Doqit Technologies Ltd and Planda AI have emerged as winners of the Smart Data Foundry and FinTech Scotland UK Fintech Challenge, which promotes data-driven innovation in Later Life financial planning.
Each company received £45,000 to further develop their ideas.
Doqit Technologies: Developed by Catherine Ann Reid, Doqit’s app simplifies life administration tasks, inspired by her personal experience managing extensive paperwork while caring for her daughter.
Catherine Ann Reid said: “We believe people being more organised, and having better control of their important financial documentation, plays a significant part in ensuring they are more financially prepared for living a longer life.”
Planda AI: This platform uses AI and machine learning to enhance financial wellbeing by analysing behavioural patterns to predict financial outcomes.
Founder Sam Brown highlighted: “Later life wellbeing is something very close to our heart, and the UK is sleepwalking into a big problem.
“We are on a mission to make money human, combining behavioural and artificial intelligence to help the industry understand how people feel about money.
The finalists used synthetic data from Smart Data Foundry to test their innovations before showcasing them to major UK financial institutions, including NatWest Group and PwC.
Bryn Coulthard, CTO of Smart Data Foundry, praised the winners: “The creativity and determination showcased by all the finalists were truly inspiring, but doqit and Planda AI absolutely stood out.
“Their solutions address the pressing financial challenges individuals face as they age and demonstrate remarkable commercial viability.
“These innovations have the potential to transform the landscape of financial planning and well-being for future generations.”