30 May 2016
In April 2016 iProov took part in a 2-day technology idea and innovation TechSprint event hosted by the FCA. The Financial Conduct Authority brought together leading financial organisations, regulators and FinTech companies to collaboratively develop solutions around financial inclusion and making banking more accessible.
The event was held to support an Occasional Paper on ‘Access to Financial Services in the UK’, which was published on 24 May 2016.
“In April 2016, the FCA brought together a group of financial services and technology firms along with consumer groups for a ‘TechSprint’ event. Each development team was given 48 hours to come up with a prototype solution to overcome seemingly intractable access barriers.Organisations taking part included peer-to-peer lender Funding Circle, FinTech firm iProov, technological innovator HCL, Lloyds Banking Group and Visa. Judges included representatives from the FCA, Post Office and Fidor Bank. In direct opposition to normal commercial principles, the vast majority of TechSprint participants chose to create cross-organisational teams to maximise knowledge, experience and creativity. Freed from any one commercial perspective, business or technological model, the resulting solutions were framed entirely from the consumer’s perspective. The developed solutions ranged from working models to mobile, tablet and laptop applications that were virtually ready to use. Prototypes included advanced facial recognition, voice recognition with speech playback and a multi-lingual capability and simplified command buttons to help make services easier and simpler to use. Personal control over individual identity and data also featured strongly.” (FCA, Occasional Paper 17, 2016)