Fintech Summit 2024 - Edinburgh Sept 27th

SPONSORED BY

Bruce Harvie
Partner: Corporate M&A + Investments,
CMS
#FTScot

Everything
Founders
Bruce Harvie
Partner | CMS
Trends,
Challenges and
Opportunities

Fintech is 3% done. Fintech’s revenues of $320m
represents just 3% of financial services, and they’re
predicted to balloon to $1.5trillion by 2030.
Discussions for today
01
Trends shaping
FinTech this year
02
Challenges
What are the
continuing pain
points?
03
Opportunities
Where are they
coming from?

01
Digital
transformation
continues, though
at a slower rate
05
Buy Now, Pay
Later (BNPL)
02
Robust
growth and
innovation
06
Open
Banking
03
Resilience
and flexibility
07
Neobanks (or
digital-only
banks)
Key trends shaping FinTech in 2024?
04
Embedded Finance

Challenges – at home and globally
Rising interest rates and inflationary pressures
Geopolitical tensions
Slow or stagnant economic growth
Subdued valuations
Investor caution
Reduction in available investment, across tech not just fintech
Government policy uncertainty, particularly on tax

Opportunities
Partnerships
−Enhanced customer offerings
−Benefit of established customer base and
regulatory knowledge
−Shift to mobile banking / apps
−User-friendly, personalisation for a changing
customer demographic
Artificial Intelligence: scratching the surface?
Reasons for optimism
−M&A opportunities?
−Fundraising – getting “investor ready”?
Sharing of risk on co-investment? New
classes of investors?
−Extension of EIS and VCT tax incentives
Revenues in the fintech industry are expected to grow almost
three times faster than those in the traditional banking sector
between 2023 and 2028

Talent and future
workforce
–Strength in financial
services sector
–World class
universities – 5 of
Scotland’s 19
Universities among
the world’s top 200
Collaboration between
academia, industry
and SMEs/start-ups:
–University of
Edinburgh
Edinburgh Futures
Institute
–University of
Strathclyde
Technology and
Innovation Centre
Government and
business support:
–FinTech Scotland
–TechScaler
–FinTech Growth
Fund
Global institutions
choosing Scotland for
expansion
-Barclays, Glasgow
-JP Morgan,
Edinburgh
Opportunities
What sets Scotland apart?

Our CMS Scotland
FinTech offering
To find out more scan here:

Your free online legal information service.
A subscription service for legal articles on a variety of topics delivered by email.
cms-lawnow.com
The information held in this publication is for general purposes and guidance only and does not purport to constitute
legal or professional advice.
CMS LTF Limited (CMS LTF) is a company limited by guarantee incorporated in England & Wales (no. 15367752)
whose registered office is at Cannon Place, 78 Cannon Street, London EC4N 6AF United Kingdom. CMS LTF
coordinates the CMS organisation of independent law firms. CMS LTF provides no client services. Such services
are solely provided by CMS LTF’s member firms in their respective jurisdictions. CMS LTF and each of its member
firms are separate and legally distinct entities, and no such entity has any authority to bind any other. CMS LTF
and each member firm are liable only for their own acts or omissions and not those of each other. The brand name
“CMS” and the term “firm” are used to refer to some or all of the member firms or their offices; details can be found
under “legal information” in the footer of cms.law.
CMS locations:
Aberdeen, Abu Dhabi, Amsterdam, Antwerp, Barcelona, Beijing, Belgrade, Bergen, Berlin, Bogotá, Bratislava,
Brisbane, Bristol, Brussels, Bucharest, Budapest, Casablanca, Cologne, Cúcuta, Dubai, Dublin, Duesseldorf,
Edinburgh, Frankfurt, Funchal, Geneva, Glasgow, Gothenburg, Hamburg, Hong Kong, Istanbul, Johannesburg,
Kyiv, Leipzig, Lima, Lisbon, Liverpool, Ljubljana, London, Luanda, Luxembourg, Lyon, Madrid, Manchester,
Maputo, Mexico City, Milan, Mombasa, Monaco, Munich, Muscat, Nairobi, Oslo, Paris, Podgorica, Poznan, Prague,
Reading, Rio de Janeiro, Riyadh, Rome, Santiago de Chile, São Paulo, Sarajevo, Shanghai, Sheffield, Singapore,
Skopje, Sofia, Stavanger, Stockholm, Strasbourg, Stuttgart, Tel Aviv, Tirana, Vienna, Warsaw, Zagreb and Zurich.
Further information can be found at cms.law

Charlotte Kanagasabapathy
Director: Head of FinTech Scouting,
Barclays
#FTScot

Generative AI in FinTech:
Now and Next
CHARLOTTE KANAGASABAPATHY

Restricted - External
First, let’s get some data…

Restricted - External
Generative AI is a step change in AI capability
Reasoning
Deep
Neural
Networks
GPT
Natural
Language
Processing
Reinforcement
Learning
Natural language Multimodal
Multimodal LLM
Image
Text
Audio
Video
Image
Text
Audio
Video

Restricted - External
Where’s the VC (and CVC) money going so far in 2024?
Source: CB Insights September 2024
16.0
2.7
0.5
0
10
20
1 2 3
$21B GenAI Venture Investment
in 2024 YTD
1 2 3 4 5 6
Only3% IntoApplications for SpecificIndustries
$0.5B

Restricted - External
Asset Management & Investment Research Compliance Accounting
Investment research and asset management tools are the largest GenAI
category within FinTech
DeFi Small Language Models
Source: CB Insights 2024 GenAI Finance Deals

Investment trends are only part of the story
… a wider GenAI revolution is underway.

Restricted - External
We surveyed…
Pre-Seed
to
Series C+
Banking
Capital Markets
Digital Assets
Fraud and FinCrime
Insurance
Lending
Payments
RegTech
Wealth and Asset
Management
&
We surveyed…
500
FinTechs
Using GenAI

Restricted - External
10% 15% 20% 25% 30% 35%
1
2
3
4
5
6
7
8
9
10
Series2Series1
Growth-stage FinTech leads adoption across most use-cases except
technology development.
“What are you currently using generative AI for? Please select all that apply”

Restricted - External
Data Insights
Customer SupportSoftware Development Compliance
Product Design
Generative AI’s impact is wide-reaching.

Restricted - External
47%
adopted UNDER
HALF of the
use-cases
37%
adopted OVER
HALF of the
use- cases
7%
adopted NO
use-cases
8%
adopted ALL
use-cases
FinTechs are testing the capabilities of GenAI and failing fast.
“What % of the GenAI use-cases tested within your business have been successfully adopted?”

Restricted - External
10% 15% 20% 25% 30%
1
2
3
4
5
6
7
8
9
10
Series2Series1
Growth-stage FinTechs are seeing the most benefits.
“What benefits is your business seeing, if any, from using generative AI? Please select all that apply”

Restricted - External
GenAI is proving a worthwhile investment for the majority.
1 2 3 4 5
£
69%
find GenAI IS
cost-effective
29%
find GenAI
IS NOT cost-
effective
“How do you perceive the cost-effectiveness of generative AI in your current operations?”

Restricted - External
37% of FinTechs are developing bespoke GenAI models.
20% 25% 30% 35% 40% 45% 50%
1
2
3
4
Series2
Series1
“At what development level are you currently using generative AI within your business? Please select all that apply”

Restricted - External
79% are using a mix of open-source and proprietary models
17%
33%33%
13%
2%2%
1 2 3 4 5 6
Overall, FinTechs are leaning towards open-source models.
“How do you balance the use of open-source and proprietary GenAI models in your technology stack?”

