WAMTech PitchFest

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EY and the Financial Services Council (FSC) are working together to hold a PitchFest in June 2017, giving the FinTech community the opportunity to develop innovative solutions and pitch them to a room of key players in the Wealth & Asset Management (WAM) industry.

Can your innovation solve one or more of these problems?

How do we…

  • Improve financial literacy
  • Provide one touch access to wealth solutions
  • Simplify the process for financial advice
  • Create portfolio reporting and data analysis
  • Obtain demographic information
  • Design a common data standard

What’s in it for you?

  • Prizes – The winner will receive two tickets to the EY Strategic Growth Forum in Palm Springs, USA and an EY mentor

Rules

  • You must be available to attend the following in Sydney:
    • For shortlisted entrants, pitch in person to a screening panel on 15 June 2017
    • the WAMTech PitchFest on 29 June 2017

Problem Statements

  1. Improve financial literacy
    The industry faces a challenge in de-mystifying the complexities of the WAM industry and helping customers to make informed decisions. We are looking for a solution that encourages people at any stage of life to self-educate and engage in their financial future.
  2. Provide one touch access to wealth solutions
    Applying for wealth products can involve a significant administrative burden for customers, which takes time for all parties and creates barriers to entry and switching providers. Is there a way to streamline or standardise the customer on-boarding and identification processes (for example KYC or AML checks).
  3. Simplify the process for financial advice
    Can you enhance how financial advice can quickly and effectively meet the best interests of customers, by removing geographical challenges or simplifying the regulatory burden to focus communication on what really matters?
  4. Create portfolio reporting and data analysis
    Can you collate customer data across their whole portfolio of wealth, insurance and super products, along with their lifestyle and spending habits, to provide a clearer view of their personal situation that enables accurate goal based advice?
  5. Obtain demographic information
    To aid with identification of individuals that should be seeking advice, and also the retention of current clients, can a central source of significant life events and stages of life be collated for sharing with the WAM industry.
  6. Design a common data standard
    Is it possible to create the architecture for a common data standard which is capable of evolving to meet future needs? Could this create a new global standard for the recording of investor information in a way that allows easy enhancement through analytics or system interoperability, linking with legacy systems?

Prizes

For the winner

  • Two tickets to the EY Strategic Growth Forum in Palm Springs, CA, USA in November 2017, including flights and accommodation.
  • An EY Partner mentor for 6 months to provide advice and guidance to your business.

For all finalists

  • The opportunity to present your idea to the market.
  • A chance to be involved in WAMTech thought leadership publications with EY.
  • Consideration for entry into the EY Accelerating Entrepreneurs program.

Competition details

PitchFest Format

Shortlisted entrants will have a maximum of 4 minutes to pitch their idea, followed by a further 3 minutes for the judges to ask questions.

Entry criteria

Your idea can be at any stage of development, from concept, to pilot or in the market.

How to apply

Your application must be submitted online by 7 June 2017. It should include:

  1. Completed application form
  2. A short pitch video (no longer than 3 minutes)

Your pitch video must explain your idea and reference the problem statement you are addressing.

Judging and Evaluation Criteria

  • Solves the issue – Has the problem statement been addressed?
  • Useability – Is the solution feasible?
  • Scalable – Can it be used by a broad spectrum of the WAM industry?
  • Commerciality – Is it a viable end product?
  • Innovation – Is this a new and innovative idea? ESSENTIAL

The judging panel will consist of 5 representatives from the financial services and FinTech sector.

Other Rules

All travel and related expenses for participation in the PitchFest are the responsibility of the participants.

If you are a current EY audit client, you are permitted to enter the competition but must identify your company as such on the application form. The judging panel is made up of representatives from EY and other professional bodies. Should you have any concerns regarding audit independence and this competition please contact us to discuss the matter further.

Key dates

7 June              Submissions close

9 June              Shortlisted entrants notified

14 June            5-7 finalists chosen and notified by judging panel

15 June            5-7 finalists pitch ideas to PitchFest screening panel in person

29 June            WAMTech PitchFest. Winner announced.

Intellectual Property

The pitch organisers are not able to protect or advise on intellectual property (IP) rights. The organisers do not take any responsibility for protecting IP. Non-disclosure or confidentiality agreements are not required from attendees to the WAMTech Event.

There will be no transfer of IP during the competition. Intellectual property in all presentations remains with the applicant.

About the WAM industry

The Wealth & Asset Management industry encompasses funds management, superannuation, financial advice, and other professional services associated with managing customer’s wealth. Australia has one of the largest and fastest growing funds management sectors in the world. A key driver of this growth is the superannuation (pension) system, which is the fourth largest in the world and is projected to reach $9.5 trillion by 2035.

Other useful links

EY Wealth & Asset Management

The Financial Services Council

Contact us