The FinTech 5 – 29th July 2022
Welcome to the FinTech Five, where we take a fortnightly look at the best articles, news, insights and features from our FinTech Wales members.
1. Credas Amongst the very first Identity Service Providers To Attain UK Government DIATF Certification
First this week, FinTech Wales members Credas have announced that they have been certified against the UK Government’s Digital Identity and Attributes Trust Framework. This will be formally announced by the Department for Culture, Media and Sport on 29th July 2022.
ID checks have become a daily part of our lives with Right to Work, Right to Rent and money laundering legislation requiring businesses to conduct thorough due diligence on prospective clients and employees alike.
The aim of the DIATF is to increase trust amongst Identity Service Providers, provide assurance to their customers, improve efficiency and user experience and increase the adoption of technology involved in the ID verification process.
Minimum published standards must now be met by IDSPs looking to be certified against the framework and the Government is now strongly recommending that agents, landlords and employers use a certified IDSP.
Suffice to say that Credas are one of just a handful of such certified providers in the UK.
Tim Barnett, CEO of Credas Technologies says:
“With an ever-increasing number of Identity Service Providers, the DIATF initiative allows businesses to now easily identify the providers that meet the Government’s new standard and have been awarded certification status, and those who have not.
This UK Government trustmark can now give the market confidence that a provider operates to the highest standards, quality, and reliability and enhances correct organisational compliance which could protect against fines that can otherwise be thousands of pounds per sanction.”
The certification process involved extensive assessment of Credas’ technology, IT security, processes, policies and governance and paves the way for a new generation of transferable Digital Identities.
2. Coincover Partners with NFTboxes by Pranksy to Launch World’s First NFT Protection
Next, NFTboxes and world-renowned NFT ambassador, Pranksy, have launched NFT Vault, the world’s first NFT protection service in collaboration with Coincover, the leading digital asset protection technology company.
NFTboxes are curated by Pranksy, one of Fortune Magazine’s top 50 most influential people in NFTs, and his wife, Magpie. Pranksy and his team are striving to build “best in class” products and offerings in the NFT market.
All NFTboxes which are bought on the primary market via https://www.NFTboxes.io will now include Coincover’s NFT consumer protection free of charge for up to 12 months (depending upon the subscription purchased) for those who opt-in to the service.
This innovative service currently offers essential solutions including consumer protection of NFTs from both theft and lost access. Coincover will continue to work with Pranksy and the NFTboxes team to ensure the product evolves alongside the ever-changing needs of the NFT market. NFTbox collectors can contact Coincover to activate their NFT Vault protection at no additional cost for the duration of their NFTbox subscription plan.
The world-first partnership comes as research from Coincover reveals that more than two-thirds (70%) of consumers would be more open to purchasing NFTs if they were protected against loss and theft.
Josephine Dwyer-Mann at NFTboxes said:
“Pranksy is always looking for a new way to bring truly exciting ideas to the NFT market and Coincover’s world’s first NFT protection is a revolutionary step within the space. The NFT community is important to us and, by offering them protection through this partnership, it was a way for us to give back to our fantastic NFTbox customers and the wider community overall.”
David Janczewski, co-founder and CEO at Coincover, said:
“We are thrilled to partner with NFTboxes and Pranksy to launch the first product that offers protection for NFTs. Digital assets have soared in popularity, but as our research shows, there is still warranted concern about the safety of these assets. As a result, we have expanded our crypto protection offerings to give artists, marketplaces and consumers the confidence and peace of mind to buy NFTs and store them safely.”
3. Principality Building Society named first in the 2022 UK’s Best Workplaces™ for Women
Next, Principality Building Society has been ranked first place in the Super Large Organisation List in the 2022 UK’s Best Workplaces™ for Women.
It’s another great accolade for Principality Building Society, who in April, ranked 9th in the Great Place to Work’s UK Best Workplaces (Super Large Organisations) 2022 list, sitting alongside an 8th place finish, in the Great Place to Work’s Best Workplaces for Wellbeing (Super Large Organisation) 2022 list that was announced in February.
The ranking is driven directly from the feedback and comments that women from across Principality shared via the 2021 Great Place to Work survey. Principality’s list of achievements includes a flexible working policy which is available from day one with the business with unlimited changes, fully hybrid working for all, a policy for additional leave for dependents, a menopause policy, and the development of a GROW network to advocate for women in the workplace.
Principality is one of the first building societies to have both a female CEO and Chair of the Board, with female representation at the executive committee rising from 25% in 2016 to 43% in 2022.
Julie-Ann Haines, CEO at Principality, said:
“It’s encouraging that the women within our workforce feel that we’re taking steps in the right direction, slowly, step by step, to empower change and bridge the gap of gender inequalities felt across society. However, I know we still have a long way to go to keep progressing to achieve our ambitious goals. We must remain focused on becoming an even more inclusive business for our colleagues, to ensure that internally we are reflecting the diversity of our membership.”
4. Total View of U.K. Insurance Claims History Now in Sight as LexisNexis Risk Solutions Launches LexisNexis® Precision Claims
Next this week, In a first for the U.K. general insurance market, insurance providers will soon be on a path to be able to view all the past claims for an individual across home and motor as LexisNexis® Precision Claims, a cutting-edge market-wide contributory claims database, starts accepting data from the insurance market.
LexisNexis Precision Claims has been created to support risk assessment at all points of the customer journey. It will enable insurance providers to access highly granular claims data gathered from across the market, through one platform, to help provide a true understanding of the insurance sector’s claims’ experience with an individual. This will not only help the industry identify undisclosed claims, but LexisNexis Risk Solutions will also be able to better help insurance providers predict claims losses based on an individual’s claims history, knowing that a motor loss can be predictive of a home loss and vice versai.
Insurance providers will be able to start accessing home and motor claims data for a person, a property and a vehicle including the type of claim, the circumstances and the settlement. This will allow insurance providers to cross-check claims history across motor and home for the first time.
“Granular claims data with cross-search functionality has been a big blind spot for the market, potentially leading to less accurate pricing for the consumer and higher loss costs for insurance providers. Lack of a cross-market view may also have impacted the sector’s ability to fully understand the customer’s needs. For example, as we can see from the data gathered from our U.S. business, if you know an individual has had three or more motor claims, then you know the cost of their home claims could be up to 40% higher. Understanding this may mean ancillary services or different products could be offered to the individual to help mitigate or reduce the risk of a home claim in the future.”
5. IE Hub: Banks are offering BNPL features – what does this mean for consumers?
Last but not least this week, Banks are now offering BNPL features. In a recent article, IE Hub took a closer look at what this means for consumers.
The article takes a closer look at the following examples of BNPL features, before answering:
- How these compete with current BNPL providers
- Consequences for consumers
- How to ensure that consumers can afford to take out BNPL
In September 2021, Monzo launched a new BNPL product called Monzo Flex. This feature allows customers to split the cost of purchases. Options include 3 instalments interest-free, or over 6 or 12 instalments at 19% ARP representative (variable). This can be used online and in-store for purchases made in the last 2 weeks. Consumers are given a pre-approved credit limit based on an affordability check, which is reported to credit reference agencies once a month. Credit limited can be offered up to £3,000.
Recently, NatWest launched BNPL with 0% interest and no fees when a consumer pays on time. They can spread the cost of purchases over 4 monthly instalments. Further, the consumer will receive a virtual card to shop in-store or online. This service can only be used for purchases over £50 and the current max. credit limit offered is £1,000.
Until Next Week
And that’s it for the FinTech Five this week. Thank you for reading, and don’t forget to join us fortnightly for more of the best content from across our FinTech Wales membership.