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Scottish Friendly and FinTech Scotland join forces to help boost innovation in the financial mutual sector

Leading financial mutual Scottish Friendly has announced a strategic partnership with FinTech Scotland, highlighting the growing significance of further developing and improving fintech innovation across all financial services sectors, including life, savings, and investments.

By joining forces with FinTech Scotland, Scottish Friendly positions itself at the forefront of the fintech revolution, signalling a commitment to innovation and customer-centric financial solutions.

The partnership will provide Scottish Friendly with deep insights into cutting-edge fintech areas such as open finance data and regulatory technology (regtech), which are crucial for the evolution of savings and investment strategies.

Scottish Friendly will actively participate in FinTech Scotland’s research and innovation roadmap, contributing to the shaping of the industry’s future. Their involvement is aimed at streamlining the life, savings and investment process, leveraging technology to make it as effortless and accessible as possible for consumers.

Alexander Manas, Commercial Director at Scottish Friendly, said:

“We are dedicated to helping individuals and their families achieve the best possible financial outcomes through affordable, high-quality products and exceptional customer service. We are therefore delighted to partner with FinTech Scotland in our efforts to continuously deliver better outcomes for our customers through technology and innovation.”

Nicola Anderson, CEO at FinTech Scotland said:

“We are delighted to welcome Scottish Friendly to the FinTech Scotland cluster to embrace fintech innovation through strategic partnership. This partnership is a testament to our inclusive approach, aiming to revolutionise financial services by leveraging collective expertise. Scottish Friendly’s objectives align perfectly with our mission to drive impactful changes in the sector.”

 

Leadership Transition at Alba Bank

Scottish fintech Alba Bank, headquartered in Glasgow, announced an important change in its leadership with Rod Ashley stepping down. This marks the beginning of a new chapter for Alba Bank, an company that has grown and evolved significantly under Ashley’s stewardship.

 

Welcoming New Leadership

Stepping into the role of acting CEO is Jonathan Thompson, who brings a wealth of experience from the start-up and SME banking sectors. Thompson’s appointment signals Alba Bank’s continued commitment to innovation and growth, particularly in areas critical to the future of banking. His expertise and vision are expected to lead Alba Bank through its forthcoming critical phase, steering the institution towards new opportunities and challenges.

Joining Thompson in leading the bank into its new era is Dominic Wade, the newly appointed Chief Financial Officer. Wade, who transitions from Unity Trust Bank where he served in the same capacity, brings a deep understanding of the financial intricacies facing today’s banks. His experience and strategic insight will undoubtedly be invaluable as Alba Bank continues to evolve and adapt in a rapidly changing financial environment.

Forward Momentum

Rod Ashley said: ”

“I have enjoyed every moment of leading Alba from the early days but now is the right time to step aside”

His sentiments were echoed by Alba’s Chair, Robert Sharpe, who thanked Ashley for his years of dedicated service and wished him the best in his future endeavors.

Jonathan Thompson, the acting CEO, expressed his enthusiasm for the challenges ahead, stating,

“I am delighted to take the reins at Alba and lead the bank through this next critical phase.”

Join Etive and be part of the Fintech Revolution in Scotland

Scottish fintech Etive, is developing a digital identity trust scheme, MyIdentity. With the UK’s digital identity legislation on the horizon, set to take effect in the spring of 2024, Etive’s mission couldn’t be timelier or more vital and there is an exciting opportunity for those looking to come on board.

 

Etive’s Visionary Mission

Since 2018, Etive has been dedicated to mitigating the friction involved in identity verification within the residential property market. This initiative, spanning new home builders, estate agents, lawyers, financial brokers, and mortgage lenders, is on the cusp of going live. MyIdentity represents a groundbreaking identity trust scheme that ensures identity verification is completed to a trusted set of standards, rules, and regulations, aligned with the Government’s Digital Identity & Attributes Trust Framework (DIATF).

With two core online products under the Etive brand ”“ the Property Log Book® and Digital Log Book® ”“ and the flagship MyIdentity® proposition in development, the company is at an exciting growth phase. These products are not just about technology; they’re about creating a secure, efficient future for identity verification in the UK.

