Creating fairer financial futures: A focus on the fintechs 

Innovation starts with people. That’s our belief at the Financial Regulation Innovation Lab (FRIL), and that’s why we bring together pioneering fintech entrepreneurs with industry and academia to address challenges facing financial services – both now and for the future. 

At FRIL’s latest Innovation Call, fintech entrepreneurs took on one of the most significant regulatory shifts in the sector, pitching ideas that could change how millions of people access financial support and move us closer to fairer financial futures. 

But what really drives these fintech founders, and what happens behind the scenes for them at an Innovation Call?

We spoke to two of the founders who took to the stage to find out more. 

First of all, let’s meet Crawford Taylor, a co-founder of Afternoon, a data and AI operating model for financial advisors

Crawford, you’ve just come off the stage, but before we hear about that, please tell us, what exactly is a ‘data and AI operating model for financial advisors’? 

“Sure, it means that we collect the data financial advisers need to support their clients, enrich it, and then use AI to automate their workflows. That significantly reduces the time it takes for advisers to deliver advice, so they can focus more on their clients.” 

And why does this area matter to you?

“Before this, I worked as a consultant advising trustees and companies on defined benefit pension schemes, helping secure the future for people who already had a pension so they’d receive what they were due at retirement. This feels like a natural extension of that, helping more people manage their money better and be financially better off.” 

You’ve just pitched at our Innovation Call, how did that go? 

“I think it went well. With 19 other companies pitching to a panel of around 10 large corporates,  including organisations like M&G, NatWest, and Sopra Steria, it’s a great opportunity to explore potential partnerships.” 

As a fintech founder, what is your big ambition? 

“There’s around £18 billion spent on financial services technology every year, and it’s only going to grow, yet there’s still a huge advice gap, where many people can’t access or afford support. So much time is lost joining the dots, from opening accounts to moving money. Our ambition is to automate that entire process, so advisers have everything at their fingertips and clients can go from advice to action – opening accounts and transferring funds – in seconds.”

Thanks Crawford, and final question, what has being involved in the Innovation Call meant for you? 
“It’s been energising. The Innovation Call was exceptionally well designed; it respected how stretched early-stage teams are, while still pushing to sharpen our thinking and ambition. The combination of regulator insight, industry partners, expertise from Growth Builders and practical support created real momentum for us. Huge thanks to Fintech Scotland and everyone involved.” 

And now let’s hear from another fintech founder, please meet… Dia Banerji, founder of Cherpa.ai, an AI money coach that delivers hyper-personalised financial education. 

Dia, you’ve just done your pitch – how did it go?

“I was first up, which always adds a bit of pressure, but it felt good. The presentation went well. Most importantly, I was able to clearly tell the story of why Cherpa.ai exists.“

And on that note, Dia, why does Cherpa.ai exist?  

“It is very close to my heart. So many people feel a real sense of shame when they don’t understand money, and that keeps them from asking questions. I recently ran a survey about money confidence, one person told us their biggest wish was simply to feel less ashamed about talking about money – and that really stayed with me. Cherpa is here to change that and help people connect with their money and navigate life with confidence. Because every life moment is a money moment.”

Why does this call matter to you? 

“This call matters a lot to Cherpa & me personally. More than 90% of people in the UK can’t access financial advice, and there’s a big step before advice that’s really about awareness and education. People often see ‘investment’ as something for someone else, and financial education is still very low, which leaves people disconnected from their money. That’s why this call feels important, not just for the UK but for the world.”

And are there any particular aspects that have struck you over the last few weeks? 

“I’ve been really happy to be part of this cohort. The run-up has been amazing, with sponsors coming in, sharing their problem statements, and giving us time to learn from them and from the other fintechs. It’s been great to feel part of a real community and to play a small part in helping Scotland thrive.”

What are your hopes for the result? 

“I’m really excited to be part of this cohort and would love to work more closely with some of the sponsors. Beyond that, it’s about being part of a wider fintech community, learning from others, and helping Scotland,  and ultimately people everywhere, build more confidence and connection with their money.” 

So what next for the fintechs who took part? 

With the winners now announced, the successful teams will receive grants of up to £50,000 to develop, scale and implement their ideas over the coming months.

