UBS AG is launching a competition for startups to uncover innovative, new ideas in financial technology, the Zurich-based Swiss banking giant announced on Wednesday

The UBS Future of Finance Challenge is an open competition seeking “potentially disruptive” ideas and solutions for the banking industry. Along with cash prizes, UBS will support the competition’s winners in commercializing their ideas, the bank says. The deadline for entries is Sept. 23.

UBS says it is seeking solutions to four challenges that banks are facing: delivering the ultimate client experience; offering superior products; building an efficient operating model; and ensuring security.

“Financial services companies must have a desire to understand how technology can help them adapt to changing economic forces and new client and employee behaviours. We aim to support the pioneers who are transforming our industry and work with them to provide even better services to our clients. I strongly encourage every ambitious Fintech startup to enter this exciting challenge,” says the bank’s CEO, Sergio Ermotti, in a statement.

“Digital disruption is driving an unprecedented transformation of our industry and radical new technologies present a unique opportunity for a step-change to our client offerings. Fostering an open and collaborative ecosystem between banks, technology firms and start-ups is critical to drive new innovation forward,” adds Oliver Bussmann, chief information officer at UBS.

Participants in the competition will be divided into four regions: the Americas; Asia-Pacific (including Japan and Australia); Western Europe and Africa; and Central and Eastern Europe, the Middle East & Russia. Up to 15 entries from each region will be shortlisted for workshops that will be held in several cities around the world in November, and then three winners from each region will be selected to do a final pitch in Zurich on Dec. 10.

First prize is US$50,000, second place gets US$20,000, and third place is US$10,000. In addition more than 300 hours of coaching and mentoring will be shared among the winners.