FinTech Scotland has launched a consumer panel to connect and encourage consumer and citizen advocate groups to engage with the fintech ecosystem.
Citizen financial inclusion, problem solving and innovation are three key areas the panel will focus on.
FinTech Scotland said the panel would provide ease of access to a citizen and consumer voice for fintech innovators, and build an inclusive network across consumer groups, innovation and technology.
By supporting open, practical and diverse engagement, the panel will aim to bring citizens and consumers directly into fintech product design.
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Recent research suggested that 24% of UK adults have little or no confidence in managing their money, with 18- to 24-year-olds rating themselves as the least confident. Fintechs can offer innovative solutions to such issues and address a number of others that are impacting citizens everyday.
The panel will foster solutions by acting as a practical conduit to facilitate meaningful and inclusive dialogue within the ecosystem.
Stephen Ingledew, FinTech Scotland’s CEO, said “This is an important aspect to the work of FinTech Scotland. Fintech provides a major opportunity to improve the way people can engage with their money and finances.
“The consumer panel aims to bring people directly into the conversation and increase inclusion within fintech and the financial services industry more broadly. It will give greater access to customer insights enhancing the focus for good customer outcomes which is our definition of what the fintech movement is.”
Money Advice Scotland CEO, Yvonne MacDermid, said: “Working with fintech propositions will help the debt advice sector connect with more people in a range of different ways and enable consumers to gain confidence in using digital applications.”
Kate Forbes MSP added: “The FinTech consumer panel will help drive inclusion across our society and economy as we make new technological and digital developments.
“This is a hugely positive and practical step that will ensure that our people are fully involved in the digitalisation of our technology and financial services.”