But the journey doesn’t end there. Beyond the winners, many of these ideas are likely to spark further interest, partnerships and pilots in the months ahead. 

If you’d like to find out more about the work of FRIL, please contact us at FRIL@fintechscotland.com.

About FRIL

The project is part of the Glasgow City Region Innovation Accelerator programme, funded through Innovate UK on behalf of UK Research and Innovation. The Innovation Accelerator programme is investing £130 million in 26 transformative R&D projects to accelerate the growth of three high-potential innovation clusters, including the Glasgow City Region.

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Creating fairer financial futures: A spotlight on FRIL research 

Technology-enabled advice, Regulation and the Advice Gap: 10 minute Insight from  FRIL Research. 10 Questions with Chuks Otioma, Research Associate, Adam Smith Business School

As financial services explore new ways to close the advice gap, technology enabled advice and guidance models are increasingly part of the conversation – but what do they really mean for consumers, firms and regulation? 

As part of the Financial Regulation Innovation Lab (FRIL), researchers from the University of Glasgow and University of Strathclyde are working alongside industry, fintechs and regulators to examine how innovation can be deployed responsibly in financial services. 

In this conversation, Chuks Otioma, Research Associate, reflects on his research into these digitally- enabled advice models: what they are, why they matter, and how they sit within the Advice Guidance Boundary Review. 

1. Chuks, let’s start with you first of all – what drew you to this field of research? 

Before moving into academia, I worked in industry, in telecommunications. During my PhD, I looked at the links between digital capabilities, innovation and economic performance, and the role of entrepreneurs and innovators in leveraging digital advances; work that now informs my research into AI in financial services. I was particularly interested in how firms reorganise themselves, their processes, structures and activities in order to draw value from digital technologies. 

At that stage, my work wasn’t focused on financial services specifically. It was broader, looking at firms across sectors and how they approach digital transformation. What I’m doing now is a natural progression of that work, but with a much sharper focus on financial services and the challenges firms face in deploying technologies like AI. 

2. OK, let’s explore your research Chuks. First of all can you explain to us what  “technology-enabled advice and guidance models” actually are? 

At a basic level,  the term refers to digitally enabled advice. It can be relatively simple, or more advanced, using AI to construct and refine portfolios. 

What’s important is the way technology can help streamline advice around individual needs. But this also raises important considerations. You have to think carefully about the data being used, the potential for data breaches, and whether consumers genuinely understand the advice they’re receiving. 

There are also different operating models. Some are largely consumer-led, with minimal human interaction. Others are more professional-led, where investment or wealth managers use automated tools to manage portfolios on behalf of clients. Each model raises different questions around responsibility and duty of care. 

3. The Advice Guidance Boundary Review aims to ensure that financial help is clearer, fairer and available to far more people. How do these technology-enabled models play a part here?

Some forms of digital advice function as guidance, pointing consumers towards information or helping them explore options. Others go further, making recommendations or even decisions on a client’s behalf, which brings them firmly into the realm of regulated advice. 

That distinction matters, particularly as systems become more advanced. The more decision-making is delegated to automated systems, the more important strong compliance, governance and accountability become. 

4. Can these models really help address the financial advice gap? 

There is evidence that automated advice has already improved access and inclusion, particularly among younger people and those who might not otherwise engage with traditional investment services.

Because these systems can draw on rich data and integrate information from multiple sources, they have real potential to support people who currently lack access to advice. 

What’s especially interesting is the way some platforms are beginning to connect users to independent financial advisers, recognising that investment decisions don’t exist in isolation. Financial wellbeing also involves literacy, planning and understanding long-term goals. 

“These systems have real potential to support people who currently lack access to financial advice.”

5. What risks need to be managed as technology-enabled advice and guidance becomes more common? 

In our research, we look at several dimensions. There’s the operating model, and how responsibility is shared between consumers, professionals and platforms. There’s financial risk, including market volatility, trend-chasing and over-concentration. 

We also examine data practices, including how platforms are designed, who has access to data, and how data is shared across third parties and jurisdictions. In many cases, the developer of the system is not the same as the organisation managing it, which raises important governance questions. 

“When advice becomes more automated, firms need to be clear about who is responsible when things go wrong.”

