Awards 2022

Closing date for entries is 4 November 2022

Qualifying Questions

• Please explain the process you went through to identify the consumer challenges (max 400 words
• Please explain how you developed your innovation using the market evidence (max 250 words)
• How did you use transactional data to influence your outcome? (max 350 words)
• Please explain how your innovation has been, or will be, communicated to the consumer and what testing will be carried out to ensure it meets required needs (max 200 words)
• What challenges did you meet during your implementation and what learnings will you carry forward, including what you would do differently if you had to do it all again? (max 250 words)

Award Categories

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.

 ** These awards are free to enter/no application fee  

For Individuals

Open Banking Hero Award**

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 use the box below and tell us in no more than 250 words why you think they should win. There will be an independent judging panel to select this winner.

For industry players

Best Open Banking/Finance Tech Project

This award recognises a far reaching project resulting in tangible benefits for the end user (and organisation): it’s about clear improvements, increased efficiency and competitiveness. We want to celebrate projects that have scale and impact, all the while being commercially viable. 

Best use of Open Banking/Finance in retail consumer proposition

This award showcases the impact both data aggregation and payment initiation can have on positive consumer outcomes. From saving, to lending, to better money management, this is about how the consumer’s life has been improved through innovation.

Best use of Open Banking/Finance in SME propositions

This award recognises the impact innovation can have on SME’s bottom line – ranging from improved money movement efficiencies, to better and more timely credit and financing decisioning. It’s all about how leveraging data strengthens SMEs financial positions. 

Best new innovation in A2A transactions

This award will go to the organisation that can demonstrate the use of innovative technology to streamline account to account payments in either the consumer or SME space. 

Open Finance/Open X 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 Open Banking/Finance Fintech Partnership

This award recognises 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 Open Banking/Finance 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.

Best Open Banking/Finance 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 Open Banking/Finance Cost of Living Crisis Response**

This is in recognition of a notable contribution to the industry that aids and supports individuals and SMEs in the industry ecosystem economically, socially, and financially. 

For regulators

Most progressive regulator

This award goes to the regulator pushing the envelope to ensure the development of open data economies. Irrespective of where the local market happens to be on its open banking/finance/data journey, we want to recognise the regulator who leads by challenging the status quo, is proactive rather than reactive, and who ensures that all providers (from incumbents to challengers to third parties) have a fair and level competitive playing field.

Most cutting edge regulatory driven project

This award recognises the impact policy and regulation have on the market: from creating new markets to making existing markets more efficient and competitive, we’re looking to showcase how policy can transform business models and end outcomes. 

Submitting an entry

• All entries must be written in English and submitted via [email protected] (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. 

Conditions

Global Open Finance Awards are open to third party providers, banks, financial institutions, regulators, 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 £100.00 x 2 = £200.00 and so on. 

Award Winners

Winners will be announced at the FDATA Awards Dinner at the National Museum of Scotland on 8 December 2022.

It would be wonderful to see all nominees at the Awards Event so please book your place here.