October Insights

Woodhurst

We believe that everyone should have access to better financial solutions.

发布日期: 2024年10月31日

In our monthly Fintech & Open Finance Insights newsletter we highlight the key industry news that has got us talking, shine a light on our SHIFT Fintech Members, and share exciting Woodhurst updates.

?? Explore our latest Modern Mutual Spotlight with Michael Boyd, CEO of Progressive Building Society, where we explore how the Society embarked on their modernisation journey through strategic phases, how they delivered a successful proof of concept, and how they have enabled cultural change in the business. Read the full interview here.
?? Woodhurst has recently partnered with Finativ, to enhance specialist lending transformation services. By combining deep industry knowledge and technical expertise, the collaboration will deliver comprehensive transformation services to help clients modernise their operations and offerings. Read more about the partnership here.
?? Sign up to our latest SHIFT event, in partnership with Google Cloud on November 21st, which will explore how fintechs can partner successfully with investors, and give you the chance to meet some of the top fintech investors in the UK.
?? Woodhurst and docStribute?and are back for the final webinar in our 3-part series. The AI Journey: How Building Societies Can Take the Next Step Towards Innovation. The webinar will be hosted by Luke Casey,?Co-Founder of Woodhurst, where he will be joined by a panel of guests with unique perspectives on AI across the financial sector. ?? Friday 8th November? 12-1pm?? Click?here?to register.

Industry Download

AperiData reveals a new open banking credit score designed to help lenders evaluate applicants with slim credit files. Analysing data from income and expense transactions, the power of open banking is set to improve financial access for individuals who have limited credit history. AperiData’s ‘AperiScore’ predicts an applicant’s ability to repay using their transaction history and can generate a score to help lenders determine the applicant’s eligibility for a loan.
Metro Bank taps PEXA to enhance the re-mortgaging process for its customers, with the goal to deliver quicker post-offer processes and ensure remortgage completion times remain fast and efficient. Using PEXA’s technology means financial settlements can come directly from the incoming lender’s account, and collaborate to lodge the application for registration with HM Land Registry, streamlining a process that typically takes days into minutes.
SHIFT+ Member Lenvi’s latest blog reveals how mortgage lending in the Building Society space is being transformed by technology. Quoting Woodhurst’s, Lydia Coyle, ‘In today’s fast-paced digital world, Building Societies recognise that embracing technology is key to not only maintaining those high standards but also enhancing them to meet the evolving needs of their new and existing members.’
Sikoia partners with Bank of Ceylon to streamline KYC and KYB processes. Leading fintech and SHIFT+ member, Sikoia, has strategically partnered with BOC UK to enhance the identity verification process for its customers, informing the bank on Politically Exposed Persons (PEPs), sanctions checks, adverse media checks, automated processing of customer application documents, company credit bureau reports and more. This will help streamline the process for individuals and business clients.
Cumberland Building Society launches broker portal in partnership with Mast, designed to streamline the mortgage process for intermediaries on their panel. This collaboration with Mast is part of The Cumberland’s ongoing commitment to improving the intermediary experience and followed the introduction of its affordability calculator earlier this year.
SHIFT+ Member CRIF’s latest Banking on Banks ESG report delves into the evolving landscape of financial services, where shifting regulatory frameworks and growing consumer expectations around sustainability and corporate ethics are reshaping how banks and financial providers operate. The report looks at the growing generational divide around ESG-related issues and how they are likely to continue informing younger consumers' decisions.

SHIFT Member Spotlight

Propflo supports mortgage lenders and brokers to engage their customers in home energy efficiency and green finance.

The cost to decarbonise our residential buildings to meet the UK’s legally binding net zero target is ￡250bn.

If your business is involved with property owners and tenants at natural points to make upgrades, such as buying a new home, remortgaging, complying with new energy standards, or retirement, then this is a huge opportunity to add value to your customers while significantly growing revenue.

With Propflo you can:

?? Grow revenue and customer engagement: Get up to ￡1,450 commission per property and embed green finance products in an end-to-end digital process. You can incentivise your customers and partners through discounts and sharing commission.

