FinTech Wales, an independent membership association for fintechs in the country, has partnered with collaborative research project Future Finance to ‘drive financial innovation’.
Under the community partnership, the two organisations will collaborate to deliver Future Finance’s key initiatives through a series of tailored events in Wales. These events will highlight Future Finance’s work across its three main areas: advice, lending and insurance.
Additionally, the events will also provide opportunities for financial institutions and small businesses to get involved in the research project and offer a pathway for technology providers to connect with financial service organisations interested in adopting new technologies.
Future Finance is a research project created as part of the Next Generation Professional and Financial Services programme, led by Innovate UK and the Economic and Social Research Council (ESRC).
The project is designed to help mid-sized organisations and small to medium-sized enterprises (SMEs) in the UK financial services sector adopt innovative processes and products, seeking to support aims to make financial services more inclusive and enhance productivity.
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.”
The first technology insight report from Future Finance, titled “Financial Advice and Wealth Management,” was released a few weeks ago. This report identifies three key technologies – Generative AI, Analytical AI and blockchain – that have the potential to solve some of the most complex challenges currently faced by SMEs.
Sarah Kocianski, CEO of FinTech Wales, said: “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.”
As mentioned above, Future Finance is led by Innovate UK, an innovation agency, which provides money and support to organisations to make new products and services. Most recently, the agency awarded personalised investment firm Stratiphy a £1m grant to pursue responsible AI development.
