An update from Nicola Anderson on 2021
Happy new year and welcome 2021. With the continued lockdown and restrictions 2021 continues to throw a variety of challenges at us all, from all of us at FinTech Scotland we hope you’re all safe and well in what continues to be difficult times.
New Appointment for Growing Tax Specialists in Scotland
Access2Funding R&D Tax Specialists have announced the appointment of their new Regional Manager for the whole of Scotland, Suzy Carter. Suzy will be leading the team as they look to continue their impressive growth, with Research and Development technical claim writers and Business Development team in all four corners of the country.
2020 saw the launch of Access2Funding in Scotland, and since March last year Suzy, along with Taylor Franchetti and team, have achieved a return of over £3million for Scottish businesses, proving to be a lifeline for many through this trying financial time.
Heading into 2021, Suzy, whose finance background spans 25 years, is set to recover more hidden funds through the R&D tax credits scheme in a variety of sectors with her team, with plans to grow further in 2021.
Currently, the R&D specialists are recruiting for 14 vacancies throughout the company, along with announcing their appointment of Jemma Taylor as head of Alternative Products.
Access2Funding are looking to further support businesses through appropriate services and products and by garnering a valuable relationship with their clients.
Director and COO of the business Dawn Coker stated:
“We’re really proud to be supporting businesses across Scotland, and we are excited that Suzy has accepted the Regional Manager role. Together with her financial background, knowledge of R&D Tax Relief and her networks across the country, we are in the best position possible to assist even more growth in Scotland.”
As we navigate through another lockdown, Access2Funding are looking to help even more clients throughout the uncertainty. If your business has had to adapt as a result of the pandemic, or carry out development in products or processes, then a chat with one of their BDE’s is worthwhile.
Here is what Suzy’s client, Director Sandy Anderson of Edinburgh-based business Block 9 Architects, had to say:
“What a fantastic service! The Access2Funding team were outstanding, and we are due to receive way more than expected on our Research & Development claim. This is a huge help to the business in these times!”
This news comes alongside the announcement that Access2Funding returned over £23m to SMEs across the UK last year, and have more than doubled their national team since the start of 2020.
If you want to discuss R&D tax credits, Access2Funding are organising an event on the 4th of February at 5pm. You can register here.
0333 990 0125
Fintech Zumo appoints Chief Technology Officer
Tim Sabanov has been appointed as Zumo’s first chief technology officer to pilot its plans for new product launches in the coming year. Zumo, the digital wallet and payment platform, now looks to discover new ways of democratising financial services, such as a debit card that converts cryptocurrencies to traditional currencies.
Nick Jones, co-founder and CEO of Zumo, said:
“Tim is a leader in blockchain technologies of truly global stature, and his experience will take our products to the next level.”
“We are so excited for him to take up the role and can’t wait to bring his plans to market.”
Tim is one of the brightest minds in Fintech, with his experience not exclusive solely to financial technology, but also creative design agency and stint as Creative Director at Kontrast Marketing. Since joining the organisation in January 2020, he’s pioneered the development of Zumo App, ZumoKit Enterprise Solutions platform, and most recently, the Zumo Smartfolio.
Tim said:
“Zumo is leading the field in providing technologies that democratise access to financial services. What makes Zumo different, however, is the non-custodial approach it takes in its platforms, meaning that whether you are a business operating on the ZumoPay payments platform, or a consumer on the Zumo App, you are truly in charge of your own finances.
“We are just beginning to realise the potential use cases of blockchain technology which is why I am delighted to take up this post and help further Zumo’s mission to bring the benefits of smart money to everyone.”
Boosting FinTech innovation Across the UK
Proposals to grow fintech innovation opportunities and deliver positive economic outcomes throughout the UK
FinTech Scotland and FinTech Wales have released a report proposing increased Research and Innovation (R&I) to drive acceleration in fintech development across the UK, nationally and regionally to support growth and new jobs.
The report, entitled “Research and Innovation for UK FinTech” jointly authored by Gavin Powell and Johnny Mayo of FinTech Wales along with Nicola Anderson and Stephen Ingledew of FinTech Scotland sets out a number of key actions to build a longer-term Research & Innovation across the UK, including:
- Challenge led innovation programmes identified through collaborative national and regional exercises to develop ground-breaking propositions through a funded research pilot programme
- Mapping the longer term needs for FinTech R&I in partnership with established researchers to develop support through a long-term funding portfolio.
