Forging the Future of Financial Services: TSB Spotlight Innovation in Open Banking

Three fintech innovators, Sikoia, Credit Canary and Aperidata, have been named winners of the 2024 TSB Innovation Labs programme, a partnership between TSB and FinTech Scotland. This is a collaborative effort to shape the future of financial services through responsible use of data and technology.

Now in its fourth year, the Innovation Labs programme offers early-stage fintech firms a platform to explore real-world applications of their technology. With access to expert mentorship at TSB’s Technology Hub in Edinburgh, the cohort has worked over the last year to develop propositions that aim to improve customer experiences across banking.

The focus of this year’s winners is very much Open Banking technology to simplifies and accelerates customer support.

Sikoia is working to streamline finance applications, potentially reducing barriers for new customers. Meanwhile, Credit Canary and Aperidata are exploring solutions to improve credit scoring and accelerate lending decisions. All three firms will now develop proof of concepts in partnership with TSB, testing how their solutions might translate into practical improvements for customers.

The TSB Labs programme has previously seen success with fintechs such as Lightning Reach, which helps users access benefits and financial support through a single portal. Since its implementation, TSB customers have accessed over £160,000 (£500 per customer) in grants. Another alumnus, ApTap, has supported customers in saving more than £65,000 (£150 per customer) on broadband bills by helping them switch to better deals.

Speaking on the latest announcement, Nicola Anderson, CEO at FinTech Scotland, said:

“We are delighted to witness the success of Sikoia, Credit Canary and Aperidata through the TSB Labs programme. These innovative fintech companies show how data and AI can be harnessed to deliver real impact for people and communities. At FinTech Scotland, we believe meaningful collaborations are the key to unlocking innovation and this partnership with TSB demonstrates the powerful outcomes that can be achieved when new innovative firms and progressive established companies work together to shape the future of financial services.”

Adam Betteridge, FinTech & Open Banking Lead at TSB said:

“We are incredibly proud of the progress made by these three innovative fintechs during the TSB Labs programme. Over the last 12 months, Sikoia, Credit Canary and Aperidata have demonstrated exceptional potential to help TSB customers get support more quickly. Their innovative solutions use data and technology in new creative ways to help provide an even better experience for TSB customers. We’re looking forward to what comes next.”

The programme reflects wider themes highlighted in the FinTech Research & Innovation Roadmap 2022–2031, developed by FinTech Scotland. Central to that vision is the role of Open Finance and collaborative innovation in addressing societal, economic and environmental needs. The roadmap points to a future where fintech drives financial inclusion, better consumer outcomes and a more sustainable economy.