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Unlocking the Potential of AI in Finance: Insights from Hays’ Latest Research

The financial services sector is going through important changes driven by the increasing adoption of Artificial Intelligence (AI). According to the latest research from Hays, this shift is reshaping the way financial institutions operate, offering opportunities for innovation and growth. The report also highlights a critical gap: the need for advanced training and skills to fully harness AI’s potential.

AI’s Transformative Role in Financial Services

AI is no longer a concept of the future—it’s here, driving real-world solutions. Financial institutions are increasingly using AI to analyse vast amounts of data, offering personalised services to customers while optimising back-office processes. Machine learning, a subset of AI, plays a pivotal role in predicting customer behaviour, identifying trends, and automating tasks that were previously time-intensive.

Moreover, the use of AI in areas such as fraud prevention and regulatory compliance is becoming a game-changer. By detecting anomalies in real-time, financial institutions can protect their customers and build trust. As the technology matures, its applications are expanding into climate finance, open banking, and beyond.

The Growing Skills Gap

While the potential of AI is undeniable, Hays’ research identifies a pressing challenge: a shortage of skills within the sector. For organisations to fully embrace AI and leverage its capabilities, there must be a concerted effort to upskill existing teams and attract new talent.

The findings emphasise the need for a workforce that understands both the technical and ethical dimensions of AI. This includes data scientists, AI engineers, and professionals equipped to interpret complex outputs. Equally important are skills related to AI governance, ensuring the technology is used responsibly and inclusively.

Collaboration is key

The solution lies in collaboration. Businesses, academia, and policymakers must work together to bridge the skills gap. Initiatives such as targeted training programmes, partnerships with educational institutions, and support for lifelong learning are essential.

Scotland, a recognised leader in financial innovation, is well-positioned to take the lead. With a thriving cluster of fintech firms, universities excelling in AI research, and a supportive regulatory environment, the country is already a hub for fintech advancement.

Financial Regulation Innovation Lab – Exploring the intersection of quantum computing and the finance sector

As part of the 4th FRIL theme focusing on innovation to address financial crime, the FRIL team  along with Alliance for Research Challenge in Quantum Technologies (Quantum ARC) and Technology Scotland hosted a roundtable to explore and catalyse the opportunities present now and in the near-future between quantum computing and the finance sector.

The discussion spanned a broad range of topics at the intersection of quantum and finance, with various opportunities and risks highlighted. Within these opportunities and risks, the discussion emphasised the critical need in thinking in relation to economic crime and fraud, which we look forward to progressing through the 4th FRIL programme currently live focusing on ‘innovation to address financial crime’.

What is Quantum Technology and the risks it presents?

McKinsey states quantum technology could create value worth trillions of dollars within the next decade with the finance sector identified as a sector that could see the earliest impact, however the concept remains relatively unknown to most. The term quantum technology broadly relates to science that applies quantum mechanics to a given field of technology, and refers to a subset of fields such as quantum computing, quantum sensing, quantum imaging, or quantum communications.

For the purposes of this blog, we will be focusing on quantum computing, which utilises qubits, concisely summarised by the World Economic Forum as –

Quibits are the equivalent of a classical bit, and the most fundamental unit for encoding information. Where a bit can be in a state of either on or off (0 or 1), a qubit can be in either 0 or 1 – or a combination of both. This is because of a superposition effect in quantum theory, which means that particles can exist simultaneously in multiple states. 

In practice, this means not only can quantum computing provide a significant performance boost in processing, but it also has the potential to solve complex problems much faster than even the most powerful supercomputers today.

Whilst this kind of revolutionary power could deliver numerous opportunities for the finance sector, the risk rapidly materialises when considering public-key cryptography (PKC), which the security of nearly all Internet communications today is based on. The underpinning security of PKC relies on the difficulty of the mathematical problems and the challenge in which classical computers have in solving them. However, solving these mathematical problems with a general purpose quantum computer is considered easy, with Shor’s algorithm demonstrating this capability back in 1994, the challenge being that the power capabilities of a quantum computer to run the algorithm do not yet exist.

As highlighted by the NCSC, although advances in quantum computing technology continue to be made, quantum computers today are still limited, and suffer from relatively high error rates in each operation they perform. For organisations, however, this risk remains a priority for the thinking of today as bad actors are adopting a ‘harvest now, decrypt later’ approach to collect valuable, sensitive data in anticipation of power capabilities being on the horizon.

What is the current regulatory landscape at the intersection of quantum computing and the finance sector?

Regulatory agencies worldwide are battling with the balance between technology readiness levels and appropriate regulation or standard setting in relation to developments.

