Last Friday, the Commission hosted a one-day event which challenged participating teams to develop digital solutions for one or more of the three pre-set challenges showing how technology could be used to:
1. Optimise efficient and effective client due diligence (and hence reduce costs for Bailiwick businesses).
2. Improve administration.
3. Help the financially excluded.
The event was a considerable success with entries submitted by 10 teams which included representatives of 35 Guernsey businesses including banks and other financial institutions, accountants, lawyers and technology companies. It provided an opportunity for those participating to share, discuss and unlock the potential of FinTech for the benefit of the Bailiwick and to highlight the capability of local firms in this important and growing area.
Prizes were awarded to teams from PwC, Midshore Consulting, Barclays, C5 Alliance, The ID Register and Guernsey Community Savings with the latter being the overall winner with a community savings concept.
Commenting after the event, the Commission’s Chairman, Drs Cees Schrauwers who was one of the judges on the day, said: “The Commission is delighted with the success of this initiative which we developed and hosted as part of our commitment to supporting innovation within the Bailiwick’s financial services industry. The teams that took part presented the judges with some very difficult decisions such was the high quality of all of the entries.”
Notes to Editors:
The Innovation Soundbox is the Commission’s hub for enquiries relating to innovative financial products and services (for further detail see https://www.gfsc.gg/commission/innovations/innovation-soundbox).