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.”