Financial Markets

Vendors & Procurement

The UK is home to the most exciting innovators in financial services today. It’s also the base for huge global banks that desperately need new ideas – and are ready to pay for them. So why is the relationship between fintech vendors and large institutions so broken?
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The intersection of technology and financial services is a celebrated hotbed of innovation. Indeed, whether in the UK’s Silicon Roundabout, throughout the Square Mile, or further afield in research centres including Cambridge, some of the most important and valuable new ideas of the last decade
have been based on a simple question: “how can we make financial services better?”

For the big institutions, innovation is an issue of existential importance. Slow-moving and sclerotic, the financial services incumbents have only recently understood that they must adapt quickly if they are to maintain their dominance. Alongside their own in-house innovation labs, forward-thinking institutions recognise that the best ideas are coming from product-minded and digital-native agencies and startups – and they are keen to buy into them.

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What we’re building into TechPassport, alongside 14 global banks, are
the minimum set of requirements that suppliers need in order to work with
banks. And we want to be able to say, in real time, ‘this isn’t quite there,
but we can help you fix it.

Layla White, TechPassport