Technology Strategy Board to establish new innovation network in financial services

26 Nov 2008

New knowledge transfer network to be established to help deliver technology-enabled innovation in the financial services sector.

Technology Strategy Board seeking organisation or consortium to run network.

The Technology Strategy Board is to stimulate technology-enabled innovation in the financial services sector by investing up to £3 million over three years in a new knowledge-sharing network, and is looking for an appropriate organisation or consortium to help set up and manage the new network.

The new Financial Services Knowledge Transfer Network (KTN) will share knowledge and deliver innovation in the financial services sector, and will help businesses to innovate by providing them with networking and partnering opportunities and with up-to-date knowledge on markets and technologies.

The Financial Services KTN will address the needs of as many sub-sectors of financial services as possible, including insurance and reinsurance as well as wholesale, commercial, investment and retail banking.

The Technology Strategy Board is organising competition briefings on 4 December (London) and 11 December (Edinburgh), to which it is inviting any organisations who may wish to consider bidding to manage the new Financial Services KTN.*

Speaking ahead of the information days, the Technology Strategy Board Chief Executive, Iain Gray, said: "We announced earlier this year that we would look at how to respond to the technology and innovation challenges of the high value services sectors.  In financial services, despite current difficulties in global financial markets, the UK has a world-class position.

"However there is a great opportunity to strengthen the sector by enabling it to adopt innovative processes and practices through better networking - both within financial services and, where appropriate, between it and other sectors. This is the gap that the new Financial Services Knowledge Transfer Network will fill. The current economic situation underlines the importance of establishing this network for the financial services sector." 

Download pdf of full press release including notes for editors

Download more information on the competition




Last updated on Monday 02 August 2010 at 12:31

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