TSB And Fintech Scotland Setup Applications For Innovation Labs Programme
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TSB and FinTech Scotland have set up applications for startups to participate in their annual Innovation Labs program. These applications come amid the prospect of a full-scale commercial launch for its customer base in the UK.
TSB and Fintech Scotland open applications for the annual Innovation Labs program
The Innovation Labs program will see the winning fintechs securing official partnership deals with TSB. These fintechs will provide innovative services and money-saving products to customers. The bank is also working on expanding the fintech partnership program to foster the growth of more fintechs.
The program will run until the end of the year. After the end of the program, 10 to 20 successful applications will create their proposition under the guidance of the business leaders and experts at TSB’s Edinburgh Tech hub to get themselves ready for the market.
The George Street facility also features technical specialists, data engineers, analysts, and other IT experts that will develop and deliver innovative services for customers based in the UK. The applicants will also secure a proof-of-concept for a staff pilot that will later be tested with a few customers as they await a full-scale launch if it becomes successful.
The previous winners of this program, ApTap, Snugg Energy, and Lightning Reach, are working on creating unique money-saving opportunities for TSB customers by offering utility switching, promoting energy efficiency, and financial hardship services.
The head of partnerships and open banking at TSB, Aruna Bhalla, commented on the development, saying that Scotland was a hub to many fintechs and had access to top-notch talents from across universities in the country. As such, the program presented TSB with a unique chance to promote its leadership position in the fintech sector and deliver customer money confidence.
The Chief Executive at Fintech Scotland, Nicola Anderson, also commented on the move saying, “We are excited to join forces with TSB once again to discover and accelerate some of the most innovative fintech companies. This initiative not only reinforces TSB’s commitment to fostering fintech collaboration but also its involvement in developing the fintech ecosystem in Scotland and across the UK.”
Delivering unique customer solutions
The program will also focus on Environmental, Social, and Governance (ESG) solutions. Three of the four key areas revolve around supporting the customers that operate in the non-traditional banking industries.
ApTap will allow users to have a monthly budget and locate bill payments. Users will also have more control over their finances. The initiative will likely deliver benefits to customers and the bank.
According to Yasha Kuruvilla, a GlobalData analyst, companies were currently providing risky customer money management solutions to help them limit the debt level accrued in periods of high interest. Moreover, these customers will get support to achieve healthy financial situations.
TSB will also work on creating a loyal and stable customer base despite the ongoing crisis around the cost of living. Therefore, the Innovation Labs program will play a vital role in meeting these goals.