In October 2024, the UK Govt agreed with recommendations made by the Regulatory Horizons Committee (RHC – commissioned by DSIT to review the future needs of quantum technologies regulation to support innovation and growth) ‘that it is too early to establish regulatory requirements and legislation for quantum technologies at this stage given the nascency of the sector, but sustained action is required now to increase regulatory capability and enable a sector- and application-specific approach to regulating quantum technologies in the future’. When considering the finance sector specifically, the UK’s Financial Conduct Authority has demonstrated its position as a leading voice in the quantum security domain through collaborative initiatives with the World Economic Forum, where research was published offering guidance for businesses and regulators to ensure a collaborative and globally harmonised approach to quantum security.

Looking further afield at the international landscape, momentum continues to evolve at pace, and earlier this year we also saw the US agency National Institute of Standards & Technology (NIST) finalised several post quantum encryption standards. With these standards, NIST encouraged large organisations, including those across the finance sector, to begin transitioning to the new standards as soon as possible. Regulatory authorities in Singapore have also recently launched a ‘Quantum Track’ within their Financial Sector Technology & Innovation Scheme (FSTI 3.0), with an additional S$100 million earmarked to support innovation in quantum and AI.

Despite this progress, participants in the discussion broadly agreed there is still a long way to go when assessing the regulatory and standard setting landscape of quantum.

How can we collectively progress successful collaboration around the exploration of quantum technologies?

The consensus of the discussion emphasised that the fundamental principles for continued collaboration span across the triple helix of engagement from industry, academia and regulatory colleagues, mirroring the principles that underpin the Financial Regulation Innovation Lab. Here at FRIL we will continue to actively convene stakeholders across these groups on topics that present both opportunities and risks in financial regulation, exploring how innovative propositions and ways of working can be progressed across the ecosystem.

Across the FinTech Scotland cluster there are various collaborative projects exploring the beneficial and responsible exploration of quantum technologies. One of which, highlighted by roundtable attendees, is the BT Quantum Key Distribution project. The NCSC outlines that Quantum Key Distribution (QKD) mitigates the quantum threat to key agreement using properties of quantum mechanics, rather than hard mathematical problems, to provide security. We look forward to continuing to engage with our partners in the BT team on their learnings throughout this programme and sharing insights across the cluster.

Challenges were highlighted around accessing and sharing data, which continues to be a barrier for innovators and researchers in this area. Discussion touched on the potential of synthetic data in aiding progress for development activities, and reference to the success of regulatory initiatives such as the FCA Digital Sandbox in already going some of the way to knock down these barriers. Risks were also highlighted around the danger that advancements in quantum could be dominated by existing major players in the market, further emphasising the importance of initiatives that support democratising the playing field for innovators in this space to enable competition and avoid monopolisation.

What’s next in the intersection of quantum and finance? 

Reflections were made on the rapid evolution of AI, and the opportunities to respond differently as we look forward to the evolving risks and opportunities that quantum presents. These lessons range from the debate around explainability, and the potential opportunities quantum presents in this field, through to the pace at which regulation and standard setting is struggling to keep up with the technology.

There was a broad agreement across attendees that priority use cases for the finance sector in regards to quantum computing need refinement, with possibilities spanning from the use of quantum technologies by bad actors through to organisational adoption of quantum technologies. Attendees also highlighted the opportunities that can be explored with quantum technology as we look to areas such as open finance and the value that can be derived from this data to create beneficial and responsible innovation.

The FRIL Innovation to Address Financial Crime programme lays the foundations to begin testing some of this thinking, as evidenced through the roundtable and also the broader innovation call series, and we will continue to engage with experts across the ecosystem in the long term roadmap of FRIL focus areas. We are looking forward to engaging with innovators across the industry led use cases in this programme, exploring where potential quantum computing advancements may provide opportunities to more effectively tackle financial crime risks.

Interested in exploring more? The key contacts across the Financial Regulation Innovation Lab on this topic are:

Autumn Budget 2024: Will the government’s Corporate Tax Roadmap drive business investment in the UK?

Accompanying the Autumn Budget 2024, the government released their Corporate Tax Roadmap to outline plans for Corporation Tax (CT) over the next five years.

While the plans detail some commitments, they also outline a framework for where the government is looking to explore making changes in the future. The aim is to provide a ‘stable and predictable tax environment for businesses’, many of whom are still reeling from raises in employer contributions to National Insurance – including many FinTech innovators across Scotland.

The publication is a first step, which is to be followed by the release of an Industrial Strategy, the conclusion of the Spending Review, and plans for meeting our net-zero targets.

In this article, we explore the Corporate Tax Roadmap to highlight where the government has made firm commitments and where they have suggested potential changes that may affect innovative businesses, including to R&D Tax Credits, Patent Box (and other intangible assets), Capital Allowances and Land Remediation Relief.

What is the purpose of the Corporate Tax Roadmap? 

The Corporate Tax Roadmap is the government’s way of giving UK businesses confidence, providing them with as much advance notice as possible to encourage ‘investment, innovation, and growth over the long-term’. More importantly, it contains promises on what won’t be changing, which is why the headline announcement is the capping of CT at 25% for the whole of this Parliament.

