FinTech Wales, the Welsh financial technology and services industry, has partnered with Future Finance to help UK SMEs make use of innovative processes and products that boost their productivity and make their services more accessible.
Unveiled at the monthly Networking Breakfast event hosted by Atamis, the community partnership aims to foster financial innovation among SMEs in the UK financial services space.
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Future Finance, a collaborative research project under the Next Generation Professional and Financial Services programme, is supported by Innovate UK and the Economic and Social Research Council (ESRC).
This partnership will facilitate the delivery of key initiatives through custom events in Wales. These events are designed to showcase Future Finance’s work in its three main areas – advice, lending, and insurance.
The events will provide a platform for financial institutions and SMEs to engage with the project and for technology providers to connect with financial service organisations looking to implement new technologies.
FinTech Wales CEO Sarah Kocianski 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.
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By GlobalData“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.”
Future Finance’s initial technology insight report, ‘Financial Advice and Wealth Management’, identifies three pivotal technologies poised to tackle challenges faced by SMEs: generative AI, analytical AI, and blockchain.
According to a 2019 PwC study, AI could contribute up to £232bn to the UK economy by 2030, with the financial services sector standing to gain significantly.
Blockchain technology could also yield annual savings of £11bn to £14bn for financial institutions by enhancing operational efficiencies and reducing fraud.
FinTech Wales CEO Sarah Kocianski 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.”
Future Finance senior project manager Jack Stanbury 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.”
