Doqit Technologies and Planda AI secured £45,000 each for their innovative approaches to solving later-life financial planning challenges. Their digital solutions leverage technology to streamline life administration and provide predictive financial wellbeing tools.

Two fintech startups, Doqit Technologies and Planda AI, have each been awarded £45,000 for their cutting-edge solutions tackling the challenges of financial planning for later life. These companies emerged victorious in the UK Fintech Challenge, organised by Smart Data Foundry and FinTech Scotland, which aimed to enhance financial wellbeing through innovative technology. Access to synthetic data from financial institutions allowed finalists to test and refine their digital products before presenting them to industry leaders like NatWest, PwC, and Royal London.

Doqit Technologies created a streamlined app designed to simplify life administration tasks such as managing bills, tracking various pensions, and securing financial documents—all with the aim of alleviating the stress of dealing with complex, everyday paperwork. Originating from a personal struggle to manage life admin while caring for her daughter, Doqit’s founder, Catherine Ann Reid, envisions incorporating machine learning and APIs in the future to automate the process further.

Planda AI has developed a platform combining artificial intelligence and behavioural analysis to reshape how financial services providers engage with their customers. By using data-driven insights, the platform helps predict individuals' financial trajectories, aiming to place consumers on a financially secure path by aligning psychological understanding with advanced predictive models. Sam Brown, the founder of Planda AI, emphasises the value of collaboration with major financial institutions in fine-tuning their offering.

The awards highlighted the importance of collaboration among fintech, large organisations, and innovation leaders to address the financial complexities of an ageing population. Industry voices from NatWest, PwC, Royal London, and FinTech Scotland lauded these initiatives as prime examples of how technology and partnership can contribute to meaningful social and economic outcomes. As fintech innovation continues to evolve, projects like those from Doqit and Planda AI underscore a strong commitment to tackling real-world issues and improving financial futures for all users.