Fintech Innovation of the Year

The transformation of Public Services, charities and SMEs has been transformed by the creation of new financial products by the growing Fintech Sector. This award is for a product or service that in the last year that has been used to innovate or transform a public, private or non-profit service.

Sponsored by

Enforcd

London
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Enforcd

Enforcd is a global regulatory intelligence platform that helps financial services firms stay informed, identify future risks and share best practice throughout their organisations to maintain a strong compliance culture.

Misconduct in financial services firms continues, with large fines and reputational damage because the industry fails to learn from lessons of the past. Enforcd addresses this issue. Unlike other RegTech solutions, Enforcd is a platform where expertly contextualised enforcement data and insights are shared so all employees can learn from experience and it makes compliance everybody's business. Enforcd enables compliance teams to embed best practice by: · sharing articles and creating reading lists to encourage greater understanding of compliance across the organisation. · Monitoring employee activity, sending reminders and tracking user engagement and interest. · Providing ongoing real-time education of regulatory risks that employees may encounter on a daily basis. Enforcd enables firms to satisfy the regulators by: · Using the audit trail to prove proactive compliance training and reasonable steps taken · Demonstrating commitment to ongoing staff training and the promotion of good behaviours across the firm · Showing it is actively learning from the mistakes of others. Enforcd helps firms educate employees across all functions to reduce the risk of non-compliance through lack of knowledge. It is a unique tool that helps financial services firms improve culture and conduct.

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Crowdfunder

South West
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Crowdfunder

Crowdfunder is a donations and rewards-based crowdfunding platform, harnessing the latest digital technology to tackle society’s biggest challenges through social and community investment. As a progressive and innovative FinTech business, they’ve also created a partner payout system and an API that powers external projects for clients such as Virgin and M&S.

Crowdfunder is all about impact, real impact, and they are on a mission to connect the projects that matter with the supporters who care. So far, they’ve helped thousands of projects to raise more than £50m for communities across the UK, all made possible through their industry leading online platform. Whilst their payment system is similar to other established crowdfunding platforms, their partner matching piece sets them apart as a leading innovator. Their team have created, from scratch, a partner payout system by using custom algorithms to match projects with funding partners, based on the partners custom preferences and needs. This means that they are able to ensure that projects raise as much as possible to make their ideas happen. They also have a bespoke escrow fund distribution system and robust KYC procedure to transfer money from partners to verified project owners. In addition to their open-all-hours crowdfunding platform, which processes millions of pounds worth of pledges each month and has an automated system allowing people to go live, collect funds and get paid, their system also powers other platforms via a White Labelled API to host large projects such as Virgin’s VOOM campaign and the M&S Energy Fund. Driven by the belief that ideas have the incredible potential to bring about a new way of seeing or doing things, Crowdfunder has a truly ‘Tech For Good’ ethos and by harnessing digital technology, they are able to support and enable communities to unlock a fairer and more sustainable future.

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Financial Wellbeing

London
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Financial Wellbeing

Neyber is a multi-award winning financial wellbeing provider that helps UK employees to be better with their money. We partner with employers to support their workforce’s financial wellbeing with access to affordable, salary-deducted loans, financial education, and an upcoming savings proposition – at no cost or risk to the employer

Neyber’s innovative approach to consumer lending is changing the UK’s entire consumer credit landscape, pioneering the creation of the salary deducted lending market in the UK. It combines the use of technology with the personal touch of its in-house teams and delivers a genuine consumer benefit through ensuring better access to more affordable borrowing. With Neyber, employers are able to offer financial wellbeing services to their employees, at no cost or credit risk to themselves, while increasing productivity in the workplace. To date Neyber has lent over £90MN and launched with over 145 employers, as well as working with 25 leading employee benefit partners. Our proprietary research projects demonstrates clear demand for employer focused financial wellbeing and by owning the entire customer journey it gives us an unparalleled competitive advantage through salary-deduction of loan repayment contributions, making this experience seamless for the consumer. The lower risk from salary-deduction, means we can also price our products to give fairer access to credit for the hard-working UK employees. Neyber is a multi-award-winning financial wellbeing provider, having been included in KPMG's 2017 list of the top 100 fintech companies and recognised as Ethical Financial Services Provider of the Year at the Money Age Awards 2017. Neyber are also the first alternative lender to be accredited by the Lending Standards Board and won "Benefits Innovation of the Year" at the Workplace Savings and Benefits Awards in both 2016 and 2017.

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Smart Pension App and Alexa skill

London
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Smart Pension App and Alexa skill

Smart Pension has developed hands-free technology that allows members to track their savings in real time, increase their pension contributions and generate instant reports to see how their investments are performing. The app takes this a step further and also allows retirement income goal setting and a fund management function.

