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Why Community Financial Institutions Need an AI Operating System

The financial services landscape is at an inflection point. Recent industry data shows AI adoption by UK financial institutions doubled from 32% to 63% between 2023 and 2024, with over 80% of banking executives now viewing AI as a business opportunity. Yet this transformation is uneven – while large banks invest heavily in AI, community financial institutions often lack the infrastructure to compete.

Working with over 300 credit union staff across Scotland, we’ve observed a critical reality: small teams are spending much of their time manually maintaining, distributing, and correcting data – constraining their bandwidth for value-added activities. This isn’t just an efficiency problem; it’s preventing vital community institutions from achieving the economies of scale needed to compete with larger banks.

The U.S. market provides compelling evidence for how AI can level this playing field. Nearly 30% of U.S. community banks and credit unions plan to implement generative AI tools in 2025, with early adopters already seeing significant gains in operational efficiency and member service. Through innovators like Eltropy, even the smallest credit unions are using AI to handle routine queries, process documents, and personalise communications.

At Niovant, we’re bringing this transformation to the UK market. Our thesis is simple: semi-autonomous AI agents will fundamentally elevate productivity by eliminating routine work at scale, giving organisations back time for higher-value tasks. Our platform ingests raw data from core systems, structures it for AI agents, then triggers the actions and workflows that previously consumed staff time.

The Building Societies Association noted in 2024 that mutual lenders are actively exploring how AI can boost staff productivity and customer satisfaction “at scale – but reduce cost” in line with their values. We’re making this possible by building an operating system that helps financial institutions orchestrate AI automations while adapting to shifting goals, regulations, and member needs.

The future of financial services won’t be built on static software, but on adaptive AI systems that give organisations back their most precious resource: time. We’re building that future, starting with the institutions that need it most.

Please reach out to me at lewis@niovant.com to discuss collaboration.

I went to a Digital Banking conference and an AI event broke out!

The theme for June’s American Banker’s Digital Banking Summit was “Welcome to the Bank of the Future” – and in this case the “future” is artificial intelligence.  Specifically, Generative AI (Gen AI) and how it can enhance aspects of various banking operations. One CIO keynote declared “The strategic risk of not using Gen AI is higher than the operational risks of using it”.

While Gen AI itself does not directly create new banking business opportunities, it does have potential to accelerate improvements to customer experience, product development and operating practices that support keeping and attracting depositors. In short, Gen AI is potentially a much quicker means of adapting to disruptive challenges and to improving operational productivity. 

Speakers highlighted use-cases of Gen AI deployed or in development within banking. For example:

  • Customer Care/Support
    • Help customer care reps resolve customer issues more accurately and quickly. Using real-time speech-to text combined with Gen AI models, relevant guidelines and documentation can be automatically retrieved and displayed on customer care rep screens.
  • Fraud Claim Routing
    • Poor execution in handling fraud claims motivates depositors to switch banks. Time is critical to contain costs and allay customer fear. Gen AI models can assess fraud types based on customer answers about the problem, then accurately route the case to departments with relevant fraud detection and resolution expertise.
  • Near Real Time Product Matching
    • Gen AI enabled near-real-time customer insights can promote bank product offers more likely to relate to stated customer needs. value and customer share of wallet.
  • Faster, higher quality Underwriting
    • Using Gen AI to overlay specific customer needs and preferences within the decisions process could improve responsiveness without taking on more risk, thus winning more worthy loans from competitors.

Blockers to Gen AI adoption in banking:

  • Gen AI Skill gaps. Huge money center banks have sizable technology teams. Smaller banks don’t.
  • Data quality and accuracy for LLM development. The axiom Garbage In, Garbage Out holds true, and banks are particularly sensitive to erroneous results from AI models.
  • In the fraud use case, concerns are that false flags could erode customer loyalty. While customers value alerts pertaining to potential fraud, they do not want overly sensitive AI models freezing them out of their bank accounts.
  • Avoiding bias within the LLMs that could result in a negative customer experience for some customers and expose banks to other liabilities.

