Encompass Corporation acquires CoorpID and Blacksmith KYC from ING to revolutionise Corporate Digital Identity
Encompass Corporation, a fintech in the Scottish fintech community and a leading global provider of real-time digital Know Your Customer (KYC), has announced the acquisition of CoorpID and Blacksmith KYC from ING. This strategic move aims to develop a market-leading Corporate Digital Identity (CDI) platform, addressing a crucial challenge in the financial sector.
Transforming KYC Outreach with CoorpID
Originating in 2018 from ING Labs, CoorpID was a response to the intricate KYC challenges faced by ING and the broader market. It helps global banks in automating outreach and collecting private KYC data directly from corporate banking clients. Providing a centralised repository, CoorpID is being used by over 500 multinationals across Europe, streamlining the management and sharing of KYC company documents.
By integrating CoorpID, Encompass will create a comprehensive KYC profile that merges authoritative public information with private data from clients. This innovation introduces a complete CDI to financial institutions, offering a unified source of truth and enhanced visibility into risk. It also ensures a more efficient, compliant, and seamless experience.
Enhancing KYC Processes with Blacksmith KYC
Established in 2017 as part of ING Labs Singapore, Blacksmith KYC focuses on improving KYC processes for the financial industry. It allows banks to customise their Customer Due Diligence (CDD) requirements within a Digital Policy Manager, streamlining data collection and enhancing efficiency, evidenced by up to 50% efficiency savings.
Integrating Blacksmith KYC with Encompass will empower banks to convert manual KYC policies into automated processes, providing valuable risk insights and better monitoring of Financial Economic Crime (FEC) risks.
Creating a Unified Corporate Digital Identity Platform
This acquisition is an important milestone for Encompass, aligning with its vision since its inception in 2011. By acquiring 100% of CoorpID and Blacksmith, Encompass will to transform the KYC industry. ING will not only be a stakeholder but also a development partner in this endeavor.
The emerging CDI sector, essential in the KYC ecosystem, will now complement Client Lifecycle Management (CLM) technology, enhancing the overall customer journey. With ING committing to use the platform in the coming years, Encompass is on its way to become the premier CDI platform globally.
Wayne Johnson, co-founder and CEO, Encompass Corporation, said:
“Today is a momentous occasion for our business, and one I could not be prouder to see.
“ING’s commitment to supporting and fuelling KYC excellence has led to the successful journeys of CoorpID and Blacksmith KYC. The combination of the technology and market expertise brought by these two businesses is the perfect match for Encompass.
“CDI is the future of our industry, solving critical problems for the banks we serve, and these acquisitions represent a huge step forward in bringing our vision, which will transform KYC, to life. I could not be more excited as we embark on this next phase and fully believe in what we collectively bring, with much more on the horizon.”
Ivar Lammers, Global Head of Financial Crime Wholesale Banking at ING, said:
“I am very proud of the sale of our KYC innovations that have reached the time for the next chapter of their journeys.
“Encompass, CoorpID and Blacksmith have been established with the customer at heart, which connects them and has been their recipe for success. Together they will continue to provide a first-class customer experience, with smart, tailored offerings that address the needs and challenges of our clients and industry, now and in the future.
“I have no doubt Encompass is the ideal partner to take our foundations to the next level.”
Employment by Fintech enterprises grows by 24% over two years as FinTech Scotland reaches its sixth anniversary
Scotland’s fintech cluster has seen a 24% increase in jobs within fintech as FinTech Scotland, the cluster management organisation, celebrates its sixth anniversary.
Delivering on Scotland’s ambition to significantly increase fintech-related jobs, the 24% increase is driven by several components, including an increased number of fintech SMEs, a growing maturity across this community with more achieving growth, and a continued number of international businesses settling in Scotland.
FinTech Scotland also reports an increase in enterprises scaling through collaboration with large financial institutions. Fintech innovation labs are playing a key role, creating the environments that enable product development to thrive and support partnerships to develop.
These innovation labs, launched with institutions such as Lloyds Banking Group, TSB and Phoenix, are providing positive outcomes for customers through collaborative fintech partnerships. Examples include: Snugg and TSB enabling TSB’s customers to improve their home energy efficiency; Behavioural Finance and the Phoenix Group supporting better retirement outcomes for consumers; and GoCodeGreen teaming up with Lloyds Banking Group around digital sustainability.