?? Meet sustainability goals: Mitigate risk on your loan book and reduce scope 3 emissions. You can also monitor and verify the real impact of improvements to help in your reporting and performance tracking.

??? De-risk green improvements: National improvement suppliers are vetted and hold accreditations, insurance backed guarantees, warranties, and good Trust Pilot reviews.

The Propflo platform consists of three market leading tools:

GreenVal - A one-stop-shop you can send to your customers. With minimal input your customers can access a property report with a comprehensive business case, understand grant eligibility, and request direct quotes from accredited suppliers.
HomeHub - Support your customers during the retrofit with one place to manage all quotes and works. The HomeHub then engages your customers in their continuing home improvement journey including smart home insights.
PortfolioAudit - Get a powerful data-driven analysis of your portfolio or CRM. Gain valuable insights into predicted energy ratings, grant eligibility, viability and scope 3 financed emissions. You can also track customer engagement, retrofit progress and impact.

Propflo was the first green home improvement platform in a mortgage lender, broker and estate agent with customers such as of Hodge Bank, Molo, Habito, Green Mortgages and Yopa.

“According to industry experts our platform is one of the most advanced and polished on the market. We’ve prioritised building the platform on advanced machine learning algorithms, open datasets and an energy model that ensures we have the best data for property owners and at a portfolio level to help with decision making. But the beauty of the platform is that It’s a really easy to implement and we even have a free tier – so even if sustainability isn’t a top priority at the moment, we’ve made it as easy as possible to launch a green initiative.”?–?Luke Loveridge, Founder and CEO

Propflo makes it effortless and rewarding for businesses to get involved in green.?Want to find out more? Email [email protected] or book a demo propflo.co.uk/contact.

Woodhurst's latest insights

Modern Mutual Spotlight: Progressive Building Society: In our latest ‘Modern Mutual Spotlight Series’, we see Woodhurst’s Ben Nadel sit down with Michael Boyd , CEO of Progressive Building Society to explore how Progressive took on an impressive modernisation journey despite the wider economic struggles following the 2007 financial crisis. Boyd touches on the importance of ensuring technology enhances rather than replaces a mutual’s personalised service, and how Progressive’s success was largely down to ensuring change was confidently bought in from key Board members and colleagues. ?? Read the full interview here

SHIFT’s ‘Finding the Right Fit’ Investor Alignment Event: Join our latest event on November 21st, in partnership with Google Cloud. Through a series of panel discussions, investor pitches and one-on-one networking opportunities, attendees will explore the strategies and criteria that make investor-startup partnerships successful. Whether you are an emerging fintech entrepreneur seeking funding or an investor looking to expand your portfolio with cutting-edge financial technology, this event will provide the platform to find the perfect fit.

Woodhurst is pleased to announce a strategic partnership with Finativ, a leader in consulting and advisory services for finance firm, to drive modernisation in the specialist lending market. By combining each firm’s deep industry knowledge and technical expertise, the collaboration will deliver comprehensive transformation services to help clients modernise their operations and offerings. Read more about our partnership in full here.

We're thrilled to announce that Money Squirrel is the successful applicant for the SHIFT Open Finance Community Ignite incubator programme, an initiative designed to support founders transform disruptive fintech ideas into reality. Andreea Daly, founded Money Squirrel; an innovative open banking platform, to help businesses manage cash flow and make money work for them. You can read the full press release here.

The AI Journey: How Building Societies Can Take the Next Step Toward Innovation: Woodhurst and docStribute are back for the final webinar in our 3-part series. The webinar will be hosted by Luke Casey,?Co-Founder of Woodhurst, where he will be joined by a panel of guests with unique perspectives on AI across the financial sector. The panel includes Christopher Ansara,?Founder & CEO of docStribute; Sam Bridges-Sparkes, Head of BI Analytics & Strategy at Shawbrook; Syed Sameer Rahman, NED at Bath Building Society; and Sam Spacey, AI & Data Specialist at Woodhurst.