 

The Role: Application & Innovation Manager

Etive is recruiting an Application & Innovation Manager. This key position is responsible for leading the information technology activities at Etive, ensuring the effective delivery of IT systems, services, and support. From strategic planning and project management to leadership and collaboration with internal and external stakeholders, this role is about driving technology initiatives forward.

The ideal candidate? A technical visionary with hands-on experience in application architecture and design, who can engage at both a strategic and detailed level. This role demands a dynamic individual who can work closely with the Product Owner and Operations Director to bring Etive’s products to market and support their ongoing development and operation.

Your Impact

As the Application & Innovation Manager, you will:

  • Manage product and service application and infrastructure development throughout their lifecycle.
  • Develop and implement IT security policies and procedures.
  • Manage relationships with development and infrastructure outsourced partners.
  • Own and develop the application and infrastructure strategic roadmap.

This position is not just a job; it’s a chance to be a pivotal member of the management team, directly influencing a growing product and business, and potentially progressing rapidly into a CTO position.

Join Etive

If interested please contact Stuart Young at s.young@etive.org

FinTech Scotland Deepens Collaboration with Leading Global Financial Firms for Inaugural Innovation Challenge

Applications Open for AI Compliance Innovation to Discover Fintech Partners 

Today, FinTech Scotland, working with professional services supporter Deloitte, and with Tesco Bank, Morgan Stanley and abrdn, launched a first-of-its-kind innovation challenge. The industry-led call to action will encourage financial institutions and innovators from across the Fintech community and beyond to learn collaboratively and facilitate industry forums to collectively share best practices for companies to develop new solutions to key financial regulatory challenges.

The inaugural innovation challenge, spearheaded by the newly established Financial Regulation Innovation Lab (FRIL), and funded through the UK Governments’ Innovation Accelerator programme, delivered by Innovate UK, focuses on ‘Simplifying Compliance through the Application of AI and Emerging Technologies’.

The first in a series of industry-led innovation calls, the initiative is dedicated to fostering confidence in the adoption of emerging technologies into financial services. Notably, this call aims to demonstrate the ability technology could have in meeting global regulatory requirements, setting a new standard for future advancements in the industry.

FinTech Scotland and the financial services firms, in conjunction with professional services leader Deloitte, are inviting entrepreneurs and innovators to identify and use technologies to address industry compliance challenges. Launched under the principle of responsible innovation, these calls set the stage for exploration and development of effective solutions that will yield positive outcomes for the pressing needs of consumers and businesses alike, resulting in an overall economic contribution.

Nicola Anderson, CEO of FinTech Scotland, said:

“We are extremely excited to kick off this inaugural industry innovation challenge. Demand-led innovation calls are an important part of the toolkit that the Financial Regulation Innovation Lab will employ to drive positive outcomes. It is also an opportunity to bring together financial institutions and innovators, enabling financial institutions to learn collaboratively about ways to improve compliance processes to drive efficiency for the sector and, ultimately, increase consumer protection.”

In partnership with the University of Strathclyde and the University of Glasgow, the Lab aims to leverage expertise in financial services risk and compliance and combine this with emerging technologies to build capabilities that maintain and grow both Scotland and the UK’s position as a global leader in financial services regulatory innovation.

Kent Mackenzie, Fintech Lead for Scotland at Deloitte said:

“Deloitte is excited to be one of the challenge supporters of the Financial Regulation Innovation Lab’s first innovation call. Simplifying compliance is critical to delivering change in financial services, and industry-wide solutions can help enable us to accelerate this positive change. The Lab provides a unique environment to support collaboration, and this groundbreaking initiative will further support how financial services firms are innovating to meet their regulatory obligations.”

 

Joanne Seagrave, Head of Regulatory Affairs at Tesco Bank:

“At Tesco Bank we embrace the opportunity that the Financial Regulation Innovation Lab’s innovation call series offers to collaborate with innovators. This will allow us to gain further insight on how utilising AI and emerging technologies could help support us in managing the evolving regulatory change landscape. It also presents a significant opportunity to advance industry understanding.”

 

Angela Benson, Head of Glasgow Finance at Morgan Stanley:

“Morgan Stanley recognises the opportunity in employing AI and emerging technologies to address the industry’s global regulatory obligations. We are delighted to partner with FinTech Scotland on this innovation challenge to foster ideation and support the next generation of innovators in this space. Having opened our office in Glasgow over 20 years ago, we have seen first-hand the depth of talent Scotland has to offer.”

