Tisa has established an industry-wide group focused on technology innovation in financial services and how it can be used to change consumer behaviour.
The group will work closely with Tisa’s other policy councils to determine where technology can be most effective in increasing the level of savings in the UK.
The technology innovation council will support Tisa’s work to develop a “digital passport”.
The passport aims to speed up the process of opening savings and investment accounts and to enable consumers to manage their finances in one place online. It was first proposed by Tisa’s savings and investments policy project.
In addition to the digital passport, the new council will also focus on how technology can support guidance and education, particularly around the Government’s pension reforms.
Tisa says the group will work closely with the FCA to address any regulatory hurdles.
Tisa director general David Dalton-Brown says: “Financial services lags behind other industries in the innovative use of technology to interact and engage with customers.
“It’s clear that technology is central to the future development of our industry and I am pleased that for the first time there will now be an industry-wide voice for financial services technology innovation.”