20 Companies Selected for Consumer Duty Focussed Innovation Call
We’re delighted to confirm the 20 Fintech companies selected to advance to the next stage of our third Innovation Call launched from our Financial Regulation Innovation Lab in partnership with SuperTech West Midlands.
This innovation challenge focusses the theme of consumer duty which is impacting the whole industry. The call was developed in collaboration with 14 leading industry partners: PwC, Tesco Bank, NatWest, Lloyds Banking Group, Equifax, and Barclays, alongside essential community-focused institutions like Dudley, Advance Credit Union, Secure Trust Banks, BNP Paribas Personal Finance, TSB, Castlemilk Credit Union, Coventry and Warwickshire Reinvestment Trust (CWRT), and Moneyline.
With the new consumer duty regulation, financial services organisations are required to make sure they are providing better outcomes for their customers. This means using all data and technologies available to support new the development of better journey, products, services and much more.
Thanks to this call, fintech firms have a unique occasion to work alongside established industry leaders and world-class academics to develop new thinkings and solutions to enhance customers’ financial well-being.
We are continuing to collaborate with the University of Strathclyde and the University of Glasgow to align the initiative with the latest academic research hence advancing innovation in financial regulation across the UK.
Selected Fintechs
Out of 44 applicants from around the world, 20 innovative companies have been selected after demonstrating their commitment to tackling consumer duty challenges through innovative solutions.
Congratulations to Ask Silver, Creditflow, docStribute, EngageSmarter, Guiide, Hope4U, Haboo, Inicio.ai, Malted AI, MyArk, National Support Network, nestegg, planda, Profylr, Sibstar, TellJo, Truzy, UniVeri, VouchSafe, and The Wisdom Council.
For the next few months, they will gain insights into industry challenges and refine their propositions. The programme will involve industry workshops, mentorship, and opportunities to refine concepts with direct feedback from industry partners.
Some of the most promising Fintechs may also be awarded grants of up to £50,000 to support further development of their ideas.
Programme Launch
The selected fintechs gathered in Glasgow on 5 November at the University of Strathclyde’s Technology and Innovation Centre (TIC) to meet industry partners and start building with all involved parties.
