Barely a week goes by without a technology start-up hitting the headlines with its plans to change the future of finance. HM Revenue & Customs is playing its part in the revolution by setting aside £1.5 billion in research and development tax credits to promote innovation across a range of sectors.

This initiative is certainly helping to boost fintech. But, depending on what falls under the banner of research and development for tax purposes, it could also help innovation by traditional financial services firms.