Financial Institutions Run Competition For Startups To Foster Technological Innovation

Financial institutions run competitions for startups to foster technological innovation.

Recently, prominent financial institutions have begun looking to alternative sources for innovative technologies. Three major players in the financial game have sponsored competitions to find and foster digital innovations that could prove integral to their business.

The Royal Bank of Scotland, Lloyds and American Express have all donated money to competitions aimed at helping to discover technological innovations in the areas of authenticating systems, “imporv[ing] financial literacy and skills among consumers” and helping small businesses and retailers improve digital payments. This is a major shift from the usual models employed by major financial institutions which tend to look in house for their tailored technological solutions.

The winners will also each have the chance to test their product with the financial institutions. Entries are due by 21 April 2015. For more information about the competitions, please visit the City A.M. website.