Aside from AI, the conference underscored common pain points facing traditional bankers in the highly competitive, dynamic US market:

  • Customer attraction, retention and deposit growth – With over 10,000 banks and credit unions, customers have so many to choose from; how can banks differentiate and drive loyalty?
  • Fraud – Cost of fraud is increasing 25% per year, with half of all banks reporting zero to moderate confidence that they can keep pace with current and emerging threats – all which impact customer satisfaction.
  • Managing transformation to enhance value, retention, and attracting younger depositors – The balancing act of building new user experience and functionality to retain/attract customers while maintaining decades old backend systems.

SDI works with Scottish fintechs and technology companies to support their international growth ambitions.  If you are considering growth in the US market we would love to have a conversation.

Bob Fogarty, VP Business & Trade Development, SDI

Please contact:

A Guide for MiCA sustainability disclosures for cryptoassets

Scottish Fintech Company, Zumo wrote a very detailed guide on the implications of the Markets in Crypto-Assets Regulation (MICA) and its sustainability disclosure requirements for the crypto industry. The central idea is that MICA’s new regulations will significantly impact how cryptoassets are reported, particularly concerning their environmental sustainability.

Key takeaways from the article begin by explaining;

  1.     The MICA framework, established by the European Union, aimed at creating a unified regulatory environment for cryptoassets. This regulation addresses issues such as market integrity, consumer protection, and the environmental impact of digital currencies.
  2.     MICA mandates that cryptoasset service providers must disclose detailed information about the sustainability of their operations. This includes the energy consumption and carbon footprint associated with the production and use of cryptoassets. The article highlights that these disclosures are crucial for fostering transparency and accountability in the crypto sector.
  3.     The challenges that crypto firms may face in complying with MICA’s sustainability requirements, including the technical difficulty of measuring energy consumption accurately, the cost of compliance, and the need for standardised reporting methods. Zumo Tech emphasises that while these hurdles are significant, they are essential for the long-term viability of the industry.
  4.     Zumo Tech outlines the broader implications of MICA on the crypto industry. The regulation is expected to drive innovation towards more energy-efficient technologies and practices. It could also influence investor behaviour, as greater transparency may attract environmentally conscious investors. The article suggests that, in the long run, these changes could lead to a more sustainable and resilient crypto ecosystem.

The guide written by Zumo provides a comprehensive overview of MICA’s sustainability disclosure requirements and their potential impact on the crypto industry. The regulation will enhance transparency and drive sustainability, but it presents significant compliance challenges. 

To read the full guide, click the link here. 

Accelerating Action: Enabling Female Leadership

Welcome back to our spotlight series celebrating colleagues who are inspiring change and Accelerating Action across the technology sector. This month’s edition focusses on female leadership and the enhancement of progression opportunities.

 

International Women’s Day 2025

For every 115 UK tech roles only one will be filled by a woman, thus revealing a significant underrepresentation in the sector and huge loss given the benefits for financial performance and innovation generated from gender diversity. This is further illustrated by the fact that although women make up nearly half of the overall workforce, only 24% of the UK tech force is female.

These barriers in tech result in major difficulties for promotion and career growth for women in the sphere. In fact, a 2022 report from McKinsey found that only 52 women are promoted to manager for every 100 men in the tech industry. This figure is surprising considering inclusive environments mean career advancement are significantly more likely for both men (15%) and women (61%).

BT Group and FinTech Scotland are committed to championing female progression and recognise that inclusion and diversity is critical to growth.

BT Group Celebrations

This year, BT Group are choosing to focus on the theme of “Remarkable Women” to highlight the inspirational and innovative work of many talented female colleges within BT and across various industries.

BT Group are passionate about ensuring women have the skills and tools to move into the tech sector and advance their careers. For instance, BT’s Passport scheme and ‘three together and two wherever’ encourages flexibility in the workforce by allowing those who need it, to work from home. This inclusive scheme acknowledges familial responsibilities, enhancing opportunities and increasing diversity in the workplace.

