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Small to medium-sized financial services firms in Scotland are set to be offered greater access to new technology, as part of a £1.8m programme to accelerate innovation.
Future Finance 4 All will work closely with smaller firms to understand the challenges they face and explore how technology and innovation can help overcome them.
Glasgow Caledonian University is among four universities taking part in the project, which has been funded by Innovate UK and the Economic and Social Research Council (ESRC).
Dr Patrick Ring, reader in financial services at Glasgow Caledonian, said: “This project illustrates the important role the University plays in working with Scottish businesses, and reflects the civic mission of Glasgow Caledonian and its commitment to the common good.
“Through collaboration between academia, industry, the third sector and other partners, this project presents a real opportunity to support SME innovation within Scotland’s, and the UK’s, financial services sector.
“In turn, this could boost access and use of financial services, enhancing the kind of financial inclusion that is essential for a modern, thriving economy.”
The two-year programme is being led by the University of Bristol in collaboration with Glasgow Caledonian, the University of Glasgow, the University of the West of England Bristol, business incubator SETsquared and FinTech West.
To maximise the reach and impact of the project, it will be rolled out in three phases – local, regional and national – and firms that participate in the accelerator will have the opportunity to shape the development of new products and services that they could ultimately take to market and scale for wider societal benefit.
Professor Sharon Collard, director of the Personal Finance Research Centre at the University of Bristol, added: “Having access to decent financial services is essential for participation in society.
“This is a potential ‘market-making opportunity’ for new financial product and service innovation delivered by smaller firms that could help boost access and use of financial services for the millions of UK consumers – individuals, self-employed people and SMEs – who remain underserved.”
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