There are a few reasons why the government is trying to tread carefully here. The last time Labour delivered a budget was in 2010 and, like any new party in office, they are keen to win the trust of the business community.

Raising private investment and boosting economic growth are seen as vital measures of success, but low growth and falling global economic competitiveness have been problems for the UK since the financial crisis of 2007-09.

Just recently, both ‘low investment’ and ‘policy uncertainty’ were identified as primary causes for low growth in a research paper written for Members of Parliament after the 2024 general election. By providing certainty, the government is hoping to finally unlock investment to get the economy growing again.

Of course, that doesn’t mean that nothing is set to change. As part of driving growth, the government wants to improve the efficiency of the tax system, making it more customer-friendly while improving the accessibility and targeting of key relief schemes. Another goal is to reduce fraud and error. As such, these are the areas that the Corporate Tax Roadmap focuses on when proposing potential changes.

What does the Corporate Tax Roadmap say about R&D Tax Credits?

R&D Tax Credits are key to driving innovation as they incentivise private investment for developing new and improved products and services. The Corporate Tax Roadmap makes a series of clear commitments on R&D reliefs, including:

  • Keeping the current rates for the merged RDEC scheme and the Enhanced Support for R&D Intensive SMEs.
  • Establishing an R&D expert advisory panel to improve signposting and guidance on R&D reliefs.
  • Launching an R&D disclosure facility by the end of 2024, which will have powers to tackle agents who breach the set standards.
  • A consultation in spring 2025 on widening the use of advance clearances in R&D relief.
  • Periodically reviewing the evidence on R&D reliefs to ensure they’re effective.
  • Improving R&D claim administration and customer service after concerns were raised about the recent level of HMRC scrutiny.
  • Continuing to tackle error and fraud while making the claims process as simple as possible.

The roadmap also makes some overarching observations about R&D Tax Credits, including:

  • Every eligible business conducting research and development will receive between £15 to £27 for every £100 of qualifying R&D expenditure.
  • The UK’s merged RDEC rate of 20% is the joint highest uncapped headline rate of R&D relief in the G7 for large companies.
  • R&D Tax Credits are expected to drive £56 billion of business R&D spend a year by 2029-30 (as a reference point, 2022-23 saw an estimated £46.7 billion of R&D spend).
  • HMRC believes they have reduced error and fraud by almost 10% between 2021-22 and 2023-24.

What does the Corporate Tax Roadmap say about Patent Box and intangible fixed assets? When the treasury previously tried to estimate the knowledge economy’s worth, they came up with a value of between £100bn and £150bn for assets in the UK public sector – but they felt this number was conservative, as more and more companies shift from physical assets to intangible ones.

Regardless, it’s clear that the knowledge economy is vital for economic growth. As such, the Corporate Tax Roadmap commits to keeping the current tax benefits for patents (via Patent Box) and other intangible fixed assets like trademarks, designs, intellectual property rights, etc.

What does the Corporate Tax Roadmap say about Capital Allowances? 

The government has committed to keeping the full-expensing Capital Allowance, the £1 Annual Investment Allowance (AIA), the current structure of writing down allowances, and the Structures and Buildings Allowance.

The Corporate Tax Roadmap does however refer to several potential changes, including simplifying the schemes, exploring how to provide greater clarity of qualifying expenses, and opening the full expensing regime to cover assets bought for leasing or hiring. Separately, there will be a consultation on the tax treatment of predevelopment costs, which will take place later in 2024.

It also suggests that further changes to Capital Allowances would be considered if they help to promote investment and economic growth, give the UK a competitive edge, reduce fraud & error risks, or provide new flexibility for businesses to choose which Capital Allowances to claim.

What does the Corporate Tax Roadmap say about Land Remediation Relief? 

While no immediate changes have been announced to Land Remediation Relief, the government has said that they plan to hold a consultation in Spring 2025 to review the scheme’s effectiveness.

The Corporate Tax Roadmap acknowledges that in the past Land Remediation has helped with cleaning up contaminated or derelict land, but as there haven’t been many changes to the scheme since its inception in 2001, the time has come to review whether it’s still helping to increase investments in developing on brownfield land in a cost-effective way.

This article was originally published by Leyton UK. Leyton UK are a member of HMRC’s consultative committee and are therefore well placed to guide you through the recent changes, and help you compliantly maximise your R&D Tax Reliefclaims.

Good tech is the answer to the vulnerable customer challenge

In February 2021, the Financial Conduct Authority (FCA) introduced comprehensive guidance aimed at ‘ensuring the fair treatment of customers in vulnerable circumstances. This was driven by the recognition that vulnerable people, because of circumstances such as poor health, financial instability, or negative life events, are particularly susceptible to harm if not “treated fairly”. The FCA’s guidance outlines actions firms should take to understand and address the needs of these customers, ensuring they receive “outcomes which are as good as other customers’”. The goal is to create a financial services environment where all customers, regardless of their circumstances, are treated fairly and with respect.

