Industry collaborators NatWest, Lloyds Banking Group, Equifax, PwC, Barclays, Tesco Bank, Secure Trust Bank and Dudley Building Society have combined to launch a UK-wide innovation challenge. The overall aim of the initiative is to focus on Consumer Duty Outcomes.
Grants of up to £50,000 for successful applicants
Fintech firms from across the globe are invited to apply by a deadline of 25 October 2024. Successful applicants may be eligible for a £50,000 grant to further develop their solutions.
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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). This is 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.
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By GlobalDataFinTech Scotland, SuperTech West Midlands relationship underscores impact of cluster leadership
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 21 January 2025, where participants will present their solutions.
Nicola Anderson, CEO of FinTech Scotland, said: “The new Consumer Duty regulation represents a positive development for the financial services industry. 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.”
Hilary Smyth Allen, Executive Director SuperTech, added: “By joining the FRIL innovation call, we are adding greater diversity and representation of the financial services sector to innovate and collectively learn such that more of the UK’s citizens are ultimately better serviced.”
Optimising consumer outcomes fundamental to build trust
Fraser Wilson, Regional PwC Regional Leader for Financial Services, said: “Embedding optimal consumer outcomes across the financial sector is not just a regulatory requirement. It is fundamental in building transparency and trust across our industry. PwC is delighted to be supporting this challenge which enables responsible innovation with consumers at the heart.”
Will Kerr, Head of Good Customer Outcomes, NatWest Group, commented: “This challenge is a great opportunity to harness fintech innovation, and apply that in how we support customer outcomes at every stage of their financial lives.”
Robert McKechnie, Head of Product, Equifax commented: “As a data-led business, we see consumer duty as an opportunity to leverage insights in real time, driving smarter, more personalised solutions which will help to enable good consumer outcomes. This innovation challenge allows us to explore fintech solutions that not only support regulatory requirements but also improve customer experience.”
Balancing regulatory compliance with improving customer outcomes
Bryony Robertson, Conduct & Compliance Risk Specialist, Lloyds Banking Group added: “LBG is excited to join the Financial Regulations Innovation Lab on the topic of Consumer Duty. This initiative aligns with our purpose of helping Britain prosper and provides an excellent opportunity for us to work with industry partners, fintechs and researchers to develop and explore innovative ways to balance the compliance with regulation and improving customer outcomes.”
Applications to the challenge are open and more information is available via this link.