- The development of a FinTech Innovation Institute by collaboration of UK fintech regions to lead the steering and operation of a long-term funded portfolio.
- Regional fintech contributions that leverage the local strengths and connected networks to help drive economic growth and build greater resilience across the UK.
The proposed actions have been supported by contributions from experts across industry, regulators, research experts and academic organisations across the UK.
FinTech Scotland CEO Nicola Anderson said:
“We know from experience that fintech across the UK offers real potential for economic growth, future employment and greater financial inclusion.
“This paper proposes a suite of purposeful and collaborative actions that can achieve success through commitment and regional contributions. The paper is just the start and we’re looking forward to continuing this work with fellow fintech leadership colleagues and teams across the UK.”
Sarah Williams-Gardener FinTech Wales CEO said:
“This paper recommends a clear plan to secure a more prosperous future for FinTech through innovation and we need to act now to ensure that we can continue to grow in FinTech and not fall behind our international competitors.
“We must create an environment where opportunities to innovate ”“ and break through the crowd ”“ can be achieved. The importance to build back better post Covid19 is even more pressing. If we don’t commit to providing the right conditions now for our FinTech innovators, we will almost certainly lose out to our international competitors.”
Ian Campbell, then CEO of Innovate UK said:
“This paper demonstrates the imperative to act and to ensure the UK, as a whole, embraces Fintech innovation across the financial services sector and the broader economy; leveraging regional skills and expertise to execute a unified strategy and unleash the full potential of all nations and regions within the UK.”
Ron Kalifa OBE, and former CEO of Worldpay, who is leading the Governments fintech review said:
“We are delighted to see FinTech Scotland and FinTech Wales combining forces to propose a UK wide joined up approach to Fintech innovation. We all have a common goal to make UK Fintech resilient and prosperous on the global stage.”
Gerard Grech, founding chief executive of Tech Nation said:
“Fintech is a competitive strength for the UK and it’s terrific to see the regions looking to explore how a focus on innovation, and nationwide collaboration, can further increase UK fintech’s potential. This is exactly the kind of theme that the national connectivity stream I’m leading as part of the independent FinTech Strategic Review commissioned by the Treasury is seeking to build upon.”
“Undertaking this work has allowed us to create an independent perspective of innovation requirements and strategy. This is a much-needed tool for UK FinTech and action needs to be taken if we are to protect our position against growing competition from across the globe.“The need is ever more pressing as the world looks to innovate heavily in areas like FinTech to boost economic recover post Covid. This is about creating the right environment in the UK to generate plentiful opportunities and enable prosperity.”
In the summer of 2020, the complementary FinTech Strategic Review was launched and is expected to report its findings and recommendations to HM Treasury in Q1 of 2021.
You can download the long and summary versions below
AutoRek wins best insurance system in bobsguide Awards
Scottish fintech AutoRek was awarded ‘Best Insurance System’ in bobsguide awards for the second time.
The awards recognise the strength of tech updates and their impact on the client experience. Autorek went through several rounds of assessment. The judges looked at user and market engagement, as well as specific criteria for each individual award.
Michael McCaw, editor at bobsguide, commented
“During an incredibly difficult year for the insurance industry, many market participants looked to their tech partners to contribute additional value and certainty across various processes and functions. The judges were particularly impressed with the standards set by AutoRek throughout 2020, in making sure their clients were well-informed and had access to leading data management and reconciliation technology.”
Lyn Canavan, Head of Marketing at AutoRek commented
“We are proud to have won Best Insurance System with bobsguide for the second time. We have focused our efforts on innovating our Insurance solution over the past couple of years and this award recognises the hard work and dedication of the whole AutoRek team. We are continuing to expand our global Insurance client base and are confident that these clients will reap the benefits of our end-to-end automation tool.”
University of Strathclyde students undertake fintech summer projects
University of Strathclyde students on the MScs Actuarial Sciences and Quantitative Finance undertake a summer project as part of their MSc. Some projects are co-supervised by industry partners and are based on their business interests.
We are currently seeking ideas from industry for projects taking place in summer 2021.
Companies can be based in the UK or overseas. Companies participating in the scheme in previous years benefited not only from the direct project outputs but also from accessing talented students. This can be a route to recruitment and developing a closer relationship with the university.
The Students benefit from the exposure to business. They see the problems that industry are interested in and get experience working with business. This improves their employability upon completing their MSc.