BT works to inspire and encourage women to enter the Telco sector, teaming with charities including CodeFirstGirls and Black Girls Tech Summit to empower women and help them stay ahead in a competitive industry. BT Group’s Returner initiative supports women to re-enter the workforce, recognising the unique hurdles career returners face. The program is designed to provide mentorship, training and hands-on experience to help individuals regain confidence and thrive in their careers (Flexa., 2024).

Fiona Vines, Chief Inclusion, Equity & Diversity officer at BT Group, is a key example of a woman who has reached a successful leadership position despite facing unexpected challenges and prejudice in a very male dominated industry. Fiona is a keen feminist and an inspiration, particularly to women who are looking to grow their career and have a family at the same time. Another notable example is Claire Gillies, CEO of Consumer, who is passionate about supporting women and advancing female leadership by being apart of the International Women’s Forum.

Fintech Scotland Celebrations

Exceptional leadership at FinTech Scotland was highlighted in the Innovate Finance Women In Fintech Powerlist in March 2025 with both its CEO, Nicola Anderson and its Research & Innovation Programme Manager, Lauren Cassell making it to the list.

Nicola appeared in the 45 Standout List recognising women who have made an incredible, lasting impact in fintech, going the extra mile to enable sustainable change.

Lauren was named amongst the Rising Stars for her amazing contribution to fintech innovation through her work at FinTech Scotland’s Financial Regulation Innovation Lab and for the FCA’s Innovation Lab.

Allison Kirkby, CEO, BT Group

Allison Kirkby is a pioneer in the world of business, breaking barriers and traditional perceptions. BT Groups’ first female CEO, started off as a Chartered Accountant Apprenticeship. Described as a “proven leader, with deep sector experience” she is already immersing herself in the business, transforming the organisation by cutting costs, restructuring areas and finding saleable assets. Her determination to find savings and optimise efficiency is visible through the 3% reduction of the workforce and negotiations to sell BT’s 50% stake in TNT Sports, formerly known as BT Sport. Allison’s hands on approach has already resulted in rising share prices and efforts to improve productivity has been successful with the more strictly monitored “three together, two wherever”.

“None of them look, talk or think like me… so I need to get in there!”

Allison is passionate about showcasing incredible female talent at BT Group and advises colleagues to “Be brave, be bold, be fearless” and “regularly put yourself out of your comfort zone”. This advice is highly beneficial to all women looking to succeed and inspires confidence in senior leadership as the company goes through a restructuring. Her career growth from a Chartered Management Accountant apprentice to now one of only 10 female CEOs among the FTSE 100 companies is a testament to her resilience and determination.

“Always think of the ‘So what?’ or ‘What if?’ questions”

Nicola Anderson, CEO, FinTech Scotland 

Nicola Anderson, CEO of FinTech Scotland since January 2021, has been pivotal in establishing Scotland as a leading fintech hub.

Under her leadership, FinTech Scotland was recognised as a cluster of excellence at the European level, reflecting the region’s prominence in financial innovation.  Nicola’s commitment to driving collaboration is evident in initiatives like the Financial Regulation Innovation Lab (FRIL), launched in 2023. This industry-led program brings together regulators, financial institutions, and fintech firms to explore technological solutions for regulatory challenges and build a safer and more inclusive financial services sector.

Beyond her role at FinTech Scotland, Nicola serves as a non-executive director at Advice Direct Scotland and is a member of both the Scottish Taskforce for Green and Sustainable Financial Services and the Scottish Government’s Financial Services Growth and Development Board.  

Throughout her career, Nicola has been an influential advocate for making finance work well for customers, society, business, and markets. She has been directly engaged in digital and data transformation, regulation, and policy development, with an emphasis on innovation, collaboration, and customer-focused outcomes.

