TSB and FinTech Scotland launch "innovative labs" to help meet demand for digital services

TSB and FinTech Scotland have launched ‘TSB Labs’ to find new Fintech partners that will help meet growing customer demand for digital services.

Fintech Small and Medium Enterprises (SMEs) that are successful in the application process will work over a 12-week period to develop concepts in collaboration with the bank, that will look to help tackle key customer challenges; help SMEs run and grow, help customers deal with the cost-of-living crisis and find technology solutions that improve engagement on sustainability and climate change.  

The innovative lab, situated in Edinburgh’s city centre, will provide fintech SMEs with access to specialist product, sustainability, and business banking teams to improve their insight and support them as they develop their ideas.  

At the end of the process, the fintechs will be whittled down to a final three and pitch their ideas to TSB and FinTech Scotland. The bank hopes at this stage they will have identified a partner to deal with each of their three customer challenges.

TSB Customer Banking Director, Mark Curran said: “Customer demand for digital services is soaring, so by partnering with cutting-edge fintechs we can be even more innovative in delivering for our customers.

“Scotland is home to more than 200 fintechs, and, with access to world class talent from Scottish universities, this is an excellent opportunity for TSB to bolster its position in the fintech landscape and provide even more Money Confidence to our customers.”

Nicola Anderson, Chief Executive, Fintech Scotland said: “The TSB Lab is a great example of collaboration, creating an environment where an established financial institution can partner with newer fintech innovators.  

“It gives fintech SMEs an opportunity to access market needs and work with TSB’s experts to provide innovative solutions to over five million customers. We’re delighted to partner with TSB on this innovation call, aligning with our Fintech Research and Innovation Roadmap,” said Anderson.

“The Lab will be based in TSB’s George Street Headquarters, Henry Duncan House, where the bank has based its Technology Centre. The Technology Centre houses technical specialists, data engineers, analysts, and other IT experts to develop and deliver innovative services for five million customers across the UK."