The pensions industry has seen very little innovation for decades, the Smart Pension app and ‘Alexa skill’ sees pensions at catching up with innovations in banking and and the broader tech ecosystem. Auto enrolment has given the industry a unique opportunity to engage with a new generation of savers. But if it’s to succeed long term and produce good retirement outcomes for today’s new savers, it must develop a very different way of engaging with them. Digital financial tools like the secure Smart Pension app and ‘Alexa skill’ are the first steps towards making saving for retirement part of our everyday lives, eventually making pensions as accessible as online banking and saving for the future as compelling as a Fitbit challenge. So far the UK has only seen pension providers dip in to the digital world via basic retirement income modellers and calculators to help savers work out how much, hypothetically, they should be putting away to achieve a specific level of retirement income. To date, finding out the current balance or upping personal contributions has been much less straightforward. The new app for iPhone and Android allows savers to track their pension balance; but it also allows enhanced engagement where savers have the option of choosing the risk level of funds and the funds their money is invested in. To make this happen, Smart had to find a way to solve how to seamlessly input antiquated daily price index valuations into its systems to create instant updates.

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Smartr365

London
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Smartr365

Smartr365 is a revolutionary easy-to-use technology platform to help Mortgage and Insurance Advisers give smarter financial advice to their clients, manage their portfolios more effectively and ultimately grow their business. A real end-to-end mortgage submission solution with direct API integration to major lenders and all mortgage processes and requirements.

We believe that disruption in this space comes from the automation of existing processes, Smartr365 is a technological enabler, not a robo-advisor - we give professional advisors the technology to complete the mortgage process without duplication or repetition of data input. Broadly speaking we reduce the time it takes to create a mortgage submission from 10-15 hours to just 1 hour. This allows client and adviser to create and build the hybrid user-journey the market wants and needs, combining the best of digital with the best of traditional broker advice. Our clever, cloud-first technology is built by a world class team and harnesses the power of APIs into third party systems including major mortgage lenders for the very first time. Our full range of services encompasses; mortgage sourcing, identity, address and income verification satisfying KYC and AML checks; an automated home valuation service; mortgage and insurance application submission and automated conveyancing instructions too all at the touch of a button. The client can complete their fact find in the comfort of their own home and then track their ongoing applications and portfolio in real time via our dedicated customer portal. Smartr365 gives the client a completely transparent application process, helping to build long term client-adviser relationships. At a network or club level, Smartr provides a unification of IT processes, offering scale control and the opportunity to deal with National introducers and grow business.

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Cuvva

London
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Cuvva

We are an app-based insurance broker specialising in short-term and low usage motor policies. Our short-term product is designed to facilitate car sharing and drive-away, whereas our subscription product helps to reduce premiums for infrequent drivers by charging a low monthly premium and 'top-ups' for driving. We also offer taxi and travel policies. Cuvva is the UK’s first ever car insurance app that allows you to get fully insured on any car for a little as an hour. The reason we launched Cuvva was to try and improve the current UK car insurance model. Consumer expectations are that we should be able to get what we want, when we want and all from our personal devices; why should car insurance be any different. Technology has been used to consistently improve most industries yet the car insurance model remains largely unchanged. What we want to do is enable UK Drivers to get simple, quick, and efficient access to other cars whenever they need them. Our first product has been an hourly product which allows people to borrow someone else's car for 1 to 72 hours. Allowing people to borrow their friend's car or share the driving on long road trips. Our second product, within the same app, is designed for infrequent drivers. The car owner will pay a small monthly subscription of around £15 to have an underlying insurance policy on their car. Then when they want to drive it they'll pay a small hourly fee.

We are a key disruptor in the UK motor insurance industry, which is known for its antiquated practices and slow adoption curve. We were the first company in the UK to sell insurance by the hour, and also the first company to sell insurance through a smartphone app. We remain the only independent broker in the UK that enables users to purchase insurance within 5 minutes of downloading an app. Our systems, which were built from the ground up, use advanced data enrichment to calculate accurate risk profiles. Specifically, we use direct integrations to the DVLA MyLicence service, the Claims and Underwriting Exchange, multiple vehicle data providers and we also pull time and GPS location data directly from the user’s phone. Our fraud detection systems are driven by machine learning algorithms, which significantly reduce the number of fraudulent claims that our underwriter is exposed to. Our customer operations team (comprising just 6 individuals) delivers outstanding service through an in-app chat service, where enquiries are answered in under a minute. Our highly efficient systems enable our team to sell as many policies as much larger brokers, whilst simultaneously maintaining high customer satisfaction and avoiding many of the pitfalls inherent with traditional products. Behind the scenes we have cut out the middlemen and built a platform that lets us go directly to underwriters for pricing, with direct integrations to third parties. Our competitors go through a myriad of middle men from price comparison websites to software houses to re-brokers before the premium sees the underwriter. We currently have two insurance products - the short-term product is ideal for borrowing someone else's vehicle and the subscription product is best for infrequent drivers. The short-term insurance product allows you to get insured for one-off occasions such as test driving a new car or sharing the driving on a road trip. For the subscription product, the user pays a base subscription fee - this provides comprehensive protection, whilst the vehicle is parked and unattended. This will mean the car is always legally insured.The user then purchases driving top-ups which provide comprehensive protection whilst driving the vehicle. This flexibility allows for considerable saving over the course of a year, a customer can build their NCB with us providing they complete 13 unbroken 28 day cycles with us. Today’s traditional insurers rely on websites as a distribution points for their products, this has its obvious pitfalls, the most prevalent being time consumption. Our app allows for users to purchase insurance on the go, leading to a much quicker, hassle free experience. With the technology that is available in todays mobile phones we are able to not only offer a better service for the end users but also give our underwriters more data points and more sophisticated fraud processes.

