UK's Tax Incentivised Savings Association (TISA) has announced the creation of a group for the purpose of examining how technological innovation can benefit savers and investors.
The TISA technology innovation forum will be joined by a number of companies in the financial services and technology sectors. Together, they will look at new technological trends emerging in other industries and geographies and examine whether and how those could be applied to the UK financial services sector.
To figure out how technology can be utilised to support a sustained, more inclusive asset based savings culture, the forum will work closely with TISA's Savings and Investment Policy project (TSIP).
According to Bill Wrest, chairman of the TISA Technology Innovation Forum and head of business innovation at Barclays, the forum presents a great opportunity for the financial services industry to consider innovative technologies that could help revolutionise the way people engage with the sector and thus encourage long-term saving.
A report will be published later this year containing examples of such technologies, as well as strategic proposals for the development of a savings policy and infrastructure.
TISA's director of engagement, Kim Holloway, says that the forum's goal will be to seek out ways in which companies can use new technology to boost saving and investing. According to Holloway, this will help regain the trust of consumers who feel confused and excluded by complicated products and obscure systems.
Barclays, Bravura, IFDS, Invesco Perpetual, Metro Bank, Microsoft, Nutmeg, SWIFT and TISA are among the companies taking part in the forum.