Home Directory Deloitte Deloitte Financial Services Innovation Awards celebrate and recognise pioneers across the Financial Services ecosystem

Deloitte Financial Services Innovation Awards celebrate and recognise pioneers across the Financial Services ecosystem

Deloitte have announced the launch of its second annual Financial Services Innovation Awards. The programme celebrates innovation by financial services companies across the island of Ireland. Banking & Payments Federation Ireland (BPFI) and Financial Services Ireland (FSI) are partnering with Deloitte on the awards.

The awards recognise both individuals and companies that are leading the way in innovation - using technology to address challenges and create opportunities, improving user experience and changing the way business is done. The first awards were held in 2019, with Global payments company TransferMate announced as the overall winner. Established in 2010, the company facilitates global payments in 162 countries in 134 currencies, and has nine offices worldwide.

While the awards were postponed in 2020 due to the pandemic, Deloitte has decided to move ahead this year, with a virtual ceremony to announce the winners in June. David Dalton, Partner and Head of Financial Services at Deloitte Ireland, commented: “The challenges in 2020 highlighted the critical role of innovation across all sectors. In a time of unprecedented upheaval, forward-thinking financial services companies are innovating to create new profit models, generate efficiencies, deliver new products and services, or enhance customer experience and engagement. These awards provide a great opportunity to recognise and celebrate innovation across the financial services ecosystem.”

In addition to David Dalton, judging panel members will include Brian Hayes, CEO, BPFI, Furio Pietribiasi, Chairman, FSI and CEO, Mediolanum International Funds Limited; Julie Sinnamon, CEO, Enterprise Ireland; Ciaran Hancock, Business Editor, Irish Times and Gulru Atak, Head of Innovation, Citi

Winners will be selected in a number of Award categories :

Banking - An innovation that delivers a new and unique banking product, service, channel to market, or partnership, or that significantly streamlines banking operations and backend processes, or that enhances the customer experience. To qualify, this innovation should be at a sufficiently advanced stage of development: i.e., user acceptance testing, ready for go-live, or post-launch.
Insurance - An innovation in process, business model, operations or customer experience that insurers can use to reduce costs, improve efficiencies, manage risk, or reach customers and intermediaries with more tailored insurance products and services.
Investment Management - A new or breakthrough product, service, experience or operational improvement aimed at the investment management market that uses novel and creative ways to serve the needs of investors or investment management firms, such as reducing the cost to access services, or delivering differentiated customer experiences.
Most Disruptive FinTech - A organisation which uses technology to disrupt a well-established part of financial services, gaining a competitive edge with a product, process or approach – or a combination of all three – that solves a longstanding problem for the industry, or addresses a niche segment in a new way, or improves internal operations for financial services providers.
Social or Sustainable Entrepreneurship - An innovation within the financial services sector that harnesses technology to address social responsibility and sustainability concerns either specific to a business or for the wider community.
Leadership - An individual who has significantly contributed to innovation in the financial services industry and advancement of the sector - their work could be related to establishing a new innovative product or setting new standards of excellence.

Overall winner - An organisation that has significantly contributed to innovation in the financial services industry and advancement of the sector.

The Leadership and Overall Winners are chosen by the judges.

Brian Hayes, CEO, BPFI commented: “The Deloitte Innovation awards provides a brilliant show case opportunity for established and new financial services businesses in Ireland. The awards recognize the very best in FS technology and encourage businesses to go the extra mile in both service and product delivery.”

Furio Pietribiasi, Chairman, FSI: “Particularly in the recent challenging times the Irish financial services ecosystem not only has proven its resilience and competitiveness for the already established traditional businesses, but also for the incubation and scale up of new Fintech ventures start-ups attracting the interest from prominent international VCs. These awards are an opportunity for the industry to showcase Ireland as a hub for world-class financial services innovation.”

For further details on the awards, please deloitte.ie/fsia. Applications are now open. The closing date for entries is 21 April 2021