Restricted - External
69% of FinTechs say GenAI is significant to their growth plan in 2025.
27%
42%
15%
14%
2%
1 2 3 4 5
69%
Say GenAI is a
significant part
of their growth
plans
16%
Do not expect
GenAI to drive
growth
“How significant is generative AI to your growth plans over the next 12 months?

Restricted - External
79% are using a mix of open-source and proprietary modelsUS FinTechs may be developing a technological advantage…
Have used GenAI for more than a year
(51% v 42%)+9%
Are developing bespoke GenAI models
(40% v 33%)+13%
Are investing in their own proprietary GenAI
technology/capabilities in the next year
(35% v 29%)
+6%
Prioritising upskilling existing staff on generative AI
technologies and applications in the next year
(36% v 26%)
+10%
v

Restricted - External
79% are using a mix of open-source and proprietary models…But effective regulations could give UK FinTechs a boost.
Ethical concerns and bias in AI models
(27% v 21%)+6%
Managing and mitigating systemic risks
(26% v 17%)+9%
User trust / risk appetite
(25% v 15%)+10%
Regulatory hurdles and compliance issues
(28% v 23%)+5%
v
“What challenges do you anticipate in the future with the increased adoption of Generative AI in fintech?
Please select three:”

What are we likely to see next?

Restricted - External
ENHANCED
REASONING
GenAI starts to do the work…
MULTI-AGENT
NETWORKS
SMALL LANGUAGE
MODELS
AGENTIC AI
From
Assistance
to Action

07 Close session
10 mins
10 mins
10 mins
45 mins
20 mins
5 mins
Thank you
Pre-register to receive the full report at rise.barclays/

Euan MacMillan
Sr Director: Digital Markets Unit,
CMA
#FTScot

33
Pro-competitive AI
regulation: The CMA's
perspective
September 25, 2024

Access – Ongoing ready access to inputs
Diversity – Sustained diversity of business models and model types
Choice – Sufficient choice for businesses and consumers so they can decide how to use FMs
Fair dealing – No anti-competitive conduct
Transparency – Consumers and businesses have the right information about the risks and limitations of FMs
Accountability – FM developers and deployers are accountable for FM outputs
The CMA's confirmed AI principles

Applying the AI principles through the CMA's tools
Market Investigations
2.
MonitoringAI
partnerships
(including merger
control where
appropriate)
3.
Digital Markets
Competition and
Consumers Act
1.

DMCC Act
Conduct Requirements
Pro-Competition Interventions
SMS merger reporting rules
SMS designation -
Firm must have
substantial and
entrenched market
power in a digital
activity and a
position of strategic
significance
Information-gathering,
enforcement, compliance
and administrative
provisions
Direct enforcement of existing consumer protection powers

Regulatory Cooperation

DRCF AI and Digital Hub
•Free informal advice
service from regulators
•Supports
innovators with
complex,
cross-regulatory
queries
•Provides tailored
responses through a
single point of access
•Helps new AI and
digital products and
services reach the market
safely and quickly

Louis Blackburn
Lead Product Designer,
Lloyds Banking Group
#FTScot

Please download and install the
Slido app on all computers you use
Audience Q&A
ⓘ Start presenting to display the audience questions on this slide.

Thursday 25
th
September 2024 | Dynamic Earth, Edinburgh, UK
#FTScot

#FTScot
Dr Alexandra Birch
Reader in NLP,
University of Edinburgh
& Chief Scientist, Aveni
Joseph Twigg
CEO,
Aveni
BREAKOUT C

Applying GenAI in the
Finance Industry
25 September 2024 DIGIT Scotland

Lexi BirchJoseph Twigg
Head of Aveni LabsCEO of Aveni
Speakers

GenAI Adoption Globally
In 2017, the definition for Al adoption was using Al in a core part of the organisation's business or at scale. In 2018 and 2019, the definition was
embedding at least 1 Al capability in business processes or products. Since 2020, the definition has been that the organisation has adopted Al in at
least 1 function. Source: McKinsey Global Survey on Al, 1,363 participants at all levels of the organization, Feb 22-Mar 5, 2024

GenAI Value Perception in the Global Finance Industry

Where are we on the Hype Cycle?

GenAI Value Chain Opportunity size for new entrants in next 3-5
years, scale of 1-5

What is Generative AI
AI has been very useful - specialist applications do not generalise well
What is Generative AI?
Huge models trained on vast
amounts of text and other data
From predicting the next word - to
solving problems with language
Examples: GPT, DALL-E, Codex
What’s the advantage?
General purpose problem
solver - do not need labelled
data
Much faster to put together
demos
What is GenAI

Summarise and
extract information
combined with
problem solving,
and validating
sources
Virtual experts:
01 02 03 04
Creation of draft
contracts, NDAs,
marketing
Content
generation:
GenAI Use Cases with most traction
Co-pilots for
customer service to
chatbots enabling
personalised
journeys
Customer
engagement:
Interpret, translate
and generate code,
synthetic data
generation
Coding Co-
pilots
GenAI Use Cases

Project Lifecycle
Prototype
Use data samples, Scratch
code - prove the use case
Production App
Build modular pipelines
with automation, scale,
testing, versioning, risk
Monitoring
of data, model,
application metrics,
cost, KPIs
Feedback
Collect production data,
metrics, tune mode,
governance
1 2 3 4

Risks
Impaired fairness
Algorithmic bias, misrepresentation of
content as human-created
IP Infringement
Infringement of copyrighted or legally
protected material
Privacy concerns
Unauthorised use or disclosure of personal
or sensitive information
Performance & explainability
Inability to explain model outputs and
inaccuracies, hallucinations
Security Threats
Vulnerability in generative AI systems that
may be exploited
ESG impact
Non compliance with ESG standards -
reputational risk
Malicious Use
AI-generated content used for malicious
purposes
Third-party risk
Risks associated with use of third part AI tools
Risks

Strategically position the
application around the business
Key to Success
Data architecture must be
scalable
UI/UX
Processes and people
Key to Success

Poll: Where are you on your GenAI journey?
I am just learning
about GenAI
I've begun building
a GenAI app
I have a specific
use case
I have a GenAI app
in production
1
3
2
4
Poll

Age & Sesame
Financial Group
Aveni Docs

Birth Date \n
17-04-1974 \n
Asset Table \n
House \t £300.000
Stocks \t £50.001
OCRPDF Segment & Embed
Birth Date \n
17-04-1974 \n
Asset Table \n
House \t £300.000\n
Stocks \t £50.001
What is the client’s
birth date?
Query?
Aveni Docs
What is the value of
client’s assets?

1
You are an assistant to a company who checks documents. These documents created
by your company are relevant to a client. Your task is to extract the client's assets, both
the value and what the asset is, and the line numbers where this information is found.
●The assets will always be in pounds sterling (£)
●Only extract items explicitly mentioned as assets, e.g. savings,
investments, pensions, property, vehicles
●The following are not assets: expenses, liabilities, income
●Products offered by your company are not assets
●If no assets are mentioned, return a line number of null
Note:
Aveni Docs

Focus on client not note
taking - regulatory
obligation
Efficient and reliable
post processing
More consistent high
quality service
Aveni Assist

Learnings
Competitors moving really fast - more
important to innovate/solve/disrupt than
to get parity with competitors
Human+: not replacing humans, assisting
them, and learning from them
Focus on financial advice really useful
Manage customer expectations
Ultimately quality of output is key
Learnings

Industry aligned LLMs: FinLLM
Deliver a suite of
LLMs that lead in
performance
across the UK
Financial Services
market
Implement industry
leading AI
development and
data usage framework
in-line with global AI
regulations and FCA
guidance
Prove value of
FinLLM in high
impact use cases in
large UK banks
FinLLM

Model Delivery

Thank you

Thursday 25
th
September 2024 | Dynamic Earth, Edinburgh, UK
#FTScot

Nathan Fulwood
Strategy Director,
CreateFuture
#FTScot
BREAKOUT F

FinTech Scotland, 25th September 2024

THE
WRIGHT BROS
IMAGE: Wikipedia

The Wright Bros. conquered
human flight on Dec 17th, 1903
Literally one of the most important events
in human history!