This requires firms to:

  1. Understand everyone’s characteristics and to mitigate any potential harms.
  2. Monitor the consumer through the lifetime of the product/service.
  3. Report on outcomes of vulnerable cohorts, compared to the resilient, for Consumer Duty reporting.
  4. Assess and report on the fair value received by vulnerable cohorts, compared to the resilient.
  5. Maintain evidence of the above.

None of this is easy. The first challenge is how to identify those customers who are vulnerable. Firms are attempting to do this in several ways, dividing them into indirect, or reactive, methods – essentially assessing current data sources – and direct, or proactive, methods – engaging directly with the consumer.

While it’s true that there is a lot of financial data available which can infer financial vulnerability, this is only part of the picture – there is minimal information available on health and lifestyle. Focusing on only financial data provides a woefully incomplete picture. Indirect approaches are largely limited to financial characteristics; the only practical way to obtain health and lifestyle information is to engage directly with consumers.  This is very successful. Firms can obtain good information, directly from consumers, using voice analytics, face-to-face meetings or calls, voice calls, questionnaires and similar approaches.

AI is heralded as a silver bullet – but in the absence of a library of vulnerability data on which to train the AI model, this is currently little more than wishful thinking.

We know that around 50% of people are vulnerable at any one time. The only way to identify that 50% is to assess everyone. Far too many firms began by using reactive methods – waiting for customers to inform them of their vulnerabilities or waiting for vulnerabilities to be identified at points of interaction. These approaches are seldom adequate – identifying few people – so most firms are looking to be both more proactive and thorough in their assessment methodologies.

Once we identify vulnerabilities, the next challenge is how to classify and store the data – with around 100 characteristic data points, each having a range of severities, there is a lot of data on which to base an assessment. If undertaken manually, understanding (and therefore assessment) is subjective – and many early approaches used text descriptions. These are inconsistent and difficult (if not impossible) to use structurally for assessment, management and reporting. Proprietary lexicons of vulnerability bring an objective assessment methodology which delivers consistent data. One such system is the MorganAsh Resilience System (MARS).

After identification and classification, there is the thorny challenge of GDPR. We need to restrict data to only those who need it, while communicating vulnerabilities across firms so that mitigation strategies can be used. Many firms have yet to resolve this. The solution is to code, classify and communicate characteristics – and mitigating strategies – so that an individual’s personal data is not openly passed around.

The next challenge is how to mitigate customers’ vulnerabilities. Many solutions are obvious, and, with flexibility, these can be implemented by front-line staff. However, this approach is too limited to be successful. There is a vast number of mitigations strategies that might be appropriate, vast numbers of consumer groups to signpost to – and firms may have different appetites for customer service for different groups. It’s unrealistic to expect busy staff to be experts in all vulnerabilities and mitigation paths. Again, systems are required to deliver consistency and scalability.

A further development is how vulnerability data is shared between firms. In an intermediated market – which is most of the financial services industry – manufacturers’ products are sold via intermediaries. Typically, intermediaries have contact and relationships with consumers, while the manufacturer maintains the product – often over multiple years. To meet the monitoring obligation, either the intermediary and the manufacturer undertake separate vulnerability assessments, or they collaborate and share information. The industry has been slow on this, with minimal discussions between groups.

While customer vulnerability is a very human issue, for it to be managed it needs data – and systems to support this data. The good news is that this is already happening. Vulnerability tech systems are already in place and working well – and pioneering the new discipline of vulnerability management.

Want to read the full report? Visit https://www.elephantsdontforget.com/resources/customer-vulnerability-your-questions-answered-2/

H2C.org Launches the World’s First Global Market for Green Hydrogen Certificates

H2C.org is launching the first global market and registry for the international trade in green hydrogen certificates. Following in the footsteps of renewable energy and sustainable aviation fuel registries, H2C.org enables the green premiums and carbon removal rights of green hydrogen to be sold discretely from each ton of fuel. H2C.org is set to catalyse international markets for green Hydrogen with nearly 2,000 production projects currently under development globally.

By uncoupling Green Premium Certificates from green hydrogen fuels, H2C.org enables a global market of beneficiaries to decarbonise their Scope1, 2 & 3 emissions and supply chains directly. Meanwhile producers can strike off-take agreements at prices closely aligned to cheaper production methods. H2C.org provides the missing link to create viable international markets for green hydrogen and financing green premiums.

First Carbon Investments founded the H2C.org initiative. Their CEO, Peter Ellen, notes, “Launching H2C.org is a pivotal moment for the emergence of global hydrogen markets. Green Hydrogen is primed to transform sectors, including heavy industry, transport, and agriculture, for a low-carbon future. Developing large export markets is a critical step in developing interoperable and resilient demand and supply.”

