By David Paul
A collaboration between Phoenix Group, TCS COINTM and FinTech Scotland will utilise fintech innovation to boost financial inclusion.
Long-term savings firm Phoenix Group is collaborating on an Innovation Forum using fintech to boost engagement and support the financial well-being.
Working alongside TCS’ Co-Innovation Network (TCS COINTM) innovation ecosystem and FinTech Scotland, the Phoenix Innovation Forum will invite fintech enterprises and entrepreneurs to explore partnership opportunities that will introduce innovative thinking and new ways of working.
The company said it hopes to work with companies looking to improve financial wellbeing, with a focus on providing a “positive impact on customers’ lives” as they move to retirement.
Phoenix’s Innovation Forum will give fintech enterprises and entrepreneurs the opportunity to design, refine and present innovative solutions to senior leaders across the company.
The initial focus will be on two key engagement themes: gamification and curiosity. These will use creative tools to “spark increased levels of curiosity” about saving and financial planning, as well as providing interactive ways to encourage greater engagement in digital channels.
Commenting on the news, Phoenix’s Managing Director – Pensions and Savings, Colin Williams, said: “This is a great opportunity for Phoenix to connect key decision makers within our organisation with innovative enterprises.
“We are looking to fuel creativity and come up with new solutions which really support our customers and build greater engagement and financial inclusion which is important to our Group’s social purpose and part of our long-term sustainability strategy.
“We are looking to deliver forward-thinking propositions and to be at the forefront in developing innovative solutions, working in collaboration with TCS COIN and the FinTech Scotland community.”
Chief Executive of FinTech Scotland, Nicola Anderson added: “We are delighted to support the Phoenix Innovation Forum which is a further example of the valuable role fintech innovation can play in improving customers’ financial engagement and well-being.
“Phoenix’s commitment to innovation to support its large customer base and its partnership approach will attract significant interest from fintech entrepreneurs who share their ambition of helping customers more effectively engage with savings and investments.”
The initiative will provide the opportunity for innovating fintech firms to develop a potential formal partnership with Phoenix Group to build solutions looking to benefit customers as well as contribute to innovation for wider society.
Fintech firms looking to be part of the Phoenix Innovation Forum will be able to register their interest in participating via a dedicated page on FinTech Scotland’s website.
Global Head – TCS BFSI Products and Platforms, Vivekanand Ramgopal said: “Enterprises are looking to form collaborative, purpose-driven ecosystems to launch innovative new offerings that deepen customer relationships and drive growth.
“To succeed, they need an extensible, open API-based, future-ready digital core like the TCS platform that powers Phoenix Group’s operations. That agile digital foundation is now enabling our two organisations to co-innovate around client analytics and customer experiences at our Innovation Lab in Edinburgh.
“We are delighted to expand this partnership with the Innovation Forum, and bring in partners from our extended innovation ecosystem, the TCS COIN, to innovate at scale and at speed.”
