Future Finance is a collaborative research project aiming to support mid-tier organisations and small to medium-sized businesses (SMEs) in the UK financial services sector to adopt innovative processes and products that improve accessibility of their services. Supporting the project, FinTech Wales, the independent membership association and champion of the fintech and financial services industry in Wales, has announced a new partnership with Future Finance.
The news was announced at FinTech Wales’ monthly Networking Breakfast event, hosted by Atamis. Exploring how the partnership will help Future Finance, FinTech Wales explained that it will deliver the project’s key initiatives through a series of events in Wales.
These events will serve to highlight the work Future Finance is doing across its three focus areas:
advice
lending
insurance
Jack Stanbury, senior project manager of Future Finance
The events will also offer financial institutions and small businesses interested in the research project a way to get involved. Furthermore, they will 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.”
Sarah Kocianski, CEO, FinTech Wales
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.”
Tackling SME challenges
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 including 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 £232billion to the UK economy, with the financial services sector being one of the key beneficiaries. Blockchain technology could save financial institutions £11-14billion annually by improving operational efficiencies and reducing fraud.
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