Advisory Board launches with Rt Hon. Lord Vaizey of Didcot as chair
- TISAtech is the global digital platform that connects FinTechs with financial services firms, predominately banks, insurers, retail platforms and asset managers to provide solutions to issues such as outdated legacy systems.
- At launch, the Advisory Board resolved to focus industry innovation efforts on seven key problem statements (out of an initial 100 proposals), ranging from a platform to support the most vulnerable manage money during the pandemic, to accurate and standardised ESG reporting to automating insurance claim procedures.
- The Advisory Board will initially consist of 17 members, representing industry associations, tech companies, the world of politics and some of the largest financial services providers in the UK. The Rt Hon. Lord Vaizey of Didcot has been appointed chair of the body.
TISAtech, a global digital market network connecting established financial services firms with FinTechs, today announced the formation of the TISAtech Advisory Board, a collegiate body whose joint vision is to facilitate the accelerated partnering and adoption of transformational digital solutions across the financial services industry.
The first TISAtech Advisory Board meeting took place on Thursday, 22nd July. At the meeting, the TISAtech Advisory Board adopted seven key problem statements for TISAtech in its efforts to join FinTech solutions with established financial services providers. The seven problem statements selected are:
- A platform to help the most vulnerable – whether due to mental health and/or low-income families – to manage their money better during a pandemic or global crisis.
- A new approach to understand consumer requirements and provide better and real-time financial advice.
- A technology that automates the insurance claim procedures, resulting in shortening filing time, speedier reimbursements, and reduced fraud.
- Embed tech to encourage investors and retail consumers to make sustainability considerations in investments or consumption.
- A solution, with data and technology, to demonstrate that regulated firms are embedding ESG into their investment processes.
- A solution with technology to help regulators determine the key areas and data points to consider as part of their methodology for designing a robust, reliable and accurate sustainable investment label so that consumers can better understand their choices and compare the ESG characteristics of different financial products and providers.
- Leverage government authentication infrastructure for people identification (digital ID).
The Advisory Board also supports the approach that TISAtech is taking in defining the international industry standard for measuring capability, maturity and the ESG readiness of FinTechs to accelerate FinTech onboarding by regulated financial institutions.
The initiative will propose its first solutions later this year. The full list of initially proposed 100 problem statements is here: https://www.linkedin.com/posts/tisatech-tt_tisatechs-100-global-fs-problem-statements-activity-6822836230879764480-jPi-
The Rt Hon. Lord Vaizey of Didcot was appointed chair of the Advisory Board. The other members announced today are Gary Bond (TISAtech), Andrew Brooke (Association of Foreign Banks), Mark Brownridge (EIS Association), Rupert Bull (The Disruption House), Barbara Gottardi (Vanguard), Stuart Harrison (FinTech West), Janine Hirt (Innovate Finance), Neil Hoad (Embark), Jill Jackson (The Big Exchange), Julian Korek (Kroll), Jason O’Shaughnessy (Yodlee), Anthony Rafferty (Origo), John Thompson (Standard Life Aberdeen – Abrdn), Stuart Welch (Fidelity), Julian Wells (FinTech North) and Chris Worle (Hargreaves Lansdown).
Gary Bond, CEO, TISAtech said: “Our ambition is no less than to change the way the financial services sector operates when attempting to embrace innovation. The recently published Khalifa Report has reminded key stakeholders of the vital role that FinTech is set to play in future-proofing UK financial services. We are determined to play our part in that coming revolution. By linking ambitious Global FinTechs and established providers, we can increase the competitiveness and dynamism of the sector, making it more consumer-friendly and simplifying operations.
“The Advisory Board has initially set TISAtech the task of finding solutions to seven key problem statement. It is not going to be easy, but the TISAtech market network’s capabilities are up to the challenge. From supporting the most vulnerable to leading industry ESG efforts to contributing to the Digital ID framework, TISAtech companies have the expertise and know-how to rise to the tasks set by the Advisory Board.”
Rt Hon. Lord Vaizey of Didcot said: “This is a vital initiative from TISAtech and will help determine the course of financial services here in the UK. These seven problem statements represent a broad range of critical challenges, and resolving these through a collaboration between FinTech and established providers will help consumers, businesses and the broader economy. I am therefore pleased to be joining as chair and look forward to the initial task at hand: finding innovative solutions to seven key challenges for the financial services sector.”
TISAtech was launched by The Investing and Saving Alliance earlier this year to allow FinTechs to be discovered, stand out, accelerate engagement and monitor prospect interest during this period when usual routes to market, such as events and conferences, have been restricted due to the pandemic. The initiative catalyses corporate and FinTech engagement, building technology focussed communities and accelerating innovation through direct industry promotion and structured engagement.
Notes for Editors
TISAtech is a new generation ’open finance’ Global FinTech Market Network that connects FinTechs and Financial Institutions for greater tech adoption and innovation.
TISAtech provides an essential platform for FinTechs seeking to build profile and increase market engagement, offering financial institutions the opportunity to create powerful new partnerships and business models for enhanced performance.
With an increasing need to streamline business processes, generate new revenue opportunities and consistently meet the ever-evolving demands of the regulators, TISAtech enables the financial services industry to discover, assess, track and adopt innovative technology solutions. The service utilises the database, taxonomic classification and FinTech assessment processes of The Disruption House (TDH).
Our vision is to facilitate the accelerated partnering and adoption of transformational digital solutions across the UK and Europe, for the benefit of consumers and the betterment of the financial services industry as a whole.
For more information on TISAtech, please visit www.tisatech.com
TISAtech and TISA
TISAtech is part of The Investing and Saving Alliance (TISA), the UK’s cross-industry financial services body with over 220 members. TISA’s ambition is to improve the financial wellbeing of UK consumers by bringing the financial services savings industry together to promote collective engagement, to deliver solutions and to champion innovation for the benefit of people, our industry and the nation.
With a focus on three key pillars of work to best support the consumer and UK financial services, TISA has become a major industry delivery organisation for consumer focused, digital industry infrastructure initiatives:
Strategic Policy Initiatives that Influence Policymakers regarding the financial wellbeing of UK consumers and the environment within which the industry operates.
Expert Technical Support on a range of operational and regulatory issues targeted at improving infrastructure and processes, establishing standards of good practice and the interpretation and implementation of new rules and regulations
Transformative Digital Initiatives that are driving ground-breaking innovation and the development of industry infrastructure for greater operational effectiveness and revenue promoting opportunity for firms. https://www.linkedin.com/company/tisatech-tt
As consumers, the financial services industry and the economy react to and recover from the effects of the pandemic, the importance of the work that TISA prioritises has never been more apparent.
For more information on TISA, please visit www.tisa.uk.com