The Green Hydrogen industry has been constrained by significant cost premiums associated with producing hydrogen from renewable energy sources. Ellen notes, “There is huge momentum for Green Hydrogen, but bulk international off-takers operate in low margin, high volume industries, where increases in fuel costs are hard to support. Deploying green hydrogen eliminates emissions from global supply chains, benefiting Scope 1,2 and 3 carbon accounts across many value-added goods and services. H2C.org enables all those beneficiaries to remove emissions from their supply chains by buying Green Premium Certificates.”

Scope 1 beneficiaries include heavy industry, transport, shipping, and agriculture, with Scope 3 covering most value-added manufacturing and services, from automobiles to technology and consumer goods. H2C.org provides a direct and cost-effective way for organisations to remove carbon emissions from supply chains while reducing dependency on third-party off-setting.

Today, the largest and most significant green hydrogen production projects are on the cusp of delivering portable energy to some of the world’s highest emitting sectors, often referred to as hard-to-decarbonise industries. Green hydrogen offers a viable replacement for fossil fuels because it delivers renewable energy in a portable, energy-intense, liquid form that can leverage existing infrastructure. In the near term, it will allow organisations and countries to meet corporate and national commitments.

“We see export-focused projects harnessing 4GW+ of dedicated renewable energy to electrolyse seawater for the annual production of 1mn+ metric tons of green hydrogen and ammonia. These projects will drive global transformations and develop resilient markets, and H2C.org enables off-takers to buy at a viable cost.”

H2C.org is now inviting key players to join as development partners. This pragmatic initiative allows partners to be at the forefront of the global hydrogen economy. Ellen notes, “Supply and demand signals are significant, and H2C.org already counts over 100GW of partners with a particularly strong MENA representation. We believe those projects alone represent a 0.7% reduction in global emissions. Together with partners, we are on a mission to make a
giga-ton impact.”

About H2C
H2C, founded by First Carbon Investments, is a groundbreaking initiative designed to accelerate the adoption of low-carbon hydrogen and its derivatives through Green Premium Certificates. They aim to facilitate the development of $trillion global markets for clean technologies. With multiple standards emerging to validate the provenance of green
hydrogen, H2C.org provides an interoperable registry and market to enable global trade.

About First Carbon Investments
First Carbon Investments is dedicated to accelerating the transition to clean technologies globally across the energy, transport, and heavy industry sectors. Leveraging expertise in catalytic finance and provenance management, they invest in and support the development of low-carbon fuels, helping to reduce the world's carbon footprint effectively and sustainably. Founded by industry visionaries with extensive experience in high-growth and global finance, FCI combines strategic insight with practical solutions to meet the demands of the evolving low-carbon economy. Through its comprehensive platform, FCI offers catalytic finance, provenance management, and management consulting services, fostering partnerships that enable the effective implementation of transformative environmental solutions.

For media enquiries, contact info@first-carbon.com

For more information, visit first-carbon.com or contact our media relations team.

To join our network of partners, visit Development Partner Signup or contact us at info@h2c.org or go to h2c.org for more information.

3 easy ways to improve the design of your fintech digital product (when you’re not a designer)

Whether you’re a fintech or startup, we get it—when budgets are tight, design sometimes takes a back seat. But we can’t stress enough how crucial a great design and user experience can be in helping your product succeed. So, let’s look at three core areas that will help you get ahead: the WWW Method, improving your messaging, and gathering evidence to guide your design decisions.

The WWW method

Let’s kick off with a simple but incredibly powerful tool: the “WWW Method.” This is something you can use to assess any webpage or app screen and see if it’s doing its job. All you need to do is look at a screen and ask yourself three questions:

• What is this about?
• Why should I care?
• What should I do next?

These questions need to be answered in just a few seconds—if not, users will likely bounce. In our experience, many businesses are so close to their own product that they’re unable to step back and view their digital experience objectively. The WWW method forces you to simplify and refocus.

Elevating your messaging

Now, let’s talk about something we see many startups struggle with: messaging. Often, businesses either get lost in technical jargon or pitch their messaging too vaguely. Neither works well. It is far better to speak directly to the needs of your audience.

Messaging can be broken down into four levels:

Jargon fest: When content is full of internal speak, acronyms, and buzzwords. This is where messaging is trying too hard to sound impressive but ends up confusing people.

Features: Talking only about what a product does. E.g. “This laptop has 32GB of RAM.” Okay, so what? Not many people care about that unless they know why it matters.

Benefits: Moving on to how those features help users. E.g. “This laptop has 32GB of RAM so that you never have to close a browser tab again.” Now we’re talking!

Needs: This is where the magic happens—where your messaging connects with users on a deep, emotional level. E.g. “Sail through work and play’. That’s what users really need.