Project subject matter is flexible. It needs to be quantitative in nature and relevant to the financial sector. Projects last 12 weeks from late May to late August. In view of the COVID-19 pandemic, all projects and associated meetings are undertaken remotely ”“ this worked very well in summer 2020. Industry supervision can be light touch or more intense, to suit the project and supervisor. No fees to students or to the University are involved.
Companies submit project ideas to the University and students select and apply for them. Industry Supervisors (remotely) interview students and select the best match. Students are also assigned an academic supervisor. The student’s project plan, final report and oral presentation are judged by both the academic and industrial supervisors.
For summer 2021 projects, ideas are invited from industry by 12 February 2021 using a short pro-forma.
For further information, or if you have any questions, please contact Ian Dwyer by email at ian.dwyer@strath.ac.uk
Diversity and Inclusion in Tech: It’s Time to Focus on More than the Optics
We’ve just completed some (admittedly superficial) digging into a few of the top tech companies’ adverts. They’re pretty diverse. Over the last couple of years, Apple’s feature 64% BAME actors, by rough calculations. Amazon’s have 78%. And Lenovo’s had a 50/50 split between the sexes.
By contrast, of Apple’s 11 board members, all are white and one is a woman. Last year, Amazon appointed the first person of colour to its 10-strong board. And Lenovo, well one of their board of 10 is female…
While big tech spends big money producing high-budget adverts with diverse optics, behind the scenes things are very different. A recent Girls Who Code report pointed out 50% of women leave tech by the age of 35. And the proportion of women working in tech is now smaller, at 32%, than it was in 1984, at 35%.
Tech companies are some of the most competitive and forward-thinking businesses out there. And various studies have shown that companies with above-average diversity perform better than their competitors. What’s the use in being so cutting edge if tech can’t capitalise on these gains?
So rather than focus on how diversity in tech looks to the public, how can we make diversity in tech a real tangible thing that can help businesses grow and thrive?
Get Better at Attracting Diversity
There are probably a hundred companies paying a similar salary to you. It’s your Value Proposition that sets your business apart from the crowd, particularly in tech.
With many tech positions in high demand, companies compete through their added benefits: good work culture, progression or mobility opportunities, the ability to learn new skills, and work/life balance.
But for many, it’s how inclusive and diverse their workplace is. Not something that can be bluffed with a couple of pictures of BAME people on an advert and some nice words. Companies need to BE inclusive to attract inclusive and diverse candidates. As employees talk (and write things online), you need to put measures in place like:
- a clearly-laid out inclusion plan,
- a spirit of inclusivity from senior management to the most junior employee,
- Inclusivity committees/groups
Get Better at Hiring Diversely
Unconscious bias naturally creeps into the recruitment process. A Yale University study found scientists of both sexes, “trained to be objective, were more likely to hire men, and consider them more competent than women, and pay them $4,000 more per year than women.”
A recent piece we wrote on Talent Maturity discussed the importance of a well-developed team. And if that’s beyond a company’s reach, how valuable an external recruiter who can help them reach a mature level can be.
And combating unconscious bias is one of the things an outside recruiter can help with, using various measures:
Clearly Laid Out Requirements
We call this Scoping at Solutions Driven. Sitting down with the hiring manager, figuring out their requirements and what success looks like. Employees are less likely to be hired on “gut feel” (another form of unconscious bias) and the brief is followed by both sides throughout.
It provides the basis of the candidate scorecard where we set down what’s important and rank each section. Perhaps a degree is desirable but experience is more important? That’s taken into account.
Blind Shortlisting
It’s difficult to hire blindly when you’re hiring for yourself. Recruitment companies regularly present candidates blindly, allowing businesses to judge them on their skills and experience, rather than their name or where they’re from.
Companies then get the best talent presented to them to final interview, without any outside factors influencing the decision.
Psychometric Testing
One of psychometric testing’s main aims is eliminating unconscious bias. Teams can focus on a candidates’ personality, attributes, and skills, rather than looking for similarities to themselves.
It can also be used on the existing workforce to determine what skills and attributes are needed on teams and help identify the right fit for each role. By saying “we need an analytical thinker” recruiters can add this into their requirements, and hone in on the “perfect match”.
Hiring the Right Candidates
All we’ve spoken about until now is getting the right people for your company. But what about if your company is right for the employee?
As part of our Recruitment Process Intelligence (RPI) at Solutions Driven, we employ the 6F methodology.
