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.

Recommended

• Sunak Unveils Taskforce to Explore Potential of ‘Britcoin’ Digital Currency
• UK Treasury: ‘Britcoin’ Digital Pound to Come This Decade
• Consultation on ‘Britcoin’ to Begin Next Year

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.”