Future Finance, a Bristol-based accelerator led by the University of Bristol, has launched a new Innovation Adoption Consultancy aimed at helping UK financial services SMEs overcome barriers to digital transformation.
The initiative comes as the sector faces persistent productivity challenges. Since 2015, the UK financial sector’s productivity growth has been among the slowest in the G7, with only Italy performing worse. Furthermore, small businesses—which comprise 99 per cent of UK firms—have witnessed a 40 per cent slowdown in growth over the past decade.
Bridging the digital divide
The new consultancy service is designed to support firms across insurance, lending, and financial advice in integrating transformative technologies such as AI and automation. It will be led by Abraham Mauleon Amieva, a Senior Research Associate with a background in physics and data science.
“Innovation is not just about adopting the latest technology; it’s about fostering a culture of flexibility, change and forward-thinking,” said Mauleon Amieva. “Businesses that embrace innovation strategically will not only remain competitive but will be far better equipped to navigate future challenges.”
The fully funded programme will work individually with businesses to identify specific barriers to adoption and create tailored solutions.
Proven track record
The launch follows the successful conclusion of Future Finance’s Innovation Leadership Programme, a seven-month pilot scheme involving 20 financial services firms ranging from fintechs to credit unions.
According to Future Finance, the pilot delivered significant results:
- 95 per cent of participating firms adopted a new innovation following the programme.
- 27 per cent increase in readiness to adapt to future market trends.
- 20 per cent improvement in innovation culture and leadership.
Jack Stanbury, senior project manager at Future Finance, commented: “The results from this pilot have been exceptional, and we’re now working to scale the programme so more financial services firms can access this type of transformative support.”
One beneficiary of the pilot, Dungannon Credit Union, utilized the programme to modernise its member services. The firm introduced digital pads to reduce paper usage, a move expected to cut CO₂ emissions by 90 per cent and reduce costs by 50 per cent.
Beyond operational efficiency, the credit union also raised the savings cap for children’s accounts from £3,000 to £5,000 to foster long-term loyalty among younger generations.
James McCabe, operations supervisor at Dungannon Credit Union, noted: “It’s all about having those small wins. Once we get this up and running and show it’s a success, then anything else I propose to the board, they will be open to listening and hopefully backing.”
The new Innovation Adoption Consultancy is now open for applications from financial services businesses across the UK.