This year, fintech firms are being challenged to pitch impactful solutions to help pension customers become better engaged with their investments, especially regarding environmental, social, and governance (ESG) investing. Whoever wins the Forum will then go on to implement their solution for Standard Life and its three million plus customers.

In terms of process — and much like last year — fintechs will present ideas and solutions to an array of senior leaders from Standard Life and the Phoenix Group. Shortlisted innovators will then get the opportunity to work with a Standard Life mentor on their proposal, before a partnership is offered by Standard Life to the winning fintech firm.

Last year’s Innovation Forum was won by Behavioural Finance — an Edinburgh-based firm utilising psychometric testing to help people understand how their relationship with money is impacted by their personality. Standard Life is set to introduce Behavioural Finance’s wealth personality test to select customers, with aims to then expand the offering to more customers later in the year.

Fintech firms interested in taking part can click this link to apply.

“This is a fantastic opportunity for Standard Life to connect with creative thinkers to enhance our proposition development and better support customers to engage with their investments and understand the impact they have on the world,” said Colin Williams, Standard Life’s Managing Director, Pensions and Savings.

“This is key to our Group’s wider social purpose and sustainability strategy and follows the transition of £15bn of workplace assets to our new sustainable default fund.

“We are looking forward to hearing from innovators from across the FinTech Scotland, TCS COINTM and broader start-up community.”

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Nicola Anderson, Fintech Scotland Chief Executive, also commented, saying: “We’re delighted to be partnering with Standard Life and Phoenix Group for a second year in a row to bring innovation and better outcomes to its customers.

“The first iteration of their Innovation Forum in 2022 was a real success and we’re very excited to see Standard Life’s plans for integrating the technology from Behavioural Finance into customers’ journeys.

“This year, they’ve set themselves an even bigger challenge as they’re looking to bring more innovation to ESG investing. Customer outcomes are directly linked to environmental and social issues, and vice versa – bringing this relationship to life is vital as we move towards a net zero future.

“At FinTech Scotland we identified Climate as one of the 4 key areas of focus in our Research and Innovation Roadmap and this innovation challenge will help us achieve our goal to move towards greener finance and have the sector contribute to the net zero agenda.”