Edinburgh-based startup Behavioural Finance has been unveiled as the winner of the inaugural Phoenix Group Innovation Forum.
The Innovation Forum, led in collaboration with FinTech Scotland and TCS, invited fintech enterprises to develop new tools that improve financial wellbeing, engagement and positively impact customers’ lives.
Launched in May 2022, Behavioural Finance was selected as a finalist alongside Airfunders and Moroku. The companies were then assigned mentors from Phoenix Group’s senior leadership team to develop their concepts further.
Behavioural Finance was confirmed as the winner after a final pitch on 22nd September. Judges noted that the company’s ‘WealthPersonality’ tool concept stood out for its “ingenuity, creativity and ability to engage customers”.
The innovative financial tool uses psychometric testing so users can see how their personality will affect their relationship with money.
Colin Williams, MD of pensions and savings at Standard Life, commented: “I want to share my congratulations with Behavioural Finance for their winning concept, which will help better engage and support customers.
“Across all the phases of the Innovation Forum, the competition was extremely strong and all deserve thanks for their superb contributions.”
He added: “We now look forward to seeing Behavioural Finance’s WealthPersonality tool develop further, and to more great ideas being uncovered at Phoenix Group’s future Innovation Forums.”
Behavioural Finance wins Phoenix Group Innovation Forum
Behavioural Finance will now work with industry experts from Phoenix Group to further develop its concept.
Commenting on the award, co-founder and CEO Chris Tweed said: “We are delighted to have been chosen as the winner of the inaugural Phoenix Group Innovation Forum, which has been a valuable and rewarding experience for us.
“Improving financial outcomes is the cornerstone of our WealthPersonality tool, and we look forward to working in partnership with Phoenix Group to build a new concept that will really support their customers now and into the future.”
FinTech Scotland chief executive Nicola Anderson added: “I am delighted to congratulate both Behavioural Finance and Phoenix Group for their success in this programme.
“Behavioural Finance is a truly innovative business and worthy winners from a field of very strong applications. It is inspiring to see the range of FinTech entrepreneurial talent across Scotland and the UK. This talent and aptitude instil confidence for the future of finance.”
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