FinTech Scotland announces £50,000 grant up for grabs in UK-wide challenge
FinTech Scotland, in collaboration with SuperTech (West Midlands) and eight industry organisations, has announced 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 25 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, PwC regional leader for financial services, said: “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 at NatWest Group, added: “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 said: “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 at Lloyds Banking Group, said: “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.