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The RICE innovation working groups are now all mobilised and are generating a more robust pipeline of opportunities. Since late 2018, when the new structured approach to fintech partnering was introduced, the Group has identified c.2,000 fintechs against 130 specified business needs. A further c.50 opportunities are currently in the engage phase.

Over the course of eight quarterly CVPs, 70 material opportunities have been presented. This has resulted in nine live partnerships and three equity investments. In addition to those that have been supported via CVP, four others have been originated.

Their ability to measure this aggregate pipeline including the performance by stage is itself the result of the successful deployment of their fintech tooling. Moreover, their ability to highlight the challenges of third‐party experimentation both quantitatively and qualitatively has increased the collective will to make improvements to their journey.

Perhaps most promisingly, the two thematic opportunity clusters that have emerged have begun to influence strategic planning. They began the activity aiming to respond to the strategic demands of the business areas but now that there is greater visibility of the opportunities that can be opened up through investing, some areas are re‐calibrating. For example, they are considering the way they implement and maintain technologies or what business models they might pursue in the future.