FinTech ScotlandDec 05, 2022
How Open Finance is revolutionising lending
Lending money is a process that has long been around and for many years it was left undisrupted. People are very familiar now with credit scores and the idea that to get credit you need credit.
New solutions and technologies are coming to disrupt this market to make financial products more accessible to a greater number of people.
In this episode we’ll look at how Open Finance is changing the status quo and look at some fantastic examples of fintech innovation.
We’ll also look at how credit bureaus are adapting and partnering with fintechs to evolve their own models.
Robert McKechnie – Head of Products at Equifax
Crawford Taylor – CEO and Founder at Nude
By Now Pay Later 2.0, what it means for fintechs and financial services providers
By Now Pay Later is not something new. Offline, it’s a process that goes back several decades. Online we’ve started to see offers develop in the last 10 years with a real acceleration powered by fintech innovation in the last 5 years.
In the UK this market represents $27Bn and is expected to reach $55Bn by 2028 according to Payments Cards and Mobile.
Recently we’ve started to witness the appearance of what’s called BNPL 2.0.
According to CU today 61% of BNPL users would rather use a BNPL service offered directly from the merchant they’re buying from than go through a third party.
In this episode we’ll be speaking about BNPL2.0 and wonder if this is in fact the future, its advantages and pitfalls
Geordie Laing – Head of Partnerships at Zing Cover
Thomas Bull – Partner at EY and Head of Fintech Growth
Fintechs and DORA, everything you need to know!
On November 10th, 2022, the Digital Operational Resilience Act (DORA) was approved by the EU.
It is designed to standardise IT risk requirements in the financial sector to ensure that all participants of the financial system are subject to a common set of.
Amongst other things it introduces an oversight framework for critical third-party providers.
In this podcast we will discuss how this new EU regulation can impact fintech firms that are very often providing 3rd party services to established financial firms.
Yvonne Dunn, Partner at Pinsent Masons
Wayne Scott, Regulatory Compliance Solutions Lead at NCC
Jamie Graves, technical advisor on the TrueDeploy project
UK Fintech Week special - a chat on synthetic data with Smart Data Foundry
In this special episode with speak with David Tracy, Head of Data Science, at Smart Data Foundry on the week they presented their new Aisle proposition at Innovate Finance Global Summit.
What is synthetic data is? How is it different from real-world data?
We'll explore how it will speed up innovation and collaboration in the fintech world, what the risks and benefits are and much more.
David will also speak to us about the work they've done with the FCA and the PSR to tackle APP fraud using Agent Based Simulation.
Scaling Up - improving Resilience
Scaling up a fintech business is a crucial part of a company’s life, moving from launching and validating a proposition to growing, onboarding clients and driving revenue. At that stage companies will focus on marketing, sales, recruitment which are all important considerations. It is however paramount to also look at resilience to protect customers/clients, adhere to new regulation, be investor ready and navigate procurement better and faster.
In this podcast we will explore what being resilient mean. We’ll cover cyber resilience of course but will go much wider and look at how to build a solid and future proof business.
Wayne Scott – Regulatory Compliance Solutions Lead
David Lanc – Founder and CEO at Ionburst
Consumer Duty and fintech innovation
In July 2022, the FCA published its Consumer Duty. Regulated firms need to implement the new rules by the end of July 2023 for open products and July 2024 for closed books of business.
Firms will need to review their products, communications and customer journey.
It will impact most areas in those organisations such as governance, reporting, product design, pricing, distribution, servicing and staff training.
In this podcast we will review the key principles, ask ourselves what the impact on both established firms and fintechs is as well as exploring innovative technologies that can help adhere to those new rules.
Venetia Jackson – Senior Associate at Pinsent Masons
Joseph Twigg – Founder and CEO at Aveni
Chris Ansara – Founder and CEO at docStribute
Fintech and payroll, disrupting how people get paid
When thinking about payroll generally most people would assume that it is something that works well. You work, you get paid. However, payroll is being disrupted like never before.
According to software company Intuit, one in four workers say they have had paycheque errors. And cloud company Kronos found almost half of workers who have had two or more paycheque errors will look for a new job.
Society is changing fast (even more so after COVID). In this podcast we’ll explore how those changes are impacting the way people work, get paid, pay taxes and how new fintech solutions are developing to make this possible.
Ian Hogg – Chairman of The Work Tech Group that owns fastPAYE
Hayley Strachan - Director - Global Employer Services at Deloitte
Richard Tooth - Tax & Legal consultant at Deloitte LLP
Eira Hammond - Executive Director Global Payroll at Hi55 Ventures
Carbon Markets: How can fintech avoid green washing?
The FinTech Scotland Research and Innovation Roadmap highlighted the growing focus on climate considerations for the financial services sector.