…but no one paid attention
to the
first flight.
Those who saw it thought
it was a gimmick.
Mainstream reporters only
broke the story after.

INNOVATION IS HARD TO SEE
There is often a gap between
A GAME CHANGER
People being convinced that
THE GAME HAS CHANGED
…but no one paid
attention
to the first flight.
Those who saw it
thought
it was a gimmick.
Mainstream reporters
only broke the story after
The Wright Bros. conquered
human flight on Dec 17
th
, 1903

LITERALLY ONE
OF THE MOST
IMPORTANT EVENTS IN
HUMAN HISTORY!

“People can’t fly! It’s just an
insignificant trick”
PUBLIC RESPONSE TO WRIGHT
BROTHERS FLIGHT
As it happens right in front of them
Even experts fail to see change
“This ‘telephone’ has too many
shortcomings to be seriously
considered a form of
communication”
WESTERN UNION RESPONSE TO
ALEXANDER GRAHAM BELL
“Horseless carriages would be a
menace… and producing gasoline
is beyond private industry”
CONGRESS MEMO RESPONDING TO
VIABILITY OF AUTOMOBILES

Then maybe only
startups will use it…
But they won’t use
it for anything
real…
Then it was
enterprises will
never use it…
Then enterprises will
never use it for
anything mission
critical…
First, they said
no one will use
it…“
…Companies voted with their
workloads and now
competitors are six or seven
years late.
ANDY JASSY
”
First, They’ve heard of
you, but think
you’re
They understand your
product, but think it has
They view your
product
They see it as an They start They couldn’t
imagine
First, they said no
one will use it…
Then maybe only
startups will use it…
But they won’t
use it for
anything real…
Then it was
enterprises will
never use it…
Then enterprises
will never use it for
anything mission
critical…
…Companies voted with their
workloads and now competitors are
six or seven years late.
ANDY JASSY
INNOVATION
HAPPENS GRADUALLY
THIS PROCESS OFTEN
TAKES YEARS!
NO ONE’S HEARD OF
YOU
NUTS
NO OPPORTUNITY AS A TOY AMAZING
TOY
USING IT LIFE
WITHOUT IT

We treat failure
as a sign to stop, rather than
an indicator of where to adapt,
pivot and succeed.
We incentivise
it with an innovation bonus,
because bonuses work for sales
people (??)
We invest in
an innovation offering, but
then measure it in
contradictory short term
metrics
We wait
for a proven business case before
trying something new. By the time
we get there, we’re too late.
We confuse
invention (which requires only
brilliance) with innovation (which
also requires persistence).
We treat innovation like a
project rather than an intrinsic
culture and mode of operation.
Innovation requires us to change

Three problems with innovation
Innovation is
hard to see
Innovation
happens
gradually
Innovation
requires us to
change
01. 02. 03.

THE 5 WAYS
TO INNOVATE

Developing the skills of your
workforce and structuring them for
success
BENEFIT
……………………………..
Aims directly at the primary goal of
building innovation from within
DRAWBACK
……………………………..
Limited by lowest common
denominator, end up bringing up the
rear rather than leading from the front
EXAMPLE
……………………………..
Deloitte Digital: “If digital only exists in
these four walls three years from now,
we will have failed”

Internal playpen disconnected from the
core business to
allow for experimentation
BENEFIT
……………………………..
Able to attract the right talent and
give them autonomy to innovate
away from BAU
DRAWBACK
……………………………..
Difficult to transfer solutions back to
the core business, so short-term
metrics are introduced to show ROI
EXAMPLE
……………………………..
DBS Asia X: The innovation lab that
doesn’t do innovation. Start small
and grow.

External experts help to build
a speedboat factory that can launch new
ventures
BENEFIT
……………………………..
Tap into an existing talent pool to solve
business problems like a startup would
DRAWBACK
……………………………..
Leadership struggles to reconcile the
balance between invested & divested,
limiting startups to comply with
legacy
EXAMPLE
……………………………..
UnionBank: We don’t just need a
speedboat, we need to build a
speedboat factory.

A program to accelerate growth for
external startups with the option to
invest in those that succeed
BENEFIT
……………………………..
Provides freedom for startups to
innovate, de-risking failure for the
corporate
DRAWBACK
……………………………..
Relevance of startups to the parent is
difficult to demonstrate, leaving
investment vulnerable to de-funding
EXAMPLE
……………………………..
Telstra Muru-D: Building the Australian
startup economy will benefit everyone.

Scan broad startup ecosystem for
investment opportunities to fill
capability gaps as needed
BENEFIT
……………………………..
Lets the market do the hard work
and only requires just-in-time
investment
DRAWBACK
……………………………..
Very long-term view can force vanity
metrics, leading to a cycle of POCs
that deliver little value
EXAMPLE
……………………………..
CBW Bank: Growth will come from
the bottom of the pyramid, so we
need to shift the unit cost toward
zero. We can be the backend.

1
2
3
4
5
INVESTED
INNOVATION
DIVESTED
INNOVATION
Tackles the heart of the
problem. But it’s hard,
costly and can cause
collateral damage.
Low commitment and
crowdsources the hard work,
but can take a long time to
give relevant solutions.

SO…
WHICH IS THE BEST
WAY TO INNOVATE?

BREADTH:
THE MOST SUCCESSFUL INNOVATORS
RUN IT LIKE A PORTFOLIO
1
2
3
4
5

Who are CreateFuture?
We are a digital consultancy and delivery partner with 12+ years of delivering corporate and financial
services innovation.

Health Check
Free 10-15 minute survey to get:
Your overall innovation health score
Your Suitability score: how well aligned your
innovation efforts are to your organisation's strategy,
capabilities and goals
Your Breadth score: how well your organisation is
managing a broad portfolio of innovation efforts
Your Depth score: how well your organisation is
translating innovation efforts into tangible outputs
Recommendations on how to improve in each
of these areas and suggested next steps in order
to put the plan into action

Thank you
Any questions?

Linda Robertson
Head of Digital Customer Experience,
Virgin Money
#FTScot

Optimising
Customer Journeys
Linda Robertson | Virgin Money
September 2024 | v 1.0 | Public

If you:
1)Have a dog
2)Are fond of dogs
Please raise your hand

Blame Tigger!

Context & objectives: driving customer experience & business improvement through journey optimisation
1.What is journey optimisation?
2.The benefits
3.The journey
4.The key optimisation components – in the context of mobile app optimisation
5.Conclusion
Exec Summary | Getting the journey live is only the beginning…

1. What is journey optimisation?
“Digital journey optimisation is a foundational approach
that involves looking at the digital journey as a whole to see
not just how customers engage with you, but why they
make certain decisions.
It analyses behaviour from the moment they enter your app
or website through post-conversion and finds/executes on
improvement opportunities”.
The text-book answer: My answer:
It’s about breaking down the journey into very small parts,
analysing data at every single step to see what’s performing and
what’s not. Trying to understand the ‘why’ and then testing
improvements to address the why.
Creating Good, Better, Best and then starting all over again!
Ultimately, the goal is to create an emotional connection beyond
just the transaction itself. Create memories.

