Financial Inclusion TechSprint
Invitation: Apply to attend the FCA Financial Inclusion TechSprint by COB 18 February 2024
In collaboration with FinTech Scotland, they are holding a 3-month cohort-based Financial Inclusion TechSprint, designed to tackle challenges spanning not only access to financial services but also issues encountered throughout the consumer journey.
The TechSprint will run from Thursday, 7 March, 2024 to Thursday, 30 May 2024.
The launch event (kick-off and bootcamp/briefing) will be held virtually via MS Teams on Thursday, 7 March, 2024, culminating with the Showcase Demo Day presentations held live in-person at the Technology and Innovation Centre (TIC) - University of Strathclyde - Glasgow, Scotland on Thursday, 30 May 2024 (in-person attendance required).
The aim of this TechSprint is to explore technological solutions that can dismantle barriers to inclusion, particularly for consumers vulnerable to exclusion from financial products and services. They aim to address issues such as the difficulty some consumers face in obtaining even a basic bank account, or the impact of disabilities on accessing fundamental financial services.
This TechSprint will build upon the work undertaken in the Open Finance PolicySprint and the Consumer Duty TechSprint, as well as on the FCA’s work in partnership with Fair4All Finance which aims to increase the sustainable supply of affordable credit.
The TechSprint will be centred around three main problem statements:
Problem Statement 1: 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?
Problem Statement 2: 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?
Problem Statement 3: 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?
If you are interested in engaging with the Financial Inclusion TechSprint, there will also be opportunities of involvement through the roles of mentor or observer. Mentors will work across the participating teams throughout the TechSprint, sharing their subject matter expertise through 1-1’s or through broader teach-in’s to all TechSprint participants, with both mentors and observers invited to attend the in-person Showcase Demo Day on Thursday, 30 May 2024 in Glasgow, Scotland.
More information about the Financial Inclusion TechSprint can be found in our FCA Financial Inclusion participation pack.
Ella Gago-Brookes
Ella joined techUK in November 2023 as a Markets Team Assistant, supporting the Justice and Emergency Services, Central Government and Financial Services Programmes.
