The Investing and Savings Alliance (TISA), the cross-industry financial services body, today commences the industry-wide rollout of TISAtech, a digital marketplace that brings together financial institutions and FinTechs for greater collaboration and innovation across the Open Finance spectrum.
TISAtech will provide a ‘clearing house’ for the financial services industry to help it more effectively address tech-driven transformation and the integration of new financial technologies to enhance products and services while reducing operational friction and lowering costs for consumers.
The Covid-19 pandemic has catalysed the urgent need to bring digital transformation to all aspects of the financial services sector. Industry leaders are increasingly realising the need to accelerate the rate of transformation within their businesses by streamlining and digitising operations to better compete and ultimately improve services for their customers.
TISAtech will provide financial institutions seeking to deepen engagement with the tech ecosystem with access to more than 3,600 FinTechs from around the world. The enhanced scouting, discovery and identification process will allow business leaders to scope-out and profile the suitability of FinTechs rapidly and on a single platform. Benchmarked scorecard assessments available through TISAtech will help financial institutions understand a FinTech’s ability to partner with them and grow.
The case for these capabilities is particularly compelling during a period when many FinTechs have had to reduce their marketing and networking activities because of the pandemic, losing vital business engagement opportunities. The platform will afford FinTechs the visibility they need to standout and secure new prospects and clients and ultimately trade through the pandemic.
TISAtech will be partnering with The Disruption House (TDH), the specialist benchmarking and data analytics business for financial institutions and innovative financial technology firms, to deliver their validated assessments and FinTech taxonomy for more efficient engagement. The new platform will also deliver ‘Hackathon-style’ Tech Sprints. This will help financial institutions to build and validate prototype solutions to problem issues and along with a sandbox environment, using real data, to test whether the solutions proposed would actually work in practice.
The marketplace will also be a platform for FinTechs to post important news, such as client and investor announcements, product solutions and service developments.
Whilst the issues posed will cover a wide remit, two areas in particular that are expected to see significant growth lie in technologies for the Wealth Management industry and the innovative technologies linked to Environmental, Social & Governance (ESG). TISAtech aims to create a unique space that will ensure financial institutions can access the most innovating FinTechs as well as a pool of resources which will enhance adoption and integration.
TISA already has a proven track record in building solutions to industry-wide issues from TISA Exchange (TeX), which was established to help facilitate the electronic transfer of wrappers and assets between fund managers, platforms, wealth managers and any firm which holds assets on behalf of investors to the forthcoming launch of TURN, the industry blockchain-enabled solution for the collection and dissemination of EMT regulatory data.
Keith Phillips, Chief Executive of TISAtech said, “The launch of TISAtech represents a significant step forward for UK financial services. Not restricted by traditional industry silos, it will not only underpin TISA’s existing industry-led initiatives such as Digital ID and Open Savings & Investment but will create a unique environment for financial institutions looking to access new technologies and partners for growth. As the preeminent digital financial services body, TISA is perfectly positioned to become the industry go-to location for the sourcing and adoption of the most innovative FinTechs that will help the industry transition to the new normal, supporting firms in embracing digital technologies and capabilities across all aspects of their businesses.”
Rupert Bull, CEO and Co-Founder of The Disruption House said, “The FinTech market needs initiatives like these now more than ever. Trade Shows have disappeared, and webinars are not filling this gap in the market. TISAtech is a digital platform where FinTechs and financial institutions can discover each other’s needs and capabilities and meet in a secure environment. Regulators and industry stakeholders are increasingly aware of the risks that suppliers can present to the supply chain. Now more than ever it is key that as potential suppliers FinTechs are able to rapidly demonstrate their enterprise readiness and long-term sustainability to the firms they want to do business with. TISAtech leveraging the Disruption House’s proprietary 48-point capability model will help them to do this in both a time and cost-effective manner.”