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UK Fintech boards lack AI skills and diversity
New report from EY and Innovate Finance shows UK fintech firm boards are drivers of sustainable growth, but lack essential skills and risk group think due to a lack of diversity
The report comprises market research, roundtable interviews with over 40 FinTech CEOs and Chairs, and a pulse survey conducted with 38 executive and non-executive directors of FinTech firms.
Gaps in AI and fundraising skills at board level require attention
The findings identify a skills gap within FinTechs, with almost half of survey respondents (47%) claiming their board does not have the requisite level of GenAI expertise.
In addition, only 42% believe their board has the necessary skills in fundraising, of which 30% say this is the biggest single gap on their board. However, to help address this, 34% of respondents are in the process of hiring new talent and 21% are engaged in upskilling and training current board members.
Gender diversity on UK FinTech boards is lagging
The research also finds that the UK’s top 50 FinTechs currently record just 22% female representation on average at board level, falling below the FCA’s minimum 40% female board representation and could hold back future growth.
In addition, 37% of those surveyed have no women sitting on their boards, and just 3% report an equal or better ratio of female to male board members at present.
“The core focus of UK FinTechs is often on achieving short-term growth and rapid innovation as they grow and scale. However, CEOs of UK FinTechs emphatically told us that long-term advice and strategic guidance from their boards – underpinned by diverse skills, perspectives and ideas – is vital to the ultimate success of their firms,” says Anita Kimber, UK Partner and FinTech Policy and Ecosystem Leader at EY.
“While the nature, role and construct of boards naturally evolve over the life cycle of a FinTech, in all phases of growth, board members are most effective if they collectively hold a diverse and deep understanding of customer needs and market dynamics.
Kimber notes this also helps as they advise and support the CEO to drive organisational purpose, deliver financial results, achieve good customer outcomes and meet regulatory standards.
“Our research finds without doubt that boards are key to UK FinTechs achieving scalable and sustainable growth, and going one step further, that diversity of gender, skills and backgrounds can represent the difference between success and unrealised potential,” she says.
“The UK is home to a world-leading FinTech sector, and there is much to lose if firms do not prioritise strategic guidance, purpose and diversity of all kinds.”
Board objectives and delivery on customer service and ESG
While the report finds that 66% of FinTech board members feel their firm’s purpose is embedded into their organisation, it also finds there is some misalignment between FinTech objectives and the delivery of those priorities.
Two-thirds (66%) of survey respondents cite customer engagement and service as a key priority, but only 19% believe they are delivering this effectively. While less stark, 78% of respondents rank ESG as an important priority, but only 64% believe current delivery is effective.
Strategic, long-term guidance from boards is key to effectiveness
The report finds that the majority of boards’ time should be spent focusing on strategic, forward-looking plans, while also carefully balancing the needs of investors and other stakeholders.
FinTech CEOs and Chairs surveyed indicated that the structure of the board is critical to delivering insightful guidance, and should comprise members with a diverse range of skills and experience.
Report recommendations to help FinTechs accelerate progress:
- Appoint a dedicated Consumer Duty champion within the board – this must be a director who understands the regulatory requirements and the customer perspective
- Create a strategic board-level focus on ‘purpose’ to positively influence activity, strengthen culture and attract customers and investors
- Reset the tone from the top on diversity to promote broader thinking, widen perspectives, and achieve growth
- Make AI a core business focus and a growth driver
“Since 2008, the FinTech sector has played a crucial role in democratising financial services. Today, 8 out of 10 adults in the UK are now using at least one FinTech tool on a regular basis,” says Janine Hirt, CEO at Innovate Finance.
“Nearly 60% of all SME lending done across the UK is being done by FinTechs, challenger banks, or alternative lenders and the UK boasts 10% of global FinTech market share. And despite a global downturn in investment, UK FinTech continues to attract more investment than all European countries combined.
“To ensure UK FinTech continues to grow from strength-to-strength, however, we believe it is important that startups begin to build effective boards from the beginning of their scaling journey, and continue to prioritise board effectiveness and diversity. This is one reason we are delighted to partner with EY on this important research confirming how critical FinTech boards are for sustainable growth.