The Happiness Halo - Lippincott
1. What is journey optimisation? | Why is emotion important?
Appeal to customers’ reason
and they’re yours for a day.
Appeal to customers emotions
and they’re yours for a lifetime.
Happiness researchers find that upwards
of 50% of someone’s happiness is built in
moments of anticipation and
remembering.
Happiness is as much about how
we look forward to and look
back on an event, as it is about
the event itself.

Of course, the interaction is exciting and engaging
in its own way, with laughter and surprises and
connections (and maybe a little more cake).
The Happiness Halo - Lippincott
1. What is journey optimisation? | Why is emotion important?
A big part of the joy is the anticipation: inviting
your friends, imagining all your loved ones in
one place, looking forward to all the fun (and
guilt-free cake!)
Anticipation Interaction Afterglow
Then, the memory of that party – the guests, the drinks, the
laughs – has its own happiness, and there are those
disproportionately powerful moments that dominate the
scene in your memory and live on in nostalgic conversations,
past decades or future parties.
Example: A Party.

Challenge | Where are these opportunities in your customer journeys?
Hey Linda, are you feeling fit?! Don’t
forget, your gym membership payment
(£57) is coming up on the 4th. Looks
like you have enough in your account
to cover it.
Anticipation
Interaction
AfterglowHey Linda, your gym membership has
been paid today, your balance is now
£420.
Hey Linda, that’s a 4-month streak of
paying your gym membership, well
done on your healthy living! If you
fancy a change, we offer 10% off at
Virgin gyms. We think healthy habits
should be rewarded.

2. Benefits

1.Define your outcomes & the customer need
2.Define the optimal end-to-end customer
journey – customer journey mapping
3.Identify the key touch points and pain points –
from front to back end
3. Understanding the journey itself
Awareness Consideration Purchase Retention Customer Advocacy

3. Understanding the journey itself
Awareness Consideration Purchase Retention Customer Advocacy
4.Create a visual representation of this
5.Focus on the offline support journeys as much
as the online journey itself

4. Key components we’ve considered – in the context of Single App programme

1.User Experience & Interaction (UX & UI)
2.Customer feedback
3.Data-driven insights
4.Targetting & Personalisation
5.Continuous improvement & iteration
6.A word on coding…
4. Key components we’ve considered

4. Key components | 1. User Experience & Interaction (UX & UI)
Define your
design principles
Speed =
revenue
Invest in
tooling
1.1 1.2 1.3

Make it usable Make it useful Make it desirable
4. Key components | UX – 1.1 Example Our Design Principles
Ease Empowerment Joy

4. Key components | 1.2 UX – Speed = revenue
High user frustration
and bounce rates
(+7% higher)
Lower user engagement and
satisfaction
Low search engine rankings
(Google loves speed)
Consequences of slow speeds:
According to a study by Google, 53% of mobile site visits are abandoned if pages take at
most three seconds to load.
Optimise images
Addressing slow speed:
Minify code Prioritise content

A class-leading design system
.
Uniquely Virgin, with magic
moments
Widget-ised building blocks
Works on every screen / every
device
.
Expert documentation – key to consistency &
outcomes
Marvel
Prototype creation
Figma
Design software
4. Key components | 1.3 UX – Train your people on great tooling
Overflow
Customer journey mapping

4. Key components | 2. Customer feedback
Do ‘Voice of the Customer’ (VoC) Programmes
actually deliver value?
Voice of Customer: How to 10x Your Business With VOC Data (superoffice.com)

Pre-live
1.Surveys - email / in App
2.Social media
3.Customer Interviews
4.Selfie customer videos
5.Focus Groups
6.NPS Scores / Smile Scores
4. Key components | 2. Customer feedback
Post-livePre-live – user research
133
Participants Studies
Usability tests 1,771 55
Moderated 123 21
Unmoderated 489 30
Quantitative 1,159 4
Surveys 1,889 18
Interviews 23 4
Tree tests/ card sorts 202 1
Total 3,885 78
78
Studies
to date
Tested
with
3,900
customers

1.Measure everything, always
2.You are NOT the end customer!
3.Let the data do the talking
4.Invest in tooling
4. Key components | 3. Data driven insights

The “Click Rate”
reveals which page
areas are clicked on
the most and the
least, helping to re-
order content to
increase engagement
and sales (and to
prevent less users
from exiting the site
early).
The “Exposure Rate”
illustrates just how far
down a page people
scroll on average. In the
loans example shown
here, we can see that
just 28.6% of users
scroll to the page
bottom, but also that
only half see the second
panel.
4. Key components | 3. Data driven insights - examples

Data: The exposure rate on a key panel ‘sip sip horay’ is only
46% meaning less than half of visitors see it, as it sits below
the fold. This shows that people who bounce out are not
making it very far down the page.
Hypothesis: Test the effect of having slimmer campaign
banners in different positions to understand if the reduced size
has a positive impact on the click rate of our main PCA CTAs on
the Product Page, to encourage more customers to start an
application
Outcome v Control Page:
Visit to App Submit rate +9.2% improvement
PCA Campaign Banners – a simple test
4. Key components | 3. Data driven insights - examples

4. Key components | 4. Targeting & Personalisation
Be super clear who you
are targeting and why?
Personalise content
& recommendations
Use data & AI to predict
needs
According toMcKinsey & Company, 71%
of consumers are counting on
companies to give them personalized
experiences — and 76% get frustrated
when these expectations aren’t fulfilled.
1 2 3
Wants Needs Behaviours

1.A story of marginal gains
2.Good, better, best principle
3.Continuous & collaborative
improvement is key
4.Key challenges: Funding Digital journeys are no different to our branches. Once
opened, they need painted, rewired, cleaned, re-modelled etc.
Digital journeys need optimised to stay fresh, relevant and
effective. A/B testing enables that.
Marginal gains is NOT about making small changes and hoping they fly. Rather, it’s about breaking
down a big problem into smaller parts, in order to rigorously establish what works and what doesn’t.
Matthew Syed
4. Key components | 5. Continuous Improvement & Iteration

✓One set of code
✓One set of testing
Delivers:
✓Fully native iOS & Android App experiences
4. Key components | 6. A word on coding: Flutter – increasing efficiencies
139

4. Key components | 6. My coding checklist!
1.Make sure it’s Accessible So that it works with Assistive devices and customers who
need the most help, get it
2.Make sure it’s fully tagged for analytics So that you can MEASURE performance
3. Add all new components to libraries /toolkitsTo ensure consistency and speed up design & build
4. Make sure it’s modularised To reduce regressing testing & speed delivery
5. Wrap it in a Content Mgmt framework So that you can change words & images quicky & without
going through a big release cycles
6. Tag it for Feature Toggling So that you can turn the feature on/off as desired, to test
new features or limit damage where they are not working
What? Why? word on coding…

5. Conclusion
Getting the journey live is only the
beginning…
1)Happiness Halo – emotion is
important – anticipation &
afterglow
2)You need ongoing
investment to do
Optimisation – persistent
teams on a continuous cycle
with great tooling
3)Data, data, data – be clear
on your business outcomes,
customer needs and
measure everything
…continually improving it is key to driving
business & customer outcomes

Thank You!

