Innovation is not only its own reward

Published on Monday 10 November 2008 21:39

A RANGE of innovative products – from new retirement plans to an emergency cash system – have been short-listed for Scottish Financial Enterprise's (SFE) Innovators Awards.

The prizes, which will be presented on Thursday night at the SFE's annual dinner, aim to reward the "best new concepts and developments" in the Scottish financial services industry.

A host of familiar names – from HBOS and RBS through to Aegon and Standard Life – entered the contest, which will award prizes in four categories.

One of the four winners will also be selected for the overall "Innovator" title, which last year was won by Aegon with its "5 for Life" retirement package.

Previous winners have included RBS's trial of contact-less payment cards and Edinburgh University's master of science degree in finance and investment.

Standard Life's "Step Up In Life" programme – which helps pupils to get jobs after leaving school through workshops on filling in application forms and performing in job interviews – will also be presented with a special award from the judges for "investment in the future".

The awards, for which The Scotsman is the media partner, will be hosted by Fred MacAulay, the comedian and BBC Radio Scotland presenter.

Other entrants include French bank BNP Paribas, insurance company Bright Grey and fund manager Brewin Dolphin.

Owen Kelly, SFE's chief executive, said: "The Innovators come at the end of a year of major challenges for our industry globally and locally. Some of our Scottish companies, like their counterparts worldwide, are having to make tough decisions about future business.

"While it will be some time before we get through this downturn, I am heartened to see that the Innovators 2008 received a great response from the industry in Scotland."

Tom McGrath, managing partner of Ernst & Young's EMEIA Financial Services business, which sponsors the awards, said: "The recent significant changes in the banking and wider financial systems will have a long-term effect on our industry, and while presenting serious challenges, the changes also provide Scotland's financial services sector with opportunities for further growth and leadership."

AND THE NOMINEES ARE…

INNOVATIVE USE OF TECHNOLOGY AWARD:

&#149 Standard Life – "Retirement solutions"

&#149 Bright Grey – "Expert underwriting system"

&#149 Standard Life – "Document services"

INNOVATION IN PRODUCTS AND SERVICES AWARD

&#149 RBS – "Emergency cash"

&#149 Aegon – "Income for life"

&#149 Lloyds TSB Scotland/Scottish Widows – "Lifetime cover with guaranteed acceptance"

INNOVATION IN CUSTOMER SERVICES AWARD

&#149 Brewin Dolphin – "Vote your shares"

&#149 RBS/Natwest – "Money manager"

&#149 Aegon – "Flexible adviser remuneration"

INNOVATIVE APPROACHES TO PEOPLE AND SKILLS AWARD

&#149 Bank of Scotland – "From apprentice to professional"

&#149 Lloyds TSB – "Transforming operating performance"

&#149 BNP Paribas – "Project thunderbird"