10059527Tackling mis-selling and enhancing consumer trust in fintech innovationsClosedCollaborative R&DInnovate UKThe project develops an innovative AI-enabled solution to transform how fintech firms promote and market new types of financial products and services to consumers. With novel consumer fintech investment and lending products, the risks of mis-selling can be substantial. In the UK, mis-selling scandals over the past decade have costed firms tens of billions of pounds and considerable reputational damage. Importantly, these scandals have severely undermined consumer trust and put intense pressure on regulators to increase sanctions and impose more onerous rules on firms in the financial services sector. Our solution adopts a unique approach to enhancing consumers' and regulators' trust in fintech firms' promotion and marketing of new products and services. What makes our solution different to existing regulatory compliance tools is our focus on improving firms' communications of their products and services to consumers. It is the first-of-its-kind to combine a tool for consumer education and research and a platform for firms to evaluate how consumers and regulators may comprehend and respond to the firm's promotions of a product and its attendant risks and benefits. The project will design and develop a functional prototype of the solution before piloting it with a number of fast-growing consumer fintech firms in the UK. Our project team has domain expertise in financial regulation, fintech, machine learning, marketing, AI innovation and ethics.