The Global Open Finance Awards, hosted by the Financial Data and Technology Association (FDATA), recognises excellence and innovation in Fintech, and the people who make it happen, to drive the delivery and realisation of Open Banking and Open Finance to the market.
These Awards were established to recognise those organisations and institutions that are actively establishing policies and delivering innovation that empower customers to leverage their financial data, so they can make better decisions and take fuller control over their financial lives. Awards will be handed to the organisations that can demonstrate that the work they do to deliver open finance to their clients and consumers is being done in the best interest of those that it directly impacts.
Best Open Banking Tech Project
An award that supports Open Banking needs and successfully delivers new end-user value propositions, products, and services.
Best use of OB in retail consumer money management (including savings & investment) propositions
specifically leveraging account aggregation. Judges will be particularly interested in how savings patterns have evolved and how the life of the consumer has been improved through this innovation.
Best use of OB in SME propositions
An award for the best use of Open Banking value propositions for small and medium enterprises, which has resulted in tangible benefits for the end-user and organization, brought clear improvements, increased the organisation’s efficiencies and competitiveness, and is commercially viable.
Best use of OB in consumer credit/lending offerings
An award for a technology project in the lending space, which has resulted in tangible benefits for the end-user and the organisation, brought clear improvements, increased the organisation’s efficiency and competitiveness, and is commercially viable.
Best use of OB in SME credit/lending offerings
An award for a technology project in the small and medium enterprise lending space, which has resulted in tangible benefits for the end-user and the organisation, brought clear improvements, increased the organisation’s efficiency and competitiveness, and is commercially viable.
Best new innovation in non-card/bank direct payment services for consumers
This award will go to the organisation that can demonstrate the use of innovative technology to streamline the third party payment process for consumers. Judges will be looking for evidence on whether consumers enjoyed the user experience, whether it displaces previous models of payment and whether the customer protections were well handled.
Best innovation in use of OB data
An award for the most innovative use of Open Banking data in a new value proposition for either the retail consumer, or the SME segment. This award will go to the organization who can prove tangible benefits to the end-user, including improved financial outcomes, a well a commercial viability of the offering.
Open Finance Solution of the Future
Using emerging technologies, putting in practice innovative ideas, reimagining processes and user journeys – this award is for a product/solution/service that will define the future of banking and finance. It can be applicable to any stage of a financial service process and any business line. This is focused on genuinely innovative, forward-thinking open finance business models.
Best OB Fintech Partnership:
A successful collaboration between two or more organisations in the banking/financial services industry that has achieved measurable success based on innovation, impact, and scalability. The partnership should demonstrate benefits to all the partners involved, as well as deliver a viable product/service to the end user. This award is not intended for a traditional transactional vendor/buyer relationship.
Best OB Sustainable Finance Initiative
This award will laud an organisation for its endeavours to sustainability and resource conservation (where applicable) and for making a substantial positive impact on the environment. This is inclusive of technologies, processes, products, and services.
Best Financial Inclusion Initiative
Banking can’t just be for the rich; this award recognises the most effective product/service using fintech/banking tech to champion financial inclusion and economic mobility. Examples include products/services for the underbanked communities and areas; products and services for specific demographics that are often overlooked, such as children and pensioners; innovative salary and benefits management tools; increasing financial literacy; promoting financial health, etc.
Most Open Finance / fintech friendly financial institution for the consumer moving into the future
This award will go to the financial institution, Bank, large incumbent or ASPSP that can demonstrate that it’s doing the most for the consumer and the journey to open finance. This award goes to the institution who can provide results, outputs and measurable factors that look into the future demonstrating that the organisation is going above and beyond to safeguard the consumers financial future.
Best consumer engagement by a Financial Institution:
Do we know what our consumers think of Open Finance? Do they understand the impact of leveraging OB for their economic benefit? This award will go to the financial institution that is doing the most to educate consumers, promote adoption, and foster consumer trust in the OB ecosystem.
Best OB/OF Fintech for Good
This award recognises outstanding contribution to the greater good (primarily charitable causes), including demonstrating a strategic commitment to tackling social issues, outstanding collaboration with industry peers to deliver maximum, sustainable impact for charitable causes, all of which go beyond the standard Corporate Social Responsibility requirements. This award goes to the initiative that has universal and lasting positive change, demonstrates the values of connection, collaboration and generosity beyond the usual confines of business goals, and where the wider community is first priority.
Best OB COVID-19 Response
This is in recognition of a notable contribution to the industry to help fight the Coronavirus pandemic that aids and supports individuals and SMEs in the industry ecosystem economically, socially, and financially.
Open Banking Hero Award
Nominate Someone Here
This award recognises the passion, enthusiasm and success of an individual whose efforts have resulted in open banking being understood, embraced and implemented around the world. Voting for this award will be done via nominations. If you have someone you would like to nominate, please tell us in no more than 500 words why you think they should win. There will be an independent judging panel to select this winner.
Global Open Finance Awards are open to third party providers, banks, financial institutions, and other relevant players in Open Banking and Finance worldwide.
PR agencies, consultants, vendors, and other industry participants are welcome to put in an entry on behalf of their clients, but must have prior approval from them and ensure the names are on-the-record.
No off-the-record/unnamed entries will be considered – however if you apply, you will still be charged the entry fee.
The entry fee of £100.00 is for one award nomination. If you submit one nomination for an award, the payment is £100.00. If you submit two nominations, the payment is £100.00x 2 = £200.00 and so on. Entry Submission Deadline: 4 October 2021.
Awards announced 15 November 2021.
Submitting an entry
- All entries must be written in English and submitted via firstname.lastname@example.org (or our online entry portal)
- All entries should be no longer than 1,500 words
- Supporting material may be supplied but the main entry of up to 1,500 words should include all the necessary information for the entry
- Entering the awards requires a payment for nomination, which is due irrespective of whether the project makes the shortlist or not.
Entry deadline and fee
The deadline for the Global Open Finance Awards is 4 October 2021.
The awards will be announced 15 November 2021.
What information to submit
- Dates of the overall project – all entries should be for the period of the last two years
- The project’s rationale
- The project’s unique differentiators
- The project’s innovative nature and/or importance
- The project management, team size and mix, collaboration
- The project’s results and performance metrics
- The project’s financial and business impact; return on investment (if applicable)
- Any other information, statistics, facts and figures, etc., that will aid the judges to better understand the value of the project
- More specifically, the judges request that the entries include answer to the following questions:
- How was Open Banking transactional data used to influence the project design?
- What lessons were learned from the project?
Each entry must be tailored to the specific category. Judges are looking for comprehensive, clear, to the point entries with facts and figures to support it. Please do not submit entries that include generic promotional material and sales brochures, or entries laden with marketing jargon and buzzwords.
We reserve the rights to publish brief details of all shortlisted entries. This is the same brief ‘entry synopsis’ that is included for all entries.
All other information provided in the entry is treated in strictest confidence.
Please note that no off-the-record/unnamed entries will be considered – however, if you do apply, you will still be charged the entry fee.