Rosie Isbell
Group Design Lead,
Wise
#FTScot

0145

Selected workRosie Isbell

0185

Andrew Black
Managing Director,
ConnectID
#FTScot

Reducing risk & creating trusted
customer experiences
Digital Identity
Andrew Black | Managing Director, ConnectID at AP+
September 2024 ©2024 Australian Payments Plus l Confidential

©2022 Australian Payments Plus l Confidential
If data was the new
oil…

©2022 Australian Payments Plus l Confidential
…then personally
identifiable data is
now plutonium

©2022 Australian Payments Plus l Confidential
an analogue world to…
We’ve moved from
a digital overlay of it

©2022 Australian Payments Plus l Confidential
Think about booking your next trip…
Booking
a flight
Buying travel
insurance
Renting
a car
Checking into
hotel
For customers,
this feels:
Repetitive Like they’re oversharing their data and
Name
DOB
Address
Passport Number
Nationality
Expiry Date
Payment Information
Name
DOB
Address
Email
Nationality
Phone Number
Payment Information
Phone Number
Email
Country of residency
Name
Address
Licence Number
Nationality
Licence Expiry Date
Payment Information
Phone Number
Email
DOB
Licence number
License class
License card
number
Photo
Photo
Signature
Name
Address
Licence Number
Licence Expiry Date
Payment Information
Phone Number
Email
DOB
Licence number
License class
Licence card number
Photo
Signature

©2022 Australian Payments Plus l Confidential
If a strong digital ID system is implemented, the
Australian economy can benefit with
productivity gains estimated at 3-4% GDP.
2B Identity Transactions p.a.
The Australian problem
22
9
There is a clear need for a strong digital identity network thataims to cover all people needing
to validate their identity
Australians affected by data
breach instances in the first
half of 2024.
UP TO
13M
The estimated average cost
of a data breach in Australia
for businesses in 2024.
MORE THAN
$4.2M
The potential fines that can
be incurred following
legislation introduced in 2022.
UP TO
$50M
Invested by the government to
advance digital ID initiatives
since 2015, with an additional
288M included in 2024 budget.
MORE THAN
$700M
Countries with higher digital
ID adoption rates have faster
onboarding processes.
Of total onboarding and
regulatory compliance costs
can be cut with digital ID
UP TO
70%

©2022 Australian Payments Plus l Confidential
So how do you
reduce your risk of
harm

©2024 Australian Payments Plus | Confidential
A key principle to sustainable digital identity is
unlocking economic value

©2024 Australian Payments Plus | Confidential
Global trends in digital identity
North America
Europe
ASIA
Presenceof disparate state specific
solutions.
Federal agencies and financial
firmscollaborate on future DI sol.
Blueprints.
The rise ofmobile driver’s licenses
(mDLs)in the U.S. allows users to
verify identity via mobile wallets.
Focus on applicationsimplementing
SSI based digital ID
models(Canada’s DIACC partnership
with Northern Block).
The wide adoption of passkeys in the
U.S., mainly driven by big
tech,enables users to verify identity
without usernames or passwords.
Need toreduce annual liability
costsresulting from data breaches
and fraud (in $trillions in NA)
OCEANIA
Collaborative efforts between governments, financial
institutions, and the tech sector are underway to
achievewidespread adoptionof digital identity in both public
and private sectors.
eIDAS2.0lays the foundation
forinteroperabilityandsecurityacross member states,
ensuring consistent standards for digital ID schemes.
The launch of theEuropean Digital Identity (EUDI)
Walletexpands digital ID capabilities across the EU,
integrating nationaleIDsfor secure cross-border access. It
empowers individuals to control their digital credentials and
share data securely.
Enforcement ofGDPRdriving increased customerdata
protection complianceandcustomer trust.
Driven bygovt. mandatesto provide basic services and
drivefinancial inclusion; Data protection reg. prevalent
Biometricinformation central to the element of identity
Push for access to govt. services withconvenience and
securityusing a universal ID
Driven by need toreduce the costs of ID verification
(reduced from $5 to $0.70 per customer due to Aadhar)
Initiatives drivenby govt. efforts, aimed at providing
easy access to govt. services to their citizens
Focus onincluding biometricsin existing DI systems
Emphasis onprivacy, security, and
interoperability,reinforced by Australia's Digital ID Bill
2024, with stricter regulations and independent
oversight.
Need toreduce direct & indirect costsof preventing
and responding toID crimes(~$3.1 bn in Australia)
Africa and Middle East
Government-driven digital ID initiatives at the country levelremain focused on
expandingfinancial inclusion, particularly for underserved and remote populations, with
an emphasis on leveragingmobile-based solutionsfor access to key services.
Africa–Focus on biometrics, match-on-card tech enabled smart cards to provide access
to govt. services ;Middle East–In nascent stages of integrating blockchain and biometrics
systems.
Push forfrictionless access to government/ public servicesincluding voting, travel,
education, etc.
Need to address highliability and compensation costsof ID data breaches and fraud
South America
Characterised by risingprivate
investments and govt. security
spendingon app-based DI
initiatives; Focus onfinancial
inclusion
Focus on adoption ofbiometrics &
DLT
Push forfrictionless accessand
addressal of electoral, benefits,
healthcare fraud
Need toaddress high liability
costsfor service providers due to
high new accounttxns. fraud rate

©2024 Australian Payments Plus | Confidential
We are Australian
Payments Plus (AP+)
We’re here to shape the future of payments
for Australia. In 2022, AP+ brought together
BPAY Group, eftpos and NPP Australia.
We’re proud to be Australia’s integrated
domestic payments organisation. We aim
to deliver more innovation to Australia’s
payments ecosystem, for the collective
benefit of Australian businesses,
government and consumers.
It’s a new chapter with more possibilities.
Introducing AP+
150+
Partner institutions
4.6 billion
Transactions processed
in 2024

©2024 Australian Payments Plus | Confidential
So, what does it look like for onboarding new customers
Kamil is signing up
for a new service
Kamil needs to share his
details so selectsConnectID
to verify his identity
Kamil chooses
toauthenticatehimself from a
range of trusted partners
Kamilconfirms his detailsare
correct, hits ok, and finalises
her order
Relying Party Identity Provider Relying Party
Simple
Customers are verified in just a
few clicks, simplifying the
customer journey and reducing
the likelihood of dropout.
Secure
Data exchange is facilitated by
ConnectID and only transferred
using bank grade security with
customer consent reducing the
risk of error and fraud.
Trusted
Be confident the data received is
from a trusted source. Your
customer chooses to share their
identity data from organisations
they trust.
Fast
Businesses will be able to
verify a customer's data in
real time.
Data minimisation
Customers have control to only
share the identity attributes that
are needed to verify their
identity.

©2022 Australian Payments Plus l Confidential
ID & Pay

©2024 Australian Payments Plus | Confidential
A diverse ecosystem of partners drives rapid adoption & delivers value to
all participants
Identity Providers
Identity Owner
Relying Parties
Ecosystem Operator
•Core identity data trusted providers
•Retains trusted experience
•High customer coverage
+ other IDPs
Attribute Providers
•Contracted centrally and enabled for all
participants
•Leverage IDP authentication for streamlined UX
•Enables high-value use cases e.g. employment,
complex onboarding, KYC
Gov IDs & credentials Education / prof quals
Employment certs e.g.
RSA / police / WWCC
Financial data
Telco SIM data Credit agencies
Service Providers
•Additional ‘bolt on’ capabilities to add network
value
•Contracted centrally and enabled for all
participants
Document e-signing
Physical doc validation
(e.g. passports)
Distribution platforms
•Economy wide application
•Use cases tailored to sector requirements
•High coverage & scalability via AP+, BPAY &
eftpos and Identity Provider relationships
Insurance
Super
TelcoUtilities
Travel
Retail
Education
EmploymentFS
Gov
= commercial
relationships
= consent flows
= data exchange
Scheme governance & operations
Solution & capability
Participant registry
Ecosystem growth, BD and contracting
Strategy & capability roadmap
Payment services