The higher you can pitch your messaging on this scale, the better your chances of resonating with your audience. But the only way of finding out how to do that is through gathering evidence by talking to your customers.

Gathering evidence

You are not your user. No matter how well you think you know your product, you can’t rely on assumptions about how people will use it. This is where user research comes in, and it’s even more crucial for startups with limited resources. The less you have to spare, the more important it is to be laser-focused on what really matters to your users.

There are two main types of research to focus on:

Quantitative Research: This is the “what.” It involves looking at analytics. For example, heatmaps can show where users are clicking, scrolling, or dropping off. Funnels can help you identify which parts of your sales process are causing users to leave. This kind of data is essential for identifying problem areas.

Qualitative Research: This is the “why.” It’s about digging deeper to understand why users behave the way they do. You can gather this insight through interviews, usability tests, and customer feedback.

A word of warning though. You can’t get the why from the what. If you’re looking at data and making assumptions about why something is happening, that’s all you’re doing. Making assumptions. You need to talk to real customers to find out why they’re behaving in that way.

Putting it all together

So whether you’re just starting out, or scaling up, there are three main things to keep in mind if you want to improve your design and user experience. First, use the WWW method to make sure your pages are clear and purposeful. Next, elevate your messaging to focus on needs rather than features. And finally, gather evidence through both quantitative and qualitative research to ensure your designs are grounded in real user behaviour.

Design and user experience aren’t things to “get around to later”—they’re the foundation of a successful product. If you take the time to apply these strategies, you’ll see the difference they make, not just in how users interact with your product, but in how they feel about it. And trust me, that feeling is what will keep them coming back.

How we got to these recommendations

We’ve gained this insight from witnessing firsthand the common challenges that fintechs face. For the last two years we’ve been running free design clinics for fintechs and startups, where we help them tackle all sorts of design issues. Find out more about our design clinics, or book one for yourself here https://interaktiv.studio/the-design-clinic

About Interaktiv Studio

We’re a boutique design studio that help startups and fintechs make and implement better user experience design decisions. https://interaktiv.studio/

Barclays Eagle Labs Academy – Gain the skills to grow your business

The Problem:

Running a business is tough, especially in the tech space. There are so many things to think about—Does your product suit your customer’s needs? How do you fund the business? What is a good marketing strategy? How do you build an effective team and scale? So many questions can arise, each demanding careful attention and planning. It can be overwhelming for Founders who are navigating these challenges while trying to bring their vision to life and grow their business sustainably.

The Solution:

The Barclays Eagle Labs Academy understands these challenges and is here to help Founders build their knowledge around such topics. It provides practical solutions to the many questions and hurdles that business owners face. The Academy covers all aspects of starting and running a business, from how to find and hire the best people to how to raise finance effectively. Whether you’re developing your first business plan or considering when it’s the right time to scale, the Academy offers a comprehensive learning platform tailored to your business needs.

What sets the Barclays Eagle Labs Academy apart is the breadth of its coverage. Founders can gain valuable insights into everything from creating a solid business plan to navigating the tricky waters of scaling up. There’s no one-size-fits-all when it comes to business growth, and that’s why the Academy provides a wealth of information, helping Founders develop their skills step-by-step. It’s not just about solving immediate problems, but about building the long-term knowledge needed to create a thriving, scalable business.

 How it is delivered:

The Academy platform is accessible online and via mobile, allowing you to learn whenever and wherever it suits you. There are currently 16 live modules available, and these are delivered through a combination of long-form insights and bite-sized lessons. These modules are designed to offer practical, actionable advice in a flexible framework, making it easy for Founders to learn at their own pace. Whether you prefer to dive deep into a topic or pick up quick tips on the go, the Academy has you covered.

Barclays has partnered with experts across the UK’s business ecosystem, ensuring that each module is written by a topic knowledge expert. This means that Founders have access to top-tier advice, whether they’re working on hiring strategies, securing funding, or marketing their product. And, with new content added regularly, the Academy provides ongoing learning opportunities as your business continues to evolve.

 What else do you get:

Barclays Eagle Labs Academy members also gain access to their Deals and Offers marketplace, which provides exclusive access to products and services that Founders need. For example, members can receive up to $150k of promotional credit for Azure, 12 months of free membership for LawAssure, discounts on software development access, and many more valuable offers.

How to Access:

The Barclays Eagle Labs Academy is a fully-funded resource, meaning it’s completely free to join. You don’t even need to be a Barclays customer to take advantage of the platform. So, if you’re ready to take your business or idea to the next level, it’s time to sign up and start benefiting from the expert knowledge and resources available. Visit their site to join today: https://academy.uk.barclays/

My Experience with FinTech Scotland – A United Nations-like Journey

For the past eight weeks, I’ve  had the privilege of working with a team so diverse it could have passed for a United Nations delegation, all while learning what it means to build a more financially inclusive future. FinTech Scotland gave me the opportunity to not only observe but actively contribute to their mission. It allowed me to transfer skills from previous work experiences, providing flexibility, creativity, and insight into how these abilities can be adapted to the fast-evolving world of finance.

