TISA launches first industry-wide technology innovation group
TISA, the financial services membership association, has established the first pan-financial services group focused on the digitisation of financial services and how this can be used to change consumer behaviour and help drive up the levels of personal savings in the UK.
The Council will work closely with TISA’s other Policy Councils covering Children’s Savings, Distribution, Retirement, Wrap & Platforms and TISA’s Savings and Investments Policy project (TSIP) to determine the key areas where technology innovation will be most effective.
Work on the development of the Digital Passport – as proposed by TSIP – is being driven by a dedicated project group that is supported by the new TISA Technology Innovation Council. The president of the EU Digital Single Market confirmed their interest in the initiative at a recent meeting and the Council will also explore the implications for the UK from the EU strategy.
In addition to the Digital Passport, the new Policy Council will consider the development of technological innovation and how its usage can be used to support the digitisation of the UK financial services market for the benefit of consumers. The key areas of focus will include supporting guidance and education, particularly around the retirement reforms.
David Dalton-Brown, TISA Director General said:
“There may be talk about digitisation of consumer services, but sadly financial services lag 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.
“As well as looking at the exciting innovative solutions like the Digital Passport and the success of TISAs TeX initiative, we will also consider how best to deal with the barriers to development and the likely impact of disruptors. We also aim to collaborate closely with the FCA to address any regulatory hurdles. This new Council will link with the work of our existing Policy Councils and especially with The Savings & Investments Policy project (TSIP) and the ongoing development of its policy recommendations.”
The Council will concentrate on the adoption of innovative technology in the UK and in addition to highlighting the latest examples will also draw on the experiences from the global development of financial services technology.
Ends….
Issued on behalf of TISA by Newgate Communications
Alistair Kellie – Telephone: 0207 680 6558/Email Alistair.Kellie@newgatecomms.com
Sara Lyons – Telephone: 0207 680 6543/Email Sara.Lyons@newgatecomms.com
Notes for Editors
TISA is a not-for-profit membership association operating within the financial services industry. We represent the interests of over 145 member firms involved in the supply and distribution of savings and investment products and services.
TISA has a highly successful track record in working cooperatively with government, regulators, HMT, DWP and HMRC to improve the performance of the industry and the outcomes for consumers. Policy and regulation continues to be the major focus for our members with regard to corporate responsibility.
TISA and its members’ remit is evolving into a clearer focus on pro-active consultation in the regulatory world in order to influence policy and associated regulation before its creation, rather than reacting to issued policy directives. This will help to ensure a more considered policy creation from the authorities.