INNOVATORS FINALISTS 2009
October 13, 2009
Finalists for the Innovators Awards 2009 have been announced today, ahead of the awards ceremony at the end of the month.
The Innovators Awards are an initiative by Scottish Financial Enterprise in association with Ernst & Young. These annual awards recognise the best new concepts and developments from across Scotland's financial services industry.
In announcing the finalists, Owen Kelly, chief executive of Scottish Financial Enterprise, said:
"The theme of the Innovators 2009 is ‘recognising new thinking'. We hope this phrase acknowledges both the need for the industry to continue to develop new ideas to remain competitive, but also the need for some thoughtfulness and humility in responding to the financial crisis.
"The entries received certainly reflect this. The judges were impressed by their range, and noted that many responded to the big and challenging questions now being asked of our industry: how do we rebuild trust with customers, how do we equip ourselves with the skills to succeed in period of rapid change and how do we continue to show our commitment to the communities within which we work and on which we rely?
It was also good to see that entries came not only from companies but also from universities, representative bodies and professional institutes. From a strong field we have an impressive short list."
Tom McGrath, Managing Partner, EMEIA, Financial Services, Ernst & Young, said:
"The financial services industry has had to grapple with the impact of a global economic slowdown and significant regulatory change. An active, prosperous and innovative economy must be underpinned by a financial system which is vibrant and dynamic. Without a healthy level of innovation, activity in the credit and capital markets will remain constrained, which will have a negative impact on the local as well as global economy "
The category winners and overall winner will be announced at an awards ceremony on Thursday 29 October 2009 at the EICC in Edinburgh.
Note to Editors
1. There are five category awards, one of which will be announced as the overall winner.
2. Details of the finalists:
CATEGORY 1 - INNOVATION IN EDUCATION AND SKILLS sponsored by the Scotsman
Heriot Watt University - MSc in quantitative risk management
The first MSc in Scotland, and one of the first in the UK, to focus explicitly on quantitative risk management rather than financial mathematics. The new course was developed after consultation with the industry in Scotland, and with the UK actuarial profession. Starting in autumn 2009, it stands alongside the university's existing MSc courses in actuarial science and financial mathematics. It adds to the growing reputation of Heriot Watt, and of Scotland's university sector as a whole, as a location for world class education in financial services.
Open University - Diploma in higher education in financial services. Introduced in September 2009, the new qualification includes a significant amount of practical work-related learning designed to develop professional skills in an academic way. It is directly related to work performance and career development in the financial services industry and should appeal to employers and employees alike. It offers continued professional development in a flexible way, and allows participants to build up credits and progress through to a full Honours degree. The programme is offered in Scotland with the Chartered Institute of Bankers in Scotland.
Scottish Investment Operations - Diploma in investment accounting
Scotland is a centre of excellence for investment accounting, and this diploma was created after research showed an absence of qualifications for both new and experienced investment (or fund) accountants. It will be delivered by two partners - the Chartered Institute of Bankers in Scotland and the Institute of Chartered Accountants of Scotland and will offer an industry-wide solution to intensive in-house training and mentoring - currently the only option for companies and staff wishing the develop these skills. The qualification will be marketed worldwide, with a focus on Luxembourg, Dublin and other key centres.
CATEGORY 2 - INNOVATION IN CUSTOMER FOCUS sponsored by Accenture
Barclays Wealth - Barclays Personal Investment Management
A new, world-class service that incorporates personal contact, radio, TV and written communications, all focusing on the client. This initiative was part of a decision by the company to increase the level of information available for its clients, the routes through which they could receive updates and the tailoring of services to suit their needs. And the challenge was to do this without significantly increasing headcount and by using a range of alternative mediums. Client feedback has been positive and client satisfaction rates have risen.
Islamic Finance Council - Specialist Islamic finance consultancy
As Scotland's only specialist Islamic finance consultancy, the not-for-profit IFC provides support services to the financial services industry; acts as a catalyst between market makers, professional bodies and lobbying groups, and provides advisory services to government. It also oversees a substantial education and awareness programme, both within Scotland and internationally. In 2009 the IFC assisted in developing a Shari'a compliant mortgage for Scotland and, in a number of forums, brought together the ethics-based traditions of Scottish and Islamic finance to enhance Scotland's standing as an international financial centre.
