For the first time in the UK a consumer panel has been launched for the fintech sector.
FinTech Scotland – a part-government part-university founded organisation – wants to connect consumer advocate groups with the fintech community, giving citizens the chance to be included, solve problems and innovate alongside the entrepreneurs.
The aim is to create “inclusive network” of consumer’s opinions which are easily accessible to fintechs.
“The consumer panel aims to bring people directly into the conversation and increase inclusion within fintech and the financial services industry more broadly,” says FinTech Scotland’s chief executive Stephen Ingledew.
He added that, “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.”
Founding members of the new panel include Money Advice Scotland, the Scottish government, universities, pension’s services, age organisations and mental health services.
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Money Advice Scotland’s chief executive Yvonne MacDermid says working with fintech ventures will “help the debt advice sector connect with more people” and give consumers more “confidence in using digital applications”.
Scotland is now home to more than 100 fintech firms. This is due to a combination of start-up enterprises, international firms moving to Scotland and existing technology companies developing new fintech solutions.