Scottish fintech solutions to COVID-19 challenges

How Scotland’s innovative fintech firms have mobilised and responded to the challenges arising from the COVID-19 environment.

Over the last couple of months, there's been numerous examples of fintech firms accelerating the application of their innovative propositions with technology to provide immediate support to citizens and businesses, while helping build a more digitally-engaged society post-COVID-19 crisis.

Here Stephen Ingledew, CEO of FinTech Scotland shares some of the ways Scottish fintechs are supporting the COVID-19 response with novel solutions.

Stephen Ingledew, CEO of FinTech Scotland

Existing solutions becoming more relevant

The innovative propositions from Scotland's fintech firms have come more to the fore as organisations look to embrace more rapidly the impact of a digital world on financial matters.

For example, DirectID and Amiqus are offering organisations the opportunity to automate verifying the identity of customers to improve experience and engagement.

While Castlight is working with banks to help those with low or no credit score access financial products they need. This is thanks to an alternative to traditional credit rating based on behaviour instead of past credit scoring.

Cashflow management is critical to running any business and Scottish fintechs have developed innovative solutions to help businesses. For example, Float has extended its free trial period to allow financially constrained businesses to benefit from its product.

Another fintech supporting small firms is bePayd with its innovative solution to enable businesses to access instant payments.

Sustainably is focused on helping people donate to the causes they care about very easily, using Open Banking to automate giving. This provides an effective way to give to charities that are supporting those on the frontline and most in need of support from charities.

New solutions born out of new necessities

A new example of fintech innovation has come from a group of entrepreneurs who had decided to help local businesses on the high street through its new enterprise called Striver.

Through its innovative platform, citizens who want to help their local shops can purchase vouchers now to spend when those shops can re-open. Striver is providing those very important businesses with cashflow now, helping them during these tough trading times

Inbest has adapted its proposition in helping people with financial decisions to develop a new solution allowing people to understand all the social benefits they are entitled to.

Xpand Access has used its technology to help companies get funding and public services. As an information hub platform, it enables businesses to understand the various funds and schemes put in place by government.

Keeping business informed was certainly high on Modulr’s agenda. It decided to launch the Modulr Club: Digital, a series of events bringing insight and expertise to people’s screens when they can’t meet face to face.

Preparing for a post-crisis world

APPII has developed a blockchain-based solution for background checks on prospective employees. This is now being extended to a ‘digital’ health passport that will help employers get employees back to work when they re-open.

Smaller financial institutions such as credit unions play a valuable role with so many communities. Innovative fintech firm, Soar is supporting them by providing state-of-the-art digital capabilities experience.

Fintech is a vibrant and dynamic sector, helping to reinvent the ways citizens and businesses engage with money and financial matters for the better.

The COVID-19 crisis has helped exemplify this and Scottish fintechs firms are leading the way in helping the economy and society recover as we move to a new normal for everyone.

Need help sourcing a fintech solution? We can put you in touch with the right people.

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