Winners of the Standard Life Innovation Forum announced
FinTech Scotland is delighted to share the announcement from Standard Life regarding their second Innovation Forum. Fintech companies InvestSuite and The Joy Club, impressed the judges with their groundbreaking ideas focused on strengthening the engagement between individuals and their pension investments.
Identifying Cutting-Edge Solutions:
The Innovation Forum attracted over a dozen fintech applicants, each showcasing their expertise through compelling pitches and presentations held at Standard Life's Edinburgh office. The primary goal was to discover cutting-edge solutions that would empower customers to better connect with their investments, with a special emphasis on Environmental, Social, and Governance (ESG) factorsâ€”a crucial aspect of responsible and sustainable investing.
Transforming the Landscape of Investments InvestSuite emerged as the first winner, offering a unique and holistic perspective on investments that emphasises sustainability alongside performance. Their revolutionary 'StoryTeller' reporting tool provides clear insights into the environmental impact of investments, using metrics such as carbon dioxide intensity measured against a benchmark. Furthermore, the tool meticulously analyses the sustainability history of companies linked to the investments. The judges at Standard Life were particularly impressed by InvestSuite's ability to communicate these vital aspects in a targeted, accessible, and meaningful manner.
The Joy Club
Creating Connections and Fostering Wellbeing, the second winner, The Joy Club, stood out as an exceptional online community designed for retirees seeking connections, personal growth, and skill development. With a wide range of activities like Yoga, creative writing, painting, and Pilates, The Joy Club offers a nurturing space for like-minded individuals to come together, fostering meaningful relationships and mutual support. Although The Joy Club's primary focus isn't investments, its unique approach to the 'Social' aspect of ESG, emphasising later-life wellbeing, captured the attention of Standard Life's executive judging panel. This aspect is particularly relevant considering Phoenix Group's dedication to enhancing the quality and longevity of life.
Collaboration and Future Prospects
InvestSuite and The Joy Club now have an incredible opportunity to collaborate with Standard Life, joining last year's winner, Behavioural Finance, in introducing their innovative concepts to Standard Life's customer base of over three million individuals. This partnership promises to revolutionise the way people engage with their pensions and investments, driving positive change in the financial landscape.
The Power of Collaboration
The success of the Innovation Forum would not have been possible without the powerful collaboration among Standard Life, TCS's Co-Innovation Network (TCS COINTM), Fintech Scotland, Women In Banking & Finance (WIBF), and Scottish Financial Enterprise (SFE). Their collective efforts not only led to the discovery of InvestSuite and The Joy Club but also highly commended sustainable investment tech firm Etcho, whose mission is to help individuals find suitable investment products, including pensions, based on their unique sustainability values.
Standard Life's second Innovation Forum has been an exceptional platform for groundbreaking ideas and innovation in the world of finance and social engagement. InvestSuite and The Joy Club have are ready to make a significant impact on how people approach their pensions and investments. We eagerly anticipate witnessing their transformative concepts benefitting millions and empowering individuals towards a brighter and more sustainable financial future.