Nicola’s dedication to diversity and inclusion is also noteworthy. She has been instrumental in developing lasting relationships between FinTech Scotland and a broad range of consumer and citizen advocate groups, such as Money Advice Scotland, Advice Direct Scotland, Age Scotland, and Mental Health and Money Advice. This work led to the creation of the first fintech consumer panel in the UK, enabling cross-sector collaboration in building fintech propositions focused on citizen needs.  

In her own words, Nicola emphasizes the importance of collaboration for driving better consumer outcomes:

“Bringing together ambitious fintech firms and leading financial institutions not only enhances good consumer outcomes—it accelerates the development of inclusive digital financial services and supports the evolution of the future digital economy.”  

Below you will find sign up links where you can get involved in celebrating this year!

The business case for re-skilling: unlocking opportunities for women in tech

Welcome to our second chapter in the spotlight series celebrating colleagues who are inspiring change and accelerating action across the technology sector!

This blog will reflect on the recent roundtable hosted by FinTech Scotland in partnership with the City of London Corporation Women Pivoting to Digital Taskforce, chaired by Vicky Gorman, Chief Operating Officer at FinTech Scotland and Deborah O’Neill, Head of Digital Europe and Partner, Oliver Wyman. The Taskforce brings together business, government, third sector, and industry groups to bring more attention to and action around supporting women from non-technical backgrounds to pivot to digital roles. The aim is to address the underrepresentation of women working in digital careers by providing women with vital skills to future-proof the digital workforce. 

The values and objectives of the taskforce are something that FinTech Scotland very much align to and we jumped at the chance to co-host this discussion in Scotland and engage our colleagues across the cluster. . The dialogue highlighted the importance of reskilling, clear pathways into digital careers, and the power of collaboration in addressing the digital skills gap. This is a very important topic that we’re looking forward to addressing alongside our strategic partners.

The Business Case for Re-skilling

The discussion began with a summary of the current landscape, with one example highlighting the financial benefits of internal reskilling. Employers can save over £49,000 by upskilling existing employees rather than hiring externally. The benefits of up-skilling were detailed further by one participant who shared their experience transitioning from a tech background into the financial services sector, describing their seven-month learning curve to get used to financial jargon and industry knowledge, a timeframe which could have been significantly reduced if organisations had re-skilled internal talent familiar with the business context. 

Breaking Barriers: Women and the Digital Skills Pipeline

A key theme that emerged was the difficulty women face in accessing clear pathways into digital roles. The Taskforce’s research revealed that even for those already interested in tech, the lack of guidance remains a barrier. However, a deeper issue was highlighted: many women don’t even consider digital careers due to misleading job descriptions and preconceived notions about what a tech role entails. There is an urgent need for businesses to reframe job postings and provide accessible entry points into the industry.

The Fintech Landscape and the Skills Gap

The discussion then turned to fintech, highlighting that the FinTech Scotland Cluster recorded an 8% year-on-year employment growth in 2024 bringing the total number of people working in fintech to over 11,300. Despite this growth, talent acquisition and skills development remain significant challenges, with research revealing that only 21% of Scottish businesses feel equipped with the right digital skills for the future.

We also heard from Kylie Scott, Lloyds Banking Group, on her inspiring journey successfully pivoting into a digital role. It was fantastic to hear about the support she was provided throughout this journey by her colleagues across Lloyds Banking Group, demonstrating the critical role of a support network and organisational backing in facilitating career shifts. 

Collaboration: The Key to Sustainable Change

The latter part of the discussion explored employer-led reskilling initiatives, hiring from non-traditional routes, and the role of government-business collaboration. A recurring theme was the need for collective action. The group consensus was the digital skills challenge cannot be solved by individual organisations working in silos – highlighting the cluster model of collaboration across organisations, education providers, and policymakers is essential to drive meaningful progress. 

Next steps

The City of London are calling all women who have ever thought about, or work in, a digital or tech career to action by responding to their Women Pivoting to Digital survey. Survey results will underpin the Taskforce outputs, providing on the ground insights and understanding around why women may or may not be interested in career-changing to tech role (in any sector!) and the barriers to making this change. We encourage you to respond to this survey, and share with your network as we focus on strengthening representation across Scotland. 