©2024 Australian Payments Plus | Confidential
Reducing paperwork
and administrative
efforts to check
different types of ID
proofing documents
Claim the rights and
benefits entitled to
first nations people
without frauds and
scams
Supporting cultural
identity and
identification.
Simplifying the process
for applying for jobs
and educational
opportunities
ConnectID & Hold Access:
•Enhance digital identity solutions for digitally challenged groups and provide proof of Aboriginality
•Improves access to essential services and opportunities through robust and reuseable digital identity verification.
This collaboration ensures greater inclusion and empowerment for Indigenous communities in the digital economy.
Spotlight 1: Inclusivity: Addressing Identity Challenges for Indigenous
Australians
Lack of Birth
Certificates, hindering
access to services,
such as obtaining
driver licenses
Traditional naming
practices cause
inconsistencies in
identity documents.
Frequent movement
and lack of a
permanent address
affect identity
verification.
Solution
Key Challenges
Impact

Spotlight 2: International interoperability
Cross border experiment, where you
can use your Aussie Digital ID
travelling, or when migrating to a new
country

©2024 Australian Payments Plus | Confidential
Bridging borders and Trust Frameworks – Australian Bank Issuer
and Wallet
High level architecture describing how verifiable credentials can be used to achieve interoperability
at the presentation level.

©2024 Australian Payments Plus | Confidential
Safe and sound Trusted Scalable Simpler experience Innovative
Our core tenants of national digital identity infrastructure
ConnectID does not collect or store personal information at any time.
It's just the bridge that connects data to where a customer authorises it to go.
Customers want to
ensure their
information is kept
safe and handled
securely.ConnectID
complies with the
Federal
Government’s
Trusted Digital
Identity Framework
(TDIF) requirements.
Data is only shared
with customer
consent and
authenticated from
a trusted party such
as a bank or
government
agency.
ConnectID's
ecosystem will allow
access to a diverse
range of trusted
identity providers.
All participants are
strictly managed
and governed by
transparent Scheme
Rules.
With ConnectID
customers can
choose a familiar
identity provider and
consent to share
specific identity
attributes, enabling
an easy, simplified
experience in just a
few clicks.
ConnectID is taking an
inclusive, economy-
wide approach,
leveraging open
technical standards
which enables simple
integration and
continued growth and
innovation.

©2024 Australian Payments Plus | Confidential
Thank you
Andrew Black l Managing Director, ConnectID at AP+
[email protected]

#FTScot
Caroline Stevenson
Head of FS Regulatory,
Burness Paull
Rachel Curtis
Chief Executive Officer and
Co-Founder, Inicio AI
Robbie Homer-Plews
Chief Client Officer,
Aveni
Trish Quinn
Strategic Innovation Director,
FinTech Scotland
Murray Cree
Partner,
Burness Paull
BREAKOUT D

Vulnerable
Customers in the
Trust Economy:
CAN AI TECHNOLOGY HELP FIRMS
MEET THEIR REGULATORY
OBLIGATIONS?

Vulnerable Customers in the
Trust Economy:
CAN AI TECHNOLOGY HELP FIRMS MEET
THEIR REGULATORY OBLIGATIONS ?
◦Caroline Stevenson - Head of FS Regulation, Burness Paull (Chair)
◦Rachel Curtis - Chief Executive Officer and Co-Founder, Inicio AI
◦Robbie Homer-Plews - Chief Client Officer, Aveni
◦Trish Quinn - Strategic Innovation Director, Fintech Scotland
◦Murray Cree – Partner (Tech and Commercial), Burness Paull
PANEL

#FTScot
Caroline Stevenson
Head of FS Regulatory,
Burness Paull
Rachel Curtis
Chief Executive Officer and
Co-Founder, Inicio AI
Robbie Homer-Plews
Chief Client Officer,
Aveni
Trish Quinn
Strategic Innovation Director,
FinTech Scotland
Murray Cree
Partner,
Burness Paull
BREAKOUT D

Dan Klein
Chief of Data and AI,
Zühlke
#FTScot
BREAKOUT G

© Zühlke2024
Klein, Daniel
Public
The Big Short in the age of
GenAI.
The Big Short in the age of GenAI© Zühlke2024
Klein, Daniel

The implications of GenAI used
to help communicate with
customers

GenAI: Orion decisions?
Compose
Text
Automate
Dialogue
Extract
Information
Summarize
Text
Find
Documents
Numbers
?????

Or is the Strawberry more
useful?
Synthetic Data & Digital Twins

Can they be mis-trained by bad
actors / organised crime?

2024© Zühlke
Klein, Daniel
We must spot the systemic
errors in communicating with
customers.
The Big Short in the age of GenAI

The implications of ML/DL in
the automation of decision
making

Quant uses data techniques.
The rest of Finance?

So why will now be any
different??

It is all about the training

2024© Zühlke
Klein, Daniel
We must spot systemic errors
in automated decision making.
The Big Short in the age of GenAI

The implications of
ethical/unethical use of data
and models

© Zühlke2024
Klein, Daniel
PublicAI Solutions involve many factors and decisions
Data AI models Metrics
•Sourcing the data
•Extracting insights
•Measurements of
fairness and
accuracy
Pipeline
•Training algorithms
•Bias mitigation
techniques

© Zühlke2024
Klein, Daniel
Public Bias is inherent in the way we live; manage and monitor
Bias
Data AI models Metrics
Pipeline
•Misrepresentation
•Missing data
•Choice of variables
•Inherent
algorithmic bias
•Narrow choice
of metrics

© Zühlke2024
Klein, Daniel
Public The Bias Framework: the trade-off between useability & bias
Data AI models Metrics
Pipeline
Visualisations
iterative changes
Make known
alterations to
data
Survey models,
including bias
mitigation
Measure impact
of changes
Understand bias
and
measurement
uncertainty

© Zühlke2024
Klein, Daniel
Public
A credit rating agency
determines an individual's
credit score using
an AI model
Credit Agency Use Case

2024© Zühlke
Klein, Daniel
We must spot systemic errors
in the use or mis-use of the
data.
The Big Short in the age of GenAI

2024© Zühlke
Klein, Daniel
Embrace Uncertainty:
-use AI for scenario analysis,
-AI early warning systems,
-demonstrate transparency, &
-test the data for bias.
The Big Short in the age of GenAI

AI hasn’t had its 2008 moment,
yet…

Public
[email protected]
Global Chief of Data & AI
Dan Klein

#FTScot
Francesco Figari
Engineering Manager,
FreeAgent
Kelly Grady
Senior Product Manager,
FreeAgent
BREAKOUT B

Francesco Figari, Engineering Manager, Banking Integrations
Kelly Grady, Senior Product Manager, Banking Integrations
A Scottish success story
How FreeAgent and Natwest
created a connected fintech
ecosystem for customers

A scottish
romance story…
with a difference

But first, let me set the scene
and let’s get to know each
other better...

