Gain valuable insights from Kris Simpson, Country Manager at Cool Company UK, as he shares the latest trends and advancements in FinTech in this enlightening interview. Learn how Cool Company UK is driving financial innovation and empowering businesses in the digital era.
Kindly brief us about yourself and your role as the Country Manager at Cool Company UK.
Hi, I’m Kris, I’m currently the country manager for Cool Company. I’ve spent the last 14 years in the umbrella and recruitment space and I currently manage the UK umbrella service.
Can you tell us a little about Cool Company UK and the fintech services you offer?
Cool Company offers a fully digital self-service umbrella solution to contractors. Our solution has been built around the current requirements of today’s contracting workforce. By delivering a digital solution, we have enabled contractors to take full control of their umbrella experience and have our solution work for them rather than the other way around.
In your opinion, what are some of the biggest challenges facing the fintech industry currently, and how is Cool Company working to resolve them?
Not specific to the Fintech industry, but the biggest challenge is refusing to move forward. The phrase “we’ve always done it this way” still exists in the sector. Cool Company’s aim is to simplify the solutions on offer, as contractors focus more on work life balance our solutions need to fit this lifestyle and forward thinking Fintech is the way to do this. Menial tasks and admin should take minutes not hours.
How is Cool Company UK using technology to improve the user experience for its customers?
We understand all the steps required to deliver the service we offer, from onboarding to payment we have integrated and developed automated processes to reduce the time needed to complete tasks and speed up the delivery from end to end. While every business requires a human element, for the tasks that are done we have replaced this with tech and then evolved this tech to meet the new needs we see forming in the market.
What role do you see Cool Company UK playing in the future of the fintech industry?
Cool Company will pave the way for a smoother contracting service both for the worker and the end client. Without constant iteration of the product we will lead the way in supporting the flexible workforce that drives the UK’s projects.
Our product will enable smaller clients to expand and grow by removing the need for cumbersome back office teams to manage payments and payroll.
Can you talk about any recent partnerships or collaborations that Cool Company UK has entered into in the fintech space?
While I cannot comment on clients, we are a business that respects industry specific accreditations. Every space has bad actors and ours is no different, we are transparent and we prove this by voluntarily subjecting the solution to external audits. Professional Passport has reviewed our solution and given it a stamp of approval to prove to the marketplace that compliance is not only key for them but for Cool Company too.
How does Cool Company UK ensure the security of its customers’ financial information?
GDPR, Data Protection is key in the modern day, identity theft and scams continue to affect people across all sectors. As a digital platform security of the users data is of utmost importance, and with this we have engaged one of Europe’s largest external security companies to advise and test our solution regularly and keep Cool Company in front of the ever changing cyber threats that exist.
How does Cool Company UK approach customer support and ensure that customers have a positive experience with your fintech services?
We empower our customers to self-manage their service, but we also know that support is key, not only in the beginning but as customers’ accounts evolve help is always at hand. As mentioned we have a human element to our company and this is the Customer Support team. They are always available over the phone, chat and email to assist customers at anypoint. More importantly our Customer Support team has a great grasp of how we should develop our product to meet customers’ new requirements. Digital does not have to be a “no touch” type of solution.
Looking ahead, what are some of the biggest trends or developments that you see shaping the future of the fintech industry, and how is Cool Company UK preparing for them?
Regulation is the biggest development, as new solutions are created they often expose areas that have previously been overlooked by regulators. As the world speeds up, regulations tend to lag behind. Cool Company undertakes advice in regards to any new products or solutions to ensure that they meet the current standard. While we remain agile internally to pivot and meet new regulatory requirements at anypoint in a project’s life cycle.
