To support Deloitte’s leadership role in developing the Fintech strategy in Scotland, we recently ran a workshop with the University of Edinburgh’s MSc Accountancy & Finance students to bring to life the complexities of developing and launching a Fintech start-up. With brilliant mentorship from Craig Paterson of the Data Lab, we set 3 teams the challenge of building a business case with projected expenditure and revenues, considering recent market opportunities presented by Open Banking, and capabilities such as artificial intelligence and robotics.
The teams could choose from a selection of Fintech start-up concepts and had to justify their selection and answer tough questions – dragons den style. Three of the students have now written a blog which shows how much they enjoyed the challenge!
Business intelligence, big data, artificial intelligence and machine learning will drive business innovation
By Alexander McCallum, Florian Samtleben and Torjus Eek-Svensson, MSc Accounting and Finance
Recently Deloitte were kind enough to offer a workshop to Edinburgh’s MSc Accounting & Finance students which acted as an opportunity to apply knowledge learned so far in a real-world situation, learn new skills and as a break from studies with deadlines fast approaching.
This fast-paced event focused on ‘Open Banking’, more specifically analyzing prospects for certain start-up ideas featuring open banking, AI and big data. This included forecasting start-up costs, cash flows and profit/loss over a 3-year period, culminating in a presentation akin to a product pitch to the audience.
With 4 groups split to focus on 3 companies broadly involved in peer-to-peer lending, virtual financial advisors and budgeting forecasts, the students had 40 minutes to divide and conquer all of the tasks set upon them. Although this was the equivalent of weeks of work compressed to a short period of time, with the help of assumptions to be made and the Deloitte team, each team met the deadline set.
While some groups focused more on certain areas of the forecasts than others, with marketing slogans as well for the product pitch, each presentation showcased the strengths and diversity of the program as a whole.
Overall this was a special event which the students were grateful to the University for organising and to Deloitte for hosting the stimulating experience which hopefully will help some acclimatise to working life after the completion of their degree.
A final word from Andrew:
A big thank you to the University of Edinburgh Business School for inviting us along and allowing us to share the future of financial services with our workforce of the future. This will hopefully be the first of several events like this in time to come, and has been a great example of Deloitte’s collaboration with the UK’s top universities.