TSB is launching an innovation Lab “TSB Labs” with FinTech Scotland, inviting fintech small and medium enterprises (SMEs) to collaborate to address relevant customer challenges.
The TSB Lab, based in Edinburgh, Scotland, is now open for applications from fintech SMEs with ideas on how they could help TSB tackle three key customer challenges:
- Helping SMEs run and grow their business.
- Helping customers deal with the challenge of the cost-of-living crisis.
- Technology solutions to improve customer and SME engagement on sustainability & climate change.
Successful applicants will work with TSB over a 12-week period as they develop proof of concepts in collaboration with the bank. During this process the companies will have unparalleled access to specialist product, sustainability, and business banking teams to gain insight and support as they develop their ideas. At the end of the process, TSB hopes to have identified a partner fintech in each of the key customer challenges.
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.”
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.
TSB launched its first innovation Lab in 2019. Following that process the bank teamed up with ApTap whose app helps customers manage their money more confidently by organising all their bills and subscriptions, allowing them to switch and sign up for energy or broadband deals.