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Consumers get a voice in development of fintech products

RBS fingerprint card

New products include credit cards using fingerprint ID (pic: Terry Murden)

Consumers are to play a greater role in the development of technology in banking and other financial services.

FinTech Scotland, which oversees the growth of the sector, has launched a Consumer Panel to support ensure the user is fully involved in the design of products and systems.

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. 

Scottish entrepreneurs are helping introduce new ways to deal with money as well as products and services that adapt to the changing needs of society. Many are presenting updates during FinTech Scotland’s Festival in September.

Panel members represent a range of consumer organisations, third and public sector bodies, 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.”

Speaking for Money Advice Scotland, CEO Yvonne MacDermid said: “Working with fintech propositions will help the debt advice sector connect with more people in a range of different ways and enable consumers to gain confidence in using digital applications”

Digital Industries Secretary Kate Forbes said: “The FinTech consumer panel will help drive inclusion across our society and economy as we make new technological and digital developments.

“This is a hugely positive and practical step that will ensure that our people are fully involved in the digitalisation of our technology and financial services.”

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