The best way to describe my internship at FinTech Scotland is by sharing what I’ve learned, what the organisation does, and how my contributions helped make a difference. 

What is Fintech?

Before joining FinTech Scotland, I’d never heard the term ‘fintech’ and after attending my interview with the Marketing Director and COO of Fintech Scotland, I still didn’t quite understand.  Two weeks into the internship, curiosity finally got the better of me, so I did what every good intern does who needs to act as if they know what they are talking about. I googled it and the top result presented “Financial Technology.” Well, that cleared things up. It’s a bit like hearing the phrase, “quantum mechanics is just advanced physics”—it tells you something, but not quite enough. The penny dropped for me when I attended an event TSB Bank hosted with FinTech Scotland, where 13 businesses showcased their fintech ideas. I learned that fintech isn’t some alien idea — it is part of everyday life in the apps we use for banking, the digital wallets we rely on and even by the person trying to flog you Bitcoin at a party. 

In short, fintech is the integration of finance and technology, covering everything from banking apps to cryptocurrency. It’s a broad umbrella, and it turns out I’ve been standing under it for years without knowing!

My understanding FinTech Scotland Do?

Now, FinTech Scotland has a comprehensive 76-page Research & Innovation Roadmap that outlines their goals for driving innovation and change within Scotland’s financial sector. One key highlight that resonated with me was their commitment to making a real difference in people’s lives by addressing financial inclusion and tackling health-related challenges. Their role goes beyond supporting fintech entrepreneurs and businesses—they are a catalyst for job creation, data accessibility, and shaping thought leadership in the industry.

Understanding the depth of their mission aligns with my passion of contributing to lasting economic growth within the community through financial inclusion. Seeing how this work can positively impact people’s daily lives has given me a strong sense of purpose and drive to support FinTech Scotland’s goals in any way I can. 

How do I feel I have contributed?

In my internship I managed the company’s social media channels involving content creation, post scheduling as well as ensuring the messaging was concise and inline with FinTech Scotland’s tone. I also learned how to look through social media metrics, review campaigns and adjust them based on the performance data. I handled incoming emails and requests, responding to partners and stakeholders questions. Working in this role, I quickly learned the value of effective communication and strong organisational skills as I juggled multiple tasks to a high standard.

One of the most important projects I have been doing is supporting FinTech Scotland with their Diversity, Equity and Inclusion (DEI) activities. As part of the collaboration with the team, on how we could extend community engagement for the organisation around DEI and sustainability. This was an eye opener for me on the need for inclusivity in fintech. An example of this work was conducting an interview with a leading entrepreneur, Tynah Matembe from Money Matix, on how she herself advocated for financial inclusion through youth education. This interview not only allowed me to work on my communication skills but also contribute in the direction of FinTech Scotland’s mission of promoting fintech initiatives that have a social benefit.

From 8 Weeks to 11: The Journey Continues

What started as an eight-week internship has now been extended to eleven weeks, allowing me to continue contributing and gaining valuable experience. This opportunity allowed me to attend the 7th annual FinTech Scotland Festival event, further building on the knowledge and skills I’ve developed, and continuing to support FinTech Scotland’s ambitious goals for the future. 

Ranecia Johnson, is a Marketing graduate from the University of Stirling, with professional experience spanning both the nonprofit and corporate sectors. Her passion lies in creating meaningful community impact, where she is dedicated to fostering inclusive and diverse environments. Ranecia’s unique skill set allows her to blend creativity and strategy, ensuring that her work not only drives business results but also contributes to social good. With a keen interest in financial inclusion and equity, she is committed to leveraging her marketing expertise to make a lasting difference in the communities she serves.

My 8 week Internship at FinTech Scotland

Between August-September 2024, I had the incredible opportunity to intern at FinTech Scotland. Coming into the internship with limited knowledge of fintech, I was eager yet nervous about diving into an unfamiliar industry. However, my time at FinTech Scotland provided me with not only a deep dive into the world of financial technology but also significant personal and professional development. From day one, I was welcomed warmly by the team, who were genuinely interested in my learning and supported me as I navigated my role. It was clear that FinTech Scotland’s success lies in the strength of its community and the supportive culture that fosters growth. The team’s encouragement and readiness to share knowledge made it easy for me to step into my role and tackle my responsibilities with confidence.

My role involved several key responsibilities which were both challenging and engaging. I conducted proactive data research and analysis, ensuring that the information about the Fintech Scotland community was always up-to-date and accurate. This was crucial, as Fintech Scotland is at the centre of a dynamic and fast-growing ecosystem, and having precise data is essential to effectively track growth and change within the cluster. This work gave me a solid understanding of the importance of data accuracy and its direct impact on decision-making and strategic planning.

