buyers, and the UK economy.”
The HBF is holding an online industry briefing session on Wednesday the 22nd March at 3 pm to provide further information on the new process. Those interested in attending can email Stuart at s.young@etive.org to receive details.
Photo by Dom J: https://www.pexels.com/photo/uk-driving-license-45113/
Encompass concludes UK North America Roadshow
On Friday, the Department for Business and Trade (DBT) concluded its North America Roadshow 2023 in Glasgow, marking the end of a 12-day tour that covered 12 UK cities.
The aim of the Roadshow was to promote export deals between the UK and the US and Canada, with experts delivering presentations and interactive sessions to offer guidance on exporting, trade negotiations, and the economic outlook.
Scottish fintech Encompass Corporation, a leading provider of the Know Your Customer (KYC) automation platform, was selected as a trusted partner for the Roadshow, representing both a prominent Scottish technology company and a North American success story since its expansion to the region in October 2021.
During the Glasgow session, Encompass representatives discussed the company’s active involvement in the UK Government’s efforts to promote UK financial services overseas, including a fireside Q&A session on FinTech opportunities in North America.
The event also featured practical advice from legal, banking, and tax industry experts on opportunities in the North American region, with the National Association of State Procurement Officials presenting on demystifying US State procurement.
Encompass has been serving the North American market since its regional launch in late 2021 and has experienced significant growth while operating from New York under President, North America, Alex Ford, including receiving industry recognition such as the AML Impact Award for Best Know Your Customer/Business (KYC/KYB) Innovation from Aite-Novarica Group last year.
Schroders Personal Wealth adopts fintech Aveni
Schroders Personal Wealth (SPW) has partnered with Aveni, a Scottish AI fintech firm, to overhaul its compliance function.
Through the use of Aveni’s Detect platform, SPW will utilise Natural Language Processing (NLP) to monitor client interactions and create data-driven evidence of compliance. By adopting cutting-edge technology such as generative AI and large language models.
SPW aims to provide unparalleled risk management and oversight, which will drive material efficiencies and lower its cost to serve.
This move reflects SPW’s strategic approach to transforming how it delivers, monitors, and assesses its advice offering and control environment. The latest generative AI and NLP technology will allow SPW to address all areas of the value chain, enabling it to identify vulnerable and high-risk clients and support them in the best way possible.
Ray Milne, Chief Risk Officer at Schroders Personal Wealth, said,
“Our partnership with Aveni shows our commitment to using technology to ensure the quality of our advice. It will enable us to identify vulnerable and other high-risk clients, helping us support them in the best possible way.”
The Financial Conduct Authority (FCA) has recently called for companies to invest more in technology to guarantee that future regulatory requirements are met. This investment from SPW demonstrates its commitment to meeting a data-first approach and positions it at the forefront of the advisory community with its use of cutting-edge technology.
Joseph Twigg, CEO of Aveni, said,
“Placing AI technologies at the heart of business operating models is no longer a nice-to-have; it will determine who wins and who loses over the coming years. SPW is demonstrating its commitment to remaining at the forefront of the market.”
Aveni Detect has been established as a “Machine Line of Defence,” analysing all customer interactions and mitigating a range of risks from conduct and complaints to customer vulnerability. The platform will meet the data-first requirements introduced by the new Consumer Duty regulation, which comes into effect in July 2023.
This partnership between SPW and Aveni is a significant step forward in transforming the investment industry. By leveraging the latest AI and NLP technology, SPW aims to drive material efficiencies, lower its cost to serve, and deliver exceptional advice to its clients. As the industry continues to evolve, investment firms that leverage cutting-edge technology will have a distinct advantage over those that do not.
Lloyds Banking Group and FinTech Scotland launch innovation challenges
For the third year in a row, Lloyds Banking Group has partnered with FinTech Scotland to launch an innovation lab, which aims to address some of the biggest challenges facing the financial industry. The Launch Innovation Lab is a collaborative initiative that brings together experts from Lloyds Banking Group and fintech businesses from all around the world to develop innovative solutions to complex problems.
