Innovation in finance

Direct ID - Long version

 

Innovation in Finance Series

Last year, DirectID were approached by Innovate Finance and BBC Storyworks to contribute to the ‘Innovation in Finance’ mini-documentary series. The films in the project dive deep into the world of FinTech, highlighting the stories of businesses who are empowering consumers and developing a better world through technological solutions.

Among various other topics, the mini-documentaries examine the relationship between FinTech and traditional institutions, highlighting how the UK has carved out a place as a global leader in the space, making it the go-to destination to build cutting edge technology. These FinTechs, or financial technology companies, are transforming the way people interact with financial services, and Scotland is at the heart of this change.

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DirectID - Our Story

DirectID are proud to be one of the longest standing members of the Scottish FinTech community. In 2011 our CEO & Founder, James Varga, set out on a mission to create convenience, offering new products and services for businesses and consumers alike.

Fast forward ten years and our platform is helping people in over 30 countries access new financial products, such as loans and mortgages, using the data from their bank statements. We were one of the first companies in the world to pioneer this technology labelled ‘Open Banking’ to utilise the tremendous value found in an individual’s bank statement.

To this day, the DirectID team is comprised of the worlds leading experts on consumer financial data and our business remains at the forefront of this technology-driven revolution taking place across the globe.

FinTech in Scotland

Innovation has been routed in the Scottish technology sector for hundreds of years, so the modern financial services ecosystem represents the perfect place for world-leading FinTechs to thrive. Scotland is now home to over 120 FinTech businesses and is one of only 3 countries in Europe to be recognised for the excellence award as a ‘FinTech cluster’.

The industry is united by FinTech Scotland, an independent body backed by the Scottish government, who ensure that Scotland seizes the FinTech opportunity through financial innovation, collaboration and inclusion. FinTech Scotland are the catalyst to all sectors within financial services in Scotland, and through relentless support and effort, are well on their way to securing Scotland’s place as a top five global FinTech centre.

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