TSB Bank is looking for Open Banking growth prospects in its local Scottish market, working with national industry trade body Fintech Scotland in the process.
The Edinburgh-based bank, owned by Spanish multinational banking group Banco Sabadell, has opened applications for its fourth Innovation Labs project in cooperation with Fintech Scotland.
Fintechs with Open Banking propositions are specifically being encouraged to apply for the project. TSB adds that those aiming to deliver money confidence and personalised experience across savings, insurance, investments and pensions are being sought out in particular.
Aruna Bhalla, Head of Partnerships and Open Banking, TSB said: “We are thrilled to have played a small part in supporting Snugg, Lightning Reach and most recently Doshi through our Innovation Labs Programme and are delighted to be partnering with Fintech Scotland for a fourth year in a row.
“If you’re one of the 200 fintechs based in Scotland, now’s your chance to submit your application to help shape how TSB delivers Money Confidence through Open Banking.”
Up to 15 successful applicants will be able to develop Open Banking propositions with the support of TSB’s teams at Henry Duncan House, its Edinburgh headquarters.
The announcement comes in the context of two significant developments for both Scottish and the wider British finance and fintech systems as a whole – firstly, an increase in investment in the former, and a general uptick in interest in Open Banking across the latter.
According to investor analysis reports, Scottish fintech – and in particular the local sector in the capital city of Edinburgh – is becoming one of the rising stars in British finance funding, seeing an increase in investment of over 409% last year.
Meanwhile, UK-wide regulators such as the Financial Conduct Authority (FCA) and Payments Systems Regulator (PSR) are working on moving the UK’s regulation of Open Banking forward. Policymakers and legislators are also keen to see this progress, hoping to seize and maintain an Open Banking leadership position for the UK.
In this context, TSB’s collaboration with Fintech Scotland is being extended to its fourth year running. During the third Lab last year, the group targeted services and money-saving solutions providers, although without the emphasis on Open Banking seen this year.
Nicola Anderson, Chief Executive of Fintech Scotland, added: “We’re delighted to work with TSB and continue to be inspired by TSB’s approach to supporting fintech development, working in true partnership on solutions and propositions for customers.
“This year’s programme, focused on Open Banking is a sign of the continued value Open Banking innovation presents for the future of the banking sector. It’s an exciting opportunity and I’m looking forward to seeing the results and partnerships develop.”
As well as announcing the application window for this year’s Innovation Lab, TSB has also initiated a partnership with one of last year’s participants, Doshi.
The duo will work together for the next six months, with Doshi developing a learning gaming app for TSB’s Money Confident Communities financial education programme.
Daniel Rose, Co-Founder and CEO of Doshi, said: “As a start-up, you don’t get many opportunities to collaborate with senior leaders of a leading UK bank. Working with TSB has enabled us to co-create an exciting solution with the potential to change the lives of thousands of young adults.”
