PRESS RELEASE
London 26th September 2017
The Disruption House launches new Fintech Scorecard Service
- Designed to accelerate collaboration between banks and Fintechs
- 18 global and regional financial institutions supporting launch of the new service
- Mosaic Smart Data – an early adopter
The Disruption House (TDH) today officially launches the Fintech Scorecard Service which has been designed to accelerate collaboration opportunities between Financial Institutions and Fintech firms. The scorecards provide independent, detailed analysis on a company and their technology, together with analytical commentary on the longer-term potential and viability of the business. To date, TDH has created some 15 Scorecards for a range of vendors providing solutions covering; trading, risk, user experience, RegTech, post trade services and big data analytics. Scorecards can be commissioned by either the Fintechs or financial firms.
The Fintech Scorecard, which has been developed in consultation with nine financial institutions, assesses at a company level their reliability, adaptability, scalability, leadership capabilities and future partnership qualities: acting as a first pass filter to identify their strengths and weaknesses as well as the overall potential a service or technology provider can deliver. The technology assessment evaluates and scores software to help potential users to anticipate the experience they can expect in their implementation and use of the proposed solutions. The analysis process is based on extensive research into the performance of small, technology focused, growth companies and is performed by a team of industry experts from The Disruption House, and their strategic partner, eCo Financial Technology.
Aims of the Fintech Scorecard
The Fintech scorecard service aims to achieve three specific objectives which are relevant for both the financial institutions and the vendor community. The first is to provide financial institutions with an independent overview of a Fintech using common standards of evaluation that can be easily understood and circulated internally for review and discussion with key stakeholders. The second is to highlight specific areas where a Fintech could better professionalise their approach, technology and management functions, helping to make them enterprise ready and prepared to scale within large organisations. The third is to democratise the evaluation and selection process and broaden industry access to new companies. Geographical proximity should not be the only determinant of access to financial institutions as now Fintechs based in Edinburgh or Johannesburg can be scored and ranked alongside those located in Shoreditch.
Rupert Bull, CEO at The Disruption House said. “As many more financial firms turn to the new Fintechs to facilitate innovation and process change, they are faced with the unenviable task of making business critical decisions based on very limited data, often without validated user evidence. The Scorecard has been created to overcome this lack of credible information, and helps financial firms to ‘fast track’ strategic decision making based on independent analysis. We have invested significant time in recruiting senior business, technology and innovation officers within each of our partner banks to ensure that the scorecards are both relevant and visible to pre-qualified interested individuals in these firms. Our goal is to provide a high quality, analytical service which enables all firms to make informed and comprehensive assessments on the Fintechs they are considering before making purchasing, or investment, decisions. For the vendors, many of whom struggle to overcome numerous initial barriers to entry, the Fintech Scorecard provides an independent and credible assessment of their overall business and technology capabilities, helping them to accelerate client engagements much earlier than was previously possible.”
Matthew Hodgson, the founder of Mosaic Smart Data, an early adopter of the scorecard, concluded: “In financial services, trust is absolutely essential. Clients and investors alike need to know that your company and your technology can deliver on its promises. This makes the independent Fintech Scorecard an invaluable resource for us to demonstrate the quality and credibility of our services, and our company’s ability to deliver. The Fintech Scorecard provides a highly professional and well-structured roadmap for engaging with potential partners.”
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About The Disruption House
The Disruption House is the first specialist ratings agency for early stage Fintechs. It was founded by Rupert Bull and Chris Corson based on their experiences and insights, as entrepreneurs and bankers, into the challenges that both new ventures and established organisations have around identifying and engaging with each other. Rupert has over 25 years’ experience in the international Fintech world and was a founding member of the highly successful Expand Research company which was acquired by the Boston Consulting Group in 2011. Chris has 23 years banking experience, finishing as a Senior Managing Director at Credit Suisse (CS), in Global Fixed Income. Latterly, he worked on developing the innovation agenda for CS and ways that global markets could work better with emerging technology firms.
About eCo Technology
eCo Financial Technology is The Disruption House’s technology partner. eCo was founded in 2013 by Ian Green and Tosha Ellison with support from Credit Suisse. Ian was at Credit Suisse for 15 years, holding MD positions in both technology and electronic trading. Prior to CS, he worked for and with numerous financial software companies. At SunGard he developed the award-winning Panorama portfolio analysis business line. Tosha was also at Credit Suisse for 15 years in technology and the business, latterly as COO for FID eCommerce. She began her career at a Silicon Valley financial tech start-up. Tosha received BAs in Psychology and Mass Communications from the University of California, Berkeley.