“This unique report identifies what the best practices are for building and managing effective boards’ and includes insightful perspectives and recommendations from industry experts. With this report we hope to make a difference in the ecosystem and shed some light on board effectiveness to benefit FinTech businesses, their founders, investors and consumers to create a more inclusive and more transparent sector for all.”
Source: bobsguide.com
The post UK Fintech boards lack AI skills and diversity appeared first on HIPTHER Alerts.
HONG KONG, Aug. 7, 2024 /PRNewswire/ — COCA, a pioneering force in the crypto wallet and financial services industry, has achieved several remarkable milestones in Q2 2024. Thanks to the steadfast support of its user community, COCA has launched new features, expanded its partnerships, and garnered prestigious accolades, further solidifying its position as a leader in the crypto space.
Launch of Physical Cards
COCA has introduced its highly anticipated physical cards, which are now available globally and compatible with Apple Pay and Google Pay. These cards allow users to make transactions with ease, earning cashback rewards on their purchases. This significant launch marks a step forward in integrating crypto with everyday financial activities, enhancing user convenience and financial flexibility.
Wallet Growth Milestone
The company has reached a significant milestone with 510,000 active wallets, reflecting a 102% growth quarter-on-quarter. This surge in active wallets highlights the increasing trust and adoption of COCA’s platform, as more users join the COCA community to manage their crypto assets securely and efficiently.
Transaction Volume Surge
In Q2 2024, COCA processed over USD 450,000 in transactions through its platform, demonstrating the robust usage and popularity of its financial services. This impressive transaction volume underscores COCA’s commitment to providing smooth and efficient crypto payment solutions.
Integration with Revolut
COCA has made it easier for users to fund their wallets by integrating with Revolut. This new feature allows seamless loading of crypto assets, enhancing the overall user experience and accessibility of COCA’s services.
Award Recognition
COCA has been honoured with the “Best Startup” award in the Financial Revolution category at CONF3RENCE & BLOCKCHANCE 2024. This award is a testament to COCA’s innovative approach and significant impact on the future of finance, recognizing its efforts in driving forward the digital financial ecosystem.
New Strategic Partnerships
COCA has formed strategic partnerships with industry leaders such as Wirex Pay and GoMining. These collaborations aim to provide users with enhanced rewards and a superior overall experience. The partnerships signify COCA’s dedication to expanding its ecosystem and delivering greater value to its users.
Welcoming Pavel Matveev
COCA is excited to announce the addition of Pavel Matveev, Founder of Wirex, to its team as a Strategy and Product Advisor. Pavel’s extensive experience and visionary approach are expected to drive COCA’s strategic initiatives and product development, contributing to the company’s continued growth and innovation.
Season 2 Point System Launch
Season 2 of COCA’s popular point system has launched, offering users the opportunity to earn points through various activities, including trades, referrals, holding assets, and spending with COCA cards. With a prize pool of USDT 3500 and 5 Wirex Pay Nodes, this season promises exciting rewards and increased user engagement. The season ends on August 9th, so users are encouraged to participate actively.
NFT Giveaway
In a special giveaway, COCA distributed 1000 GoMining NFTs to lucky users. These NFTs provide unique benefits, including enhanced mining capabilities and exclusive digital collectibles, adding significant value to the user experience.
For further details on COCA’s Q2 achievements and upcoming initiatives, visit the company’s blog.
Website: coca.xyz
COCA continues to redefine the crypto experience with its innovative solutions, seamless integrations, and user-focused approach. The company’s recent milestones and future plans highlight its commitment to leading the way in the digital financial landscape.
About COCA
COCA is a next-generation crypto super app designed to simplify and secure the crypto experience for users worldwide. With innovations in security, usability, and integration, COCA is at the forefront of the digital asset revolution. For more information, visit coca.xyz.
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VICTORIA, Seychelles, Aug. 7, 2024 /PRNewswire/ — KuCoin, a leading global cryptocurrency exchange, is excited to announce the launch of GemPool, its innovative new platform that allows users to acquire token airdrops as a reward for staking their crypto assets. This unique product is designed to provide early access to emerging crypto projects while offering rewards for their existing holdings at zero cost. By staking respective tokens in separate pools, users can farm new tokens and gain a foothold in the latest developments within the cryptocurrency market.
