Recognising new thinking in financial services
Top firms line up in fight for awards glory
Scotsman coverage, by Peter Ranscombe
Following last autumn's financial crisis, the judges said this year's entrants tackle some of the big issues facing the industry, such as regaining public trust and adapting to rapid changes in the financial world.
Royal Bank of Scotland, Standard Life and Clydesdale Bank are all in the running for the prizes, for which The Scotsman is the media partner. The Open University and Heriot-Watt University are also among the contenders.
The winners will be announced on 29 October at the Edinburgh International Conference Centre.
Owen Kelly, chief executive of Scottish Financial Enterprise, said: "The theme of the Innovators 2009 is 'recognising new thinking'."
He explained: "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, financial services managing partner for Europe, the Middle East, India and Africa at accountancy firm Ernst & Young, which sponsors the awards, 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."
SHORTLISTED ENTRIES OF 2009'S FINANCIAL INNOVATORS
THE Scotsman award for innovation in education and skills:
• Heriot Watt University for its master of science degree in quantitative risk management
• Open University for its diploma of higher education in financial services
• Scottish Investment Operations for its diploma in investment accounting
• The Accenture award for innovation in customer focus
• Barclays Wealth for its personal investment management service
Islamic Finance Council for its specialist Islamic finance consultancy
• Scottish Life for its income release product
• The Assiso award for innovation in business improvement
• Brodies for the law firm's family limited partnership, which allows generations to pass on wealth while still retaining control for the donor
• Clydesdale Bank for its business landing programme, which automatically processes commercial lending applications
• Origo Services for its "Options" pension transfer service
• The Scottish Enterprise Award for innovation in new products
• Artemis for its strategic assets fund
• RBS for its O2 "Cash Manager" card
• RBS for its "Money Manager" system that creates separate bank accounts for "bills", "spending" and "saving"
• Six Telekurs for its "Funds Fast" scheme, which gives customers same-day valuation of their "fund of funds"
• The SFE and E&Y award for innovation in investment in the community
• Morgan Stanley and Citi for their work with Careers Academies UK
• Royal Bank of Scotland for its "Money Sense" schools programme
• Standard Life for its "Growing Confidence" mental health project
