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The Think Forward Initiative Research Challenge
Call For Proposals

The Think Forward Initiative (TFI) has set up a Research Challenge aimed at providing a way for researchers to show how existing research can be used to identify or address problems consumers face in managing their personal finances. The ultimate aim is that some projects funded by the Research Challenge will be adopted in some way by business or other groups. Details can be found at http://www.thinkforwardinitiative.com/news/2017/research-challenge-call-for-proposals

This is quick fire programme aimed at showing how research can be made relevant to business. If accepted and funded, a project must be completed in three months.

WHAT: The Think Forward Initiative (TFI) is a joint project between ING, Dell EMC, Deloitte, Dimension Data and the Household Financial Network of the CEPR. It is a multi-year movement bringing together experts representing governments, academics, consumers, and the financial and technology sectors. It revolves around identifying and resolving gaps in our understanding of decision-making, and then turning those insights into actual tools that will help people.

The TFI is designed around three hubs - a research hub that will "discover" issues, an accelerator hub that will use innovation to "solve" them and a community hub to share information from the Initiative.

There are two approaches to research - a longer term traditional approach and a quick turnaround approach. The Research Challenge is the beginning of the quick turnaround approach.

IDEA BEHIND THE RESEARCH CHALLENGE: Researchers and academics typically present their ideas to other researchers. Usually there is not a direct way for research to be shown how it can be put into action. The Research Challenge is an attempt to bridge this gap.

All papers or other work funded by the TFI Research Challenge will be published on the TFI website and publicly available.

It is hoped that some insights from Research Challenge funded projects will be built into a proof of concept by business or validated by deeper research with consumers in a market setting. This may happen through the TFI Accelerator Programme. Authors of research adopted by an Accelerator team may be invited to join that team. This opens the possibility of researchers helping bring their ideas to reality.

THE CHALLENGES: In our first Research Challenge four proposals have been identified:

Research challenge 1: Non cash payments - money relationships Increasing use of non-cash payments changes people's relationship with money. Does this improve or impair people's ability to manage their financial future?

Challenge: Does the form of money change financial opportunities for people? Many people already use contactless payment systems rather than cash. Payments using mobile phones are becoming more common and voice activated payments are technically possible using existing technology (e.g. Amazon Alexa and Google Home). Will increasing adoption of non-cash payments improve access to loans for low income groups because information on their spending and income patterns can be understood more easily? Will people be more in charge of their finances or not?

Research challenge 2: Social warnings - links to consumer trust
Information from social media and other sources of information can be used to warn people of financial behaviour that carries a higher than usual risk to their financial wellbeing.

Challenge: Would this work? What are the ethical problems involved in using data / behaviour in this way? How could such information be mis-used by banks and other institutions? If a solution were to come from this research, would consumers trust it? What are the factors which influence consumer trust?

Research challenge 3: Financial vulnerability assessment
Can people see their own predisposed vulnerability in financial decision making? Can people readily identify or measure their capability to take risk? How financial risk is defined, can be subjective. Are there accurate ways to measure attitudes to financials that can be understood by and made useful for individuals? What are ways to empower people to assess their own risk tolerance and to find the most suitable financial products for them?

Challenge: Are some groups more vulnerable to taking risk? Would helping people have a better understanding of how much personal financial risk they have actually change their behaviour? Is there evidence that people who actively avoid financial risk damage their financial future, for example by being unwilling to invest using equities rather than bonds or leaving money in bank accounts? And the opposite - are three those who take too much financial risk?

Research challenge 4: Wildcard submissions. The TFI is open to ideas outside the three challenges outlined above.

DEADLINES AND TIMETABLE: Submissions are due Monday, 6 November. Candidates will be contacted by 20 November about the status of their application. Research should be designed so it can be completed in three months.

If awarded research funding from TFI, we would be eager to explore with you how you could update the TFI community on the status of your research mid-project - between November and January, and at completion in the form of a blog post or vlog.

ADDITIONAL INFORMATION: If you have any enquiries about the aim or the application procedure, please contact Stefan van Woelderen by email at stefan.van.woelderen@ing.com, or Ian Bright at ian.bright@ing.com

If interested to apply, please complete the attached grant application form (link) by 6 November, 2017 and submit it to dagmar.van.der.plas@thinkforwardinitiative.com

APPLICATION PROCEDURE LINK: http://a57a1cd126c772e3f65c-b8e01d380645fda9dfa9d12a21c5e59a.r46.cf3.rackcdn.com/downloads/Research-Proposal-Application-Form.pdf

Posted: 23 Oct 2017