New thinkers required as SFE seeks industry innovators

Published on Wednesday 1 July 2009 21:15

SCOTTISH Financial Enterprise (SFE) has launched its search for the country's most innovative financial services teams.

In the wake of last year's banking crisis and as the recession rumbles on, SFE is on the hunt for the best products and services in the industry, as part of its annual "The Innovator" awards.

Last year, Aegon and Standard Life each won a brace of trophies, with BNP Paribas and Royal Bank of Scotland also carrying off prizes.

The competition is open to all Scotland-based financial services firms and teams, and to the companies that supply services to the industry.

Owen Kelly, SFE's chief executive, said: "At a time when the global industry continues to undergo significant change, our theme this year is 'Recognising new thinking'. We chose it because it offers opportunities to demonstrate how firms have brought new options or deals to the market.

"We are also looking for innovations that may have been introduced some time ago but are now delivering a quantifiable and positive impact. In other words, we want to showcase ideas and creativity at all stages of the process from initial idea to actual business improvement or benefit."

Giving examples of the types of entries for which the SFE is searching, Kelly said fund managers' innovations could relate to successes in international business over the past year, an area in which he believes Scotland is strong. Kelly said he would also welcome entries from people involved in training and skills development.

In last year's competition, insurance and pensions firm Aegon took home the top prize at "The Innovators" for its "flexible adviser remuneration" package, which was designed to help workers with small pensions source better deals on annuities.

The firm had already collected the award in the "innovation in customer services" category for the second year running.

Standard Life won both the "document services" category and the "special award for investment in the future" last year, while Royal Bank of Scotland came out on top in the "innovation in products and services" competition for its emergency cash service.

BNP Paribas's "Project Thunderbird" won the "innovative approaches to people and skills award" for the way in which it supported staff during its rapid expansion in Scotland.

In previous years, other winners have included Martin Currie, Nucleus Financial, Resolution Asset Management, RHL and Scottish Investment Operations.

Competitors have until 7 September to submit their entries for the awards .

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