The thriving fintech SME community and the vibrant fintech cluster has made Scotland a major destination for companies worldwide and continues to position Scotland as a global opportunity for innovation. 38 international fintechs have included Scotland in their development plans, including AccessFintech, Clearwater Analytics, Two Hands, and Mail Metrics.
FinTech Scotland has further plans in 2024 to support fintech SMEs to scale, maintaining a focus on investment, international connection, and impactful collaborative partnerships.
Nicola Anderson, CEO of FinTech Scotland, said:
“As we mark FinTech Scotland’s sixth anniversary, we’re focused on building on the strong foundations that are enabling Scotland to continue to realise its fintech potential. Seeing the increase in SMEs and the growth in jobs is a testament to the fintech businesses and the commitment from all involved in the FinTech Scotland Cluster. It spurs us on as we look to the year ahead and continue to focus on growth, the fintech community, and supporting Scotland to achieve its ambition as global fintech leader.”
Jane Martin, Managing Director of Innovation and Investment at Scottish Enterprise, said:
“The 24% increase in jobs in the fintech cluster reflects Scotland’s commitment to nurturing an environment where technological and financial innovation can thrive. The growth in employment is a clear indicator of our country’s attractiveness to global fintech companies, driven by our rich talent pool, academic excellence and well-established strengths of our financial services sector. We look forward to working with FinTech Scotland and the wider sector to see even more companies coming through, achieving scale and creating new jobs over the years to come.”
Jackie Leiper, Chief Customer & Distribution Officer, Insurance, Pensions & Investments at Lloyds Banking Group, and CEO of Embark said:
“Over the past three years through our Launch Innovation Lab we have worked with over 30 fintech firms, supporting their product development, generating new products for our customers, clients and colleagues whilst tackling some very important challenges around climate, cost-of living and financial inclusion. A growing fintech sector benefits the whole industry, supporting talent development and attraction, driving innovation, and enabling purpose-led collaboration with good outcomes for business and consumers. The Launch Innovation Lab will continue to grow, and we will continue to work in close collaboration with FinTech Scotland to build on our success to date and create more opportunities to engage fintech businesses in 2024.”
Pardeep Cassells, global head of buy-side customer experience at AccessFintech, said:
“The growth we’re seeing shows how fintech companies like AccessFintech can have an impact on Scotland’s economy. It echoes what we are experiencing within our organisation. In the past three years, we’ve grown the number of full-time colleagues from zero to 24 and will continue to grow in 2024. Our company started in the US and Glasgow has been a great second home for us as well as a great platform to support our growth thanks to a very collaborative environment and the great work by universities to provide a pipeline of new talents.”
Aruna Bhalla, Head of Partnerships and Open Banking at TSB, said:
“With TSB’s strong roots in Scotland, we’re delighted to partner with Scottish fintechs like Snugg to help us deliver Money Confidence to our customers. We’ll continue to play our part by working with fintechs to develop partnerships that will help our customers better manage their finances and make more of their money.”
Robin Peters, Co-founder and CEO at Snugg, said:
“At the heart of Scotland’s fintech cluster’s success is the collaboration mindset. Thanks to our new partnership with TSB, secured through their innovation lab, we’ve been able to accelerate our growth plan and develop our team further. Now on our scaling-up journey, we’re excited to see FinTech Scotland’s plan to provide many more collaboration opportunities, helping us move to the next stage of our growth.”
FinTech Scotland and Smart Data Foundry Announce Winners of UK Fintech Innovation Challenge
FinTech Scotland and Smart Data Foundry have announced the winners of their UK Fintech Innovation Challenge. The challenge aimed at discovering innovative solutions to strengthen the relationships between financial institutions and their SME clients.
Fintech companies Xpand and Skwile Ltd have each been awarded £50,000. This investment will fuel the development of their propositions, fostering innovation and supporting the economic growth within central Scotland.