There was a resounding agreement across the discussion on the importance of continuing to promote and celebrate role models across technology roles and in financial services. We are delighted to be driving forward this action through this monthly campaign and will be continuing to spotlight colleagues across the cluster who are Accelerating Action and contributing to progress on this important agenda.

Finally, there are already valuable initiatives across the cluster driving progress on this important issue. Our goal is to expand on the success of our Women in Tech Campaign by highlighting organisational strategies that support career transitions into digital roles. By doing so, we aim to encourage wider adoption of these impactful practices throughout the cluster.

February profile spotlight

Why Graduates Should Consider a Career in Fintech

The fintech industry is growing rapidly and has been recognised as a key driver of the UK’s economic growth. With strong investment and continued innovation, now is a great time for graduates to explore career opportunities in this sector.

The Growth of Fintech in the UK

The UK is a leading fintech hub, home to around 2,500 firms and employing over 76,500 people. By 2030, employment in the sector is expected to reach 105,500. Despite a global dip in fintech investment in 2024, the UK still attracted over £3 billion, demonstrating the industry’s resilience.

UK Chancellor Rachel Reeves has highlighted fintech as a major contributor to the economy. The government’s focus on this sector means more opportunities for innovation, investment, and job creation.

The Skills Gap in Fintech

Although fintech is expanding, it faces a significant skills shortage. To remain competitive globally, the industry needs to attract more skilled professionals. However, a recent survey by fintech company Quotezone.co.uk found that 76% of students have never considered a career in fintech. The main reasons include:

  • Lack of knowledge about the sector (36%)
  • Pressure to follow a traditional career path (26%)
  • Limited access to relevant work experience (9%)

 

Encouraging New Talent

To bridge this gap, initiatives like the Fintech Scholarship from Quotezone.co.uk aim to raise awareness and encourage students to learn about fintech. This scholarship invites students to share their thoughts on improving recruitment in the sector, with the winner receiving a £1,000 bursary and industry work experience.

Why Graduates Should Consider Fintech

A career in fintech offers competitive salaries, strong career development, and the chance to work in an innovative environment. Fintech professionals play a role in shaping the future of banking, payments, investment, and insurance through technology.

Fintech is an attractive option for graduates looking to enter a dynamic and rewarding industry  thanks to growing government support and increasing job opportunities.

Bridging the AI Skills Gap: How Businesses Can Overcome the AI Talent Crisis

The rapid integration of artificial intelligence (AI) into UK organisations presents both significant opportunities and challenges. A recent report by Gigged.AI, informed by research with 300 senior UK tech leaders looks at the current landscape of AI adoption and the growing need for a skills.

The AI Skills Gap: An Avoidable Crisis

By 2025, it’s anticipated that nearly half (48%) of the workforce will be utilising generative AI, potentially saving employees an average of four hours per week. However, to fully capitalise on this technology, businesses must find the right balance between hiring new talent and upskilling or reskilling existing employees. 

Transitioning to skills-based hiring involves moving beyond traditional qualifications to prioritise specific competencies. Despite its growing popularity, only 37% of organisations have fully integrated this approach into their people strategy, indicating a gap between intent and implementation.  

Leveraging Internal Mobility to Address Skills Shortages

Many businesses are turning inward to maximise existing resources. Over the past year, one-third (33%) of open positions were filled by internal candidates, and 39% of organisations frequently utilise employee skills to bridge gaps. This strategy not only addresses immediate needs but also enhances employee retention and satisfaction.  

The demand for specialist contractors in AI, cybersecurity, and data science is on the rise. Notably, 57% of senior tech leaders report that contingent talent has been instrumental in upskilling internal teams. However, challenges such as increased national insurance contributions and IR35 regulations may hinder the recruitment of such talent.  

Building a Skills-Powered Future

Two-thirds (69%) of businesses are expressing concern about the tech talent shortage in 2025. Organisations that encourage internal mobility and maintain access to contingent talent will be better positioned to navigate the evolving AI landscape.  

