The FCA in partnership with FinTech Scotland launched a Financial Inclusion TechSprint on 7 March 2024, culminating with a Showcase Demo Day on 30 May.
This was the first time we have partnered on a cohort model sprint. This partnership opened opportunities for off-ramping solutions, and reflected our desire to ensure all UK citizens can access basic financial tools and services.
Applicants were invited to create teams, either from their own organisation or partnership with others, to address set challenges over a 3-month period.
The 12 participating teams were given access to FCA Financial Lives Survey[1] data and synthetic data the FCA’s Digital Sandbox, to enable them to develop their innovative solutions around 3 main problem statements.
Problem statements
- What technological solutions can help to increase the probability of consumers being accepted when they apply for everyday financial services, such as basic bank accounts, credit or insurance products?
- What technological solutions can help to deliver positive outcomes for consumers when a firm declines their application for a product, or when at a subsequent point in the consumer journey they become excluded because the product is no longer suitable for their needs?
- How can technology, including AI, be deployed to ensure that firms deliver good outcomes across the board to groups of consumers who have been excluded or not well-served in the past, particularly in retail banking, payments, credit and insurance?
Benefiting from a pool of external mentors, we were able to provide access to a broad range of expertise. We also hosted several teach-in sessions for participants on different topics, including:
- Data Protection by Design and Default by the ICO Innovation Hub.
- Financial Lives data debrief.
- The Online Safety Act, age assurance and Digital ID by Ofcom.
- Barriers to account opening and lessons from branch closures.
- Improving outcomes for financially vulnerable consumers.
- How additional data sources can support financial inclusion.
- Experian consumer research on credit invisibles and thin files.
Showcase Demo Day highlights
The Showcase Demo Day was held at the Technology & Innovation Centre, University of Strathclyde, Glasgow. In choosing Glasgow, we wanted to shine a light on its thriving fintech industry, while also acknowledging the region’s economic challenges.
Participants showcased their solutions to an audience of nearly 250 people.
The day was structured to provide a comprehensive overview of financial inclusion initiatives and innovations.
The event opened with welcome remarks from Sheldon Mills, executive director of consumers and competition at the FCA; and Nicola Anderson, CEO of FinTech Scotland, who talked about the role of technology in financial inclusion.
This was followed by a panel discussion with the judges and hosted by Greg Sachrajda, director of cross-cutting policy and strategy at the FCA, which also provided an opportunity to consider broader themes incorporating various perspectives and first-hand insights.
Judging panel
The panel included:
- Sheldon Mills, executive director, FCA
- Nicola Anderson, CEO, Fintech Scotland
- Charles Randell, financial inclusion commissioner and senior consultant, Slaughter & May
- Noyona Chundur, CEO of Consumer Council Northern Ireland
- Colin Halpin, global head of market data management at Barclays and a board member at Scottish Financial Enterprise
Award categories
During the showcase, judges assessed each presentation based on agreed criteria.
The 4 categories included the:
- Fast Solution
- Eureka Solution
- Jump Solution
- People's Choice
Other solutions
You can read more about all of the solutions developed for the 3 problem statements, as well as watching video clips of the team presentations.
