Industry body FinTech Scotland has launched a consumer panel to support inclusive fintech business development.
The aim is to engage consumer and citizen advocate groups with the emphasis on citizens’ financial inclusion. The idea is for the panel to provide ease of access to a citizen and consumer voice for fintech innovators and to build an inclusive network across consumer groups, innovation and technology.
The objective is for open, practical and diverse engagement, to bring citizens and consumers directly into fintech product design. Recent UK research showed 24% of UK adults have little or no confidence in managing their money, with 18-24-year-olds rating themselves as the least confident.
But Fintech Scotland says that Scottish entrepreneurs are “achieving true change, introducing easier and better ways to deal with money as well as new products and services that adapt to the changing needs of today’s society.”
The aim is for the consumer panel to offer a “practical way to connect fintech entrepreneurs and their growing ability to find new and innovative solutions, with real and everyday financial issues impacting customers/consumers”.
Founding members come from a range of consumer advocate organisations, third and public sector, as well as academia.
Those participating include, Money Advice Scotland, Scottish Government, University of Strathclyde and University of Edinburgh, The Big Issue, The Money and Pensions Service, Step Change, Age Scotland, Fresh Start Edinburgh, Passion4Fusion and Mental Health and Money Advice.
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.”