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Authorised Signatory Management on the Blockchain

London
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Authorised Signatory Management on the Blockchain

Cygnetise is a digital platform built to help organisations maintain and distribute their authorised signatory lists (ASLs) in a more secure, efficient and audit-able manner. Utilising blockchain technology, the platform alleviates the pain associated with managing ASLs through its intuitive peer to peer network. Almost every organisation is required to maintain a register of authorised personnel with the most common example being bank mandates.

Cygnetise are leading the wave of practical blockchain applications in the enterprise space. Working with large investment banks, hedge funds as well as legal firms and all sorts of other companies, we are deploying a unique solution for authorised signatory lists. The product went live in April 2017 and is one of the very few practical blockchain applications that is actually making money (especially in the UK). As the application can be used by companies in every industry we expect to have more participants on our private blockchain than any other. Once businesses are adopted into our private blockchain, functionality can be expanded beyond authorised signatory list management. Maintaining a secure formal register of authorized personnel is a key element of an identity validation value-chain. Therefore associated checks, AML, KYC and recertification elements can be added. We currently having paying customers, 78 customer entities on board and adoption across 8 countries. Ogier explained that the application enables a 90% reduction in their time saving plus adds security and an immutable audit trail. The existing process is paper based and manual, requiring and complete refresh, repaper and redistribution whenever updates are required. Large organisations may only refresh once per year as the process is so laborious. Should an ASL not be updated immediately, the company is exposed to fraud. The NHS is a good example of this, where out of date authorised signatory Lists have led to fraudulent abuse (Payroll fraud losses in NHS estimated GBP 92.8 Million, from a report in June 2015).

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LOQBOX

South West
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LOQBOX

LOQBOX makes financially invisible people visible. We do this by using the act of saving to build a credit history. This builds credit worthiness, enabling our users to access products and services they would otherwise be rejected for. And we do it all for free.

LOQBOX is unique. Prior to LOQBOX, there was no way to use savings to build a credit history. This has left millions of people either excluded from the financial system altogether or with severly limited financial options. LOQBOX is a digital, cash redeemable savings voucher. By creating a digital savings voucher we are able to build the monthly payments that can now be added to a user’s credit history. Savings in general do not form part of a person’s credit history, until now. Every monthly payment made towards LOQBOX is reported to Equifax, Experian and CallCredit to build our users credit history. This data is then available as part of a standard credit check done by any lender or service provider in the future. Lenders don’t need to add an additional layer of data input or adjust their risk scoring as the data matches existing formats. LOQBOX repayments therefore cover 100% of the UK market of lenders and service providers.

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OneApp platform

North East
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OneApp platform

MyFirmsApp has created a brand new App platform that makes it easy for accountants to connect with their clients on their smartphones and tablets. This is a major innovation in an industry where accountants have the opportunity to become digital heroes, helping their business clients to make the digital world work for them. The new App platform enables accountants to easily have their own App, which is downloadable from the iOS App Store or Google play and the App is given away free to clients.It delivers real-time communication and a plethora of tools, such as receipt management and mileage trackers and 18 different calculators that are designed to make running a business easier. The OneApp platform complies with new GDPR regulation and enables accountants to interact with their clients, day or night.

MyFirmsApp operates the largest global custom App platform in the world for Accountants in practice providing the only compliant UK solution that’s used by over 250,000 businesses. At the end of 2017, MyFirmsApp introduced a brand new App platform for accountants that pushes new boundaries. OneApp is a next generation, future proofed App platform and delivers a unique combination of content, tools, features and integration, with hundreds of variables, plus the option to upgrade to specific modules to customise the user experience. All Apps built on the OneApp platform are compliant with the General Data Protection Regulation (GDPR), which is due to be implemented in May 2018. The company has worked closely with Apple to bring to market a solution that works with its’ strict new rules and regulations and we believe that the new platform provides accountants with the opportunity to create the next level of brand experience for their clients with mobile at the very centre of the accountant client relationship. A firm branded App delivers a simple and straightforward way to add value and to make client interaction easier. The App creates a connection between the firm and the client in real time with their own tax data and key financial dates stored within and with access to useful tools such as GPS mileage tracking and receipt management. All online portal and accounts software logins can be held in it too, creating a single interface for the client. As App stacks and App Add on Communities grow, the role of MyFirmsApp as the leading App integrator for accountants will become increasingly critical.

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Service Optimiser

London
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Service Optimizer

Millions of people lose their jobs due to business transformation, automation, etc. At the same time, in other parts of the world, the business needs their skills. To include more people into the workforce, Transformify launched Service Optimizer helping people to work for any employer in the world and receive secure payment.

Service Optimizer addresses a number of social issues - unemployment drive immigration, skills gap, revitalization of rural areas and post-war zones, the inclusion of people with disabilities and people in need into the workforce, etc.

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