The Launch programme is focused on four key challenges:
The first challenge, curating targeted financial planning and added value services that meet customer needs, is focused on developing personalised financial planning services that meet the needs of each customer. The aim is to provide customers with customised solutions that address their unique financial needs, rather than offering generic financial products.
The second challenge, harnessing data to enrich customer relationships, is focused on using data analytics to gain insights into customers’ behaviours and preferences. The Launch programme will explore ways to use these insights to enhance customer experience by offering personalised services, improving customer engagement, and providing tailored financial advice. By leveraging data analytics, the lab aims to improve the quality of the customer experience and build stronger relationships with customers.
The third challenge, providing the most inclusive colleague and customer experiences, is focused on creating a culture of inclusivity within the organisation. The Launch innovation programme will explore ways to create a more diverse and inclusive workplace and customer experience. This will include developing policies that promote diversity and inclusion, creating inclusive products and services, and improving accessibility for customers with disabilities. By doing so, it aims to create a more welcoming and inclusive environment for both employees and customers.
The fourth challenge, exploring sustainable choices for customers and IT operations, is focused on developing sustainable solutions for the financial industry. The lab will explore ways to reduce the environmental impact of financial products and services, such as reducing paper waste and promoting sustainable investments. The lab will also focus on developing sustainable IT solutions that reduce the energy consumption of IT systems and promote the use of renewable energy sources.
The wildcard challenge invites proposals that do not fit into these four challenges. This challenge is an opportunity for innovators to present their ideas to Lloyds Banking Group, even if their proposals do not fit into the four main challenges. The lab welcomes innovative ideas that have the potential to transform the financial industry and create value for customers.
For more details and to enter those challenges visit this page.
New national hub to turbocharge FinTech growth
The government just launched the national centre for FinTech called the Centre for Finance, Innovation and Technology (CFIT), designed to propel the sector’s growth globally.
CFIT is backed by £5.5million of funding from the Treasury and the City of London Corporation and will enhance growth and innovation by promoting businesses and generating job opportunities across the sector.
The hub was unveiled at an event in Leeds yesterday and also intends to publicise the advantages of new and inventive technology that will expand consumer options, decrease costs, and improve efficiencies.
The CFIT is the first of its kind and will facilitate businesses in achieving a truly global presence, supporting approximately 2,500 organisations and tens of thousands of jobs in the UK.
Commenting on the launch, Nicola Anderson, CEO at Fintech Scotland said:
“The CFIT launch is a key milestone in achieving the UK’s fintech ambitions, embracing innovation across all cities and regions. The Centre’s coalition approach very much aligns with the execution of FinTech Scotland’s cluster strategy in advancing fintech growth.
“We are excited to be working with CFIT in leveraging the opportunities in Scotland and the whole of the UK, which will provide further momentum in delivering our ten-year FinTech Research and Innovation Roadmap enabling us all to harness the fintech opportunity across the UK.”
Howard Wimpory, KYC Transformation Director at Encompass Corporation, comments:
“It is encouraging to see the government provide this support to the FinTech industry and, widely, digital transformation, which creates opportunities for growth while also assisting economic recovery. The UK technology sector overall has huge potential, with innovation at a high, and support of this kind can help organisations to harness the solutions within it to their advantage.
“Widespread effort to help organisations truly unlock the potential of digital transformation is how strong, long-term value will be created throughout industries, and particularly financial services. These organisations must now recognise the importance of utilising the new and emerging solutions at their disposal, which not only add business value, but also help to protect the nation against the ever-evolving threat of financial crime.
“Realising these goals requires businesses to embark on or accelerate their digital transformation journeys, embracing state-of-the-art cloud powered technology to overhaul manual processes and instead trust in automation, which brings long-lasting operational benefits to power success.”
Charlotte Crosswell OBE, Chair of CFIT, said the launch
“represents a significant moment for the UK’s FinTech sector and our economy more widely. This organisation will enable us to come together as a sector to start breaking down barriers that the FinTech sector is facing while creating a clear path for our homegrown FinTech companies to achieve global scale, impact and success.”
Fintech Scholarship to boost UK industry
A new survey from Quotezone.co.uk has revealed that despite the UK being a global leader in fintech, a whopping 77% of students have never considered a job in the fintech industry.