For a comprehensive analysis and actionable insights, download the full report from Gigged.AI.

The Future of Financial Advice: Consumer Expectations for 2025 and Beyond

The Financial Advice Consumer Survey 2025, conducted by Scottish fintech Aveni in collaboration with YouGov, highlights key trends shaping the future of financial advice in the UK.

With rising concerns about financial security, regulatory demands for enhanced consumer protection, and the increasing role of artificial intelligence (AI) in financial services, this report highlights the areas where financial firms must innovate to stay ahead.

There full survey can be found here.

Key Findings from the Survey

Consumers Demand More Personalised and Accessible Advice

A growing number of consumers expect financial advice to be tailored to their specific needs rather than generic recommendations. According to the survey, many individuals feel underserved by traditional financial advisory models and are looking for more dynamic, AI-driven solutions that provide real-time insights.

Trust in Financial Advice is at a Crossroads

Trust remains a critical issue in financial services. While robo-advisors and digital platforms are gaining traction, many consumers still prefer human interaction for major financial decisions. (42% of respondents expressed concerns about receiving financial advice solely from AI-powered tools).

AI and Automation are Reshaping Financial Advice

AI is playing a larger role in financial planning, from analysing spending habits to recommending investment strategies. However, consumers have mixed feelings about relying solely on AI-driven solutions.

Regulation and Consumer Protection are Driving Change

As regulatory bodies push for greater consumer protection, financial firms must adapt to new compliance standards. The Consumer Duty Act, for example, is set to reshape how firms engage with customers, ensuring fairer outcomes and more transparent advice. (72% of respondents stated they want clearer explanations of financial products and risks).

Rising Financial Anxiety and the Need for Proactive Guidance

Economic uncertainty, inflation, and concerns about long-term financial stability are leading consumers to seek proactivefinancial guidance rather than reactive advice.

What Does This Mean for Financial Firms?

The findings highlight several key takeaways for financial firms and advisors:

  • Embrace AI-powered financial tools while maintaining a human-centric approach.
  • Increase transparency around fees, data usage, and product recommendations.
  • Develop digital-first advisory models that cater to on-demand financial guidance.
  • Improve consumer education to enhance engagement and financial confidence.
  • Stay ahead of regulation by prioritising customer outcomes and compliance.

Read the full report here.

Generative AI, Blockchain & Beyond: The Trends Defining Fintech’s Next Era

Block written by Kristiana Sylvester, Client Services Associate at fintech  TreasurySpring.

The fintech landscape is evolving at lightning speed, fuelled by pioneers embracing cutting-edge technologies to transform financial services. From democratising cash investments to revolutionising payments and lending, start-ups are breaking down barriers and redefining access to financial resources. Whether you’re a budding entrepreneur launching a fintech venture or an investor seeking the next big breakthrough, staying ahead in this dynamic space means staying informed, adaptable, and innovation-ready. Let’s dive into some key trends driving the fintech revolution.

Generative AI: Revolutionising Financial Services

Generative AI is reshaping industries, and fintech is no exception. By driving innovation in customer interactions, decision-making, and operational efficiencies, AI is enabling firms to outperform competitors and redefine benchmarks. Intelligent chatbots and automated decision-making are just the beginning. According to Gartner, 80% of financial firms are expected to adopt AI by 2026, with investments projected to reach $118 billion by 2032[1]. This rapid adoption is empowering institutions to deliver hyper-personalised solutions, improving both customer satisfaction and financial outcomes.

Blockchain: Disrupting Banking and Lending

Inefficiencies have long plagued core banking services such as loans, mortgages and payments. Enter blockchain, a technology streamlining operations, reducing counterparty risks, and accelerating settlement times. By enabling secure, real-time verification of KYC/AML data and financial documents, blockchain minimises operational risks and simplifies credit scoring. Furthermore, the digitisation of assets facilitates real-time collateral management and regulatory compliance. Major players like PayPal, Mastercard, and American Express are leading this disruption, proving that blockchain is more than just a buzzword—it’s a game-changer.

