Yesterday, November 4 2010, the first Accenture Innovation Awards for the Financial Services Industry were handed out. Just like last Thursday’s edition for the C&HT Industry, it was a lively and exciting event that attracted a large crowd of innovation enthusiasts. Whoever said the FS industry was not innovative?

At the start of the session, Barend van Doorn, partner of Accenture highlighted the key themes observed amongst this year’s submitted concepts. These were: Get Organized, Quick & Convenient, Mobile Breakthroughs and More Transparency. Overarching all these themes Consumer Centricity was clearly the common denominator. The financial crisis has made it evident that regaining the consumer’s trust and addressing their needs has become the key imperative for the Financial Services industry. The entire presentation can be viewed below.

As the room was waiting for the main speaker to arrive, the Dutch Finance Minister Jan-Kees de Jager, the crowd was warmed up by stand-up comedians from Boom Chicago, according to whom real innovation in the FS would be “grey suites without the pinstripes”.

Minister Jan-Kees de Jager, having been an entrepreneur himself, confided that innovation was close to his heart. He stated that innovation is the driving force behind economic growth and will therefore be crucial in the coming years. He stressed the importance of increased regulatory measures in the aftermath of the economic crises, but recognized this may not stifle new business initiatives and just favor the incumbents. Innovative companies and new entrants need to be stimulated to bring new value propositions to the consumer. It is the obligation of the government and the industry to define the right framework that ensures innovation in the financial services brings added value to consumers and society. Increased transparency will be crucial to restore trust and allow consumers making informed choices. You can read his entire speech on his wesbite.

After the minister’s speech it was time to announce the winner of this year’s awards. The top 5 of the concepts competing for the FS Innovation Awards 2010 are:

5) Brand New Day: low cost, low risks, service focused pension fund with its customers as their ambassadors,

4) Yunoo: Online social platform providing services and insight in your personal finances,

3) AcceptEmail: Invoicing and paying per email,

2) Secureceipt: digitalization of receipts with mobile apps to process business expenses more conveniently,

And the winner of the Innovation Awards 2010: InShared: a low-cost online insurance concept where all customers share in the company’s profits.

The public’s choice award this year went to Yunoo, for whom the majority of the voters on our website casted their vote. Winning this prize should not be seen as a consolation prize, far from it! Recognition by the customer is in the end the holy grail for any innovator.

Looking back, the Innovation Awards 2010 proved to be very exciting and stimulating events. Next year we’ll be back, bigger and better.