UK Launches Innovation Challenge to Enhance Consumer Outcomes through Technology
By Anushka Malhotra
2 minutes 27 seconds
Investment
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Quick Read: FinTech Scotland, SuperTech (West Midlands), and a coalition of industry leaders unveil a new innovation challenge aimed at leveraging technology and data to improve customer experiences in the financial sector.
FinTech Scotland, in collaboration with SuperTech (West Midlands) and eight major industry players, has announced a new innovation challenge designed to improve consumer outcomes through advanced technology and data analytics. The initiative invites fintech firms from around the world to submit their applications by October 25, 2024.
Key industry collaborators, including NatWest, Lloyds Banking Group, Equifax, PwC, Barclays, Tesco Bank, Secure Trust Bank, and Dudley Building Society, have united for this innovation call, which focuses on achieving positive Consumer Duty Outcomes. Successful applicants may qualify for a grant of £50,000 to further develop their innovative solutions.
The challenge emphasises the effective use of data and analytics to better understand consumer needs and optimise outcomes. Participants are encouraged to create and demonstrate data-driven tools and services that will help financial services organizations meet their Consumer Duty obligations, ultimately enhancing customer satisfaction across the UK.
This initiative marks the third innovation call launched through FinTech Scotland’s Financial Regulation Innovation Lab (FRIL), which addresses real-world industry challenges and fosters a collaborative, non-competitive environment among leading firms. The goal is to explore groundbreaking solutions that drive innovation in the sector and maximize customer benefits.
A significant aspect of this call is the partnership between FinTech Scotland and SuperTech (West Midlands), which focuses on advancing financial technology in the Midlands. Based in Birmingham, SuperTech promotes innovation and economic growth by collaborating with small and medium enterprises (SMEs), corporates, and educational institutions. This partnership highlights the importance of cluster leadership across the UK.
The innovation call will also feature expert support from researchers and academics at the University of Glasgow, University of Strathclyde, and University of Warwick, who will provide applied research to help accelerate the implementation of innovative solutions. The programme will culminate in a showcase event in Glasgow on January 21, 2025, where participants will present their solutions.
Nicola Anderson, CEO of FinTech Scotland, remarked, “The new Consumer Duty regulation represents a significant advancement for the financial services industry. This innovation call will be instrumental in enabling organisations to harness innovative solutions to fulfil their regulatory obligations while delivering real value to consumers.”
Hilary Smyth Allen, Executive Director at SuperTech, added,
“By participating in the FRIL innovation call, we enhance the diversity and representation of the financial services sector, fostering innovation and collective learning to better serve more citizens across the UK.”
Fraser Wilson, PwC’s Regional Leader for Financial Services, emphasised the importance of this initiative, stating,
“Embedding optimal consumer outcomes across the financial sector is not merely a regulatory requirement; it is essential for building transparency and trust within our industry. PwC is pleased to support this challenge, which facilitates responsible innovation centered around consumers.”
Will Kerr, Head of Good Customer Outcomes at NatWest Group, stated,
“This challenge offers a tremendous opportunity to harness fintech innovation, applying it to support customer outcomes at every stage of their financial journeys.”
Robert McKechnie, Head of Product at Equifax, remarked,
“As a data-led organisation, we view Consumer Duty as an opportunity to leverage real-time insights, enabling smarter, more personalised solutions that enhance consumer outcomes. This innovation challenge allows us to explore fintech solutions that not only meet regulatory requirements but also improve customer experience.”
Bryony Robertson, Conduct & Compliance Risk Specialist at Lloyds Banking Group, expressed excitement about collaborating with industry partners, fintechs, and researchers through this initiative.
“This initiative aligns with our purpose of helping Britain prosper, providing an excellent opportunity to develop and explore innovative ways to balance regulatory compliance with improved customer outcomes.”
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