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Fintech: Competition Tackles Financial Exclusion in the UK

Brian Baglow

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Fintech for all competition

UK Fintech companies have until October 20th to enter the competition to ‘find fintech startups that make financial services work for everyone.’

Fintech For All is a new competition for companies based in, or headquartered in the UK, with a service or product which can help to solve financial inclusion and improve the financial capabilities of people in the UK.

The competition is open to fintech companies of all sizes working with either with businesses (B2B) or consumers (B2C). Large, established financial services companies are not eligible to enter.

The Fintech For All competition was announced in the Government’s digital strategy: “In order to support digital innovation that helps people better manage their money, we will launch a competition to encourage the development of digital approaches to support financial inclusion.

The competition is being run by Tech City UK, as part of its wider role on fintech, with external support from both charitable and financial service providers.” The competition was launched by Matt Hancock, the UK minister for digital:

Entries are being encouraged from fintech companies which help people do any of the following:

  • Start actively saving and plan for the unexpected
  • Confidently manage money and track day-to-day financial transactions
  • Facilitate access to financial products through innovations in credit scoring and ID/address requirements
  • Understand and manage credit better
  • Identify and access more suitable financial products

The prize package includes:

  • Customer insight support from the Money Advice Service, worth at least £70k. The Money Advice Service will pay for an independent evaluation of the impact your service has on the financially excluded consumers you target, using world-leading insight frameworks and standards. This will give you detailed consumer insight and evidence that is likely to be helpful in attracting backers to your product. The insight will be published on the Evidence Hub run by the Money Advice Service, the leading insight exchange worldwide for organisations aiming to reduce financial exclusion and improve financial capability
  • For products that demonstrate strong positive impacts on consumers most in need, the Money Advice Service will be interested in discussing white-labelling opportunities. As context, the Money Advice Service has in excess of 8 million customers annually
  • The Experian Spotlight Award, awarded by Experian to an entrant in any category and aimed at recognising outstanding concepts, products or services. This discretionary award will be designed in collaboration with the winner to accelerate and develop their innovation, and could include data support and/or services
  • Collaborate with Citizens Advice to further test and refine your product or service with access to target customers
  • Two complimentary tickets to Money20/20 Europe 2018 for each winner
  • Head of Financial Inclusion and Head of Digital Inclusion at Lloyds Banking Group to mentor winners
  • Expert mentoring sessions with Lloyds Banking Group, Money Advice Service, Mustard Seed Ventures, Ascension Ventures, Bethnal Green Ventures, Toynbee Hall and others
  • Promotion across key financial services institutions
  • Exposure for your brand across Tech City UK website and social media channels
  • With more to come…

Entries are free and open now. More information on the competition, entry criteria and frequently asked questions can all be found on the competition website.

 

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Brian Baglow

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