Centre for Finance, Innovation and Technology (CFIT)’s Post

We were delighted to be involved in the Centre for Finance, Innovation and Technology (CFIT) Open Finance coalition, working with other financial institutions and tech companies to explore the substantial benefits Open Finance can bring, such as improved financial control and access to lending for SMEs and consumers, setting global fintech standards, and supporting the UK's Smart Data economy goals. The outcome of this work is a Blueprint Report, which provides a strategy for the future of Open Finance and sets out a series of recommendations for the potential growth it can provide for the sector. This Blueprint Report is a culmination of hard work and collaboration with over 60 coalition partners, including industry giants such as; Citizens Advice Experian EY, Financial Conduct Authority, FDATA Europe, HSBC, IBM, iwoca, KPMG UK, Lloyds Banking Group, Mastercard, Monzo Bank and Revolut Learn more about the recommendations for the future here: https://hubs.ly/Q02mSFGQ0 Bim Afolami MP Stephen Ingledew OBE Charlotte Crosswell OBE Ezechi Britton MBE Janine Hirt Andrew Reiskind Jasjyot Singh OBE Christoph Rieche Roberto Napolitano, MBA Adam Jackson #cfitinnovation #fintechinnovation #ukfintechforward #openfinancecoalition

Did you know that SMEs drive 50% of the UK's private sector turnover and 61% of its employment? Yet, in recent years, these vital enterprises have faced significant growth challenges and financial hurdles. Last week, we announced the launch of the exciting second phase of our industry-wide coalition, ‘Proofs of Concept’. This initiative builds on our Open Finance Blueprint Report's recommendations from earlier this year, bringing together top SME lenders, including Barclays, HSBC, IBM, and CRIF, as well as retail banks, credit agencies, and fintech firms. Our goal? To enhance access to finance for SMEs across the UK, making it quicker and more efficient than ever. Swipe to dive deeper into our transformative strategies and discover how we empower SMEs to thrive in a dynamic economic landscape 👉 #OpenFinance

Innovate Finance and KPMG are delighted to launch The Roadmap to Open Finance in the UK 📄 Open Finance - data portability within and across financial services, with the consumer in charge of their data, could be one of the most transformative innovations in financial services. New solutions could: 🤝Incorporate real time financing embedded at the point of sale 📚Democratise financial advice 💨Streamline lending and offer more holistic money management To develop this innovation, data-driven services across datasets held in different financial service sectors must be unlocked, enabling new use cases and innovative services and products that benefit households and small businesses. The UK has started the journey. Open banking and the pension dashboard are the first stages of open finance. Where should we go next, and what does the route to smart data in all financial services look like? We need a roadmap for open finance, setting out the journey to data sharing; in and across all financial services. The paper: 🛣️Summarises where we are starting the journey: what has already been achieved or is underway 📍Identifies a set of scenarios or route options for the roadmap 🏗️Identifies some of the common infrastructure needed for any journey option ⚙️Provides a framework for deciding on the UK’s route to open finance - identifying the trade-offs involved in different approaches and how data sets and use cases can be prioritised We want a conversation across FinTech, BigTech, policymakers and government on the next steps in advancing open finance. See link to the report 👉https://hubs.ly/Q02sJfv70 Let us know what you think❓ #InnovateFinance #OpenFinance #OpenFinanceRoadmap #FinTech #SmartData #OpenBanking #UKFinTech #VoiceOfUKFinTech #UKFinTech Ellie Hewitt Peter Harmston Connor Clark Janine Hirt Adam Jackson

Revolutionizing SME Lending: The Power of Data-Driven Finance I'm thrilled to share our journey in transforming Australia's SME lending landscape. By leveraging advanced data analytics, we've not only streamlined the lending process but also significantly reduced default rates - 40% below industry standards. Our rapid growth - serving over 5,000 SMEs with a $500M+ AUD loan portfolio - demonstrates the critical need for innovative financial solutions in today's fast-paced business environment. I'm eager to connect with fellow fintech leaders and investors interested in the future of SME financing, particularly those exploring opportunities in the Asia-Pacific region. How do you see data-driven approaches shaping the future of lending? Let's discuss. #FinTech #SMELending #DataDrivenFinance #AustralianBusiness

