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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).

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IDC Marketplace: Asia/Pacific Low-Code/No-Code Development Platforms 2024 Vendor Assessment

Smardaten is officially presented in the first IDC Marketscape Asia Pacific Lowcode NoCode report 2024, which is due to be published on 12th September.

As IDC Marketscape Vendor summary stated:“Smardaten has been positioned as a major player in the 2024 AP Lowcode Nocode Development platform vendor assessment”

The report is based on extensive research and benchmarking, through exhaustive vendor survey, users interviews and client survey. In this report IDC has scored highly on Smardaten’s R&D and Innovation, customer service level, market condition, marketing strategy.

IDC has commented: “Smardaten’s platform provides intelligent data-empowered auto-modeling to reduce the software development lead time. The fourth generation of data-driven NoCode auto-models data without much human interaction, allowing for quick adjustment and rebuilding in response to front-end changes or needs.

Smardaten’s all-in-one no-code platform offers visual suites, including full-stack data management, drag-and-drop application design, and analysis without conventional coding, to greatly expedite software development while improving agility, lowering costs, and increasing quality. Smardaten technology eliminates data silos and bridges the gap between business users and IT, minimizing failure rates in digitalization projects. There are eight view types for information display and over 100 module modules for various aspects of business operations. It also has AI capabilities such as OCR and NLP operations. Smardaten’s OneBuilder enables autonomous component production and industry integration, resulting in a more adaptable business ecosystem. ”

Based on Smardaten’s advanced roadmap on GenAI functionalities enabled functionalities in the platform, we expect to see leading position on the vendor mapping from this report and in the subsequent IDC Marketscape LCNC reports.

When Finance Meets Real Life

The financial landscape is rapidly evolving, with a growing emphasis on integrating financial services seamlessly into consumers’ daily lives. A new report from Rise, created by Barclays and Rainmaking explores this evolution in their report, “When Finance Meets Real Life.” The report, released as part of The Innovation Spotlight Series looks at the convergence of finance and real-life applications, driven by technological advancements, economic pressures, and regulatory changes.

Key Drivers of Change

The report identifies several key drivers reshaping the financial sector:

  1. Economic Pressures: Rising inflation, the cost-of-living crisis, and increasing interest rates are making it harder for individuals and businesses to access credit. These challenges are pushing consumers to become more resourceful, while businesses are shifting focus towards sustainable growth rather than relying on abundant venture funding.
  2. Artificial Intelligence and Personalisation: AI is increasingly being adopted across industries, with nearly 18% of global venture funding in the first half of 2023 going to AI-related companies. AI’s potential to transform financial services is immense, particularly in areas like customer experience and regulatory compliance. Personalised financial services, powered by AI, are becoming crucial as consumers demand more tailored and context-specific offerings.
  3. Regulatory Catalysts: New regulations, such as the UK’s Consumer Duty and the EU’s Green Deal, are shaping the future of finance. These regulations aim to protect consumers and promote sustainability, while also driving innovation by setting higher standards for financial products and services.
  4. Embedded Finance: The embedded finance market, valued at $65 billion in 2022, is expected to grow significantly by 2027. This model, which integrates financial services into non-financial platforms, is revolutionising how consumers access banking services. Examples include the growth of Buy Now, Pay Later (BNPL) services and other point-of-sale financing solutions.

Thriving in a Seamless World

The report also highlights the growing consumer expectation for seamless financial experiences. The report discusses how embedded finance can help banks integrate services more naturally into everyday activities to reduce friction for users. The challenge for financial institutions is not just about offering these services but making them intuitive, timely, and relevant to each customer’s unique needs.

Personalisation and Consumer Engagement

Personalisation in financial services is still catching up compared to other industries. While consumers can personalise products like M&Ms or choose customised content on Netflix, financial services often lack this level of customisation. The report argues for a more sophisticated use of data to predict and respond to individual customer needs, creating a more engaging and relevant banking experience.

Making Money Talks Easier

The report highlights the importance of making financial discussions less intimidating and more accessible to consumers. With rising debt levels and financial stress, financial institutions need to provide empathetic support. This includes using AI and other technologies to simplify interactions and make financial advice more accessible.

Read the full report

Interested in getting notified of the next release?

From payments to banking to wealth management, innovation is moving along at pace, fueled by an evolving, digitally savvy customer base. The Innovation Spotlight Series explores themes and trends within the world of fintech, and how they can impact all our lives.

