Finance and Health Lab Seeks Innovative Solutions for Later Life Financial Wellbeing
FinTech Scotland has initiated the Finance and Health Lab, an open call for innovative solutions aimed at enhancing financial wellbeing in later life. This national program collaborates with fintech companies, financial institutions, academic bodies, and public sector partners to identify and mitigate challenges related to financial resilience and health as individuals age.
Objectives of the Finance and Health Lab
The primary goal of the Finance and Health Lab is to foster an environment conducive to practical experimentation and evidence-based innovation. By doing so, it aims to reshape future services, business models, and policy frameworks that address the complexities associated with aging, including health changes and financial stability.
Key Challenge Areas
The open call invites applicants to propose solutions that address specific challenges associated with financial wellbeing in later life. The focus areas include:
- Predictive Financial Vulnerability Insights: Utilizing behavioral, health, and financial data to forecast potential financial vulnerabilities linked to health changes.
- Healthy Ageing Scenario Simulation: Creating personalized tools that model financial consequences of health events in later life.
- Data Quality and Ethical Data Sharing: Enhancing the flow of ethically governed data between health and financial sectors to improve service delivery.
- Cross-System Care Navigation: Simplifying access to various health, social care, and financial services to ease the complexity faced by aging populations.
- Empowering Financial Decision Confidence: Building confidence in financial decision-making to support long-term wellbeing.
- Age-Friendly FinTech Solutions: Designing digital financial services that cater specifically to older adults and those facing health-related barriers.
Application Details
The application period for this open call begins on 4 February and closes on 12 February. Aleks Tomczyk, the CEO of FinTech Scotland, emphasized the importance of this initiative. He stated that the open call is geared toward fostering innovative ideas that can improve financial resilience and health outcomes for the aging population.
Innovators whose projects are selected will collaborate with industry partners, which include:
- Sopra Steria
- Sword Group
- Aegon – Mylo
This initiative encourages teams to develop concepts that are not only innovative but also grounded in real-world needs, enabling rapid testing and learning. More information about the application process can be accessed on Filmogaz.com.
