UK-WIDE INNOVATION CHALLENGE LAUNCHES, TRANSFORMING CUSTOMER OUTCOMES AND DRIVING INNOVATION
FINTECH SCOTLAND, SUPERTECH (WEST MIDLANDS) AND EIGHT INDUSTRY COLLABORATORS ARE ANNOUNCING THE LAUNCH OF A NEW INNOVATION CHALLENGE AIMED AT ENHANCING CONSUMER OUTCOMES WITH TECHNOLOGY AND DATA.
Industry collaborators NatWest, Lloyds Banking Group, Equifax, PwC, Barclays, Tesco Bank, Secure Trust Bank and Dudley Building Society have come together for this innovation call, and the programme is focused on Consumer Duty Outcomes. Fintech firms from across the globe are invited to apply by the deadline of the 25th of October 2024. Successful applicants may be eligible for a £50,000 grant to further develop their solutions.
The challenge focusses on the best use of data and data analytics to enable greater understanding of consumers and in turn optimise outcomes. It invites enterprising tech businesses to develop and showcase data led tools and services which can support Financial Services organisations to meet their Consumer Duty requirements and in doing so continue to drive positive outcomes for customers across the UK.
This is the third innovation call to be launched through FinTech Scotland’s Financial Regulation Innovation Lab (FRIL). FRIL highlights real-life industry challenges and fosters a non-competitive environment that encourages collaboration among leading firms to explore cutting-edge solutions and drive sector innovation and in turn maximise customer outcomes.
A notable addition to this call is a partnership between FinTech Scotland and SuperTech (West Midlands), an organisation focused on advancing technology in financial services across the Midlands. Based in Birmingham, SuperTech promotes innovation to stimulate economic growth in the UK’s largest regional economy by collaborating with SMEs, corporates, and educational institutions. This relationship underscores the impact of cluster leadership throughout the UK.
The innovation call programme will feature expert support from leading academics and researchers at the University of Glasgow, University of Strathclyde and University of Warwick who will contribute applied research to accelerate the onboarding of innovation. The programme will conclude with a showcase day in Glasgow on the 21st of January 2025, where participants will present their solutions.
Nicola Anderson, CEO of FinTech Scotland, commented: “The new Consumer Duty regulation represents a positive development for the financial services industry and this innovation call will play a crucial role in ensuring that organisations can harness innovative solutions to meet their regulatory obligations while delivering real value to consumers.”
Hilary Smyth Allen, Executive Director SuperTech, commented: “By joining the FRIL innovation call, we are adding greater diversity and representation of the financial services sector to innovate and collectively learn such that more of the UK’s citizens are ultimately better serviced.”
Fraser Wilson, Regional PwC Regional Leader for Financial Services, commented “Embedding optimal consumer outcomes across the financial sector is not just a regulatory requirement but is fundamental in building transparency and trust across our industry. PwC is delighted to be supporting this challenge which enables responsible innovation with consumers at the heart”.
Will Kerr, Head of Good Customer Outcomes, NatWest Group, commented “This challenge is a great opportunity to harness fintech innovation, and apply that in how we support customer outcomes at every stage of their financial lives”.
Robert McKechnie, Head of Product, Equifax commented “As a data-led business, we see consumer duty as an opportunity to leverage insights in real time, driving smarter, more personalised solutions which will help to enable good consumer outcomes. This innovation challenge allows us to explore fintech solutions that not only support regulatory requirements but also improve customer experience".
Bryony Robertson, Conduct & Compliance Risk Specialist, Lloyds Banking Group commented “LBG is excited to join the Financial Regulations Innovation Lab on the topic of Consumer Duty. This initiative aligns with our purpose of helping Britain prosper and provides an excellent opportunity for us to work with industry partners, fintechs and researchers to develop and explore innovative ways to balance the compliance with regulation and improving customer outcomes”.
Applications to the challenge are open and more information can be found here
The Financial Regulation Innovation Lab is part of the larger Glasgow City Region Innovation Accelerator programme with Glasgow, one of three pilot regions’ - including West Midlands - sharing a £100m investment aimed at transforming R&D within the UK. Led by Innovate UK, this programme supports the UK Government's levelling-up agenda by empowering local regions to drive economic growth through innovation. This approach not only supports regional development but also positions the UK as a leader in the global innovation landscape
Editor Notes
About FinTech Scotland
www.FinTechscotland.com
@FinTechScotland
FinTech Scotland is an independent not for profit cluster body jointly established with the financial services sector, universities and Scottish Enterprise to ensure that Scotland seizes the FinTech opportunities and achieves positive economic and social outcomes by encouraging financial innovation, collaboration and inclusion as part of the broader digital economy objectives.
The organisation acts as a strategic enabler and cluster management body focused on leveraging the potential economic (i.e. productivity, innovation, business creation, employment) and social (i.e. financial inclusion, well-being and accessibility) benefits arising from becoming a leading global centre focused on Fintech innovation.
FinTech Scotland’s objectives are to develop an innovative community of FinTech firms, generate impactful collaborations between firms of all sizes and foster an inclusive cluster which is UK and globally recognised and connected.
FinTech Scotland was founded in January 2018 as a joint initiative by University of Edinburgh, Lloyds Banking Group, HSBC and Scottish Enterprise. The organisation is now supported by a broad range of global financial services, technology and professional services firms as well as major universities, the Financial Conduct Authority and Scottish Enterprise.
In August 2022, FinTech Scotland was formally recognised for the development of the Fintech cluster and accredited with the silver label for Cluster Management Excellence by the European Secretariat for Cluster Analysis (ESCA).
In 2019, FinTech Scotland was one the founding bodies along with FinTech North and Innovate Finance of the UK FinTech National Network which drives collaborative fintech innovation and development across all UK regions.
SuperTech is the UK’s only tech supercluster, driving collaboration and innovation in financial & professional services technology – “proftech” across Birmingham and the wider West Midlands. ProfTech is professional services technology which includes FinTech, PropTech, LawTech and InsurTech.
SuperTech is the representative body for West Midlands fintech within the FinTech National Network.
The West Midlands element of this innovation call has received circa £30k from the UK Government through the UK Shared Prosperity Fund allocated to West Midland’s Plan for Growth.
The UK Shared Prosperity Fund is a central pillar of the UK government’s Levelling Up agenda and provides £2.6 billion of funding for local investment by March 2025. The Fund aims to improve pride in place and increase life chances across the UK investing in communities and place, supporting local business, and people and skills.
For more information visit: https://www.gov.uk/government/publications/uk-shared-prosperity-fund-prospectus