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Fintech: Why a long-term mindset is essential

30 July, 2024

Discover how Origo's long-term future vision has been a critical success factor in consistently remaining as a relevant and innovative fintech

Fintech: Why a long-term mindset is essential

2024 marks Origo’s 35th year – the industry’s original fintech – providing practical, market-leading and market-changing technology solutions to the financial services industry. It’s a milestone which few other, if any, fintechs can claim.

Origo was established by a forward-thinking group of financial services companies to help drive the industry by providing technology solutions to help create greater efficiency and cost effectiveness for everyone in the market.

We have continued delivering, developing and evolving industry-critical technology. We’ve done this with a focus not just on the technology, but on the end goal and outcome for those using our products and services, and for the benefit of everyone, from providers, to advisers, through to the end consumer.

This is an exciting time to be in the fintech space, as the world embraces the potential of artificial intelligence as a tool to increase efficiencies and productivity.

And there are plenty of new ideas coming to market. One of the downsides to a flurry of fintech in the market, however, is traction. Companies can appear, to push their product and then disappear again, either because the idea has not taken off or did not get the buy-in its investors were hoping for.

Understandably, companies are looking for trusted long-term partners in the industry. Origo’s knowledge, skills and experience of working with the market, and our longevity, make us stand out in this respect.

Origo is able to develop forward-thinking technology and also take a long-term view for each proposition. We know from experience that because it is highly regulated, our industry quite rightly proceeds with caution on the technology it deploys – as well as having many regulatory and other demands on its technology spend.

The Origo Integration Hub is a perfect example of this. Launched in 2016, to help the integration and connection between providers, platforms and adviser software companies. Now there are over 100 integrations enabling companies to connect once with the Hub and then send data to their chosen business partners. Over 4,000 advisers are now receiving their data via the Hub. Like the Origo Transfer Service, which carries out around 95% of all the industry’s DC pensions transfers, it is tried and tested and makes sense for the industry. We have a steady pipeline of new companies we are in the process of onboarding.

In 2017, Origo demonstrated its prototype for the Pensions Dashboard. But it wasn’t until 2022 that, partnered with Capgemini, we were appointed to supply the central digital architecture for the Pensions Dashboards Programme, working with the PDP to help deliver the service for the benefit of UK pensions holders. Our long-term stability enabled us to wait for and pitch for this high profile contract.

Our Unipass Letter of Authority service was launched in November 2020 – not the most auspicious of times to do so – and is designed to significantly speed up the LoA process, which can take months to complete, leaving the adviser waiting for confirmation they can act on behalf of their client. The service has clear cost and efficiency benefits for both providers and advice firms – users have reported up to 50% costs savings – but more importantly, can massively improve overall service to the end consumer.

Having a long-term view has been necessary for each of these developments.

Equally important has been our experience of working collaboratively with the industry on these projects – a major factor in how we have developed the technology that works for our partners throughout our history. For example, the Origo Integration Hub was developed with the help of 26 industry participants of various shapes and sizes.

Origo’s stated objective is to connect the financial services marketplace for the benefit of everyone, by boosting efficiencies, improving performance, and reducing integration costs, while significantly improving financial outcomes for consumers. And I am excited when I talk to our teams to see how we are using new tools to create even better fintech for the industry. Watch this space.