 

Gareth Murphy, Chief Risk Officer at abrdn:

“At abrdn, we’re delighted to join the Financial Regulation Innovation Lab’s inaugural innovation call to action.  It is essential that we continue to evolve the mix of people, process and technology in all of our activities.  We draw on extensive experience in financial services, in Scotland and globally. This collaboration is a testament to our commitment to seizing the ongoing opportunities that financial services and innovation present.”

The programme includes three phases: challenge definition, solution design & testing, and final demonstrations. Applicants will receive invaluable insights about financial firms through close collaboration, a support network, academic expertise and service design support. Successful companies will receive grant awards up to £50,000 for further development and implementation.

Fintechs and other teams of innovators are invited to join the challenge. The application window is open from 1stFebruary. To find out more click here

The Innovation Challenge Call finale event will take place in April 2024.

The FRIL project is funded by the Glasgow City Region Innovation Accelerator programme.

Led by Innovate UK on behalf of UK Research and Innovation, the pilot Innovation Accelerator programme is investing £100m in 26 transformative R&D projects to accelerate the growth of three high-potential innovation clusters ”“ Glasgow City Region, Greater Manchester and West Midlands. Supporting the UK Government’s levelling-up agenda, this is a new model of R&D decision making that empowers local leaders to harness innovation in support of regional economic growth and help attract private R&D investment and develop future technologies.

Glasgow has a remarkable history rooted in industry and innovation and is home to world-leading science and technology expertise. The Innovation Accelerator programme will support the Region’s key economic aims of increasing productivity, delivering inclusive growth and achieving net zero.

Cavendish Online partners with Aveni for AI-enabled Customer Service

Cavendish Online, part of the Lloyds Banking Group, has recently announced a partnership with Scottish fintech Aveni.ai, a leader in Artificial Intelligence and fintech solutions. This collaboration positions Cavendish Online as one of the first protection distributors to integrate advanced AI technology into their customer service operations.

 

Revolutionising Customer Experience with AI

The core of this partnership lies in the deployment of Aveni’s Generative AI and Natural Language Processing (NLP) technologies. This innovative platform is designed to attentively listen and learn from every customer interaction. By analysing these conversations, Aveni’s system aims to significantly enhance the quality of advice and service provided by Cavendish Online.

 

Speed and Efficiency in Service Improvement

One of the most notable capabilities of the Aveni system is its ability to process and analyse an entire day’s worth of customer calls in just a few minutes. This rapid analysis not only offers insights into improving service quality but also aids in detecting any vulnerabilities during customer interactions. It will enable Cavendish Online to swiftly implement improvements and adapt to evolving customer needs.

Human-Centric Approach with AI Support

Despite this reliance on AI for data analysis, the core of Cavendish Online’s customer interactions will continue to be human-led. The Aveni system serves as a support tool, enhancing the advisers’ ability to provide premium service. It also plays a critical role in targeted skills development for advisers, ensuring they are equipped with the knowledge and expertise needed to meet and exceed customer expectations.

 

Commitment to Consumer Duty

This strategic move by Cavendish Online will help then to fulfil their Consumer Duty obligations. By harnessing the power of AI, they are set to revolutionise the way financial advice and services are delivered, placing a stronger emphasis on customer satisfaction and quality of service.

 

Rose St Louis, Protection Director at Lloyds Banking Group and CEO Cavendish Online, said:

“Delivering excellent outcomes for all customers is at the heart of Cavendish Online’s mission. Now we can incorporate Aveni’s Generative AI into our processes to provide insight which will help us learn and consistently deliver high quality advice and service to our customers.

“This collaboration marks a significant milestone both for us and for the entire protection market, putting Cavendish at the forefront of AI-driven innovation for financial services distribution, and further demonstrating our commitment and focus on delivering great customer outcomes.”

Andy Johnston, Aveni, said:

“Cavendish Online is making a significant impact in the UK protection market and demonstrates a commitment to innovation and ambition that resonates with our team at Aveni. We have been selected as an AI-partner because of the solutions-based approach of the Aveni platform, combining financial services know-how, with deep expertise in Generative AI and Natural Language Processing.