Whilst this is in part driven by consumers, demanding better transparency for the products they invest in, this is the launch of new regulations that is accelerating the move to a more sustainable financial sector.
Financial services providers are facing growing challenges around ESG reporting due to the difficulties around the availability of trustworthy data. This has led to mounting concerns around greenwashing.
In a bid to clamp down on greenwashing, the Financial Conduct Authority (FCA) is proposing a package of new measures including investment product sustainability labels and restrictions on how terms like ‘ESG’, ‘green’ or ‘sustainable’ can be used.
In this podcast we discuss how to best avoid greenwashing moving forward.
Colin Carmichael – Sustainability Director at PwC
Jules Salmond – Founder at Ciendos
Matthew Brander - Senior Lecturer in Carbon Accounting at The University of Edinburgh Business School
Mistakes to avoid when scaling a fintech
What makes a start-up different is its size, allowing it to be more nimble, faster and more agile which in turns allows for faster innovation. As it grows, employs more people, develops new operating models and uses more technologies, the danger is slowing down, increasing costs to deliver and less innovation.
In this podcast we learn amount those mistakes and pitfalls scaling fintechs can avoid. What are things to think about and when should you start planning?
James Varga – CEO and Founder at DirectID
David Spencer - Head of Analytics Sales, Merkle UK
Fintech and space: Innovation examples
The Scottish space sector has developed to be one of the largest in Europe. This industry, thanks to technology advances, can generate an incredible amount of data, from climate data to supply chain data, and much more.,
The fintech sector in Scotland is developing rapidly alongside an already very well-established financial sector. As new innovative solutions require more and more data, we’ve turned to the sky to understand how earth observation type data can help leverage the fintech opportunity.
Christophe Christiaen - the Data, Innovation and Impact Lead within the Oxford Sustainable Finance Group
Robin Sampson – CEO and founder at Trade In Space
Fintech and Space
As we transition to a more sustainable future, data, technology and innovation will help to drive and accelerate the insights, products and services to enable the changes needed.
Earth Observation Data can enable new innovations that can help to advance financial inclusion, incentivise better climate related behaviours, and support the net zero agenda.
Scotland has built significant experience in Space Tech and Space Data. Combined with the strength in FinTech innovation, this offers a substantial opportunity for future FinTech innovation and research.
We can accelerate change through greater collaboration across Space and FinTech. This starts with building an understanding of current capabilities, in both space and fintech innovation.
FinTech Scotland and Space Scotland are working closely together to bring our ecosystems together to share learnings & explore the challenges in the financial services sector that innovation could address, shaping more sustainable finance, and building confidence in future investments
Host: Mickael Paris – Marketing Director at FinTech Scotland
Peter Young - CEO at Global Surface Intelligence & co-founder of the Scottish Space Leadership Council
Kirsty McKenna – Innovation programme Manager at FinTech Scotland
Hiring strategies for fintechs
Fintech firms around the world are becoming more and more vocal about how difficult they find it to hire new colleagues. Whether it is the skills gap or the increase in salary levels, start-ups and scales-ups are not always best equipped to compete in a global and highly competitive market.
At the same time, many fintechs from around the world have and are still choosing Scotland to expand, finding it easier and sometime cheaper to recruit. So, is Scotland still attractive from a job market perspective?
In this podcast episode we’ll discuss how Scotland is positioned now the job market is really global in a post-pandemic world. We’ll also try to understand how Scotland is getting ready to face the growing tech talent demand. Finally, we’ll discuss strategies fintech companies can put in place to become attractive and retain talent.
Pardeep Cassells – Head of Securities and Claims Products at Access Fintech
Justin Black – Business Director at Hays Technology Scotland
Killian McAlesse - Marketing Director at CodeClan
Marina Brizar - UK & Europe Director at Talent Beyond Boundaries
RegTech, why now is the time to start caring
Financial Regulation Innovation (RegTech) was highlighted in the FinTech Scotland Research and Innovation roadmap published in March 2022 as an essential area of focus for the financial sector.
Understanding and managing regulatory requirements costs financial institutions millions of pounds every year. As regulation evolves all the time to protect consumers, so do new tools and technologies. In recent years new solutions have emerged to help companies reduce cost, better understand requirements, and meet their reporting obligations. Open Banking, AI, Machine Learning and many more technologies have led to increased innovation.
In this podcast we will discuss what RegTech means, adoption within the financial sector and why now is the time for financial firms to consider and explore innovation around financial regulation. This podcast will also be an opportunity to promote the upcoming fintech table event during Scotland FinTech festival.