Another significant aspect of my internship was producing Management Information reports. These reports captured the current state of the fintech cluster, highlighting growth, key changes and the impact of major initiatives. This helped me enhance my skills in data analysis and reporting, but more importantly it taught me how to synthesize complex information into actionable insights that could be easily communicated to stakeholders.

I was also given ownership of internal processes including maintaining databases and mapping the company Google Drive in preparation for its reogranisation. Under the guidance of the COO, I supported the team on the delivery of initiatives from the FinTech Research & Innovation Roadmap, which outlines FinTech Scotland’s strategic plan for developing and supporting the sector. This included managing data research, stakeholder communication and engagement, and improving internal processes. Contributing to these strategic initiatives was incredibly rewarding, as I felt my work directly supported the growth of the fintech ecosystem in Scotland and improved the operational efficiency of the organisation.

Reflecting on my time at FinTech Scotland, I can confidently say that the internship was a period of substantial learning and growth. Despite my initial lack of fintech knowledge, I was continuously supported and given valuable opportunities to succeed, including attending industry events with the team which expanded my professional network and enhanced my confidence in networking. This experience honed my analytical and communication skills, deepened my understanding of managing a community-driven organisation, and highlighted the power of collaboration in the fintech sector. I am grateful to have been a part of such an incredible team of people and I now feel more prepared for the professional world and equipped to adapt to new challenges. The skills and knowledge I gained have undoubtedly shaped my career aspirations, and I am excited to see where they will take me next.

Alicja Balanda is a final year University of Edinburgh studying business with enterprise and innovation.

Understanding MiCA Sustainability Compliance: How Zumo’s New Feature Simplifies the Process

Zumo, the B2B digital assets infrastructure provider, has introduced a new feature that will change the way crypto-asset service providers (CASPs) in the European Union (EU) manage sustainability compliance. The new addition to Zumo’s Oxygen product helps CASPs adhere to the upcoming sustainability reporting requirements under the Markets in Crypto-Assets (MiCA) regulation.

MiCA, aims to create a consistent framework for crypto-assets across the EU. It includes a range of obligations for CASPs. One such obligation, which many CASPs appear to have overlooked, pertains to the new sustainability indicators drafted by the European Securities and Markets Authority (ESMA). These indicators measure the environmental impact of crypto-assets offered by CASPs, a requirement that must be addressed by 30 December 2024. Industry data suggests that over 80% of CASPs are unaware of this looming deadline, placing them at risk of substantial fines.

MiCA Article 66 mandates that CASPs — including exchanges, brokerages, custodians, and trading firms — operating within the EU or planning to provide services to the EU must have website disclosures detailing the environmental impact of their crypto-assets. Failure to meet this requirement could result in penalties of at least €5 million or 5% of the company’s annual turnover.

Zumo’s Innovative Solution

Zumo’s latest feature, integrated into the Oxygen product, is designed to help CASPs effortlessly meet these new sustainability reporting requirements. The solution provides access to MiCA-compliant sustainability metrics for listed crypto-assets. It leverages high-quality data from the Crypto Carbon Ratings Institute (CCRI), a strategic partner of Zumo, to  build upon Zumo’s ongoing efforts to align digital asset activities with net-zero principles.

One of the key benefits of this new feature is the ability to auto-generate MiCA-compliant website disclosure reports, making it easier for CASPs across the EU to stay on top of their sustainability obligations.

Nick Jones,  Founder and CEO of Zumo said “MiCA’s sustainability requirements are going live to a tight deadline, and bring with them complex data questions as well as potentially hefty fines.[…] It’s become clear that CASPs across Europe simply aren’t ready. In response, we’ve taken another important step on our sustainability journey to add the indicators that will enable service providers to comply with current and future sustainability compliance requirements. With our MiCA solution, CASPs will be able to access a single interface that helps them cut through all the complexity associated with pulling data together, formatting an appropriate template, and providing the output that ESMA is looking for.”

A Pioneer in Sustainable Digital Assets

Zumo has established itself as a leader in sustainable digital assets, with a commitment to shaping a future where financial institutions can operate within a sustainable, compliant framework. The company’s efforts have been recognised by prestigious awards such as the Fintech Finance Awards, the City AM Awards, and the Scottish Financial Technology Awards.

Beyond this, Zumo was a member of the World Economic Forum’s Crypto Sustainability Coalition, which explored how blockchain technologies can support climate action. The company also signed the Abu Dhabi Sustainable Finance Declaration and co-founded the Emerging Technologies Sustainability Taskforce (ETST).

Photo by Kervin Edward Lara: https://www.pexels.com/photo/white-wind-turbines-on-gray-sand-near-body-of-water-3976320/