This innovation call represents a unique way of encouraging the development of new, impactful financial products and services. FinTech Scotland has a long track record of running successful innovation calls for established financial firms and, thanks to its collaboration with Smart Data Foundry, it has taken those calls to the next level. Participating fintechs were given access to a unique SME synthetic dataset, created by Smart Data Foundry’s aizle synthetic data engine, to develop and test their innovative propositions safely and efficiently.
Virgin Money and NatWest played a vital part in this innovation call, supporting fintech SMEs with invaluable workshops to help those businesses be more collaboration-ready whilst getting early access to new innovative solutions.
This initiative continues to demonstrate the commitment of FinTech Scotland and Smart Data Foundry to drive innovation but also aligns with the objectives laid out in the Research and Innovation roadmap published by FinTech Scotland in March 2022. The roadmap highlighted the importance to focus on helping established financial firms service their SME clients better to support them in a post-Covid world.
James Gumble, CEO at Xpand said:
“The challenge allowed Xpand to understand the opportunities working directly with business data on behalf of financial institutions – and has identified new opportunities, which we will use the funds to explore.
Working with the partners on the challenge enabled Xpand to further our work tracking the impact of public sector funding with national and local government teams.
Integrating the synthetic data into our tools showed how this enriched data can provide businesses with the most up-to-date funding information, help them grow and scale and provide support through uncertain economic times”
Makoto Fukuhara, CEO of Skwile Ltd, added:
“We are thrilled to be selected as a prize winner and are excited by the opportunity to make a positive impact in Scotland.
We have gained invaluable insights throughout the competition and thoroughly enjoyed collaborating with the competition partners, Smart Data Foundry, NatWest, and Virgin Money, on this transformative journey. The knowledge we’ve acquired will be instrumental in enhancing our products and services, allowing us to continue delivering innovative solutions that empower businesses to make better informed financial decisions and thrive.”
Bryn Coulthard, Chief Product and Technology Officer at Smart Data Foundry commented
“We are delighted with the success of our first innovation call in partnership with FinTech Scotland, the first in a joint programme of innovation calls to help drive economic growth in Scotland’s fintech sector. I was especially pleased to see the value of giving access to our SME synthetic dataset as part of the challenge, which helped accelerate participants thinking and allowed for rapid iteration of ideas as they developed their pitch of their proposition.”
Graeme Sands, Head of Digital Business Banking at Virgin Money said:
“We were delighted to work with FinTech Scotland and Smart Data Foundry on this innovation call designed to unlock innovation in the SME sector with the use of synthetic data. As a signatory to the FinTech Pledge and as a member of the Fintech Delivery Panel we are committed to supporting the innovative community in Scotland and across the UK”
Elaine McLaughlan, Core Capabilities Lead at NatWest Group commented:
“NatWest Group were delighted to support this industry-wide UK fintech thematic innovation call led by Fintech Scotland and Smart Data Foundry. The theme of the challenge, “Supporting and strengthening Financial Services relationships with their SME clients” is fully aligned with our purpose to champion potential, helping people, families and businesses to thrive. We’re committed to innovating for our customers and communities. We’re excited to see the ideas that were showcased through the challenge and in particular how the fintechs leveraged the specifically designed synthetic data asset from Smart Data Foundry in developing their proposals”.
Origo appoints Tom Mullally as Chief Product Officer
Tom Mullally has joined the Origo team as their new Chief Product Officer.
This marks an exciting chapter for Origo on their road to creating the go-to resource for seamless financial connectivity and efficiency.
Starting at Nat West, he then joined Deloitte thank to his expertise in product and business development. More recently he was Chief Product Officer at two pioneering payments companies.
Tom says:
“For over 30 years, Origo’s focus has been on solving the industry’s problems, and that will continue. I am already talking with key industry players to see where we can add value and improve the industry’s efficiency, reduce costs, and help consumers.
“As well as building on Origo’s existing range of industry essential products, such as Unipass Identity, Origo Transfer Service, Origo Integration Hub, Unipass Letter of Authority, and our work for the Pensions Dashboard, among others, we are looking at new product development and pipeline growth that will see Origo able to support more businesses across the industry.”
Anthony Rafferty, CEO, Origo says:
“Since becoming an independent company, backed by Vespa, we have been looking at ways we can bring greater efficiencies and cost savings to the industry, by building on our ability to connect the industry through key services and processes.
