FinTech Scotland and Supertech WM launch new Consumer Duty innovation call
Our friends and fellow FinTech National Network members FinTech Scotland and Supertech WM have launched their new Financial Regulation Innovation Lab: Consumer Duty, in partnership with University of Glasgow and University of Strathclyde.
The Financial Regulation Innovation Lab (FRIL) is an industry-led collaborative research and innovation programme focused on leveraging new technologies to respond to, shape and help evolve the future regulatory landscape in the UK and globally. Helping to create new employment and business opportunities, and enabling future talent.
FinTech Scotland and SuperTech WM are looking for companies with creative ideas and new solutions dedicated to helping financial services companies with their Consumer Duty requirements.
As part of the Innovation Lab, you will get the opportunity to work with a wide variety of financial services industry partners on the future of consumer centric capabilities and services, including Natwest, PWC, Lloyds Banking Group, Secure Trust, Barclays, Equifax, Dudley Building Society, Tesco Bank, Gillmore Centre for Financial Technology and Woodhurst.
Working collectively, key challenges and opportunities for proposition and product development have been identified that will help those Financial Services partners deliver their Consumer Duty Obligations.
Applications are open to those that demonstrate solutions that save time and effort, improve consumer insight and reporting, lead to cost savings and better consumer outcomes. It is open to companies at all stages of development. A number of Grant Awards of up to £50,000 will be available to selected Innovation call winners to develop your propositions.
FinTech Scotland and SuperTech West Midlands’ industry partners have shared with us challenge statements to support the development of your solutions key themes include:
– Supporting Consumer Understanding
– Data Insight
– Machine Learning & Advanced Analytics
– Demonstrating progress and reporting on outcomes
– Understanding evolving consumer needs
– Optimisation of decision making
What will I get If I’m selected?
– Work alongside some of the leading financial services firms in the UK
Learn from them about their challenges, their ways of working and how to best integrate your solutions within their businesses.
– You may be eligible for a grant award up to £50,000 to develop your solution further.
Whether it’s tools for colleagues, analysis of data or the development of new functionalities, this could help you advance your proposition.
– Deepen your understanding of Consumer Duty regulatory obligations.
Learn about what tools and technology Financial services are exploring to better support their consumers.
– Access information and insights from our industry partners.
Access support and inputs from our industry partners to help develop your solution.
Timeline
1st October: Competition opens online
10th October: Fintechs Application Process Q&A 1
17th October: Fintechs Application Process Q&A 2
27th October 23:59: Competition closes
w/c 28th October: Application FRIL team sifting
w/c 28th October: Successful Applicants notified and next steps detailed
5th November: Kick Off Day: Industry Challenge Partners briefing day to successful Fintech Applicants (Fintech Requirement: all day in person, venue in Glasgow)
w/c 25th November: Virtual sessions with strategic partners organised by FRIL team
11th December: Mid-point day (FinTech Requirement: all day in person, venue in Birmingham tbc)
16th January: Virtual Pitch sessions for funding
21st January: Fintechs Showcase/Demo Day for Applicants to pitch their solutions to judging panel (Fintech Requirement: all day in person, in Glasgow)
24th January: Innovation Call outcomes announced
For more information, visit FinTech Scotland’s website here.
