FinTech Scotland, in partnership with the University of Strathclyde and University of Glasgow has announced the outcome of the latest Consumer Duty Innovation Call from its Financial Regulation Innovation Lab (FRIL). The Innovation Accelerator project is funded by Innovate UK.
Backed by 14 leading financial institutions, the initiative connected 20 global fintech businesses with industry leaders. The aim is to develop data-driven solutions that enhance consumer outcomes in financial services. Participating fintechs worked closely with senior representatives from PwC, NatWest, Lloyds Banking Group, Equifax, Barclays, Tesco Bank, TSB, Advance Credit Union, Secure Trust Bank, and Dudley Building Society.
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The fintech entrepreneurs showcased their solutions in a pitching event at PwC’s Glasgow offices in January. The results saw five fintech firms awarded £50,000 each to develop solutions further and drive real-world impact.
The five successful fintechs
Docstribute – Deepening consumer engagement and improving customer understanding of complex documents.
Ask Silver – Building consumer confidence through an easy to access tool that identifies and reports scams for vulnerable consumers.
NestEgg AI – Driving financial inclusion by enabling easier access to affordable credit and responsible lenders.
MyArk – Deepening financial resilience through enhanced data insights to identify indicators of future financial distress, enabling quicker appropriate interventions.
Profylr – AI-driven risk and compliance insights for financial institutions enabling improved decision making and outcome tracking.
Solutions to be refined to ensure real consumer impact
These fintech businesses will continue the collaboration with the industry leaders in the FRIL programme. The aim is to refine the solutions to ensure real consumer impact while driving the evolution of financial services.
This Innovation Call expanded its reach through a collaboration with SuperTech West Midlands. This enabled credit unions, building societies and Community Development Financial Institutions (CDFIs) like Moneyline to engage in the programme.
Each of the fintechs participating in the process offers a solution which enables financial services to be more inclusive, accessible and consumer focused. Utilising emerging technologies and advanced data insights continues to drive meaningful impact, shaping a fairer and more transparent financial future.
The power of collaboration in driving better consumer outcomes
Nicola Anderson, CEO of FinTech Scotland, said: “This latest Customer focused Innovation Call highlights the power of collaboration in driving better outcomes for individuals. By bringing together ambitious fintech firms and leading financial institutions, not only enhances good consumer outcomes—it accelerates development of inclusive digital financial services and supports the evolution of the future digital economy.”
Hillary Allen Smyth, Exec Director Supertech, added: “We’re so proud to have been the first region to collaborate with the FRIL programme and the team at FinTech Scotland. All of our West Midlands partners have gained enormously throughout the innovation call. These grant awards will undoubtedly help to better serve consumers. But they are only a small part of the wider programme impact. Through this collaboration it’s an impact that will be felt far beyond Glasgow’s borders.”
Fraser Wilson, Financial Services Regional Leader, PwC, said: “Each of these companies are tackling real challenges with fresh thinking and practical solutions. It’s clear that their work has the potential to improve how the financial services sector delivers for consumers. As a business that puts technology at heart of our strategy, hosting the event at our Glasgow offices and seeing these ideas, and the passion from these innovators, was fantastic. It’s this kind of collaboration that pushes forward real progress for the industry and consumers alike.”
Robert McKechnie, Director, Consumer and ID Fraud Products said: “Equifax is proud to support the Financial Regulation Innovation Lab and its grant award winners of its most recent Consumer Duty Innovation Call in which we sponsored a Use Case. Innovation in financial regulation is key to a more secure and inclusive ecosystem. We look forward to seeing the potential impact these innovators solutions may have on the industry.”
