The FinTech Five – 1st September 2023 

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Welcome to the FinTech Five, where we take a fortnightly look at the best articles, news, insights and features from our FinTech Wales members and the Financial Services industry in the UK.

1. Consumer Confidence in Wales Rises for the Second Quarter this Year

The latest Deloitte Consumer Tracker reveals consumer confidence in Wales improved by three percentage points in Q2 2023; with an eight percentage point increase since the beginning of 2023.

Despite the increase in overall confidence, sentiment towards the state of the economy fell by eight percentage points and in the last three months consumer sentiment in job security fell sharply by eight percentage points. Conversely, Welsh consumer confidence around household disposable income rose steeply by 18 percentage points.

Phil Lane, financial advisory partner and consumer business lead at Deloitte in Wales, said:

“It’s positive that we can report another rise in consumer confidence in Wales for the second quarter of the year. The major rise was in household disposable income driven by Welsh consumers seeing an increase in their income. This category took the biggest fall last quarter.

“The Tracker shows consumer spending fell very slightly compared with last quarter. Consumers in Wales are spending less on essential items, especially utility bills which remain a concern for householders.”

Click here to read more. 

2. Admiral Group reports growth in customers and turnover, with strong profit despite continued challenging market conditions 

Around 10,000 employees each receive free share awards worth up to £1,800 under the employee share scheme based on the interim 2023 results.

Comment from Milena Mondini de Focatiis, Group Chief Executive Officer: 

“The Group has once again delivered a solid performance and strong growth in the context of a challenging market, although we believe that the cycle is turning. In the first half of the year, profit was £234 million, turnover was up 21 per cent to £2.2 billion and our Group customer base grew 4 per cent.

“Our UK Motor business delivered a profit of £298 million in the first half of 2023. As we increased prices well ahead of the market last year, our active vehicle base reduced over the period, but we are on a strong footing to leverage improving market conditions.

Click here to read more of Admiral’s interim results highlights. 

3. LexisNexis Risk Solutions Named Category Leader by Chartis Research for Identity Verification Solutions

LexisNexis® Risk Solutions has been recognised as a category leader for its identity verification solutions in the new Identity Verification (IDV) Solutions 2023 report by Chartis Research. The global data and analytics provider received the highest possible scoring in 8 out of 10 categories reviewed: Use case, biometrics, digital identity/footprint, other types of identity verification (IDV), speed and accuracy, data management framework, solution integration, and packaging and analytics.

“Helping companies with identity verification is a vital component of transaction ecosystems within ecommerce, financial institutions and even social media,” said Nick Vitchev, Research Director at Chartis Research.

“LexisNexis Risk Solutions impressed us with innovative solutions that play a key role in the IDV solution landscape. Their dedication to providing a well-packaged suite of solutions that encompass both speed and accuracy is reflected in their category leader status.”

Click here for more. 

4. Private Capital Markets investments: The power of digitisation and streamlined processes 

Investment banks have always played a vital role in the financial industry, providing a range of services to clients. However, with companies opting to stay private for longer periods, investment banks recognise the increasing importance of private capital markets (PCM). By advising and partnering with issuers throughout their fundraising journey, investment banks have the opportunity to establish themselves as trusted advisors.

So, what role can digitisation play in scaling up these services efficiently?

Delio delves into this question in a recent bog, covering: 

  • The rise of private capital markets
  • The importance of digitisation
  • Harnessing analytics and effective bookbuilding
  • Moving towards a centralised, holistic approach
  • Navigating regulatory challenges with Delio Core

Click here to read the full insights from Delio. 

5. Wrexham-based Chetwood Financial named on Wales Fast Growth 50 again

Wrexham-based Chetwood Financial has been named on the 2023 Wales Fast Growth 50 list.

The list celebrates the 50 fastest-growing firms in the Welsh economy, championing high-growth, home-grown businesses that make a significant contribution to jobs and wealth creation.

Founded in 2016, Chetwood is a digital bank on a mission to use technology to make people better off. It is the second year in a row that the company has featured on the Wales Fast Growth 50. As well as making the overall top 50 list, Chetwood has also been shortlisted one of the fastest-growing financial services firms in Wales, and the fastest-growing firm in North Wales, which it won in 2022.

The Chetwood team has grown by 93 people over the past 12 months. Its turnover increased by 255% in the same period.

“We are delighted to be named in the Wales Fast Growth 50 for the second year running,” said Chetwood’s founder and CEO, Andy Mielczarek. “We are proud to be a digital bank based out of Wrexham, and awards like this offer a timely reminder that we’re doing our bit to serve consumers and also boost the Welsh economy.

Click here to read more. 

Until Next Time

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 news highlights from across our FinTech Wales membership.