S ee inside our a wa rd-winning a ccounting softwa re
F reeA g ent is a ccounting softwa re y ou’ ll lov e. Na il the da ily a dmin, see y our ca shflow 90 da y s a hea d, ta k e ca re of ta x a nd file directly to HM RC.
Lik e us on F a cebook : https: //www. fa cebook . com/freea g enta pp/
F ollow us on X (formerly Twitter): https: //www. x. com/freea g ent/
F ollow us on I nsta g ra m: https: //www. insta g ra m. com/freea g enta pp/
Connect with us on Link edI n: https: //www. link edin. com/compa ny /freea g ent/
F or F reeA g ent product support, plea se v isit our Knowledg e Ba se: https: //support. freea g ent. com/
FreeAgent - Accounting software you'll love

The beginning
2007 2010
Manual
statement
exports era
Website
scraping
era

Something starts changing
2007 2010 2014
Manual
statement
exports era
Website
scraping
era
Yodlee IPO
Neobank
appears
Starling
Monzo
Revolut

The market opens up
2007 2010 2014 2015
Manual
statement
exports era
Website
scraping
era
Yodlee IPO
Neobank
appears
Revised Payment
Services Directive
(PSD2)
Starling
Monzo
Revolut

The CMA Order 2017 mandated the 9 main
banks to share customer data via API
CMA requires Banks to
share customer data
CMA Retail Banking Order 2017 / PSD2Regulations

Banks were the main financial services
provider to small businesses.
Traditionally
Banking Ecosystem
Business
Owner
Banking Mortgages
LendingInvoicing
Payments
Tax
Guidance
Insurance

Small business can go to lots of providers
for services traditionally provided by
banks, as well as completely new services.
Traditional banks become a smaller slice
of the financial services a business needs.
Customers now had lots
more options
Banking Ecosystem
Business
Owner
Banking Mortgages
LendingInvoicing
Payments
Tax
Guidance
Insurance

Many Fintech companies were born from
the fact they could build great services for
customers using a customer’s bank data.
Banks no longer had the same unique
store of customer data.
A whole host of new finance
services could be provided to
customers
Regulations

X
Business
Owner
Banking Mortgages
LendingInvoicing
Payments
Tax
Guidance
Insurance

Connecting all services together into one
seamless experience.
This is where acquisitions come in.
FreeAgent was purchased with the view to
enabling Natwest to provide more services
to its small business customers
The bank can become
the central place for
these services
Banking
Mortgages Lending
Invoicing
Payments
Tax
Guidance Insurance
Banking Ecosystem
Business
Owner

As well as referring customers to trusted
third parties for payments and insurance.
FreeAgent provides tax,
accounting, invoicing and
business insights
Banking Ecosystem
Banking
Mortgages Lending
Invoicing
Payments
Tax
Guidance Insurance
Business
Owner

The connection grew… and things really took off
NatWest Group
acquires FreeAgent
2007 20182010 2014

The journey we took to start to bring our vision to
life
Pre approved lending Build API ConnectionsAccount provisioning

Account provisioning
Phase 1

Pre-Approved Lending
Phase 1 Phase 2

ALL-IN-ONE app with embedded accounting/tax capabilities
Native accounting
backend
(Counting Up, Starling
business tools)
INTEGRATED, but distinct, banking & accounting
Banking App Accounting App
Invisible
accounting/tax engine
(ACaaS - e.g. Sage)
Banking App
21
Explore our options
Two models for cross-functional finance

Our aim is to create a single
experience that supports all the needs
of a business by bringing together
banking and accounting
The choice was simple -
integrate
A connected offering of financial
products and services maximising
value to our shared customers
Phase 1 Phase 2 Phase 3

Faster time to market - Integrations and relationships are
faster to building from scratch
Reduced development costs - Shared resources, fewer dev
hours to offer new functionality
Access to new markets - Expand your total addressable
market by targeting partners’ customers
Customer loyalty - Customers who use integrations are less
likely to churn
Competitive advantage-Innovate at pace and drive
acquisition
The benefits of an ecosystem
How product and engineering teams
benefit from an ecosystem business model

Tax calculator ecosystem
live in mettle bank
2007 20232010 2014 2018
FreeAgent and Mettle - two agile fintechs, acting as front
of wave demonstration of what is possible

S ee how much ta x y ou owe | M ettle Ta x Ca lcula tion, powered by F reeA g ent | M ettle business a ccount
No long er do y ou need to spend time work ing out how much ta x y ou owe. S imply connect to F reeA g ent, a nd sta y on top of y our book k eeping , a nd y ou’ ll see a n up-to-da te fig ure of roug hly how much ta x y ou’ re g oing to owe come 31 Ja nua ry .
Elig ibility criteria a pply . M ettle is a mobile-ba sed business ba nk a ccount.
Discov er more: https: //www. mettle. co. uk /fea tures/ta x-ca lcula tion
F ollow us on socia l:
I nsta g ra m: https: //www. insta g ra m. com/joinmettle/
Tik Tok : https: //www. tik tok . com/@joinmettle/
Link edin: https: //www. link edin. com/compa ny /join-mettle

We have a shared goal for helping small
business owners to stay in control of all
aspects of their finances
Why mettle and why tax?

ALIGNED TO CORE USER NEEDS
Get paid and make
payments
Start and structure
my business
Feel in control of
my finances
Build my team &
plan for the future
Prepare, file and
save for tax
Projects Time tracking
Self assessment Corporation tax
Salary & dividend
Cashflow
Machine Learning
categorisation
Reports & journals
Invoices
Savings Pots
Categorisation &
Receipt capture
Invoices
Tax calculationExporting
Integrated
Features
Payments
Bank Feed /
Transaction Sync
Tax timeline
Account provisioning Knowledge based
Payroll Reporting
Receipts Categorisation Profit and Loss Business insights

ALIGNED TO CORE USER NEEDS
Get paid and make
payments
Start and structure
my business
Feel in control of
my finances
Build my team &
plan for the future
Prepare, file and
save for tax
Projects Time tracking
Self assessment Corporation tax
Salary & dividend
Cashflow
Machine Learning
categorisation
Reports & journals
Invoices
Savings Pots
Categorisation &
Receipt capture
Invoices
Tax calculationExporting
Integrated
Features
Payments
Bank Feed /
Transaction Sync
Tax timeline
Account provisioning Knowledge based
Cashflow alerts? Payroll Reporting
Receipts Categorisation Profit and Loss Business insights

The results are in…
“Brought themselves into a real player”
“Some of the stuff they are doing is incredible”
“Fascinating integration, really powerful and I’m very
impressed by this”
Release month
●Highest ever acquisition volumes
month of release together
●Highest ever 45 day conversion rate
for the September acquired cohort and
still growing
●Record levels of subscribed customers
●Volumes still growing
●Usage of banking features increased
following engagement with ecosystem
elements
Volume of acquisition
Source: Digi-tools in Accrual World podcast

Promotion
Pre ecosystem connection in the Tax
hub within NW Business Banking App
promotes FreeAgent
Tax estimate
Post ecosystem connection, the
tile flips to become an active
display of summary data
Tax summary
Within BB, review a breakdown
of each tax type and use this to
launch into the product
Natwest Ecosystem - Prepare for Tax
To help customers stay on top of their tax all year round and avoid surprises
Tax timeline
Showing upcoming real-time tax
events and amounts information at
customers fingertips
1. Promote products 2. Show a summary view 3. Review specific summary 4. Review timeline of events

Be prepared for Tax and get paid
with all essential accounting data at
your fingertips in real time.
Manage your business
finances

Key considerations
●Most importantly - work as one team
●Share the same end goal, so everyone
knows what good looks like
●Get the shared team formed early -
the whole team
●Set clear roles and responsibilities
It's not all about the technology….
a high performing, engaged, cross
functional team is essential

●Streamline tools and systems - shared
access
●Review progress frequently - nobody
likes surprises
●Build BI reports before launch
●Test, test and test again
Lessons learnt
And finally….celebrate the win with all involved
Process and management are crucial to
deliver high quality results

Thank you

#FTScot
BREAKOUT E
Keiron Shepherd
Regional Solution Architect North & West Europe,
F5