Democratising cash investing 

Gone are the days when premium investment opportunities were reserved for institutional players. Fintech platforms and mobile apps now empower individuals and smaller firms to invest excess cash efficiently, bypassing traditional intermediaries like brokers. With streamlined onboarding and access to niche products, users can monitor portfolios in real time, minimising risk, and maximising returns. This shift to direct control over investments is transforming cash management and enabling businesses to operate like sophisticated financial institutions.

Our company, TreasurySpring, is a good example of this this democratisation by providing unparalleled access to highly rated cash investments called “FTFs” (Fixed-Term-Funds) via an intuitive digital platform. It unlocks access to governments, investment-grade banks, and corporations, spanning multiple currencies. TreasurySpring simplifies cash management for entities ranging from FTSE 100 firms to start-ups and enables clients to manage liquidity with the same sophistication as large institutions.

Reinvention as the Key to Longevity

The fintech space is a constant race to innovate. For companies, success hinges on reinvention—shifting from one growth curve to the next before stagnation sets in. However, only a handful of companies manage to make this leap successfully when the time comes, often because they initiate the reinvention process too late. According to Accenture, the pace of change has surged 183% since 2019, and 83% of organisations have accelerated transformation efforts in response[2]. By adopting emerging technologies and fostering a culture of adaptation, businesses can not only survive but thrive in this fast-changing environment.

[1] https://www.gartner.com/en/documents/4726631

[2]https://www.accenture.com/us-en/insights/consulting/total-enterprise-reinvention

How Financial Regulation is Evolving: Insights from the Beyond The Capital Podcast

OUT NOW: Beyond The Capital from SuperTech WM has launched a special four-part podcast series about the Financial Regulation Innovation Lab. SuperTech has partnered with Fintech Scotland for the Lab, which is an industry led collaborative research and innovation programme, helping to shape the future financial regulation in the UK.

Join presenter Hilary Smyth-Allen as speaks to a wide range of guests from across the programme exploring the impact of Consumer Duty on the financial services sector and their experiences within the FRIL programme.

First up is Lorraine Breese-Price, the Chief Customer Officer of Dudley Building Society in episode one. They discuss the challenges and opportunities that Consumer Duty poses for building societies, including: the alignment of Consumer Duty with the mutual ownership model, the challenges of legacy systems within building societies and how building societies’ focus on ethical values can attract younger customers.

Episode two sees the conversation focusing on the roles of credit unions in the context of Consumer Duty and the integration of technology to enhance services for vulnerable customers. Helen Toft, a Non-Executive Director at Advance Credit Union in Birmingham, and Elizabeth Campbell, the General Manager at Castlemilk Credit Union in Glasgow, share their experiences and insights on the challenges faced by credit unions, the importance of collaboration with FinTech’s, and the need for innovative solutions to improve customer journeys. They emphasise the intrinsic alignment of consumer duty with credit union values and the potential for technology to enhance accessibility and support vulnerable members.

In episode three we are joined by experts Ben Hampton, CEO of Wealth Wizards, and Professor John Finch of Glasgow University, where John is the lead for the Financial Regulation Innovation Lab project. They explore how the Consumer Duty aims to improve customer outcomes, the challenges faced by consumers in accessing financial advice, and the importance of engaging younger generations like Gen Z. They also discuss the potential for innovation within the regulatory framework and the impact of technology, including AI, on the future of financial services.

Concluding with episode four, Rachel McGowan, CTO of Moneyline, discusses the impact of Consumer Duty on Community Development Finance Institutions (CDFIs) – how the role of CDFIs in providing financial services to low-income households, the alignment with Consumer Duty regulations, and the importance of collaboration with FinTech’s to improve customer outcomes. Rachel shares insights on the challenges faced by financially excluded customers and the innovative solutions being developed to address their needs.

Listen to the full series here.