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, and building minimum viable products (MVPs) before participants pitch 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.
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 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.”
Applications to participate in the hackathon are open until Friday 14th June.