“This is the technology for which we are well known, and which benefits the industry as a whole, including providers, platforms, software houses, advice firms and end clients.
“Tom brings a wealth of experience to the Origo team, which will help us expand our horizons, with the opportunity to create a bigger impression not only in our traditional market but in similar areas which could benefit from our expertise and technology.
“We are about to enter another exciting period of growth for Origo and its customers.”
FinTech Scotland launches ground-breaking Innovation Lab, evolving the future of UK financial regulation
FinTech Scotland proudly announces the launch of the Financial Regulation Innovation Lab (FRIL) – a dynamic initiative set to revolutionise and shape the future regulatory landscapes in the UK and around the globe. Championing the frontier of financial regulation and harnessing cutting-edge technologies, FRIL is set to help ignite employment creation and business opportunities, while also unlocking the potential of future talent.
In partnership with the University of Strathclyde and University of Glasgow, FRIL will deliver a wide-ranging, ambitious research agenda, led by and actionable for the financial sector, to help advance understanding and adoption of new and emerging technologies. The Lab delivers one of the strategic recommendations laid out in the FinTech Research & Innovation Roadmap, launched in March 2022 and aligns with the recently announced UK innovation initiative, the CFIT, formed in response to the HM Treasury FinTech Sector Review.
The Lab will engage participants in industry-led innovation challenge calls, integrate academic research with an industry-relevant agenda, design and implement a skills and education programme, and facilitate knowledge exchange through workshops, roundtables, conferences and trade missions.
“FinTech Scotland is uniquely positioned within the Scottish fintech industry to lead such an initiative as it will work to inspire collaborators across Scotland, the UK and globally, enabling those around the world to see Glasgow’s financial services capabilities,” said Nicola Anderson, CEO of FinTech Scotland. “Bringing the fintech community of industry, academics and regulators together to explore, test and experiment with new technologies is an important part of our mission.”
Professor David Hillier, Associate Principal and Executive Dean of the University of Strathclyde Business School said “The University of Strathclyde is delighted to partner with Fintech Scotland and the University of Glasgow to deliver this critical initiative. We have significant capabilities across the university in emerging technologies including AI, space and quantum, which we look forward to leveraging through FRIL. We look forward to continuing our work with industry, policy makers, regulators and innovative SME’s to drive actionable solutions and deliver on FRILs ambitious agenda.”
Professor Eleanor Shaw, Head of the Adam Smith Business School, University of Glasgow said, “The Adam Smith Business School is very pleased to be a founding partner alongside our colleagues in Fintech Scotland and the University of Strathclyde to deliver FRIL. The opportunity to transform the regulatory landscape is remarkable and we are excited to work with partners across all sectors to deliver a collaborative centre of excellence for cutting edge developments in financial regulation.”
Stephen Ingledew OBE, Chair of FinTech Scotland, explained, “Once more, FinTech Scotland is taking proactive measures to showcase the effectiveness of how a cluster approach can accelerate the UK’s ability to seize competitive advantage in the future of financial regulation and fintech innovation. FRIL will allow us to continue to endorse the opportunity from the fintech sector to support growth across the UK economy.”
The research will cover various aspects of financial regulation, including the following areas:
- Explainable AI Applications for ESG Risk Management:
- Simplifying ESG Regulation Compliance through Explainable Intelligent Automation
- Using Automation and AI to Combat Money Laundering
- Synthetic Data for Financial Regulation Innovation
- Generative AI for Improved ESG Reporting and Monitoring in Financial Services
FRIL, which is specifically funded by the Glasgow City Region Innovation Accelerator programme (led by Innovate UK on behalf of UK Research and Innovation), will work with industry participants, including large established financial institutions, the Fintech community, academics, voluntary organisations and regulators across the UK. The first four industry-led Innovation Calls to be issued in conjunction with Lab will cover four topical areas:
- AI and compliance: Utilising emerging technologies to simplify compliance process and monitoring.
- Consumer Duty: Supporting consumer duty obligations and enhancing financial inclusion outcomes.
- Financial Crime: Addressing future challenges of financial crime.
- ESG: Meeting new regulatory requirements, leveraging new data and new technologies.
Full details of these Innovation Calls will be published here.