“The power of Generative AI will be a game changer in this sector. We look forward to working together in partnership to explore further solutions.”

Scotland strongly represented at the 2024 Bupa everywoman in Technology Awards

The Bupa everywoman in Technology Awards, honouring the most inspirational female figures in Science, Technology, Engineering, and Mathematics (STEM), have unveiled the shortlisted candidates for this year’s ceremony.

The event acknowledges women at every stage of their professional journey, from apprenticeships to executive levels. Celebrating its 14th anniversary, the awards highlight and applaud the tech sector’s most outstanding talents, both from the UK and internationally. These awards aim to create exemplary figures who can motivate and draw women and young girls into STEM careers, thereby narrowing the gender disparity in technology.

The technology sector, known for its innovation, continues to expand, introducing new areas and specialisations, which in turn offer more career possibilities. Valued at $1 trillion, the UK’s technology market stands as the world’s third largest, a testament to its unceasing expansion. However, women presently fill just 24% of roles in the tech industry, and recent studies indicate that nearly half of them are experiencing burnout, with 7% reporting that they have been pushed to their physical and mental limits.

Maxine Benson MBE, Co-Founder of everywoman comments:

“It is paramount that the technology industry not only attracts female talent to sustain the industry’s innovation and growth, but that this female talent is retained. Since 1999, everywoman has been supporting companies to attract, develop, retain, and advance women in business, delivering leadership development to over 200,000 women and today over 40% of all our learning content has a wellbeing related theme. Family responsibilities and health related issues play key roles in career progression; they are intrinsically linked. It is only by ensuring that female tech talent is empowered to live long, healthy lives enabling them to enjoy successful careers, that the gender gap can truly be addressed. Our partnership with Bupa will focus on gaining a deeper understanding of what more we can be doing to transform the workplace into one that enables that.”

 

This year, 7 women working in Scotland have been recognised for their achievements:

APPRENTICE AWARD ”“ sponsored by SSE:

  • Fatima Bari, Technology Apprentice at JP Morgan Chase, from Glasgow

In 2019 she began her career journey at J.P. Morgan as a Software Development Apprentice and in 2023 she graduated with a 2:1 honors degree, stepping into a full-time role as a full stack developer. She chose a career in technology because of her love of learning and seeking out creative solutions to problems and has found endless opportunities in the field keeping her from being bored. There are so many uses of technology and she loves the ability to be able to create various solutions, helping people and addressing problems. She shares her technology ”¯enthusiasm at a variety of events, actively engaging with young people to inspire the next generation of technologists.

 

CYBER SECURITY AWARD ”“ sponsored by BAE Systems:

  • Freha Arshad, Managing Director at Accenture, from Edinburgh

Freha leads Accenture Security’s UK&I Health & Public Service Practice as well as being responsible for the cyber team in Scotland. Freha is also a member of the Scottish Government’s National Cyber Resilience Advisory Board’, advising ministers and the national cyber resilience team on the cyber landscape for Scotland and how the government should best formulate its processes and action plans for a cyber resilient Scotland. Freha works in close collaboration with key stakeholders including the regional cyber cluster, with whom she co-founded Women in Cyber Scotland’ group.

 

DIGITAL STAR AWARD ”“ sponsored by Lloyds Banking Group:

  • Rose Ulldemolins, Tech School Lead at Lloyds Banking Group, from Edinburgh

Since being reskilled Rose has done a variety of tech roles, from a full-stack Engineer to Engineering Community Lead and now to Tech School Lead. With her passion for I&D, Rose co-chairs a 1700 strong network called Women ConnecTech, whose aim is to improve gender diversity in the industry. This included running a program to upskill over 100 colleagues to be able to code, following the success she is now rerunning this for over 250 people.

  • Suzanne Laporte, Marketing and Communications Lead at Tech She Can, from Glasgow

Suzanne is a Marketing and Communications Specialist, with more than 15 years’ experience in a range of industries, including the Third Sector, Recruitment and Financial Services. She loves connecting with audiences through the right channels, at the right time, to tell engaging stories. Suzanne’s approach is to create data-driven, insight-led campaigns that build a compelling narrative. She has led large scale product launches for Tesco Bank, driven digital adoption for NatWest and created compelling campaigns for charities.