Our Chief Revenue Officer, Chris Little, explores the advantages of a digital savings ecosystem with UK Finance. The savings technology landscape is rapidly evolving, with new tools connecting providers to modern, cost-effective infrastructure. Aggregators are offering savers convenience and choice, but also challenge banks to upgrade their tech to stay competitive. Embracing these changes is crucial for success in the digital savings landscape. 🌐💡 Read the full article with UK Finance: https://lnkd.in/eqsgpJ6V #savingsolutions #TechForFinance #SmartSavings #TechInBanking  #SavingsTechnology

Last week, we launched an impactful seven-point action plan to enhance funding access for the UK's 5.5 million SMEs. These enterprises employ 60% of the private-sector workforce and drive over 50% of UK economic turnover.   Read more on FF News | Fintech Finance👇 https://lnkd.in/esJnzxDb   📄 Follow the link below to read the SME Finance Taskforce Report here: https://lnkd.in/emPSaaCp    #UKFintech #SmartData #SMEGrowth #SMEFinance #CFIT 

We are pleased to announce that the SME Finance taskforce ‘Smart Data: improving SME lending to drive economic growth’ report, a project we proudly contributed to, is now live! This report, a collaborative effort led by the Centre for Finance, Innovation and Technology (CFIT) with leading banks, fintech, and industry experts, aims to empower #SMEs and drive economic growth. Each recommendation will help combat key challenges small businesses face, ensuring they receive the support and resources needed to succeed. 🔍 Dive into the full report here to discover how these initiatives can transform the financial landscape for UK SMEs and contribute to a stronger economy: https://lnkd.in/ekvN9mpS #UKFintech #SmartData #SMEGrowth #SMEFinance

Digital transformation has become a priority area for micro, small, and medium enterprises (MSMEs) in the Philippines, owing to the need to thrive in a more dynamic business landscape. With GCash—the country’s leading finance super app and cashless ecosystem—standing as the sector's key partner in driving growth, MSMEs can stay competitive in today's digital economy. #insurance #banking #bonds #stockmarket #stocks #realestate #finance #Business #Corporate #Corporation #Entrepreneur #Philippines #Financial #Invest #Investment #investingtips

At today’s EnterpriseAM Finance Forum, Walid Hassouna, CEO of Valu, explored the pivotal role of Non-Banking Financial Institutions (NBFIs), particularly within the realms of consumer finance, Buy Now Pay Later (BNPL), and fintech. During an insightful panel discussion, he drew parallels with global peers and examined their influence on local market models. Walid also highlighted how Valu effectively serves a diverse customer base, providing valuable insights into non-performing loans (NPLs), risk assessments, credit scoring, and more. Additionally, he discussed how inflation impacts market dynamics and product offerings, emphasizing the need for adaptability in pricing strategies and tenure lengths. By shortening tenures, Valu has encouraged consumers to engage more readily, even in the face of rising costs. Furthermore, Valu has invested considerable effort into establishing itself as a versatile payment method rather than being perceived solely as a BNPL provider. The goal is to empower consumers to feel encouraged to use Valu anytime and anywhere. This engaging dialogue underscored the evolving landscape of finance and the innovative strategies that drive success in today’s economy.

We were delighted to be involved in the Centre for Finance, Innovation and Technology (CFIT)’s Open Finance coalition, working with other financial institutions and tech companies to explore the substantial benefits Open Finance can bring, such as improved financial control and access to lending for SMEs and consumers, setting global fintech standards, and supporting the UK's Smart Data economy goals. The outcome of this work is a Blueprint Report, which provides a strategy for the future of Open Finance and sets out a series of recommendations for the potential growth it can provide for the sector. Learn more about our recommendations for the future here: https://bit.ly/3OYPmca Citizens Advice Experian EY the Financial Conduct Authority Financial Data Exchange HSBC IBM iwoca KPMG UK Lloyds Banking Group Mastercard Monzo Bank Revolut #cfitinnovation #fintechinnovation #ukfintechforward #openfinancecoalition