Is the Autumn Budget Ready to Invest in Fintech?

1. Rachel Reeves’ debut Autumn Budget 2024 is promoting lenders to adopt AI and advanced technologies by emphasizing innovation and providing practical support.

2. We are eagerly awaiting the forthcoming AI Opportunities Action Plan that will outline a roadmap to capture the opportunities of AI; to enhance growth and productivity and better deliver services for the public.

3. Accessibility of Public data set to be improved through the National Data Library, enabling lenders to refine credit scoring and fraud detection.

4. These proactive measures equip lenders like you to enhance decision-making, streamline operations, and stay competitive in a technology-driven market.

WHAT THE TOP BRASS ARE SAYING

REEVES HIGHLIGHTS PLANS IN MANSION HOUSE SPEECH

"In the Spring, we will publish the first ever Financial Services Growth and Competitiveness Strategy. This will give the financial services sector the confidence it needs to invest. Financial services is one of the eight growth sectors in our modern industrial strategy, recognising that, just as in other parts of the economy, we must constantly work to remove barriers to growth and investment."

-Rachel Reeves, Chancellor of the Exchequer

1. Following the budget, Reeves' Mansion House speech tied everything together, further cementing her focus on financial services for economic growth.

2. Reeves touched on the National Payments Vision', focusing on decisive action to progress open banking and support our fintech businesses

3. Among the ‘five priority growth opportunities' that she set out; ‘fintech’ and ‘sustainable finance’ underscores the growing demand for for our services, paving the way for greater adoption.

4. Reeves' fintech focus boosts AI in financial services with IT expensing, EIS/VCT extensions, and R&D tax reforms, aiding start-ups in cost reduction and growth.

PRIME MINISTER'S SPEECH ON THE GOVERNMENT'S PLAN FOR CHANGE

For a state that is more dynamic...More decisive…More innovative…Less hostile to devolution and letting things go…Creative - on the deployment of technology…Harnessing its power to rethink services…Rather than replicate the status quo in digital form. Artificial intelligence is particularly crucial here… An unprecedented opportunity for this country…

- Keir Starmer, Prime Minister

WHAT'S NEW WITH RevEL?

UPGRADED VALIDATIONS ENGINE

• We have upgraded our validations bucket with expanded 4C checks (correctness, consistency, completeness, compliance) for improved data accuracy.

• Flexible rule configuration has been enabled to reduce underwriter processing times and enhance model accuracy through automated checks.

• We have already achieved a 40% reduction in processing time and improved data analysis quality for a prominent Buy-to-Let Lender client.

NEW PRECONFIGURED JOURNEY

• This is an alternative to the existing API journey, that offers a simplified process for testing and product demos without needing prior integrations.

• You will be able to upload and analyze loan documents using advanced models (Classification, Instance Classification, Extraction) without relying on in-house integration.

• This journey is ideal for those transitioning from API or looking for a straightforward way to explore our product features.

KEY TRENDS WITH AI

   AI ADOPTION BY FINANCIAL INSTITUTIONS

TOP AI USE CASES

A MESSAGE FROM THE FOUNDER

At Digilytics, our commitment to drive ease of lending remains our top priority. And with the Governor of the BoE calling out AI as a general-purpose technology like the steam engine and electricity,  and the new government driving home building acceleration, it is certainly an exciting time to provision our technology to the lending sector. Over the past quarter, we’ve enhanced our platform significantly. We are excited to roll out new functionality designed to meet the rapidly maturing affordability needs of secured lending and the increasing adoption of AI-enabled tools. Thank you again for your trust and collaboration, which fuel our drive to innovate.

- Arindom Basu

Founder & CEO

CLIENT TESTIMONIALS

Our staff works incredibly hard to deliver the services using old technology. So bringing in new technology will make a step change because it will remove some of the administration and free staff up.So we are investing in data services, which will remove a lot of leg work that brokers have to work through. Importantly, it will put the case on a firm footing, so we can give a clear, upfront decision with certainty.We have partnered with Digilytics as a software firm, so where the documentation has to be sent through, we treat that as data. We extract that data, it is then categorised and presented to the underwriter in a way by which they get a really good understanding of the case.

- Jonathan Workman

Transformation Director at Paragon Banking Group