Lloyds Banking Group has announced three new strategic innovation challenges as it opens the second cohort of its Launch Innovation Programme.
Working in collaboration with FinTech Scotland, the group is inviting fintech firms from all around the world to take part.
This follows the success of the first programme, that saw 12 fintechs selected, from Scotland and Europe.
The bank is seeking fintech partners to help it achieve sustainability goals, improve customers’ financial lives and support colleagues in a post-pandemic world.
Successful applicants will have 10 weeks to refine and test their solutions, working in collaboration with colleagues across the bank. This will include direct access to challenge sponsors and mentors in the bank, as well as business development support, clinics and external business masterclasses.
The Launch Innovation Programme is an initiative that aims to create collaboration opportunities between the banking group and start-ups to enable faster innovation and deliver for customers.
The deadline for applications is 1 April and as the group seeks to promote greater diversity, it will actively target applications from women and businesses founded by people of Black, Asian and Minority Ethnic heritage.
David McLeay, innovation product owner for insurance and wealth transformation at Lloyds Banking Group, said: “The 12 companies from the initial 2021 cohort delivered amazing ideas and experiments for our colleagues and customers.
“This year we are looking to build on that with additional investment and scale to identify up to 24 partner companies across a broader range of business challenges.”
Nicola Anderson, chief executive at FinTech Scotland, said: “This programme is a perfect example of how collaboration can deliver innovation and better outcomes for all.
“Amongst other things I was delighted to see three innovation themes this year which demonstrate how fintech can help with financial matters, well-being and sustainability.”
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