Facilitating collaboration and knowledge exchange, FRIL’s output will include white papers, podcasts, newsletters, blogs and a series of events including roundtables, conferences and trade missions. The white papers in particular will cover academic and industry thinking, addressing key questions posed by the opportunity emerging technologies present for financial regulation. The topics of the white papers will be added to and revised on a regular basis ensuring it is Industry led and responsive to Industry needs.
In its pursuit of researching the adoption of emerging technologies into financial services to build confidence in solutions and ultimately demonstrate their ability to meet regulatory standards worldwide, FRIL is committed to focusing on innovations and solutions that can effectively address some of the industry’s most pressing issues.
Notes:
This project is funded (or part-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 UKGovernment’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.
Stafford Railway Building Society Embraces Climate Innovation with PropEco Partnership
UK-based Stafford Railway Building Society (SRBS) just announced a strategic partnership with Scottish fintech PropEco. This collaboration marks a significant step in SRBS’s journey to enhance its mortgage portfolio’s resilience against climate change.
Climate-Conscious Financing
This partnership with PropEco, who provides climate and energy data solutions, represents SRBS’s commitment to integrating climate risks into its financial decision-making process. PropEco’s suite of data-driven tools and services will empower SRBS to better assess and manage both current and future climate-related risks.
Joining Forces for a Sustainable Future
The collaboration is more than just a business transaction; it’s a shared vision to make a tangible impact. Together, SRBS and PropEco aim to explore opportunities that benefit SRBS members. They plan to offer insights on energy efficiency and increase climate resilience, crucial areas in today’s rapidly changing environmental landscape.
Chris Hardman, Co-founder and CEO of PropEco, said:
We are delighted to be working with SRBS, which has consistently demonstrated that it is both forward-thinking and fully engaged when it comes to modelling and developing its understanding of the impacts of climate change. We look forward to working with the team to identify further opportunities and deliver additional value for its Members.’
Chris Reid, Finance Director at SRBS, said:
Over the past six months we have been working closely with PropEco to support our aim for a more comprehensive set of climate and energy performance data across a broad range of metrics. This is an area which will continue to evolve and we very pleased to be working with PropEco, in particular the flexibility, responsiveness and data coverage that PropEco offers really sets its solution apart. We look forward to building a successful partnership over the coming years’.
Learn More and Get Involved
For those interested in learning more about this innovative partnership or the solutions offered by PropEco, visit www.propeco.io or reach out to the team at info@propeco.io.
Zumo Triumphs as Crypto Company of the Year at Fintech Finance Awards 2023
Scottish fintech Zumo has been crowned Crypto Company of the Year at the Fintech Finance Awards 2023.
The Winning Edge
The award, judged by a panel of expert judges including Suresh Vaghjiani from CLOWD9, Chris Skinner of The Finanser, and other notable figures, recognises Zumo’s dedication to delivering compliant and sustainable technology solutions. These solutions empower financial institutions to introduce secure and trusted digital asset products to their customers.
Zumo’s Vision and Mission
Zumo’s mission focuses on making digital assets better for the planet, emphasising compliance, sustainability, and broad accessibility via API. Their commitment to these values has positioned them as a pioneer in the cryptoasset domain.
Expansion to the UAE
Following its UK success, Zumo is now venturing into the UAE market, aligning with the Abu Dhabi Global Market’s (ADGM) ambition to be a global hub for regulated digital assets. Nick Jones, Zumo’s CEO, sees this as a strategic move to place Zumo at the heart of one of the world’s most dynamic digital asset markets.
Environmental Consciousness
In response to growing climate concerns associated with digital assets, Zumo launched ‘Oxygen’ in 2023. This initiative is designed for financial institutions to address the scope 3 emissions from digital asset activities, showcasing Zumo’s commitment to environmental stewardship.
Industry Leadership
Zumo has been instrumental in aligning the Jacobi Asset Management’s Spot Bitcoin ETF with net-zero principles. This marks a significant milestone in digital asset investing and demonstrates Zumo’s capability to drive innovation in this sector.
For more insights into Zumo’s impact on digital asset investing and their innovative approach, visit their website at zumo.tech.