 

INNOVATOR AWARD ”“ sponsored by American Express:

  • Amberle Gregory, Project Manager at SSEN ”“ Transmission, from Glasgow

Amberle Gregory has a passion for technology and innovation and wants to use it to help achieve Net Zero. After six years in the British Army and tours of duty around the world, she is now a project manager at the electricity distribution network operator, SSEN. Amberle has successfully led the technical trials of a system that could help her industry reduce its carbon footprint. She is also an army reservist and champions inclusion in the workplace for ex-forces personnel.

 

RISING STAR AWARD ”“ sponsored by Booking.com:

  • Fatima Ceesay Lopez, Software Engineer at JP Morgan Chase, from Glasgow

Fatima, a Software Engineer at JP Morgan, began her technology journey as a Tech Apprentice in 2019. Recently graduating with a first-class honours degree in Software Development, she has been a driving force in developing innovative solutions and leveraging AI and ML for process automation. Her dedication to fostering diversity, equity and inclusion has led to her being named JP Morgan’s BOLD Scotland resource group lead (Black Organization for Leadership and Development). Fatima is also a passionate advocate of tech careers for young people through her engagement with schools, colleges, and charities.

 

SOFTWARE ENGINEER AWARD ”“ sponsored by Discover:

  • Joanna Kelly, Senior Software Engineer at Leonardo, from Edinburgh

Joanna is a Senior Software Engineer at aerospace engineering company Leonardo, where she works in a diverse team that supports an advanced radar capability. She has a long standing interest in aerospace, having studied engineering at school as well as being a member of an RAF Air Cadet Squadron in Edinburgh, before studying a degree in Computer Science and Electronics at the University of Edinburgh. At school, Joanna was one of just 10 students studying engineering and since then she has had a passion to make a contribution to increasing the diversity of the engineering community. Joanna is an active STEM committee member organising multiple events for school children of all ages across Edinburgh. These have included the EDT Gold and Bronze Industrial Cadets programme, careers talks at local schools, and a glider building activity for International Women in Engineering Day.”¯

 

With this year’s theme Empower. Transform. Thrive.’, the 2024 Bupa everywoman in Technology Awards ceremony and dinner will take place at The Park Plaza in London on 14 March 2024, after the annual everywoman in Technology Forum.

To book your place at the awards ceremony and find more information visit www.everywoman.com/techawards.

WIBF Seeking Passionate Volunteers to support their Student Engagement Strategy

WIBF’s Commitment to Student Involvement

Women in Banking & Finance (WIBF) has announced the launch of its ambitious Student Engagement Strategy (SES). This initiative marks a pivotal step towards building a more inclusive and diverse future in the world of finance.

The SES is more than just a program; it’s a commitment to nurturing the next generation of female financial professionals. Understanding the challenges faced by women in the sector, WIBF is dedicated to providing students with the necessary support and guidance to thrive in their careers.

 

A Unique Opportunity for Enthusiastic Volunteers

As part of this strategy, WIBF is calling for passionate individuals to join as SES Working Group Members. This is a fantastic opportunity for those who wish to make a tangible impact in the finance industry and be a part of a forward-thinking initiative. The roles are open for volunteers across various regions including Scotland, the North and North East, Midlands, and the South, including London.

 

The Role: A Blend of Innovation and Outreach

Selected volunteers will be instrumental in shaping the strategy. Their role involves event planning, student and university outreach, and contributing to the SES’s monthly student newsletter. This is a chance to not only grow professionally but also to help mold the future of aspiring finance professionals.

Volunteers will act as ambassadors for WIBF, promoting the SES both internally and externally, and building relationships that will forge the future of women in finance.

 

Key Skills and Experience Sought

Ideal candidates are those with a flair for event management, strong communication skills, and an ability to build and maintain relationships. A commitment to teamwork and a results-oriented mindset are essential.

The roles are voluntary and require a commitment of at least four hours per week over a two-year term. Interested individuals are invited to apply by sending their CV and a cover letter, outlining their motivation and relevant skills, to Lizzy Merrall (lizzy.merrall@wibf.org.uk) and Andriana Stampoli (andriana.stampoli@wibf.org.uk) at WIBF. The deadline for applications is midnight on Monday 5th February 2024.

