PitchFest II: Financial Well-being

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EY will host PitchFest II: Financial Well-being in June 2019, giving the FinTech community the opportunity to develop innovative solutions and pitch them to a room of key players across the Financial Well-being industry.

Can your innovation solve one or more of these problems?

What are people talking about when they discuss financial well-being?

EY - NextWave Financial Well-Being

The Problem Statements

Customer view: Wouldn’t it be great to have…

FinTech: I can provide…

  1. A way to easily select, compare or monitor financial well-being products.
  2. A digitally integrated proposition customers’ can easily tailor to meet their specific financial well-being needs.
  3. A way to find value in finance through literacy, engagement and advice.
  4. An easy way to manage all of the administrative or transactional aspects of financial wellbeing.
  5. Data driven insights that help to provide the greatest value to each individual.

See below for more details on each problem statement.

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:
    • For shortlisted entrants, pitch in person to a screening panel on 5 June 2019
    • the PitchFest II Sydney event on 13 June 2019
    • the PitchFest II Melbourne event on 20 June 2019

Problem Statements

  1. Central ecosystem

    …a way to easily select, compare or monitor financial well-being products.

    Topics within this area include but are not limited to:

    • An effective, centralised and open-architecture financial well-being platform or eco-system or market place that can support omni-channel, products and services across financial well-being.
    • An open architecture solution to manage various governance, regulatory and compliance requirements across various participating industries for both customers and providers.
    • Customer capability to determine who they share their data within the eco-system.
  2. All products & services

    …a digitally integrated proposition customers’ can easily tailor to meet their specific financial well-being needs.

    Topics within this area include but are not limited to:

    • Existing or new, simple and compelling digital propositions that fit in the eco-system including, but not limited to Superannuation accumulation, post-retirement, group life insurance, financial advice, wealth management, payments, that enable customers to better manage and achieve financial well-being outcomes.
    • A way to broker or package specific solutions using customer centric products from multiple providers.
  3. Customer empowerment

    …a way to find value in finance through literacy, engagement and advice.

    Topics within this area include but are not limited to:

    • An open architecture and behavioural finance-driven solution to improve the different aspects of financial well-being literacy, engagement, financial budgeting, information and enablement to make informed decisions as the customer evolves.
    • A customer-centric tool (dashboard) that allows customers to assess and track current and forecast future financial well-being.
    • Provide a trusted, simple and open architecture advice solution for financial well-being (including general, single issue or comprehensive).
  4. User enablement

    …an easy way to manage all of the administrative or transactional aspects of financial wellbeing.

    Topics within this area include but are not limited to:

    • A convenient e-wallet, e-safe, which aggregates across multiple providers.
    • One-step authorization and authentication for any customer and provider type to protect privacy and security, and enable customer experience.
    • A digital payment platform / solution.
    • A convenient micro-payment solution.
  5. Data and insights

    …data driven insights that help to provide the greatest value to each individual.

    Topics within this area include but are not limited to:

    • A standardised data solution that facilitates the information exchange between all / different types of providers incl. Superannuation (Open Super), Wealth (Open Wealth), Advice (Open Advice)), Group Life, Banking (Open Banking / Payments) and enables customers
    • A big data, AI or machine learning-supported solution (customers and providers) to enhance customer value, insights and participation incl. using behavioural finance, marketing etc.

Prizes

For the winner

For all finalists

  • The opportunity to present your idea to the market.
  • Travel expenses covered for the trip to Melbourne to deliver their pitches to a new audience, increasing exposure following the Sydney event.
  • An EY mentor on an area of your choosing.
  • An invitation to attend the EY Entrepreneur of the year gala in Sydney.
  • A chance to be involved in thought leadership publications with EY.
  • Consideration for entry into the EY Accelerating Entrepreneurs program.

Competition details

PitchFest II 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 29 May 2019. It should include:

  1. Completed application form
  2. A short pitch video (no longer than 5 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 industry?
  • Commerciality – Is it a viable end-product?
  • Innovation – Is this a new and innovative idea?

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

Other Rules

All travel and related expenses for participation in the Sydney PitchFest II 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
29 May Submissions close
5 June Shortlist application pitches
13 June PitchFest II Sydney event
20 June PitchFest II Melbourne event
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 PitchFest II Event.

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

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