Phoenix Group announces that Behavioural Finance is the inaugural winner of its first Innovation Forum.
In collaboration with FinTech Scotland and TCS’s Co-Creation and Innovation Network (COIN), the Phoenix Innovation Forum invited FinTech enterprises to develop innovative new tools that improve financial wellbeing, engagement and make a genuine positive impact on customers’ lives.
The Innovation Forum launched in May 2022 and seven companies were shortlisted to provide an initial pitch of their idea to an expert judging panel. In June, three companies were selected as finalists and assigned mentors from among Phoenix Group’s senior leadership team to develop their concepts further.
A final pitch took place on September 22nd before Behavioural Finance was confirmed as the winner. The judging panel said Behavioural Finance’s WealthPersonality concept stood out for its ingenuity, creativity and ability to engage customers. It uses psychometric testing so users can see how their personality will affect their relationship with money.
The runners-up were Airfunders and Moroku.
Edinburgh-based Behavioural Finance will now work with industry experts from Phoenix Group to further develop their concept.
Colin Williams, Managing Director of Pensions and Savings at Standard Life, part of Phoenix Group, said: “Phoenix Group is always looking to fuel creativity and come up with new solutions that really support our customers and build greater engagement and financial inclusion, which is so central to our social purpose and part of our long term sustainability strategy.
“Our first Innovation Forum has not just met these objectives but exceeded them, and I want to share my congratulations with Behavioural Finance for their winning concept, which will help better engage and support customers.
“Across all the phases of the Innovation Forum, the competition was extremely strong and all deserve thanks for their superb contributions.
“We now look forward to seeing Behavioural Finance’s WealthPersonality tool develop further, and to more great ideas being uncovered at Phoenix Group’s future Innovation Forums.”
Chris Tweed, co-founder and CEO of Behavioural Finance, said: “We are delighted to have been chosen as the winner of the inaugural Phoenix Group Innovation Forum, which has been a valuable and rewarding experience for us.
“Improving financial outcomes is the corner stone of our WealthPersonality tool, and we look forward to working in partnership with Phoenix Group to build a new concept that will really support their customers now and into the future.”
Vivekanand Ramgopal, Global Head – TCS BFSI Products and Platforms, commented: “TCS is committed to driving technology advancement that improves our communities and the lives of all people.
“We are honoured to be part of the Phoenix Group Innovation Forum, and join our valued client, Phoenix Group, and our fellow collaborators in congratulating the 2022 winners.”
Nicola Anderson, Chief Executive of FinTech Scotland, commented: “I am delighted to congratulate both Behavioural Finance and Phoenix Group for their success in this programme.
“Behavioural Finance is a truly innovative business and worthy winners from a field of very strong applications. It is inspiring to see the range of FinTech entrepreneurial talent across Scotland and the UK. This talent and aptitude instil confidence for the future of finance.”