Companies from the financial sector dominated the top 30 highest rated companies in the first Innovation Insider Index, orchestrated by specialist innovation consultancy, Market Gravity in partnership with the Lloyds Bank National Business Awards.

Featuring in the list was eight financial services companies including Aegon, Allianz, Barclays, BGI Group, Coutts & Co, Direct Line Group, MasterCard and Visa. The Index is based on the views of around 20,000 industry Insiders – influential professionals working at these large organisations in a wide range of roles – who scored their own companies on their performance against Market Gravity’s six principles of innovation, which were purpose, leadership, capabilities, collaboration, competitive advantage and customer focus.

We spoke to Gi Fernando, co-founder of Freeformers, a company who saw success at last year’s National Business Awards when Fernando’s fellow co-founder Emma Cerrone won the Duke of York New Entrepreneur of the Year Award, about what may be behind the success of the financial sector in this report: “I think the level of creativity in the financial sector versus say, retail, is born out of complete necessity.”

Innovation is a vital part of business and is a long-standing category of the annual Lloyds Bank National Business Awards, with Market Gravity sponsoring it for their second year. The award celebrates companies who demonstrate innovation and innovative approaches, with previous winners including Sainsbury’s, ITV, Royal Mail and last year’s winner PolyPhotonix.

Pete Sayburn, CEO of Market Gravity further discusses the results of the index: “The results threw out some really interesting talking points, for example tech and automotive came out very strongly whereas some of the other sectors, including retail, suffered a little in the eyes of their employees.”

Tom Broughton, programme director at the National Business Awards commented: “I am delighted at the results of the Index and that it offers an insider’s view into the state of innovation within them. With innovation a key factor in the success of a business, the National Business Awards look to celebrate these achievements and honour companies like these for their creativity and vision.”

The full Innovation Insider Index, with reactions and thoughts from the Top 30 companies and detailed insight into the findings can be downloaded here. Join the innovation conversation on Twitter: #innovatebig

You can now book your table at this year’s National Business awards ceremony, set to take place at Grosvenor House on 10 November, follow this link to do so.

The index was conducted to “Take the temperature and understand the status of innovation in the UK’s biggest and best companies,” as explained by Sayburn.