Get notified

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The Role of AI and Cybersecurity in the Financial Sector

Artificial Intelligence (AI) and cybersecurity are revolutionizing the financial sector. As the digital landscape evolves, financial institutions are increasingly relying on AI technologies to enhance security measures, optimize operations, and deliver personalized customer experiences. The intersection of AI and cybersecurity has become crucial for safeguarding sensitive financial data and maintaining trust in the industry. This article will explore how AI is transforming cybersecurity in finance, the challenges involved, and the essential skills needed to thrive in this rapidly changing environment.

The rise of AI in finance

AI technologies, such as machine learning, natural language processing, and robotic process automation, have been instrumental in transforming the financial industry. By automating routine tasks, AI helps financial institutions to streamline operations, reduce costs, and improve efficiency. Furthermore, AI-driven insights enable financial firms to make informed decisions, assess risks, and develop targeted strategies. One of the most significant benefits of AI in finance is its ability to enhance cybersecurity measures. As cyber threats become more sophisticated, financial institutions must adopt advanced technologies to protect their systems and data. By identifying patterns, detecting anomalies, and responding to threats in real-time, AI is an invaluable cybersecurity tool.

The importance of cybersecurity in finance

Cybersecurity is a top priority for the financial sector, as cyberattacks can have devastating consequences. Data breaches can lead to financial losses, reputational damage, and regulatory penalties. Furthermore, cyberattacks can disrupt financial services – impacting customers and the broader economy. The financial industry is particularly vulnerable to cyber threats due to the vast amounts of sensitive data it handles. Personal information, financial transactions, and proprietary data are prime targets for cybercriminals. Therefore, financial institutions must implement robust cybersecurity measures to safeguard their assets and maintain customer trust.

AI enhances cybersecurity for the financial industry

AI offers several advantages for cybersecurity in the financial sector:

  1. Threat Detection and Prevention: AI algorithms can analyze vast amounts of data to identify patterns and detect anomalies indicative of cyber threats. By continuously learning from new data, machine learning models improve their abilities to recognize and prevent emerging threats.
  2. Automated Incident Response: AI-powered systems can respond to cyber incidents in real-time and minimize the impact of attacks. Automated response mechanisms enable financial institutions to quickly isolate affected systems, mitigate damage, and prevent further breaches.
  3. Fraud Detection: AI can analyze transaction data to identify suspicious activities and potential fraud. By recognizing patterns and anomalies, AI systems can flag fraudulent transactions for further investigation, which can help reduce financial losses.
  4. Risk Assessment: AI-driven risk assessment tools can evaluate the vulnerability of financial systems and identify potential weaknesses. By proactively assessing risks, financial institutions can implement targeted security measures to protect their assets.
  5. Behavioral Analysis: AI can monitor user behavior to detect unusual activities that may indicate a cyber threat. Behavioral analysis enhances overall security by identifying insider threats and unauthorized access attempts.

Challenges in implementing AI for cybersecurity

While AI offers significant benefits for cybersecurity, there are challenges involved in its implementation:

  1. Data Privacy and Ethics: The use of AI in cybersecurity raises concerns about data privacy and ethical considerations. It’s imperative that financial institutions ensure AI systems comply with regulations and protect sensitive data.
  2. Skill Shortages: There is a growing demand for professionals with expertise in AI and cybersecurity. Financial institutions should invest in training and development to build a workforce capable of implementing and managing AI-driven security solutions.
  3. Integration with Legacy Systems: Integrating AI technologies with existing legacy systems can be complex and costly. Financial institutions need to carefully plan and execute integration strategies to maximize the benefits of AI.
  4. Evolving Threat Landscape: Cyber threats are constantly evolving, so financial institutions have to stay ahead of new attack vectors. AI systems must be continuously updated and refined to address emerging threats effectively.

