FinTech Wales and Future Finance, two prominent entities in the UK’s financial sector, have unveiled their collaboration.
On the other hand, Future Finance is a notable collaborative research project under the Next Generation Professional and Financial Services program, supported by Innovate UK and the Economic and Social Research Council (ESRC).
The purpose of this partnership is to propel financial inclusion and enhance service accessibility for mid-tier organisations and SMEs in the UK’s financial services sector. This collaboration aims to foster the adoption of innovative processes and products, thus boosting the productivity and operational capabilities of these businesses.
FinTech Wales functions primarily as an advocate and promoter for the FinTech community within Wales, facilitating networking, support, and the growth of the financial services industry. Future Finance focuses on research and development within the financial services sector, seeking to implement new technologies and methodologies that can address current challenges faced by businesses in advice, lending, and insurance.
The partnership will be actioned through a series of bespoke events across Wales, intended to showcase and roll out Future Finance’s key initiatives. These events will not only highlight the ongoing projects but also offer a platform for financial institutions and small businesses to engage with and benefit from the latest research and technology developments in the financial sector.
Future Finance recently published a technology insight report entitled ‘Financial Advice and Wealth Management,’ which sheds light on critical technologies like Generative AI, Analytical AI, and Blockchain. These technologies are poised to tackle complex issues within the sector and drive significant economic contributions, as highlighted by a PwC study from 2019.
FinTech Wales CEO Sarah Kocianski commented 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.”
Future Finance Senior Project Manager Jack Stanbury also expressed enthusiasm, “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.”
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