A fintech innovation lab in Glasgow is leading on a UK-wide challenge with industry aimed at enhancing consumer outcomes with technology and data.
FinTech Scotland, SuperTech (West Midlands) and eight industry collaborators have come together for an innovation call focused on Consumer Duty Outcomes.
Fintech firms from across the globe are invited to apply by 25 October with successful applicants 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 tech businesses to develop and showcase data-led tools and services which can support financial services organisations to meet their Consumer Duty requirements and 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), in partnership with the University of Glasgow and the University of Strathclyde.
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.
The call was launched in collaboration with NatWest, Lloyds Banking Group, Equifax, PwC, Barclays, Tesco Bank, Secure Trust Bank and Dudley Building Society.
It is the first formal joint programme of activity between FinTech Scotland and SuperTech (West Midlands), which are the cluster management organisations for fintech companies in their respective geographies.
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, said FinTech Scotland.
Nicola Anderson, CEO of FinTech Scotland, said: “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, said: “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.”
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.