Essential skills for success in AI and cybersecurity

Professionals in the financial sector must develop a range of skills to succeed in the era of AI and cybersecurity:

  1. Technical Expertise: A strong understanding of AI technologies, cybersecurity principles, and data analytics is essential. Professionals must be able to design, implement, and manage AI-driven security solutions.
  2. Problem-Solving Skills: The ability to analyze complex problems and develop innovative solutions is crucial for addressing cybersecurity challenges. Employees must be able to think critically and adapt to changing threat landscapes.
  3. Regulatory Knowledge: Understanding regulatory requirements and compliance standards is essential for implementing AI and cybersecurity measures. Staff must ensure that AI systems align with industry regulations and ethical guidelines.
  4. Collaboration and Communication: Effective collaboration and communication skills are vital for working with cross-functional teams. Experts must be able to convey complex technical concepts to non-technical stakeholders and work collaboratively to achieve security objectives.

Conclusion

AI and cybersecurity are transforming the financial sector and presenting companies with significant opportunities and challenges. By leveraging AI technologies, financial institutions can enhance their cybersecurity measures, protect sensitive data, and maintain customer trust. However, the successful implementation of AI-driven security solutions requires a skilled workforce, strategic planning, and a commitment to continuous improvement. As the financial landscape continues to evolve, professionals with expertise in AI and cybersecurity will play a critical role in shaping the future of the industry.

About Software Mind

Software Mind is a global digital transformation partner with operations throughout Europe, the US and LATAM. For over 25 years they’ve been enriching organizations with the talent they need to boost scalability, drive dynamic growth and bring disruptive ideas to life. Top-notch engineering teams combine ownership with leading technologies, including cloud, AI, data science and embedded software to accelerate digital transformations and boost software delivery.

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Transforming wealth management: Trends from the Banking Transformation Summit

Advances in cloud computing, data analytics, and artificial intelligence (AI) are driving significant transformation in wealth management; reshaping how firms manage and serve their clients. Such is the scale and potential of these advances; wealth management firms face an abundance of both challenges and opportunities.

This blog explores some of the most pressing challenges firms must face and how they can overcome them to leverage this technological innovation effectively. It’s a journey that promises to enhance customer experience, operational efficiency, and competitive advantage, offering a bright future for wealth management.

 

Balancing existing clients and new client bases

Wealth management firms face the challenge of catering to existing clients who prefer a more traditional approach and a new breed of younger, digitally savvy clients.

Whereas more established clients value a human-facing service, younger generations expect and indeed favour seamless digital interactions. To effectively engage this younger demographic, firms must be able to complement professional validation with diverse communication channels beyond email.

Firms must remove barriers to attract and retain these clients by creating accessible, digital-first experiences, offering incentives, and increasing marketing budgets to encourage interest.

 

Personalisation and mass customisation

Rather than simply a feature, personalisation is the essence of effective wealth management. Whether delivered on a per-client basis or by using a more segmented approach, it fulfils the essential role of making each client feel uniquely important.

Next-generation AI enables this mass customisation, allowing firms to provide tailored advice at scale and reinforcing the value of each client’s individuality. For example, wealth managers can offer timely, relevant advice to enhance client engagement and satisfaction by leveraging data from various life events and triggers. However, handling customer data sensitively and tailoring services explicitly for client benefit is critical to the success of this approach.

New digital products and AI integration

Investment platforms and open banking tools, like Moneyhub and Moneyinfo, simplify financial management by allowing clients to aggregate data in one place. Meanwhile, AI provides opportunities to enhance these platforms by automating manual tasks, such as capturing meeting notes and client conversations and ensuring regulatory compliance.

AI’s role in wealth management goes beyond improving efficiency and accuracy – it also plays a crucial role in protecting clients. For example, AI can flag if a client appears to misunderstand a piece of advice that would not be picked up from word transcripts alone, ensuring that clients are well-informed and protected.

 

Speed, accessibility, and presentation

Today’s clients expect quick, online access to their financial information, slick data presentation, and the option to speak to a professional when needed. Speed and accessibility across hybrid channels are paramount.

Wealth managers must invest in intuitive, visually appealing interfaces that make complex information easy to understand. Customer expectations on the ability to interact with services seamlessly are now generalised across financial services, set by advances such as Open Banking. They require robust authentication and providing immediate access to professional advice when necessary.

 

Regulatory demands and data quality

An increasingly demanding regulatory ecosystem requires wealth managers to enhance their data completeness, quality, and accuracy. The FCA’s 2023 Dear CEO’ letter stressed the importance of tackling financial crime and putting customer needs first by meeting high standards underpinned with strong data governance.