Photo by ThisIsEngineering: https://www.pexels.com/photo/woman-in-black-tank-top-3861962/

Ionburst selected as one of the top 40 Fintechs globally to join IBM Fintech Fast Pass

Imagine,

..having power to control the security, resilience and compliance of your data in one place.

Wherever it is in the world.  On premises, in (multi-) Cloud, or at the Edge.

You know:

  • where it’s stored
  • how it’s protected
  • that it complies with regulations everywhere

”¦and you’ve cut your data exposure and costs by half

Meet Ionburst.

Research proves moving data into Cloud is difficult.

For sectors like financial services, healthcare and defence, that rely on keeping data secure and compliant, it’s a nightmare.

I was International Treasury Director for BlackRock, and I know no solution existed before now and that’s why I’m so passionate about Ionburst.

I’m not alone:

We’re delighted IBM has selected Ionburst as a top 40 fintech globally recognising we uniquely solves critical pain points others can’t.

It’s great recognition for our Scottish Fintech and cybersecurity ecosystems.  We learned of this great opportunity from Fintech Scotland’s Opportunities Digest ”“ so a big thank you to all the team!!

So, what is the IBM Fintech Fast Pass and what does it mean for us, for IBM and for IBM Customers?

 

IBM and IBM Customers

IBM launched their Fintech Fast Pass programme to give their FS customers access to innovation, at their customers’ request.

To support this, IBM has put together a package of measures ranging from engineering support and credits through to introductions to key FS customers, culminating in a showcase annual summit.

IBM also provides marketing and PR support, co-selling and joint Go-to-market opportunities.

In short, a fantastic opportunity!!

We’ve already deployed on IBM, demonstrated Ionburst to their team and are planning next steps ”“ so watch this space!!

Who knows, we may be relevant to our Scottish FS giants!

Meanwhile, we’ll keep our eyes firmly glued to Fintech Scotland’s Opportunities Digest to learn of other opportunities as they arise.

FCA TechSprint 2024 ”“ A Catalyst for Inclusive Financial Technology

Embracing Innovation for Financial Inclusion: FCA’s TechSprint Initiative

The Financial Conduct Authority (FCA) has launched a new TechSprint focussing on the topic of Financial Inclusion. The application period will run from the 19th of January until the 13th of February. The cohort- based sprint will then run from 7th March to 30th May 2024. This initiative is aimed at leveraging technological solutions to foster financial inclusion, a critical step towards a more equitable financial landscape.

A Virtual Journey Culminating in Glasgow

The three-month TechSprint will be conducted virtually, allowing widespread participation and collaboration. The event will culminate in an in-person showcase on 30 May 2024 in Glasgow, Scotland, offering a platform for participants to present their innovative solutions.

The FinTech Scotland Research & Innovation Roadmap identified that with advances in new data sources and emerging technology capabilities being developed by Academia and innovative SMEs within the sector Scotland has the history, the experience and the capabilities to take a leading role on the development and acceleration of solutions and widening access to inclusive products and services.  Companies like Inicio, InBest, Amiqus and ClearScore are great examples of leading innovative fintechs spearheading the use of data and technology to support financial inclusion.

Glasgow is also home to the Financial Regulation Innovation Lab (FRIL) which launched in December 2023. The FRIL project is funded by the Glasgow City Region (GCR) Innovation Accelerator programme led by Innovate UK on behalf of UK Research and Innovation. The GCR accelerator supports the UK Government’s levelling-up agenda which at its foundation supports sustainable and inclusive economic growth across all the nations and regions. An inclusive banking and financial sector is integral to achieving this. This Techprint is designed to tackle challenges spanning not only access to financial services but also issues encountered throughout the consumer journey.

Tackling Key Problem Statements

The TechSprint is structured around three fundamental problem statements:

  1. What technological solutions can help to increase the probability of consumers being accepted when they apply for everyday financial services, such as basic bank accounts, credit or insurance products?  
  2. What technological solutions can help to deliver positive outcomes for consumers when a firm declines their application for a product, or when at a subsequent point in the consumer journey they become excluded because the product is no longer suitable for their needs?”¯ 
  3. How can technology, including AI, be deployed to ensure that firms deliver good outcomes across the board to groups of consumers who have been excluded or not well-served in the past, particularly in retail banking, payments, credit and insurance?

