RBS, Innovate Finance & Founders of the Future to Host Financial Inclusion Hackathon in Scotland
News on 30th May 2019
30th May 2019: The UK FinTech body Innovate Finance has partnered with Royal Bank of Scotland (RBS) and Founders of the Future to deliver a 48-hour hackathon to build tech solutions to bank the unbanked.
The UK financial services industry has seen a significant shift towards online and digitally-led services. Yet according to the Financial Inclusion Commission, 1.5 million adults in the UK are unbanked. The hackathon will aim to provide a platform for participants to find workable solutions to some of the problems faced by the unbanked in today’s society including digital exclusion, creditworthiness, accessibility and customer eligibility.
The three organisations will gather 100 people to spend 48 hours identifying problems, talking to potential users, building minimum viable products (MVPs) before participants pitch off to a panel of expert judges. Royal Bank of Scotland will host the hackathon at its Global Headquarters in Edinburgh over the weekend of the 21-23rd June.
Alison Rose, CEO of Commercial and Private Banking of RBS said:
“Royal Bank of Scotland is a strong supporter of innovation and we’re all really looking forward to this hackathon taking place in our Gogarburn headquarters which we hope will once again lead to better services for customers across the FinTech industry. We’re really excited about the potential of events such as this because they allow us to bring together small teams of people to test new ideas and think outside the normal constraints of everyday office life.”
Charlotte Crosswell, CEO of Innovate Finance, said:
“Technology and digital transformation have the power to reach across society to provide real opportunities for people to improve their lives. The RBS/Innovate Finance Financial Inclusion Hackathon will explore workable solutions to some of the problems faced by the unbanked in a modern society, including digital, credit and regulatory exclusion, along with issues linked to accessibility. FinTech has a vital role to play in empowering those who otherwise may be excluded from the financial system.”
Pierre-Simon Ntiruhungwa, Co-founder and Head of Founders of the Future said:
“It is great to be partnering with RBS and Innovate Finance on this hackathon, in-keeping with our mission of inspiring future founders to build socially-conscious tech solutions that tackle real-world problems. We’re happy to get the next generation of entrepreneurs working on this important issue.”
Applications to participate in the hackathon are now open until Friday 14th June.
Innovate Finance is an independent membership association that is at the heart of the UK’s FinTech ecosystem. Founded in 2014 and supported by the City of London and Broadgate, Innovate Finance is a not-for-profit whose mission is to accelerate the country’s leading position in the financial services sector by directly supporting the next generation of technology- led financial services innovators. More than 200 global members have joined the Innovate Finance ecosystem to date, ranging from seed stage startups to global financial institutions and professional services firms. All benefit from Innovate Finance’s leading position as the single point of access to promote enabling policy and regulation, talent development, business opportunity and growth, and investment capital. By bringing together the most forward-thinking participants in financial services, Innovate Finance is helping create a global financial services sector that is more sustainable, more inclusive and better for everyone.
Founders of the Future
Founders of the Future partners with corporates, schools, universities and Government, to inspire and encourage students and young professionals into entrepreneurship. Since our first event at 10 Downing Street in March 2016, we’ve organised 60+ events for aspiring entrepreneurs attracting a total of 2000+ attendees.
Clients past and present include, EY, Santander, Natwest, VISA, TalkTalk, Henkel, RBS, AKQA and Goodwin.