Bridging the Gap in Benefits Accessibility: Aperidata and Inbest’s Collaborative Effort
In the UK, a large number of households, totalling over 8 million, are missing out on an estimated £19 billion in benefits. This oversight is largely due to a lack of awareness or the misconception that they are not eligible for these benefits.
Aperidata’s Innovative Approach
Aperidata is revolutionising this scenario with its real-time Credit Reference service. This service, which blends Open Banking data and financial assessments, is designed to facilitate more informed decisions and drive financial inclusion.
The Inbest Integration
An important development in Aperidata’s offering is the integration of Scottish fintech Inbest‘s Benefits Calculator. The tool can identify customers who are not claiming benefits they are entitled to, allowing Aperidata to provide personalised support in navigating the often-complex benefits application process. This capability is a new feature in Aperidata’s Credit Console product, which enhances services in loan origination, account management, collections, and debt advice.
Enhancing Financial Well-being
Aperidata’s goal with this integration is to improve the financial well-being of its Affordable Lending and Debt Advice clients, while also ensuring compliance with the FCA Consumer Duty.
The Affordable Lending sector will benefit significantly from this integration. Often, loan applicants are unaware of the benefits they are eligible for, seeking emergency loans instead. By integrating a benefits check into the loan application process, Credit Unions and Community Development Financial Institutions (CDFIs) can use Aperidata’s insights to guide applicants towards unclaimed benefits, providing a more sustainable financial solution.
Revolutionising Debt Advice
For Debt Advice firms, integrating income maximisation is essential, especially for clients with low budgets. The Aperidata Credit Console offers a comprehensive view of additional benefits and discounts, aiding advisers in designing optimal debt solutions. This integration allows advisers to conduct in-depth analyses of varying work hours, benefit entitlements, and their impacts on budgets, simplifying the income maximisation service.
Call to Action
Aperidata invites interested parties to experience the capabilities of the Aperidata Credit Console. This demo offers insights into how it can help customers and advisers uncover an average additional income of £5,000 per year. Interested parties can reach out via the Aperidata website.
Join Aperidata at the Arrears & Collections event on Tuesday, 12th December, to discuss the benefits of integrating income maximisation features across the credit lifecycle and more.
Alba Bank Empowering SMEs with nCino’s Cloud Banking Technology
Scottish fintech Alba Bank, one of the newest challenger banks is adopting the nCino Cloud Banking Platform to revolutionise the way it supports the growth of SMEs.
Why nCino and Why Now?
With the world increasingly moving towards digital solutions, Alba Bank’s choice of nCino’s cloud banking platform couldn’t be timelier. This secure, cloud-based solution will streamline Alba’s lending processes from start to finish right from the initial loan application to the final fund disbursement. What does this mean for SMEs? Faster, more efficient, and more reliable access to essential funding.
The nCino Difference
The integration of nCino’s platform with Alba’s core banking engine is a game changer. It simplifies the loan application process, enabling digital submissions, real-time progress monitoring, and quick digital sharing of loan decisions. This integration is expected to significantly reduce the time it takes for Alba’s underwriting team to review and approve loan applications.
Alba’s Journey and Commitment
Earlier this year, Alba was granted its banking licence by the UK Prudential Regulatory Authority (PRA) and the Financial Conduct Authority (FCA). Currently, in its mobilisation phase, Alba is focused on building its team, operations, and infrastructure. With its partnership with nCino, Alba is ready to hit the ground running, ensuring that it is technically and operationally ready to start lending from day one.
Andrew Lewis, Chief Risk Officer at Alba Bank, highlights the importance of this partnership: To build Alba, we partnered with the very best technology providers in their fields to offer our customers a first-class banking experience. Partnering with nCino underlines this approach. nCino’s highly regarded Cloud Banking Platform will support our end-to-end lending needs, helping our expert underwriters to make quicker lending decisions for our customers, and allowing us to scale with speed and agility as we introduce more products and build our customer base.
Echoing this sentiment, Charlie McIver, Managing Director, EMEA at nCino, expressed pride in partnering with Alba Bank. He emphasised nCino’s robust and adaptable technology, designed to support both emerging and established banks in innovating and modernising their services.
