FinTech Scotland is partnering with TSB on its third annual ‘innovation labs’ programme – with a call for fintechs to apply to the scheme.
The cluster management organisation for Scottish fintechs is working with the bank to encourage startups and entrepreneurs to bring new solutions into the financial services market.
Under the programme, winning fintechs will officially partner with TSB to offer innovative services and money-saving solutions to customers, as the bank expands its fintech partnership programme.
The scheme also helps boost the UK’s fintech sector – as between 10–20 successful applicants will develop their proposition under the guidance of TSB business leaders and experts in TSB’s Edinburgh Tech hub to ready themselves for market.
Previous winners ApTap, Snugg Energy and Lightning Reach are currently delivering Money Confidence for TSB customers by providing utility switching; energy efficiencyand financial hardship services respectively.
This year, TSB is encouraging fintech applicants to develop propositions across four areas:
• Money Confidence: TSB wants to deliver innovative partnerships that help boost households’ Money Confidence – helping people better manage their finances and make more of their money.
• Inclusive Services: Successful applicants will developinclusive financial services both for TSB customers and TSB colleagues.
• Delivering Differently: TSB aims to deliver partnerships that create positive career experiences for TSB colleagues – from career development and engagement to cost-of-living support.
• Wildcard – Innovation is at the heart of TSB’s digital offering – so TSB is encouraging fintech applicants to deliver creative propositions to meet an array of customer needs.
The programme, hosted in TSB’s Edinburgh Technology Centre, will run until the end of the year. The George Street facility houses technical specialists, data engineers, analysts and other IT experts to develop and deliver innovative services for customers across the UK.
Aruna Bhalla, head of partnerships & open banking, TSB said: “Scotland is home to more than 200 fintechs and, with access to world class talent from Scottish universities, this is an excellent opportunity for TSB to bolster its position in the fintech landscape and provide even more Money Confidence to our customers.”
Nicola Anderson, chief executive, Fintech Scotland, said: “We are excited to join forces with TSB once again to discover and accelerate some of the most innovative fintech companies.
“This initiative not only reinforces TSB’s commitment to fostering fintech collaboration but also its involvement in developing the fintech ecosystem in Scotland and across the UK.”