FinTech Wales, the independent membership association and champion of the FinTech and Financial Services industry in Wales, has today announced a new community partnership with Future Finance at its monthly Networking Breakfast event, hosted by Atamis.
Future Finance is a collaborative research project, part of the Next Generation Professional and Financial Services programme delivered by Innovate UK and ESRC (Economic and Social Research Council). The project aims to support mid-tier organisations and SMEs in the UK financial services sector to adopt innovative processes and products that improve the accessibility of services and boost the productivity of their business.
As part of the community partnership, the two organisations will work together to deliver Future Finance’s key initiatives through a series of bespoke events in Wales. These events will serve to highlight the work Future Finance is doing across its three focus areas: advice, lending and insurance. They will also offer financial institutions and small businesses interested in the research project a way to get involved, and provide a route for technology providers to engage with financial service organisations looking to implement new tech.
Jack Stanbury, Senior Project Manager of Future Finance, said: “Partnering with Fintech Wales has given us a great opportunity to engage with the wider financial services ecosystem in Wales and support the community to build really valuable connections that can support the overall growth of the sector. What’s more is that we hope to be able to provide insights from our research that will support the development of new products that effectively meet the needs of underserved communities.”
Future Finance has released its first technology insight report, titled ‘Financial Advice and Wealth Management’. This report identifies three key technologies that have the potential to address some of the most intricate challenges small and medium-sized firms currently face: Generative AI, Analytical AI, and Blockchain.
In a 2019 study carried out by PwC, AI is projected to contribute substantially to the UK economy. By 2030, AI could add up to £232 billion to the UK economy, with the financial services sector being one of the key beneficiaries. Blockchain technology could save financial institutions £11-14 billion annually by improving operational efficiencies and reducing fraud.
Sarah Kocianski, CEO of FinTech Wales, said on the collaboration, “We are delighted to be working with Future Finance. The technologies identified in our partner’s report are used by many of our members and have the potential to transform financial services. This project will expand the use and reach of fintech for the benefit of the businesses using it, the fintech providers and, most importantly, end customers.”