Transforming Lives with Financial Data: Smart Data Foundry’s Mission
In today’s rapidly evolving world, where data has become the lifeblood of progress, there is an ever-increasing need for reliable insights to drive informed decision-making. The ability to access and analyse vast amounts of data can revolutionise our understanding of complex challenges and pave the way for innovative solutions. In this regard, Smart Data Foundry has emerged as a leading force, spearheading the mission to unlock financial data’s power and transform how we improve lives and shape our societies.
Empowering Financial Innovation
We are a mission-led organisation at the forefront of a paradigm shift. Our purpose is clear: to inspire financial innovation and enhance the lives of individuals by harnessing the potential of financial data. We have established a collaborative ecosystem that empowers decision-makers to leverage data-driven insights for transformative change by forging partnerships with the public, private, and third sectors.
One of the primary motivations behind the creation of our organisation was the realisation that critical policy decisions and strategic actions are sometimes made based on limited or outdated information. This lack of comprehensive and real-time data undermined the efficacy and impact of these decisions, impeding progress and leaving vulnerable populations at risk. We sought to address this gap by developing interactive dashboards that provide near real-time insights into the dynamics of the financial landscape.
Unparalleled Access to Financial Data
Our data-sharing partnerships provide unparalleled access to a wealth of financial data, including a weekly feed of transactions from 1.2 million current accounts across Great Britain through our key partnership with NatWest Group (NWG). This aggregated data allows for the categorisation of income, financial commitments, and essential expenditures every week. Furthermore, with the capability to segment the data by geography, age, and sex, we can equip decision-makers with detailed insights to comprehend the effects of policy interventions on diverse demographic groups.
The importance of such insights is vital to enabling strategic interventions, particularly when it comes to highlighting the experiences of vulnerable and low-income groups. By delving into financial data, we can shed light on the challenges these marginalised populations face, amplifying their voices and paving the way for more inclusive and equitable policies.
This has been recognised by the First Minister, Humza Yousef, I’ve been told about the excellent work that East Renfrewshire Council is doing in terms of their cost-of-living dashboard. Data, we know, if used correctly, if used appropriately, if used wisely, can be one of our greatest tools in terms of how to target our resources where they’re needed the most.
Measuring the Impact of Policies
The impact of policies and interventions is more expansive than their initial implementation. Our interactive dashboards play a crucial role in enabling the public sector to understand and measure the effectiveness of these policies over time. By providing regularly updated insights and the ability to analyse data weekly, decision-makers can assess the outcomes and consequences of their actions. This retrospective analysis allows for a comprehensive understanding of the long-term impact of policies, facilitating evidence-based adjustments and refinements for continuous improvement.
Addressing the Cost-of-Living Crisis
In recent times, the world has been hit by an unforeseen crisis the sharp spike in inflation and energy prices that has left governments and local authorities grappling with its socio-economic ramifications. Consequently, local authorities face the arduous task of adapting to these challenges and making informed decisions promptly. In this scenario, the role of data and actionable insights becomes paramount.
By developing the Cost-of-Living Dashboard, we recognise the urgent need to support local authorities during this cost-of-living crisis. This powerful tool integrates near real-time financial well-being indicators with contextual information, providing local authorities with a comprehensive understanding of the difficulties faced by their citizens.
Informed Decision-Making
Armed with this knowledge, local councils can make more informed decisions and allocate resources where they are most needed, ensuring that their actions have a meaningful and positive impact on the lives of their constituents. The Cost-of-Living Dashboard empowers local authorities to navigate these challenging times effectively.
A Collaborative Approach
Collaboration is crucial to success. We know this all too well and value it highly. By combining the expertise and knowledge from the public, private, and third sectors, we have created a collaborative ecosystem that provides decision-makers with a wealth of insights and knowledge. This culture of innovation and progress inspires us all to work together towards a better future.
Shaping the Future
Our mission is a powerful example of the immense possibilities that financial data holds in promoting positive change. Our organisation’s commitment to providing real-time insights, forging partnerships with key players such as NatWest Group, and addressing urgent issues like the cost-of-living crisis demonstrates our unwavering dedication to improving lives and societies.
In a world where data is the currency of progress, we hope to pave the way for a brighter future. With our mission to inspire financial innovation and enhance the lives of individuals, we are trying to redefine how we approach complex challenges and improve our societies.