Fintech Scotland partners with retirement savings firm to drive innovation in financial wellbeing 

FinTech Scotland is helping a UK long term savings and retirement business to launch a programme aimed at harnessing the latest financial technology innovations to support its customers.

In collaboration with the cluster body for Scotland’s financial technology firms, Phoenix Group will invite fintech enterprises and entrepreneurs to explore partnership opportunities through its new Innovation Forum.

TCS’ Co-Innovation Network (TCS COIN) innovation ecosystem will also help deliver the programme, which it is hoped will drive forward greater financial inclusion for wider society.

Phoenix will be looking to partner with fintech firms who share a passion for improving financial wellbeing, with a focus on making a “genuine positive impact” on customers’ lives on their journey to and through retirement.

The Innovation Forum will give fintech innovators the opportunity to design, refine and present creative solutions to senior leaders across Phoenix Group.

The initial focus will be on the two key engagement themes of curiosity and gamification.

Nicola Anderson, chief executive of FinTech Scotland, said: “We are delighted to support the Phoenix Innovation Forum which is a further example of the valuable role FinTech innovation can play in improving customers’ financial engagement and wellbeing. 

“Phoenix’s commitment to innovation to support its large customer base and its partnership approach will attract significant interest from FinTech entrepreneurs who share their ambition of helping customers more effectively engage with savings and investments.”

Colin Williams, managing director for pensions and savings at Phoenix, said: “This is a great opportunity for Phoenix to connect key decision makers within our organisation with innovative enterprises.

“We are looking to fuel creativity and come up with new solutions which really support our customers and build greater engagement and financial inclusion which is important to our Group’s social purpose and part of our long term sustainability strategy.

“We are looking to deliver forward-thinking propositions and to be at the forefront in developing innovative solutions, working in collaboration with TCS COIN and the FinTech Scotland community.”  

Vivekanand Ramgopal, global head – TCS BFSI products and platforms, added: “Enterprises are looking to form collaborative, purpose-driven ecosystems to launch innovative new offerings that deepen customer relationships and drive growth. To succeed, they need an extensible, open API-based, future-ready digital core like the TCS platform that powers Phoenix Group’s operations. 

“That agile digital foundation is now enabling our two organisations to co-innovate around client analytics and customer experiences at our Innovation Lab in Edinburgh. We are delighted to expand this partnership with the Innovation Forum, and bring in partners from our extended innovation ecosystem, the TCS COIN, to innovate at scale and at speed.”

Fintech firms looking to be part of the Phoenix Innovation Forum will be able to register their interest in participating via a dedicated page on FinTech Scotland’s website.