TSB is collaborating with Fintech Scotland to allow small and medium-sized enterprises to work jointly on innovative customer goods and services.
The high street bank is launching TSB Labs, an innovation hub in Edinburgh, and is looking for ambitious startups to tackle a variety of consumer concerns.
Successful candidates will work together with the bank for 12 weeks to create ideas and proof of concepts in a few areas.
They must assist SMEs in running and growing their businesses, as well as assist clients in dealing with the problem of the cost-of-living crisis.
Candidates need to develop technological solutions to increase customer and SME participation in sustainability and climate change.
Throughout the process, the firms will have unrivalled access to expert product, sustainability, and business banking teams to obtain insight and assistance as they develop their ideas.
TSB expects to choose a fintech partner for each of the main customer concerns by the end of the program.
Nicola Anderson, chief executive of Fintech Scotland said: “The TSB Lab is a great example of collaboration, creating an environment where an established financial institution can partner with newer fintech innovators.”
“It gives fintech SMEs an opportunity to access market needs and work with TSB’s experts to provide innovative solutions to over five million customers. We’re delighted to partner with TSB on this innovation call, aligning with our Fintech Research and Innovation Roadmap.”
The Lab will be located at TSB’s George Street Headquarters, Henry Duncan House, which also houses the bank’s Technology Centre.
The centre houses technical professionals, data engineers, analysts, and other IT experts that work together to create and provide new services to the UK’s five million clients.
In 2019, TSB opened its first Innovation Lab and later joined with ApTap, whose app helps users manage their money with greater confidence by organising all of their bills and subscriptions and allowing them to switch and sign up for energy or internet services.