Yvonne Dunn – Partner at Pinsent masons
Callum Murray – Founder and CEO at Amiqus
A conversation about art and NFT with Trevor Jones
Digital currencies are changing everything and not just the way we deal with money. However, it’s not just about coins anymore. Today, in the episode we’re speaking about how it’s affecting one of the oldest disciplines in the world. Art. And just like appetite for cryptocurrencies is going up and down (down at the minute) so might NFTs. However, one thing is for sure is that they are here to stay.
On this episode we welcome on of the top 10 NFT artists in the world according to most NFT specialists, Trevor Jones Trevor is Canadian but has chosen bonny Scotland to establish himself and his art. With him we’ll discuss his incredible story and his vision on this new world.
This podcast will also be an opportunity to showcase the Stirling Castle Party.
The role of fintech in fighting the cost-of-living crisis
According to the Office for National Statistics, 87% of adults in the UK reported an increase in their cost of living in April 2022.
The Office for Budget Responsibility expects household incomes after tax and adjusted for inflation to start falling in Q2 2022 and not recover until Q3 2024.Since Russia invaded Ukraine, economic forecasters have raised their expectations for consumer price inflation, not just in the near term but that it will be higher for longer.On 5 May, the Bank of England forecasted inflation to peak “at slightly over 10% in 2022 Q4, which would be the highest rate since 1982”.
In this podcast we ask ourselves what the financial sector can do to help people and businesses. How can collaboration between fintechs, established firms and support organisation can improve outcomes for individuals and companies
This podcast will also be an opportunity to announce the launch of the fintech innovation labs at TSB.Participants
Sharon MacPherson – CEO at Scotcash
Jason Wilkinson Brown - Head of Partnerships & Open Banking at TSB
Iain Niblock – Head of Product at ClearScore
Fintech Innovation - the need for collaboration
Whilst the fintech movement often makes headlines with those firms that are trying to replace traditional financial institutions, there are many more fintech firms out there trying to work, collaborate or sell to those incumbents to help them deliver better outcomes to their customers.
In this podcast we discuss the opportunities for increased collaboration and some of the challenges? Has the pandemic changed the state of play and what are the solutions to accelerate fintech adoption by historical brands?
This podcast will also be an opportunity to announce the launch of the fintech innovation forum at Phoenix.
Josif Grace – CEO at Legado
Kevin Spence – Director Financial Services, Scotland & Client Partner
Andy Young – Group Head of Digital & UX at Phoenix Group
The FinTech Research and Innovation Roadmap
In March 2022, FinTech Scotland released its 10-year Fintech Research & Innovation Roadmap for the UK.
In collaboration with leading universities, large financial institutions, fintech businesses, citizens, industry experts and senior officials this report explores the opportunities that will help the UK maintain its fintech leadership globally.
In this episode we explore what this roadmap means for Scotland and what the next steps are to deliver on the roadmap recommendations.
Episode 11 - Fintechs empowering SMEs
The fintech movement hasn’t just disrupted the way customers and citizen deal with money and access financial products or large financial institutions digitise themselves. Fintech is transforming how SMEs work and organise themselves.
In this episode we’ll explore how fintech is transforming SMEs. We’ll discuss adoption rates, opportunities and challenges faced by fintechs trying to sell their solutions to SMEs. Can collaboration with trusted financial institution be the solution to mass adoption. We’ll also look at ahead and explore future trends.
Anthony Persse – CEO at Optimum Finance
Lynne Darcey Quigley – CEO and Founder of Know-it
Derek Smith – Head of Digital Solutions at Virgin Money
Episode 10 - Customer Experience and Fintech
The Digital Banking Report Research by The Financial Brand shows that Customer Experience is the number 2 priority (just after digital transformation) for financial institution around the globe.
New entrants and changing customer expectations have fuelled this need for a greater focus on customer led design. COVID-19 has accelerated this trend by requiring companies to adapt to a fully digital world with no branches for customers to go to and the need to make customer support more efficient for staff working from home.
In this new episode we’ll explore why the focus on CX is so important; if new innovative firms still have the edge on their incumbent counterparts and what future trends we need to watch out for.Participants
Andrew Duncan – CEO of fintech SOAR
Chris Speed – Professor of Design Informatics at the University of Edinburgh
Lotta Lindstrand - Senior CRO Analyst at Merkle EMEA
Episode 9 - fintechs and cybersecurity
In this podcast we’ll discuss the issue with cybersecurity experts. What are the current threats and those to watch out for in the next few years? What are the new solutions being developed by innovative firms to fight those threats?
We’ll ask ourselves if fintech firms, that are introducing new technologies and solutions to the financial services sector, are well prepared to face cyberthreats.
