Fintech Firms Awarded for Later Life Planning Innovations

Two fintech companies, Doqit Technologies Ltd and Planda AI, have been recognised with significant innovation awards for their groundbreaking efforts in creating digital tools aimed at improving financial planning for later life. Each company was awarded £45,000 through the Smart Data Foundry and FinTech Scotland UK Fintech Challenge. These tools were designed to help individuals manage financial complexities as they age. Doqit Technologies introduced an app that simplifies day-to-day administrative tasks, inspired by the founder's personal experiences of managing overwhelming paperwork and responsibilities. Their product integrates features such as tracking bills and financial policies, aiming to enhance organisation and financial readiness for later stages of life. On the other hand, Planda AI developed a cutting-edge platform incorporating artificial intelligence and machine learning to transform the way financial firms engage their clients. This platform uses behavioural patterns and financial data to offer predictions and insights, empowering users to achieve long-term financial wellbeing.

The finalists in the competition had access to synthetic consumer data provided by Edinburgh's Smart Data Foundry, which represents consumer banking and savings activities. This resource enabled these innovators to refine and test their solutions in preparation for evaluation by key financial organisations, including NatWest Group, PwC, and Royal London. Judges praised the solutions for addressing pressing societal and consumer needs, with notable commentary on their commercial viability and potential to foster substantial positive change in financial planning. Sarah Collins of PwC and Samantha Brand of NatWest commended the collaboration and innovative proposals, while Nicola Anderson of FinTech Scotland highlighted the importance of fostering technology-driven solutions to real-world challenges. Bryn Coulthard of Smart Data Foundry emphasised the inspiring creativity and resolve shown by all participants, particularly the strong prototypes developed by the award recipients.

Each of the winning firms is now poised to make a lasting impact. Doqit envisions expanding its app with machine learning features and Open Finance integrations to further simplify administration tasks. Meanwhile, Planda AI aims to continue revolutionising customer engagement in financial services through its advanced predictive modelling. A crucial element of both solutions is their ability to interpret data and meet consumers’ needs in innovative ways. The awards underline the growing emphasis on harnessing technology to enhance financial wellbeing and prepare society for financial security throughout extended lifespans.