Standard Life’s second FinTech forum focuses on ESG
Standard Life has launched its second innovation forum.
This year, fintech firms will be challenged to pitch and develop solutions to help pension clients engage more with their investments – and in particular environmental, social and governance (ESG) factors.
The winner will then work with Standard Life to roll out the concept to a pool of more than three million of the group’s customers.
The initiative involves a five-way collaboration with Tata Consultancy Services’ innovation ecosystem, FinTech Scotland, Women In Banking & Finance and Scottish Financial Enterprise and builds on the success of last year’s forum, which was won by Edinburgh-based Behavioral Finance.
Behavioral Finance uses psychometric testing to enable users to see how their personality will affect their relationship with money. Standard Life plans to introduce the wealth personality test it developed to a number of its customers, with a view to rolling it out more widely later this year.
This year the forum will follow a similar process, giving FinTechs the opportunity to design and present innovative solutions to senior executives across Standard Life and the wider Phoenix Group.
Each shortlisted entrant will work closely with a Standard Life ‘mentor’ to further refine their proposal before a winner is ultimately selected for a long-term partnership.
Standard Life’s managing director of pensions and savings, Colin Williams, said: “This is a fantastic opportunity for Standard Life to engage with creative thinkers to improve our proposition development and better support clients to engage with their investments and understand impact they have on the world.
“This is key to our group’s wider social purpose and sustainability strategy and follows the transition of £15 billion of jobs to our new Sustainable Standard Fund.”
FinTech Scotland boss Nicola Anderson said: “The first iteration of their Innovation Forum in 2022 was a real success and we’re really excited to see Standard Life’s plans to integrate Behavioral Finance technology into customer journeys.
“This year they have set themselves an even bigger challenge as they look to bring more innovation to ESG investing.
“Customer outcomes are directly linked to environmental and social issues, and vice versa – bringing this relationship to life is critical as we move towards a net zero future.”
Separately, CodeClan has seen growing demand from young people in underrepresented groups for its 2023 Youth Academy, and plans to take 40 people aged between 16 and 21 to its free summer courses in Glasgow and Edinburgh.
CEO Loral Quinn said: “Sponsoring a student through the CodeClan Youth Academy is a perfect opportunity for entrepreneurs, or businesses, to ‘pay it forward’ and help these young people towards a career in technology.
“The youth academy is free for all students with sponsored places, we have 40 people on the waiting list, and we would find places for many more if we could secure more sponsorship.”
The cost of sponsoring a student through the Youth Academy in July is £3,000 and it is also possible for organizations and individuals to cover the £10,000 cost per student for the 16-week professional software developer and 14-week professional sata analysis programmes, while smaller contributions starting at £1,000 can also be made.
Quinn added: “Across Glasgow and Edinburgh there is a high percentage of secondary schools in Scottish Index of Multiple Deprivation zones and we really want to change the trajectory of young people by giving them an opportunity to transform their lives through jobs in technology .”
Scotland Chief Founder Mark Logan commented: “CodeClan’s youth academy model is a unique initiative that creates genuinely life-changing opportunities for young people, while expanding the talent pool for Scotland’s technology companies.
“With strong participation from individuals and businesses across Scotland, the scheme could be transformative both economically and socially – there is no better way for the technology community to contribute to Scotland’s future.”
CodeClan has placed more than 2,000 students with over 300 organisations, including employment partners such as Skyscanner, FanDuel, Baillie Gifford, DC Thomson, BlackRock, Tesco Bank and Sainsbury’s Bank.
The Youth Academy is linked to the Emerging Talent Fund, which was launched earlier this year in response to a lack of women, LGBTQ and people from underrepresented ethnic groups in technology.
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