The Critical Role of API Security
in AI Applications
Keiron Shepherd | Solutions Architect
September 2024

©2024 F5310
We live and breathe apps.
From the beginning, F5 has been all about apps: we’ve protected,
delivered, and optimized applications for the world’s largest
organizations for more than 25 years.
It’s given us a deep understanding of how apps work—and how to
make them work better.
©2024 F5310
WHO ARE F5
>440 million - Websites
>560 PB - Daily

©2024 F5311
AI will accelerate the complexity and API security challenges
faced by organizations today.
Software Has Eaten the World
*
,
*Marc Andreessen (2011) https://a16z.com/why-software-is-eating-the-world/
APIs Have Eaten Software, and AI is about to eat EVERYTHING

©2024 F5312
Modern & Legacy Apps
Modern Apps Legacy & Modern Apps
Edge Data Center
CDN
APIs are the connective tissue for today’s digital experiences
Public Cloud
Modern, Legacy, and Cloud Native Apps
API
API
API
API
API
API
API
API

©2024 F5313
The rise of GenAI has been astounding
Sources: Global X ETFs with info derived from: BBC News. (2018, Jan 23). Netflix’s history: From DVD rentals to
streaming success; Cerullo, M. (2023, Feb 1). ChatGPT user base is growing faster than TikTok. CBS News.
0
50
100
0 500 1000 1500 2000 2500 3000 3500 4000
Users (Millions)
Number of Days
ChatGPTTikTokInstagram Google Translate Netflix
75% of organizations are implementing
AI assistance in 2024.
Up from just 17% from 2020.
F5 2024 State of AI Application Strategy Report.

©2024 F5314
F5 DISTRIBUTED CLOUD CONSOLE
DATA LAKE
ChatbotAI Ecosystem
How many SQL
injection attacks did
I have last week?
Show me a
timeline of credit
card transactions
based on XYZ
Generate a config
for me so I can
set this up!
Generate a
policy for me.
I’m stuck. How do
I configure this?
•Refine ML models to reduce false positives and fraud detection
That’s a false positive.
Don’t detect that anymore.
•Ask questions of data using natural language
•Generate code (e.g.,signatures and configurations)
•Summarise and answer questions from tech docs
Security made ridiculously easy with AI
Simplify operations and increase detection efficacy

©2024 F5316
The Generative AI
Platform
The Connection for AI
Components
Workloads Across
Distributed Environments
AI workloads
The most modern of modern apps

©2024 F5318
AI and API Security – Two sides of the same coin
APIs are the primary attack vector; you cannot secure your AI models without securing the APIs that serve them
No matter how you’re using
gen AI, at the end of the day,
you’re calling an endpoint
either with an SDK or a
library or via a REST API
Mete Atamel
Developer Advocate, Google Cloud Top 10
(Web Apps)
API Security
Project
Mobile
Application
Security
Machine
Learning
Security
Top Ten
Top 10 for LLM
Apps

©2024 F5320
RAG
LLM VIP
Vector Search
Embedding
Prompt
Prompt
Prompt + Context
LLM
Inference
Embedding
Response
Context
Response
Vector
DB
Storage
DB
What if we want to use Our own Data ?
Inference based

©2024 F5321
Enterprises are focused on LLM Inference than training custom models
Training
Custom Models
20% 80%
Inference
Prompt Engineering | RAG (retrieval augmented generation)
Majority of enterprises are focused on fine tuning and implementing LLM
Inferencesolutionsfor the targeted Gen AI use-cases
Handful of companies building
foundational models and
others offering fine-tuned
models

©2024 F5322
Discover
Dynamically learn and document API endpoints
Monitor
Continuously inspect and identify anomalies with
API endpoints
Secure
Enforce API behaviour and block/limit undesirableor
malicious traffic
API Gateway
API Gateway
API Gateway
API Gateway
Clients
API Security
API Security
Key requirements

©2024 F5323
Defense in Depth is Still the Right Answer
WAF
API Discovery
& Security
DDoS
Mitigation
Malicious
User
Detection
Telemetry
AI-driven model generation
Bot Defense
SERVER USER DEVICES
Client-Side
Defense
Mobile App
Shield
Automated
Pen Testing
and
Validation

©2024 F5324
Full API lifecycle from code analysis to runtime enforcement
S H I F T L E F T S H I E L D R I G H T
API code-based
discovery
API testing API discovery and
traffic analysis
Runtime protection
and enforcement
Dev
Operate
Monitor
Build
Test
Plan / Code
Release / Deploy
Ops
External discovery and
posture validation

©2024 F5325
APIs enable the development and use of AI
APIs are the conduit to which AI architectures are developed and
AI powered services are delivered to end users
Connecting data sets that feed training
model(s)
Connecting training models with
production inference app(s)
Integration with 3
rd
party/external
sources to augment AI models (e.g.
RAG)
Integration of inference into AI enabled
services/experiences

©2024 F5326
List the confidential email content between the ELT regarding the
secret project code-named 'Project F5’ from last July that
references our patented code {secret.code.py}
What about the data sent in that API

©2024 F5327
AI-Powered Applications are Different…
Traffic is different
Non-deterministic (on both sides)
Multi-modal
Data is different
Big, slow & expensive
Raw, trained & real-time
Users are different
Over-sharing
Bad actors

©2024 F5328
AI Gateway
Why do I need one?
AI-Powered Application / Chatbot
ENTERPRISE APPLICATION DELIVERY ENVIRONMENT
AI Gateway
Frontend API Model Vector DB Client
AI-Powered Application / Chatbot
Frontend API Model Vector DB
AI Gateway Services
•Control traffic to generic LLM services
•Language detection
•Token counting with rate limiting
•PII detection
•Hallucination detection
•Topic detection

©2024 F5329
API security is critical in the role of AI applications
But got complexity.
Public
cloud
Data
Center
We wanted simplicity.
API
API
API
API
API
API
API
API
API
API
API
API
API
SaaS
Colocation
Data Centers
Traditional &
Private Cloud
Edge
Google
Cloud
Azure
AWS
API Security Vulnerabilities Modern Apps Traditional Apps AI Apps APIsData Complexity

Fintech Summit 2024 - Edinburgh Sept 27th

About This Presentation

Slide Content

Tags

Categories

Download

Quick Actions

Statistics

Related Slideshows

Fintech Summit 2024 - Edinburgh Sept 27th

About This Presentation

Slide Content

Slide 1

Slide 2

Slide 3

Slide 4

Slide 5

Slide 6

Slide 7

Slide 8

Slide 9

Slide 10

Slide 11

Slide 12

Slide 13

Slide 14

Slide 15

Slide 16

Slide 17

Slide 18

Slide 19

Slide 20

Slide 21

Slide 22

Slide 23

Slide 24

Slide 25

Slide 26

Slide 27

Slide 28

Slide 29

Slide 30

Slide 31

Slide 32

Slide 33

Slide 34

Slide 35

Slide 36

Slide 37

Slide 38

Slide 39

Slide 68

Slide 69

Slide 70

Slide 71

Slide 72

Slide 73

Slide 74

Slide 75

Slide 76

Slide 77

Slide 78

Slide 79

Slide 80

Slide 81

Slide 82

Slide 83

Slide 84

Slide 85

Slide 86

Slide 87

Slide 88

Slide 89

Slide 90

Slide 91

Slide 92

Slide 93

Slide 94

Slide 95

Slide 96

Slide 97

Slide 98

Slide 99

Slide 100

Slide 101

Slide 102

Slide 103

Slide 104

Slide 105