Episode 8 - Women Driving Fintech
Saying that women are under-represented in fintech is an understatement. According to a 2018 LendIt survey, only 37 per cent of fintech employees are female, with representation dropping to just 19 per cent at C-suite level.
There are however some great success stories. Anne Boden, CEO at Starling Bank or closer to home Jude Cook, CEO and co-founder at ShareIn, Loral and Eishel Quinn at Sustainably and with us today Ana Galitsyna co-founder at fintech Baby Ready.
Whilst not being the majority, they are role models of leadership and real examples of what the “women difference” means in terms of entrepreneurship.
If fintech had a gender it would probably be female (in French it is “une fintech”), a movement destined to change the financial sector as we know it. Fintech is about democratisation, it is about better outcome for citizens and companies, empathy for customer problems and about inclusion; qualities that females have in abondance and are using to develop new innovative businesses.
In this episode we are joined by:
Ana Galitsyna - Co-founder at fintech Baby Ready
Yvonne Dunn – Partner at Pinsent Masons
Sarah Ronald – Founder at Nile HQ and investor at ParEquity
Episode 7 - Fintech to fight climate change
With COP26 taking place in Glasgow later this year, there is a real focus on the climate change issue. As all participating countries are asked to submit their new long-term goals to address the global climate emergency, we are asking ourselves today how fintech can participate in this global movement.
The United Nations, in their Principles for Responsible Banking, have recognised Financial Services as one of the components that will help tackle climate change.
Fintech, as a movement, is already trying to tackle economic and societal issues such as financial inclusion, better financial outcomes, better money management tools, etc. Can it also provide new innovative solution to combat climate change?
With our distinguished guests we’ll explore the role fintech can and ought to play in the race to save the planet. Will touch on some themes such as ESG, digital currencies and much more
Daniel Broby – Director at the Centre for Financial Regulation and Innovation at Strathclyde Business School
Zee West – Co-founder at Picnic Bank
Natalie Jackson - Consultant at the Global Ethical Finance Initiative
Episode 6 - fintech, a force for good?
Episode 5 - Innovations in the world of payments
The world of payment is being disrupted like never before, accelerated, in part, by the recent economic and societal changed imposed by COVID19.
Contactless payments, rise in online transactions coupled with increased concerns around fraud and cybersecurity mean that the sector is undergoing some unprecedented changes.
In this episode we explore what those changes mean in terms of innovation and from a regulation perspective with 3 fantastic guests:
Genevieve Marjoribanks, Head of Policy and ExCo member at Payment Systems Regulator
Myles Stephenson, Chief Executive at Modulr
Brian Coburn, CEO at Br-dge
Episode 4 - Cryptocurrency, towards global adoption?
Cryptocurrencies are regularly featured in the press. Sometimes it’s about Bitcoin reaching a new high, sometimes about a new ICO launching. More recently we learnt that tech giant Elon Musk had bought into the digital currency movement.
There have been many debates since Bitcoin launched in 2008. There are those who believe crypto is just a temporary craze and those who believe it’s the future of money.
With global tech giants launching their own coins and new crypto reaching new highs, we discussed whether now was the start of global crypto adoption.
For our fourth podcast we’re bringing industry experts together to discuss the topic and listen to their views on the future of cryptocurrency.
Temple Melvillle, Director at The Scotcoin Project
Nick Jones, CEO and co-founder at Zumo
Zion Schum, Founder and CEO at Leutheria
Episode 3 - AI and fintech applications
Episode 2 - The Future of Wealthtech
In this episode we welcomed:
-Chris Turnbull, CEO at Airfunders
-Ross Laurie, CEO at Visible Capital
-Iain Niblock the newly appointed CEO at Money Dashboard.
We spoke about new innovations impacting the world of Wealthtech from Open Banking to AI.
The conversation also took us to Open Finance as a natural and needed evolution of Open Banking and what it means for the future of digital financial advice and guidance.
Finally we asked ourselves whether people would ever move to full robots advice solutions or if they'd always value the human interaction.
Episode 1 - Fintech in Scotland
An introduction to the fintech sector in Scotland with:
-Nicola Anderson, CEO at FinTech Scotland
-Kent MacKenzie, Partner and Global Head of Fintech & Regtech, Advisory Services at Deloitte
-Alberto Macciani, CMO at fintech Paysend
Together our guests covered what makes Scotland a great place for innovation generally and for fintech more specifically. The recent UK Fintech Sector Review commissioned by the UK Treasure highlights Scotland as the second UK fintech hub in number of firms. We explore the strength of a nation whilst discussing areas of improvement and what's in train for FinTech Scotland in the coming years.
Welcome to FinTech Scotland's podcast
FinTech Scotland's CEO, Nicola Anderson, welcomes you to our new podcast and tell you about all the great things we'll be discussing.