We look at fit, freedom, family, fulfilment, fortune, and family to determine whether an employee and a company will work well together and if reasonable adjustments can be made to get the perfect candidate onboard.
It’s an important part of the hiring process, because unhappy employees don’t stick around. And in tech, where the job market is competitive, you don’t want to waste time hiring someone who’s just going to leave.
To find out more about how your business could improve on its diversity and inclusion initiatives, and how to hire right, first time, get in touch with Nicki Paterson from Solutions Driven at npaterson@solutionsdriven.com.
Photo by Tim Mossholder from Pexels
Collaboration between Scottish fintechs FastP.A.Y.E and Inbest to support vulnerable employees
FastP.A.Y.E announced today that it has integrated Inbest benefits calculator to allow employees to make a benefits’ check within its flexible and ethical wage App.
This feature will allow employees in low-paid or insecure roles to learn about all the benefits and grants available to them before withdrawing income from their salaries. Employees will also be able to understand what they need to do to apply for their benefits and the organisations that can help them on their claims.
Ian Hogg, CEO of FastP.A.Y.E, said:
“As an ethical provider of salary advances, we recognise that a salary advance isn’t always the best option. Some may have outstanding benefits entitlement and in such circumstances we are delighted to be working with Inbest to guide employees to these benefits and avoid the need for an advance ”
Manu Peleteiro, CEO of Inbest, said:
“We believe that collaboration and specialisation are fundamental to reduce the amount of benefits unclaimed in the UK. We are delighted to work with FastPAYE to raise benefits’ awareness among employees on low-paid or insecure roles.”
Nicola Anderson, CEO at FinTech Scotland welcomed the initiative
“This collaboration between Inbest and FastP.A.Y.E continues to demonstrate the determination and focus from fintech innovators to find practical solutions that help support people facing financial vulnerability and address financial inclusion. Enabling easier ways for people to learn about potential benefit entitlements can offer an alternative to help maximise income and reduce longer term debt.”
FinTech Scotland confirms new Chief Executive as it reaches its third anniversary with continued growth of the fintech SME community
FinTech Scotland, the cluster leadership body, has confirmed the appointment of Nicola Anderson as the new chief executive officer
Nicola has been on secondment from the FCA for two years and most recently been the interim chief executive when Stephen Ingledew stepped into a new
position of Executive Chair in November 2020
Prior to joining FinTech Scotland on secondment in October 2018, Nicola was a senior regulator at the Financial Conduct Authority (FCA). Nicola also brings experience from working for small enterprises and larger institutions, with a focus on customer experience and operational change.
FinTech Scotland announcement comes as it reaches its third anniversary and the continued growth of the fintech SME community over the last twelve months by 31 firms to a total of 150 firms
Over the three years since FinTech Scotland was formed in January 2018, the innovative fintech SME community had grown from 26 firms to 150 firms today.
The growing strength and breadth of the fintech community and cluster has been accelerated over the past twelve months with additional milestone achievements for the FinTech Scotland cluster, including;
- Continued investment funding in Scottish fintech SME’s and on a par with 2019 levels
- Being the first UK fintech body to be recognised for cluster management excellence recognition by the European Cluster Accreditation Body.
- In collaboration with the University of Edinburgh, securing Innovate UK multi-million funding for the Global Open Finance Centre of Excellence, to enable research and innovation through financial data, another first for the UK
- Founding member of a Europe wide fintech hubs collaboration group involving sixteen fintech centres across the continent to support international inward investment and exports
These milestones and the growing number of fintech SME’s along with the breath of global strategic partners supporting FinTech Scotland, continue to demonstrate the innovative, collaborative and inclusive impact of the fintech cluster.
Executive Chair of FinTech Scotland, Stephen Ingledew said:
“I’m delighted Nicola has accepted the role of chief executive and is deserved recognition of her valuable contribution since joining the team. I would like to thank the FCA for their ongoing collaboration through over the last two years. I am looking forward to supporting Nicola take Fintech Scotland on to the new stage of its exciting journey”
Commenting on her appointment Nicola Anderson said:
“I’m absolutely delighted to be appointed into this role and for the opportunity to further the great work already achieved by FinTech Scotland. Joining the team has reinforced my passion for entrepreneurial innovation and how it can benefit citizens and the economy. I’m very much looking forward to championing the fintech community and cluster through innovation, collaboration and inclusiveness.”