Scottish Life - Income Release
This pension product has set a new standard in providing customers with access to their pension prior to retirement. Designed to client need, and based on extensive research, it has proved highly successful, increasing its sales by 250% in two years. Since the product was launched, Scottish Life's share of the target market rose from 3.5% at the end of 2007 to 21.6% in spring 2009. A 2009 survey of independent financial advisers showed that Scottish Life came first for new business servicing and in the top three for overall quality of service.
CATEGORY 3 - INNOVATION IN BUSINESS IMPROVEMENT sponsored by Assiso
Brodies - Family Limited Partnership
Experts from several of this legal firm's departments developed the Family Limited Partnership, which provides a new way for families to pass wealth on to the next generation whilst retaining control for the donor. Designed in Scotland after considerable research, it can be used throughout the UK. Each product is designed in a bespoke manner to meet a particular family's wishes. The firm expects the FLP to prove a significant weapon in their tax planners' armoury, becoming of worldwide interest to UK domiciled taxpayers - whether resident in the UK or abroad.
Clydesdale Bank - Business Lending programme
This is a revolutionary automated solution for processing commercial lending applications in Clydesdale and Yorkshire banks. It replaces a paper-based process with an automated solution and was developed in partnership with US-based company Baker Hill, a subsidiary of Experian. The aim of the programme was to improve the efficiency of the way these credit applications are processed across a wide range of business units in the company, providing greater speed of decision making for clients.
Origo Services - "Options" Pension Transfer Service
A web-based service that simplifies and improves the way pension funds can be transferred between providers. In developing this service Origo worked with a group of life and pensions providers. Since its launch, the industry average transfer time has dropped from 51 days to just over 11 days. This reduction has significantly improved customer services across the industry and paved the way for the reduction in complaints and operating costs for participating providers.
CATEGORY 4 - INNOVATION IN NEW PRODUCTS sponsored by Scottish Enterprise
Artemis - Strategic Assets Fund
This new fund takes advantage of recent EU regulations to create a fund that combines equities and other assets in long and short positions and which spans the whole range of asset classes. Since its launch in May 2009 it has proved highly successful, with a value of £224 million by 31 August 2009.
RBS Group - for the O2 Cash Manager card
This is the UK's first co-branded banking and mobile phone card. The O2 Cash Manager card is powered by NatWest. Exclusively for O2 customers, the card allows customers to load a ring-fenced budget for their everyday spending needs. They can stay in control of their spending by receiving free real-time text alerts to their mobile every time they use the card. And because they can only spend what they've loaded, they can never overspend.
RBS - for Money Manager,
RBS wanted to help customers better manage their finances particularly those experiencing financial difficulty. Extensive research produced Money Manager, a simple concept with money held in three separate accounts, ‘Bills', ‘Spending' and ‘Savings'. Income is apportioned across the accounts according to a budget agreed by the customer. Funds automatically move between accounts if necessary to ensure that payments are made without breaching overdraft limits. Customers have an online view of their money and are therefore able to make their own changes. Customer feedback during the pilot was excellent.
SIX Telekurs - FundsFast
This innovative service provides users with a tool to build same-day valuations of ‘fund of funds'. Firms providing outsourced administration services can gain a competitive advantage over other companies who use the traditional, overnight services to receive funds data, where a day's delay is incurred. Users of FundsFast have reported seeing an increase in satisfaction levels among their clients.
CATEGORY 5 - INNOVATION IN INVESTMENT IN THE COMMUNITY
Morgan Stanley/Citi - for their work with Careers Academies UK
The two companies worked with Anniesland College in Glasgow and Telford College in Edinburgh to provide sponsorship and hands-on training and mentoring for young people planning a career in financial services. Morgan Stanley and Citi used the time and talents of their employees to help bring the curriculum to life and demonstrate the practical application of the students' learning - from classroom to boardroom.
RBS - MoneySense
RBS already had a successful MoneySense for schools programme and a range of information and guidance for adults, but research showed that consumers would welcome a service providing free, impartial financial education from their bank. After pilots, they created a new service for adults and now have 300 MoneySense Advisers in RBS and over 1000 in NatWest branches. It is the largest free and impartial financial education programme of its kind in the UK. They have also extended the service to include MoneySense for business.
Standard Life - Growing Confidence project
Growing Confidence is a project which offers a programme of support for schools in Edinburgh to promote positive mental health and emotional well-being. This is a five year project developed by The City of Edinburgh Council, funded principally by the Big Lottery Fund and supported extensively by Standard Life plc. Our support includes sponsoring the development and printing of materials for staff and providing coaching to head teachers and school staff.