6. What has surprised you most in your research?

One of the most striking findings is the level of consumer misunderstanding. Products are often designed on the assumption that firms understand their users, but in practice there can be significant misalignment between innovation and user understanding. 

This isn’t necessarily about consumers lacking capability. It’s often about how products are designed, communicated and framed. That’s a critical lesson for firms designing these products. 

7. What big questions does this raise for firms and for the industry?

One of the big questions is around responsibility and accountability, particularly as more decision-making is delegated to automated systems. When advice becomes more automated, firms need to be clear about who is responsible when things go wrong. 

Beyond that, these developments also raise important questions about how firms organise themselves. Automated advice reshapes how services are delivered, which has implications for workforce skills and training. Technical teams increasingly need some understanding of finance, while those working in finance or customer support need a basic understanding of how AI-based systems work. 

There are also strategic questions around how these systems are developed and deployed. Firms need to decide whether to build solutions in-house or rely on third-party providers, and how external systems integrate with existing or legacy technologies. These choices affect how services are scaled and managed over time. 

Taken together, these are organisational challenges as much as they are technological ones, and they shape how firms deliver automated advice in practice. 

8. With all this in mind, what future are you trying to help shape through this research? 

For me, the most important thing is societal relevance. I’m interested in research that informs policy-making and speaks directly to real-world challenges. 

FRIL is quite unique in that sense. The challenges we work on are industry-led. You have problem owners defining the issues they face, fintechs developing solutions, and researchers contributing evidence and insight that can help shape both practice and regulation. It’s impact-oriented research, and that’s very fulfilling. 

Ultimately, the future I want to contribute to is one where research doesn’t sit in isolation, but actively helps address the problems faced by industry, policymakers and society more broadly. 

9. Can you share some examples of wider real-world challenges you’ve been working on? 

One example is our work looking at consumer complaints within financial services. By analysing the types of complaints that are escalated to the Financial Ombudsman Service, and how providers respond to them, we can better understand where things go wrong.

If we understand these friction points, there’s an opportunity to co-develop financial products differently, reducing the likelihood of harm or escalation in the first place. 

In our work on automated advice, we’ve also explored how providers can embed responsible practices into their models. That includes linking clients to green or sustainable investment opportunities, and aligning portfolios not just with financial returns, but with broader social and environmental goals. 

“Automated advice reshapes how services are delivered, with implications for workforce skills, training and how firms organise themselves.”

10. Finally, what feels special about doing this research here, in Scotland, and within the FRIL ecosystem? 

What stands out for me is the research culture and the ecosystem we’re working within. The University of Glasgow, and the Adam Smith Business School, have a strong international research culture, and we work very closely with colleagues at the University of Strathclyde and with industry partners. 

Beyond the universities, there’s something distinctive about how this work comes together in practice. Through FRIL, you have financial services providers, fintech developers, regulators and researchers working together on a daily basis. It’s what we often describe in theory as an “ecosystem”, but here it’s very real. 

That makes it a unique environment for doing this kind of research, not in isolation, but embedded in the real challenges facing industry and society. 

Explaining the terminology 

• Technology-enabled advice: A digital tool that uses information about a person to help guide or automate investment decisions based on their individual needs. 
• The Advice Guidance Boundary Review. Just what does it all mean?  
• Advice: A regulated service where a financial adviser looks at your full financial situation and gives you a personalised recommendation. 
• Guidance: Support that points you in the right direction based on limited information you share, without telling you exactly what to do. 
• Boundary: The line that separates advice from guidance, defining how much information is needed and what a firm can or can’t recommend. 
• Review: The FCA’s process of consulting industry and consumers, and government to create clear new rules that will shape how these services work in future. 

What next?  

Interested in the research generated by FRIL? Then check out our White Papers across a range of subjects. 

For more detail on this topic, see Chuk’s white paper.

If you’re interested in the work of FRIL more generally and would like to contact a member of the team email FRIL@fintechscotland.com.

About FRIL

The project is part of the Glasgow City Region Innovation Accelerator programme, funded through Innovate UK on behalf of UK Research and Innovation. The Innovation Accelerator programme is investing £130 million in 26 transformative R&D projects to accelerate the growth of three high-potential innovation clusters, including the Glasgow City Region.

Read more