Leveraging the FCA Digital Sandbox

The FCA’s unique digital sandbox will be a central resource in the TechSprint, offering access to both real and synthetic data. Participants are encouraged to bring their data or explore other data sources to fuel their innovative solutions.

Building Diverse and Dynamic Teams

Participants in the TechSprint will form diverse teams including visionaries, challengers, and thinkers, ensuring a breadth of perspectives and ideas. These diverse teams are expected to bring their unique personalities and approaches to the table, fostering creativity and innovation.

The TechSprint will encourage collaboration among a diverse range of industry participants and stakeholders. Teams are encouraged to engage in collaborative discussions and sessions throughout the event. The focus is not just on competition but on collective innovation and knowledge sharing.

A period of heightened focus

The TechSprint will contribute to a wider programme across Scotland focused on financial inclusion. FinTech Scotland, Financial Inclusion Scotland, Scottish Financial Enterprise, and Smart Data Foundry are all working in collaboration with industry, regulators and government on a range of initiatives all focused on driving financial inclusion, for people, and businesses.  There are a number of initiatives under way for 2024 that create the opportunities to collaborate and drive action on this important agenda.

Solutions will be multifaceted and will require a large degree of public and private sector collaboration. FinTech Scotland’s cluster management approach brings together consumer groups, academia, the financial services sector, technology innovators, data experts, regulators and government and fosters the right environment for collaborative problem solving.

Getting Involved in the Tech Sprint

Interested parties are invited to apply for participation or mentorship in the TechSprint. Applicants are asked to provide detailed information about their experience, data sets, additional resources, and expertise. The FCA stresses the importance of diversity in applications, reflecting its commitment to inclusivity.

Further information on how to get involved, deeper dives into the use case statements and frequently asked questions as well as a detailed participation pack can be found here

Please include a point that the sprint opens for applications on 19th of January – running until the 13th of February.

Scottish Fintech Snugg Secures Nearly £2 Million for Pioneering Green Home Hub

Edinburgh-based fintech company Snugg has been awarded nearly £2 million in funding from the UK Government for the development of its innovative Green Home Hub (GHH). This significant investment, part of the UK Government’s Department for Energy Security & Net Zero initiative, will aim to promote energy-efficient homes across the UK.

Understanding the Green Home Hub

The GHH will be a user-friendly digital platform that bridges the gap between homeowners, financial institutions, and energy providers. Its primary function is to guide users towards creating more energy-efficient homes through personalised retrofit recommendations and green financing options. The platform addresses common challenges such as complexity, high costs, and the lack of reliable green finance solutions, thereby simplifying the decision-making process for homeowners.

 

Collaboration with Perenna and Scroll Finance

Snugg will be collaborating with finance giants Perenna and Scroll Finance to bring this vision to life. Perenna Bank is integrating its long-term fixed-rate mortgage products into the GHH, while Scroll Finance is introducing its innovative Green Shared Equity Mortgage. These collaborations are set to provide homeowners with diverse and accessible financial support options for their green home improvements.

 

Impact on Homeowners and the Environment

The launch of the GHH is a game-changer for homeowners seeking to improve their property’s energy efficiency. It offers a tailored user experience, providing cost and savings analysis for various installations, and access to financial support like grants and innovative financial products. Additionally, the GHH facilitates progress tracking, monitoring energy, and carbon emissions reductions in real-time post-installation.

 

Industry and Governmental Support

The project is supported by industry leaders. Robin Peters, CEO of Snugg, highlighted the benefits for homeowners, banks, and the environment, emphasising the reduced energy demand and improved air quality as more homes undergo energy-efficient retrofitting. Arjan Verbeek, CEO at Perenna Bank, and Ashish Kashyap, CEO and Founder at Scroll Finance, both expressed excitement about their collaboration with Snugg, insisting on the importance of cross-industry collaboration for large-scale retrofitting in the UK.

A Step Towards Net Zero

The development of the GHH aligns with Snugg’s commitment to supporting the UK’s journey towards Net Zero by 2050. With changing government policies and a growing emphasis on sustainable living, innovations like the GHH are increasingly vital. The platform not only makes green living more accessible but also propels the UK forward in its environmental goals.