Future Finance 4 All

Lead Research Organisation: University of Bristol
Department Name: Management

Abstract

Future Finance 4 All, led by the University of Bristol, will take a mission led approach to accelerate innovation adoption in Mid-Tier organisations and small and medium-sized enterprises (SME), in the UK Financial Services (FS) Sector across the four UK home nations. The focus of this partnership is to enhance the sector's productivity and global competitiveness. To achieve this, we will develop an understanding, from a social science perspective, of the drivers and obstacles to innovation uptake in this target group. We will then put in place a mission-oriented approach that leverages both leading social science research and experience in supporting SME innovation adoption to inform the development of an innovation adoption accelerator. The accelerator will be delivered over three phases, Phase 1-Local, Phase 2-Regional, Phase 3-National. Working with partners, including policy makers, industry and community organisations, the accelerator will help us overcome obstacles and drive innovation adoption across UK regional FS clusters. This will overcome the market failures that are holding back innovation uptake, unlocking productivity and levelling benefits across the UK regions.
The accelerator will also enable us to also tackle societal challenges around responsible access and uptake of FS for underserved communities, individuals and companies. This will lead to the development of new bespoke products and services, which the Mid-Tier organisations and SMEs, which are the accelerator's focus, could then exploit. This potential 'market making opportunity' for new FS product and service innovation could have relevance in both UK and global markets that share similar inclusion challenges.
The innovation accelerator activities will facilitate networking and partnerships between social science experts and the financial services community through innovator pathway fellows', drawn from high potential early career researchers. Building on our partnership's research base and expertise supporting innovation clusters, we will then deliver a rolling collaborative challenge programme that brings together industry, academic and social insights to explore and address barriers to innovation adoption. Through a rolling programme and digital platform the challenge programme outputs will inform the development of specific interventions for FS firms and stakeholders to enable them to gain the skills and capabilities to innovate. To maximise engagement and efficiency the innovation skill & training Programme will be delivered in scalable hybrid format and include peer-to-peer learning.
Foundational to the Programme will be a focus on inclusive growth and diversifying the talent pipeline, addressing key findings from the 2022 UoB-led FinTech report, Kalifa Review, cross-sector surveys (EY and Innovate Finance, 2022), and sector-wide consultations.
The accelerator will support the creation of habit-forming behaviour change through the exploitation of the Quadruple Helix model that brings universities, underserved communities, industry (including the sector's charities and not for profit players) and government to:
Better connect key actors across the FS sector to overcome fragmentations, this will build new skills and capabilities within the partners and the project team.
Ensure that the voices of underserved communities, individuals and companies are heard and reflected in the tangible delivery of new, or enhanced, FS products and services.
Stimulate and support industry to prioritise innovation investment.
Provide pathways, and practical solutions, to enable innovation uptake, including digital innovation, that enhances the productivity of mid-tier FS organisations and SMEs. A key project output will the measurement of these productive gains and their impact on the organisations that we support, and how this will contribute towards UK regional levelling up by unlocking a broad spectrum of organisational, economic and social benefits

Publications

10 25 50
 
Description Future Finance Steering Group 
Organisation Deloitte Touche Tohmatsu
Department Deloitte, UK
Country United Kingdom 
Sector Private 
PI Contribution Academic, non-academic co-i and Project Manager time has been spent with the company to understand their challenges in relation to the adoption of Financial Technologies through the delivery of a partner focused event. All partners engaging with the Steering & Advisory Groups were invited to this event alongside some other businesses. Through the discussion of challenges and possible future support measures and outcomes built through Future Finance, we have ensured that companies will continue to engage with the programme for the benefit of their company, their staff and their customers in the future.
Collaborator Contribution To date (March 2024), we have been given 3-days of senior employee time to conduct some early stage research into the barriers facing their organisation and their customer base from the below companies. These companies have also committed to giving access to their networks and providing event space for delivery of Steering Group/Advisory Activity: - Great Western Credit Union (CEO) - Burges Salmon (Partner) - Hargreaves Lansdown (Partner) In addition the below partners have committed to attending one quarterly Steering Group or Advisory board meeting for 2-hours. The first of which has taken place in March 2024. - Ethical Equity - Deloitte - TechSPARK - Natwest - Sage - University of the West of England - SETsquared Partnership
Impact Collaboration & partnerships. A formal working group, expert panel or dialogue. Event, workshop or similar. Use of facilities & resources. Disciplines: Business & Management Georgraphical Sciences Computer Science & Technology
Start Year 2023
 
