Avon Mutual wins finance innovation award
Avon Mutual has been announced as joint inaugural winner of the ‘For The Better Award’
Avon Mutual and Vestpod have been revealed as joint winners of the ‘For The Better Award’ developed by Teamspirit with the Finance Innovation Lab to gift marketing and PR consultancy to help accelerate the impact of not-for-profit organisations tackling financial health.
Award-winning communications agency Teamspirit partnered with charity the Finance Innovation Lab to create the initiative. In an industry first, it offered not-for-profit organisations dedicated to tackling issues in how people engage with money the chance to receive £10,000 of free communications expertise – whether brand strategy, PR, design, UX, creative or social strategy. Many entries were received, and, after an extensive judging day, a decision was made to double the prize value and give £10,000 of Teamspirit’s expertise to two winners – Vestpod and Avon Mutual.
Avon Mutual aims to create the first locally-rooted, socially-impactful bank. It will be run as a co-operative, with a stated aim of supporting the unbanked and underserved in the west of England by offering financial products and infrastructure to individuals who might otherwise be excluded. Operating under a different governance structure to the major high-street banks means that Avon Mutual will be able to prioritise delivering services that make a difference to people and to the communities that it operates in.
Jules Peck, Founder of Avon Mutual said: "As a new entrant to the finance landscape we feel honoured to have won this award. Avon Mutual will use this award to develop its brand and marketing proposition to ensure we best understand and serve the needs of the people of our region with an innovative product and service offering."
Montserrat Tojeiro, Group Board Director, Teamspirit said: “This is a ground breaking initiative that is based on our belief that together we can power positive change in the financial services sector. It has been exciting for all of us at Teamspirit and The Finance Innovation Lab to hear from so many organisations taking action to improve financial health. Entries ranged from chatbots to financial management apps; new ways of banking to financial services designed specifically for the most underserved. The tough judging process led us to double the prize value and I am delighted to announce the joint winners are Vestpod and Avon Mutual. Thank you to everyone who got involved, supported the award and took the time to enter. We can’t wait to get started!”
Anna Laycock, Executive Director, the Finance Innovation Lab, commented: “The quality and breadth of entries we received makes us optimistic about the future of finance. We're incredibly excited by the two winners - they have the potential to shift the way we engage with money and show how financial institutions can put the needs of their communities first.”
The partnership between Teamspirit and the Finance Innovation Lab was formed on a shared understanding of financial services and a commitment to improving the sector for all. Teamspirit is a specialist agency with over 20 years’ experience working with clients from the UK’s largest insurance and high street banking brands to the burgeoning fintech space. The Finance Innovation Lab is a pioneering charity that incubates the people and ideas with the potential to make finance more democratic, responsible and fair.