This year’s Scottish Financial Services Awards are an opportunity to showcase our industry’s vision for a fairer future
Philip Grant, Chair, Scottish Financial Enterprise
The race is now on for firms and individuals to send in their nominations, and I would encourage financial services organisations up and down Scotland to get involved.
Last Wednesday, SFE members came together at Lloyds Banking Group’s Scottish HQ at The Mound to take part in our annual general meeting, which was followed by a summer reception, and the opportunity to meet, chat and enjoy the company of colleagues and peers. The event certainly made for a different atmosphere to last year’s AGM, which members attended from their living rooms, kitchens and studies, with the option of covertly joining in their pyjamas - although I am sure none would have been so audacious!
When I think back to this time last year, I am drawn to reflect on the changes that have taken place in those twelve short months. While the virus has by no means disappeared, the social and economic context has shifted significantly. Businesses and households are now navigating the highest inflation we’ve seen in 40 years and a cost-of-living crisis which is placing extraordinary pressures on their finances.
In this context, the AGM and reception was also a moment of shared reflection, and the message among SFE members was clear: it’s important that we don’t lose sight of our achievements over the last year – of which there are plenty. As set out in our first ever impact report, we are making measurable progress on each of our shared strategic aims. There are countless examples from across the industry which showcase the different ways we are supporting people and businesses through this challenging time, from innovative products and services that are helping customers better manage their money, to initiatives to support wellbeing of colleagues; and from the compassion shown to mobilise support for Ukrainian refugees, to the vision we’ve displayed as we ramp up our ESG agenda.
There are too many inspiring stories and case studies to mention here, but every day I have seen different reasons for optimism that we are delivering on our shared commitment to a greener, fairer and more inclusive future.
That’s why I am so excited for this year’s Scottish Financial Services Awards, sponsored by EY. This year’s award categories align directly with the four pillars set out in the sector’s five year strategy of supporting economic recovery, leading the journey to net zero, developing skills and inclusion and responding to changing customer needs. We also have the well-established Rising Star Award for young professionals, and much to my delight, we have kept the Chair’s Award following its inaugural success last year in shining a light on achievements that transcend categories, or those personal contributions to our industry that might not otherwise get the attention they deserve.
I wanted to take the opportunity to set out why each of these categories matters and give some hints on what the judging panel might be looking for.
Supporting the economic recovery
Despite the different challenges we are seeing, financial services remain a key source of strength in the Scottish economy, and there are various ways that we have been using this strength to make a positive contribution. Throughout the pandemic, we helped maintain financial resilience and supported businesses, and as the current cost-of-living and income squeeze bite, hitting the most vulnerable the hardest, we have been taking the same approach, putting customers and communities first, and providing innovative solutions to mitigate the negative effects of different financial challenges.
For this award we want to acknowledge the best examples of this type of action, which have been critical in ensuring businesses and people have the tools and advice to navigate current uncertainties as best as possible, and are vital in our ambition to support a fair, inclusive economic recovery.
Leading the journey to net zero
COP26 was a landmark moment for financial and related professional services, solidifying the industry’s commitment to lead the journey to net zero, and firms are doing work to inspire leadership in green finance and support the Scottish economy to accelerate a just transition. Whether it’s through role modelling behaviours that ensure financial services is leading by example, facilitating work with other sectors to enable decarbonisation, leading the way in transparent disclosure and commitments on industry standards, innovative investment products or ESG expertise, this category is designed to showcase the best examples of where Scottish financial services is making a measurable impact on our environment.
Developing skills and inclusion
Accessing diverse and inclusive talent has been difficult over recent months as labour market challenges persist, and as a sector we have a shared responsibility to be innovative and collaborative in how we manage this challenge and provide opportunities. This might be through efforts to upskill and reskill our current talent base or improve diversity and inclusion through education programmes. It might be in the different ways we are offering flexibility to appeal to a wider and more inclusive skills base, or an initiative that supports health and wellbeing. If this sounds familiar, we want to hear from you.
Responding to changing customer needs
The way our industry continues to adapt to new technology and changing customer needs is remarkable, and a clear example of where Scotland is hugely competitive. Our leadership in technology, coupled with a continued focus on supporting vulnerable customers, and ensuring greater inclusion and fairness is something to be proud of, and this award is designed to highlight those products, services and initiatives that do exactly that. Examples could include initiatives to support digital literacy, products and services that support customer experience transformation and access to financial services, or that enable innovation through collecting and sharing data, analysis or technology on customer insights, demographics and demands.
Rising star
Our industry is full of young professionals making a huge contribution to their organisations and to wider society, and the annual Rising Star Award aims to highlight these contributions. If you are – or if you know – a young professional in your organisation who has shown evidence of outstanding development; whose commitment to a cause is making a wider positive impact; or who has inspired others by overcoming barriers and achieving things that set an example to others, then send in your nominations.
Chair’s Award
I took a great deal of inspiration in reading every nomination that was put forward by the judging panel for last year’s inaugural Chair’s Award, and in presenting our winner, HSBC’s Tracy Robinson, with this much-deserved, surprise accolade. The point of the Chair’s Award is to acknowledge those achievements which transcend any one of the above categories, either by spanning more than one of them or not quite fitting into any. All nominations put forward for the other award categories will automatically be considered, but firms can also nominate a programme, organisation or individual directly if they prefer. To give you a bit of a pointer, I will personally be looking for examples that show the type of compassion, determination, and innovation and overall positive impact in society that characterises our sector at its best. We know that so much of the good that our industry does happens from individuals and teams working behind the scenes and away from the limelight. This award is also an opportunity for those unsung heroes to get their moment of recognition.
For each of these six categories, the race is now on for firms and individuals to send in their nominations, and I would encourage financial services organisations up and down Scotland to get involved. I look forward to celebrating the character and innovation of people and businesses from across Scottish financial services as we reinforce our determination to create a fairer, more prosperous society for all.