Description Future Finance Steering Group 
Organisation SETsquared Partnership
Country United Kingdom 
Sector Charity/Non Profit 
PI Contribution Academic, non-academic co-i and Project Manager time has been spent with the company to understand their challenges in relation to the adoption of Financial Technologies through the delivery of a partner focused event. All partners engaging with the Steering & Advisory Groups were invited to this event alongside some other businesses. Through the discussion of challenges and possible future support measures and outcomes built through Future Finance, we have ensured that companies will continue to engage with the programme for the benefit of their company, their staff and their customers in the future.
Collaborator Contribution To date (March 2024), we have been given 3-days of senior employee time to conduct some early stage research into the barriers facing their organisation and their customer base from the below companies. These companies have also committed to giving access to their networks and providing event space for delivery of Steering Group/Advisory Activity: - Great Western Credit Union (CEO) - Burges Salmon (Partner) - Hargreaves Lansdown (Partner) In addition the below partners have committed to attending one quarterly Steering Group or Advisory board meeting for 2-hours. The first of which has taken place in March 2024. - Ethical Equity - Deloitte - TechSPARK - Natwest - Sage - University of the West of England - SETsquared Partnership
Impact Collaboration & partnerships. A formal working group, expert panel or dialogue. Event, workshop or similar. Use of facilities & resources. Disciplines: Business & Management Georgraphical Sciences Computer Science & Technology
Start Year 2023
 
Description Future Finance Steering Group 
Organisation University of the West of England
Country United Kingdom 
Sector Academic/University 
PI Contribution Academic, non-academic co-i and Project Manager time has been spent with the company to understand their challenges in relation to the adoption of Financial Technologies through the delivery of a partner focused event. All partners engaging with the Steering & Advisory Groups were invited to this event alongside some other businesses. Through the discussion of challenges and possible future support measures and outcomes built through Future Finance, we have ensured that companies will continue to engage with the programme for the benefit of their company, their staff and their customers in the future.
Collaborator Contribution To date (March 2024), we have been given 3-days of senior employee time to conduct some early stage research into the barriers facing their organisation and their customer base from the below companies. These companies have also committed to giving access to their networks and providing event space for delivery of Steering Group/Advisory Activity: - Great Western Credit Union (CEO) - Burges Salmon (Partner) - Hargreaves Lansdown (Partner) In addition the below partners have committed to attending one quarterly Steering Group or Advisory board meeting for 2-hours. The first of which has taken place in March 2024. - Ethical Equity - Deloitte - TechSPARK - Natwest - Sage - University of the West of England - SETsquared Partnership
Impact Collaboration & partnerships. A formal working group, expert panel or dialogue. Event, workshop or similar. Use of facilities & resources. Disciplines: Business & Management Georgraphical Sciences Computer Science & Technology
Start Year 2023
 
Description EY Fintech Lab 
Form Of Engagement Activity A formal working group, expert panel or dialogue
Part Of Official Scheme? No
Geographic Reach National
Primary Audience Industry/Business
Results and Impact Future Finance PI and Project Manager met with EY in their Canary Wharf headquarters to discuss Future Finance and the EY Fintech Lab. A group of key representatives of EY were engaged to have a long discussion around the design of the programme and where the commonalities and potential areas for collaboration were between the two programmes.

Significant interest from EY in the design and delivery of Future Finance and how it can work alongside the Fintech Lab. We have planned to develop network sharing and building activities along with engaging some of the EY specific researchers in Future Finance Activity.
Year(s) Of Engagement Activity 2024
URL https://www.ey.com/en_uk/financial-services/ey-fintech-lab
 
Description Fintech Talent Showcase 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach Regional
Primary Audience Industry/Business
Results and Impact Future Finance project was presented to an audience made up of Fintech students and experts, and individuals involved within the industry. The discussions revolved around existing research into financial technologies and the emerging trends that the Future Finance project will look to address.
Year(s) Of Engagement Activity 2023
URL https://www.eventbrite.co.uk/e/the-second-annual-fintech-talent-showcase-tickets-688731894637?aff=er...
 
Description Fintech West Annual Conference 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach Regional
Primary Audience Industry/Business
Results and Impact Future Finance was presented to a large audience as part of a wider conference on Financial Technologies. There was an opportunity to discuss with a very engaged industry audience on the design of the project and hear about perspectives about areas of focus for the project.
Year(s) Of Engagement Activity 2023
URL https://www.fintechwest.co.uk/news/fintech-west-annual-conference-2023
 
Description Future Finance Partner Event 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach National
Primary Audience Industry/Business
Results and Impact All project partners and a select group of industry experts were invited to come and discuss the biggest challenges facing the financial services sector and to support with the design and development of the Future Finance accelerator.

There were presentations, breakout groups and focus group discussions, panel discussions and planning activity all specifically focused on Future Finance and to embed the industry thoughts and feedback into the programme.
Year(s) Of Engagement Activity 2023
 
Description Glasgow Event - Building the Accelerator 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach National
Primary Audience Industry/Business
Results and Impact 10 industry professionals attended an event in Glasgow and remotely from Bristol to talk through their own challenges in relation to Financial Services and to discuss the design of the Future Finance Accelerator.