Ahead of the opening of applications for the scholarship programme, the company has surveyed students from across the UK about their university experience and perception of the fintech sector.
The survey of 500 students carried out by Quotezone.co.uk found that 77% of UK students have never considered a career in the fintech sector, despite it contributing £11 billion to the UK economy and employing over 76,000 people at 1,600 firms throughout the UK, a number that is projected to double by 2030.* 36% of those surveyed said that this was due to a lack of education and awareness about the fintech sector and what it entails.
A further 26% of students surveyed said that they had not considered a job in fintech due to a lack of relevant experience and 25% of students surveyed said that gaining relevant experience was one of the biggest pressures they faced in higher education.
The UK could risk losing its status as a global fintech hub if it does not address the challenges around its talent shortage.
The Quotezone fintech scholarship aims to help increase awareness about the sector in the UK by asking students to explore what fintech could potentially offer them as a career and enter a short blog or vlog post on what the next generation see as the future of the industry.
The successful candidate will receive a £1,000 bursary which can be used to cover part of the cost of their studies, course materials or any other living expenses as well as the option to take part in industry-related work experience at Quotezone.co.uk.
Commenting on the scholarship, Greg Wilson, Founder and CEO of Quotezone.co.uk, said:
“The UK is a global leader in fintech, which contributes billions to our economy and has the potential to create thousands more jobs in the coming years. Despite this, there is a large talent shortage and a lack of awareness around the sector, as reflected in our survey results .
“The Fintech sector in the UK offers great prospects for graduates from all industry backgrounds, not only do we want to demonstrate the potential in this but we also want to provide the winning student with real, hands on career experience to help discover what it would be like to work in such a flourishing sector.
“We need bright young talent from across the curriculum in England, Scotland and Wales to fill these roles and create teams with diverse skillsets – creating pivotal change and driving innovation within the sector. I would strongly encourage students from right across Great Britain to explore fintech and apply for this opportunity.”
Last year’s winners were Kelsey Hunt, a second year student at St Andrews University, who wrote ”“ FinTech and Small Business: a Dynamic Duo ”“ highlighting the important role of fintech in the small business sector and Ella Henry, a MPhil student studying Biological Sciences at the University of Cambridge, who wrote a piece entitled ”“ Fintech in a finite world: The price of protecting our planet focusing on climate change and the role fintech can play in helping create a sustainable future.
The deadline to enter the Quotezone.co.uk Fintech Scholarship is 30 March 2023, full details of how to apply are available here. There will be one winner from Great Britain and one winner from Northern Ireland, run via Quotezone’s sister company, CompareNI.com.
Inbest and MaPS launch New benefits calculator
In collaboration with Scottish fintech firm Inbest, the Money and Pensions Service (MaPS) has introduced a benefits calculator.
The tool, which is free of charge, will be integrated into the MoneyHelper website of MaPS to assist individuals in determining the benefits and social tariffs for which they may be eligible.
Entitledto.co.uk claims that there may be billions of pounds in unclaimed benefits across the United Kingdom. By entering their basic information, users will be able to conduct a quick search and receive results in less than a minute.
The calculator will then request that they complete a more detailed search to verify their eligibility for any potential claims. MaPS emphasizes the importance of identifying other sources of income and any available assistance to help individuals manage their money and pensions, given the rising cost of living.
This initiative was launched after MaPS launched a new campaign in the previous month to increase awareness of the free help and advice available.
Michael Royce, Senior Policy and Propositions Manager at the Money and Pensions Service, said:
“The most common reasons why so much goes unclaimed in benefits is that people are unaware of what they’re entitled to or assume that they aren’t eligible.
“We look forward to working closely with Inbest and hope that making their benefits calculator available through our MoneyHelper website helps millions of households who are currently missing out to maximise their income.”
Manu Peleteiro, founder and CEO at Inbest, said:
“We are thrilled to partner with MaPS and power their MoneyHelper benefits calculator. Working with MaPS colleagues is a fantastic learning experience, and their input is crucial to continuously improve our calculator and shape our product roadmap.
“We are looking forward to working with MaPS and contributing to the delivery of the UK’s Strategy for Financial Wellbeing by helping people access the benefits, grants and social tariffs they are eligible for.”