Due to the increased cost of living, Scottish fintech firms have adopted technology to address the financial obligations of people and firms experiencing volatile economies. These firms are developing new products and services that address the challenge of limited access to banking services and contribute to raising awareness of and focusing on the previously mentioned aspect of financial health.
Among organizations that have embraced this initiative, FinTech Scotland, spearheaded by CEO Nicola Anderson, stands out with Fintech for Good campaigning. "Our fintech organizations are deeply committed to creating positive outcomes for people through better access to financial services and products," Anderson says.
Of these innovations, Inbest has set itself apart by supporting early intervention of financially at-risk groups. Recently, Inbest has provided an opportunity to get unclaimed benefits in cooperation with NatWest, allowing each person to earn up to £900 per month.
Similarly, Lightning Reach has increased its offering of financial support through charities and local councils to make funding available to people. This has been noted to have increased the user base by a staggering twofold, helping over 25000 people in the last quarter alone.
Fiscal pressure is also being exerted on Scottish businesses, especially small businesses struggling with high energy prices and inflationary pressures. Fintech instruments such as Floats and Inicio. AI is indeed becoming highly valuable for these businesses by supporting them in financial management and especially in the recovery of credit. Float offers simple cash flow planning and projection; additionally, Inicio. AI uses AI to provide unique debt support solutions.
Aveni is another notable contributor that assists financial organizations find and serve at-risk clients using innovative speech recognition. In addition to enhancing service effectiveness, this capability also enhances the financial ecosystem's ability to meet customers' needs. 'Our tech solutions are designed to help absorb economic shocks and provide swift support,' Anderson further elaborates on the importance of fintech in building the economy's immunity strength.
Scotland's forward-thinking approach also encompasses a collective approach embraced by companies and organizations such as the Scottish Enterprise and the UK's Department for International Trade. However, this ecosystem not only supports the growth of local fintech competencies but also helps Scottish innovations set foot in the international market.
The international focus of the community is also recognized, as 27% of the fintech companies in Scotland have their international offices. This global perspective creates a positive feedback loop, continuing to spur innovation and investment in fintech locally. With the advancement of these technologies, they solve present day money related issues while setting the stage for a healthy digital finance system hence enhancing efficiency in provision of financial services.