The day was very discussion led, covering topics that are vital to the design of research and business support activity. The group reported significant interest in engaging with the programme moving forwards and as a consequence our project design has shifted to focus on more specific subsectors within financial services.
Year(s) Of Engagement Activity 2024
 
Description MSc Fintech Guest Lecture UWE 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach Local
Primary Audience Postgraduate students
Results and Impact Industry Co-I, Stuart Harrison provided a guest lecture to students on the MSc Fintech degree programme at the University of the West of England. The Future Finance project was discussed to engage the students in debate and discussion around what would be interesting and useful areas of research.

The students are supporting Partner organisation, Fintech West to develop reports on the sector that can contribute to research activity as part of Future Finance.
Year(s) Of Engagement Activity 2023
 
Description MSc Fintech Guest Lecture University of Bristol 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach Local
Primary Audience Postgraduate students
Results and Impact Industry Co-I, Stuart Harrison provided a guest lecture to students on the MSc Fintech degree programme at the University of Bristol. The Future Finance project was discussed to engage the students in debate and discussion around what would be interesting and useful areas of research.

The students are supporting Partner organisation, Fintech West to develop reports on the sector that can contribute to research activity as part of Future Finance.
Year(s) Of Engagement Activity 2023
 
Description Natwest Roundtable 
Form Of Engagement Activity A formal working group, expert panel or dialogue
Part Of Official Scheme? No
Geographic Reach Regional
Primary Audience Industry/Business
Results and Impact This roundtable, hosted by Natwest in the West of England Region introduced "key figures" in the financial services community to Senior Management at NatWest, responsible for innovation. The discussions focused on specific support happening in the region for the sector, and Future Finance formed a large part of these discussions. The discussion centred around raising the profile of the work in the region being done already and thus put the Future Finance project firmly on the horizon of Natwest and other stakeholders in the room enabling us to develop future partnerships.
Year(s) Of Engagement Activity 2023
 
Description Purple Shoots Case Study Workshop 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach National
Primary Audience Industry/Business
Results and Impact A small workshop with 3 industry attendees was designed and delivered to discuss in significant depth how a responsible lending company uses technology, what the challenges are and what sort of support would be the most beneficial to a small company such as theirs moving forward.

Outcomes of the workshop included a confirmed design of all research case study activity and confirmed that Purple Shoots will partake in case study activity in the future.
Year(s) Of Engagement Activity 2024
 
Description Sustainable Finance Workshop 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach Regional
Primary Audience Industry/Business
Results and Impact The Sustainable Finance Event was delivered by the University of the West of England, in partnership with the West of England Combined Authority. Future Finance had a speaking slot at the event to promote the programme and support with sourcing future participants in the research activity. The event also raised awareness with policy makers and governmental officials to support with the future development of policy documents and insights.
Year(s) Of Engagement Activity 2024
 
Description UK Fintech Symposium 
Form Of Engagement Activity A talk or presentation
Part Of Official Scheme? No
Geographic Reach National
Primary Audience Industry/Business
Results and Impact Presentation of the design and purpose of Future Finance as part of a large scale national context into the state of Fintech within the United Kingdom and the opportunities to engage with research and support activity across the different regions of the UK.

Discussion on the design and delivery of Future Finance and networking opporunities with industry and the Future Finance team to ensure what is designed is fit for industry.
Year(s) Of Engagement Activity 2023
URL https://futurescot.com/futurescot-events/fintech-2023/
 
Description UKFin+ Advisory Board 
Form Of Engagement Activity A formal working group, expert panel or dialogue
Part Of Official Scheme? No
Geographic Reach National
Primary Audience Industry/Business
Results and Impact Engaging with large ESPRC funded research project into Financial Services called UKFin+. Future Finance co-i, Sharon Collard sits on advisory board and supports with gathering insights from their activity and inputting research findings from our own activity. Future Finance Project Manager has also engaged with UKFin+ to set up relationship whereby industry contacts can be shared across projects where beneficial and consented by the business.
Year(s) Of Engagement Activity 2023,2024
 
Description UKFin+ Event in Bristol 
Form Of Engagement Activity Participation in an activity, workshop or similar
Part Of Official Scheme? No
Geographic Reach Local
Primary Audience Industry/Business
Results and Impact UKFin+ is a EPSRC funded research project looking to find solutions to challenges in Financial Services with computer science, data, and software. Areas of research with UKFin+ and Future Finance are very complimentary so Future Finance were invited to speak at the event about the project and to engage in round table discussions with industry. The intention of the event was to raise awareness amongst the community about Future Finance and to listen to the challenges facing industry.
Year(s) Of Engagement Activity 2024
 
Description West of England Combined Authority Engagement 
Form Of Engagement Activity A formal working group, expert panel or dialogue
Part Of Official Scheme? No
Geographic Reach Regional
Primary Audience Policymakers/politicians
Results and Impact Future Finance Project manager met with members of staff within the Combined Authority to discuss the delivery of the project and how to align it to their own activity. This included promotion through the regional growth hub and to audiences engaging with the Authority.

Furthermore it was also discussed developing relevant insights to influence policy and future workshops for policy and government engagement once further findings are developed.
Year(s) Of Engagement Activity 2024