GemPool also offers flexible staking terms, allowing users to stake and un-stake their assets anytime within the designated period without lock-up restrictions. This flexibility ensures that users can manage their assets according to their preferences and market conditions. Additionally, GemPool provides zero-cost rewards, enabling users to earn tokens while holding their existing cryptocurrencies. By staking their tokens, users contribute to the growth of promising new projects, supporting innovation and development within the crypto space. With completion of tasks offered, users are eligible to earn multiplier bonus and receive more rewards.
Users can participate by staking KCS, USDT, or other specified assets in designated pools. The rewards are earned according to the respective yields of the pools, ensuring a fair and exciting experience for all users.
For more information on how to participate and the benefits of GemPool, please visit the KuCoin GemPool page.
About KuCoin
Launched in September 2017, KuCoin is a leading cryptocurrency exchange with its operational headquarters in Seychelles. As a user-oriented platform with a focus on inclusiveness and community engagement. It offers over 900 digital assets across Spot trading, Margin trading, P2P Fiat trading, Futures trading, and Staking to its 34 million users in more than 200 countries and regions. KuCoin ranks as one of the top 6 crypto exchanges. KuCoin was acclaimed as “One of the Best Crypto Apps & Exchanges of June 2024” by Forbes Advisor and has been included as one of the top 50 companies in the “2024 Hurun Global Unicorn List”. Learn more at https://www.kucoin.com/.
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View original content:https://www.prnewswire.co.uk/news-releases/stake-and-earn-with-kucoins-innovative-gempool-platform-302216471.html
Latest News
Trust Wallet Launches Gamified Education Platform and Loyalty Program to Enhance and Reward Web3 Learning
DUBAI, UAE, Aug. 7, 2024 /PRNewswire/ — Trust Wallet, the world’s leading self-custody Web3 wallet and Web3 gateway trusted by over 130 million users, has launched Trust Wallet Quests, a gamified education platform within the Trust Wallet mobile app which encourages users to earn points while exploring and learning about Web3.
Users can engage in task-based challenges ranging from quizzes to complex problem-solving scenarios composed of various DeFi and Web3 activities, all designed to deepen their understanding of blockchain technology and decentralized applications (dApps), and expose them to exciting opportunities within Web3. As an incentive, users will earn Trust Points, a loyalty-based points system designed to reward user activity within the Trust Wallet mobile app. With Trust Points, users can earn rewards upon the completion of specific tasks, making Web3 more rewarding and fun.
In the future, Trust Points will offer additional gamification features, such as unlocking achievements, badges, and levels. This interactive approach not only boosts individual learning but also contributes to broader community education and adoption of decentralized technologies, making Trust Wallet Quests a dynamic and exciting way to reward loyal users and engage with communities in Web3.
On the motive for launching Trust Wallet Quests, Eowyn Chen, CEO of Trust Wallet, stated: “The complex technology and fast-paced industry can be intimidating for both new and seasoned users. The introduction of Quests on Trust Wallet further solidifies our commitment to making it easier for millions to navigate Web3, aligning perfectly with our mission to build a seamless Web3 hub and open ecosystem for all.”
Nate Zou, Head of Product at Trust Wallet, highlighted what to expect from Trust Points and Trust Wallet Quests: “Trust Points and Quests are just the first iteration of a much-needed reward system for our community. Within 2024, we have plans to build on this, combining rewards with many of our other web3 product offerings. Overall, we envision this points system not only changing how users engage with Trust Wallet, but also encouraging more collaboration between Trust Wallet, our users and other web3 ecosystem players.”
Trust Wallet Quests and Trust Points are now available on both Android and iOS versions of Trust Wallet’s mobile app. Download here: https://short.trustwallet.com/TrustWalletQuests
About Trust Wallet
Trust Wallet is the self-custody, multi-chain Web3 wallet and Web3 gateway for people who want to fully own, control, and leverage the power of their digital assets. From beginners to experienced users, Trust Wallet makes it easier, safer, and convenient for millions of people around the world to experience Web3, access dApps securely, store and manage their crypto and NFTs, buy, sell, and stake crypto to earn rewards, all in one place and without limits.
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