If wealth management firms are to meet these standards and lay the foundation for compliant product innovation, investment in technology is needed. For example, AI systems can assist in identifying regulatory triggers, such as testing customer understanding and vulnerabilities to ensure compliance. Nonetheless, firms must remember their duty to the customer and ensure AI ethical policies are established from the outset.

 

Customer journey and operational efficiency

Building customer journey-based services while delivering operational efficiencies to provide a holistic client experience involves a coordinated approach across financial services and insurance. This approach is crucial for ensuring client retention and satisfaction. Data analytics can then optimise internal services, such as risk and compliance, further reducing costs and improving service delivery.

Firms need to start with a well-defined customer journey and build out services across all relevant areas. Taking this approach helps remove barriers to entry for the younger demographic, to prepare for the ‘great wealth transfer’ where trillions are anticipated to be handed down to future generations in the coming years.

 

In Summary

Integrating cloud, data, and AI is revolutionising the wealth management industry. Firms embracing these technologies can enhance personalisation, improve operational efficiency, meet regulatory demands, and engage and protect a new generation of clients. Those who delay moves towards modernisation risk losing out to the competition.

Article written by Orla Parry, Head of Private Sector Business Development at BJSS

BJSS is a leading partner to the financial services industry. Over the past 30 years, we’ve helped multiple wealth and asset managers to innovate at scale.

Talk to us about your transformation goals and find out how we can help you leverage cutting-edge technology and stay ahead in a wealth management industry undergoing unprecedented evolution.

This is not a sponsored article and no commercial agreement exists between BJSS and FinTech Scotland.

Leadership in Fintech builds trust and reduces vulnerability

Article written by Dr Alex Zarifis

Fintech and sustainability

Financial technology often referred to as Fintech, and sustainability are two of the biggest influences transforming many organisations. However, not all organisations move forward on both with the same enthusiasm. It is, therefore, important to find the synergies between Fintech and sustainability. For this reason I carried out research on how leadership in Fintech builds trust and reduces vulnerability when combined with leadership in sustainability (Zarifis, 2024).

Leadership in Fintech and sustainability

One important aspect of this transformation many organisations are going through is the consumersʹ perspective. It is important to clarify whether leadership in Fintech, with leadership in sustainability, is more beneficial than leadership in Fintech on its own.

This research evaluates consumers”™ trust, privacy concerns, and vulnerability in the two scenarios separately and then compares them. Firstly, this research seeks to validate whether leadership in Fintech influences trust in Fintech, concerns about the privacy of personal information when using Fintech, and the feeling of vulnerability when using Fintech. It then compares trust, privacy concerns and vulnerability in two scenarios, one with leadership in both Fintech and sustainability, and one with leadership just in Fintech without sustainability.

The benefits of combining leadership in both Fintech and sustainability

The findings show that, as expected, leadership in both Fintech and sustainability builds trust more, which in turn reduces vulnerability more. Privacy concerns are lower when sustainability leadership and Fintech leadership come together; however, their combined impact was not found to be statistically significant. So contrary to what was expected, privacy concerns are not reduced more effectively when there is leadership in both together.

 

 

Figure 1: Model of leadership in Fintech, trust, privacy and vulnerability, with and without sustainability

Fintechs can use these findings to make consumers feel less vulnerable

An important practical implication is that this research finds that even when there is sufficient trust to adopt and use Fintech, the consumer often still feels a sense of vulnerability. This means leaders in Fintech must not just do enough for the consumer to adopt their service, but they should build trust and reduce privacy concerns enough for consumers to feel less vulnerable.  These findings can inform a Fintech”™s business model and the services it offers.

Reference

Zarifis A. (2024) Leadership in Fintech builds trust and reduces vulnerability more when combined with leadership in sustainability”™, Sustainability, 16, 5757, pp.1-13. https://doi.org/10.3390/su16135757

Biography

Dr Alex Zarifis research and teaching are on the practical applications of technology in business. Before the University of Southampton, he worked at several academic institutions including the University of Cambridge and the University of Manchester. He is currently a research affiliate of the Cambridge Center for Alternative Finance (CCAF).

His research interests include trust, electronic business, artificial intelligence, blockchain, Fintech and Insurtech. He has over forty publications and his work has featured in journals such as Computers in Human Behaviour and Internet Research. He has explored cryptoassets such as cryptocurrencies since 2012. As part of this research, he published the first peer reviewed research on trust in digital currencies in the world in 2014.