Nominations for the 2013 BAI – Finacle Global Banking Innovation Awards are Now Closed
Thank you for your interest in the 2013 BAI-Finacle Global Banking Innovation Awards. Nominations closed as of May 17, 2013.
Award finalists will be announced on August 6, 2013.
Since the inaugural year of the awards in 2011, more than 175 organizations from 35 countries have submitted nominations. The program highlights innovation in retail banking that positively impacts customer experience as well as bank efficiency and profitability.
Only retail banking institutions can be nominated. Retail financial institutions can self-nominate or are eligible for nomination from industry analysts, media and public relations firms and solutions providers.
Awards will be bestowed in the following categories:
Product and Service Innovation
This category recognizes a bank that has substantially improved an existing product or service or developed and introduced a new product or service that has engaged customers, created new revenue opportunities and/or improved the bank’s competitiveness in the market. This product or service innovation may have had a significant impact on the industry as a whole, or had a major impact on the organization’s business; for example, a new product development framework that improves company speed-to-market or a service improvement that impacts customer experience
Product innovations may span a broad range of areas like product bundling, pricing, payments, personalization, simplicity, interactivity, etc. and should be successful in the market with a healthy adoption rate.
Service innovations may include practices around the introduction of new customer-centric services or the implementation of new technologies and/or programs that take customer service delivery to new heights. Service innovations should be successful with customers and have improved customer acquisition and/or retention rates.
Product and service innovations must be launched in the market no earlier than July 2011.
This category recognizes a bank that has made marked changes or improvements within the distribution network to either existing channels (including but not limited to: branch, online, call center, ATM, mobile, social media) or has introduced a new channel or distribution strategy that has benefited its customers and/or the organization.
Channel innovations should demonstrate a clear improvement in accessibility, convenience and/or customer experience. Innovations may include the introduction of new technologies to enhance efficiencies, new features that improve the customer experience, or new tools to allow for greater access and convenience.
Channel innovations must be complete and launched in the market no earlier than July 2011.
Innovation in Internal Process Improvement
This category recognizes a financial institution that has made a significant investment in internal process improvement to benefit the organization and ultimately, the customer. Examples of process improvement innovations include internal innovation contests, technology investments that create more customer friendly products, services and delivery, cultural transformations, or significant enhancements to customer experience.
Process improvement innovations should demonstrate a clear improvement in a process or function or create a new process that improves the overall customer experience.
Process improvement innovations must be complete and launched in the market no earlier than July 2011.
Innovation in Societal and Community Impact
This category recognizes a financial institution that has designed and/or enhanced products and services, or has provided channel accessibility to meet the needs of customers with special circumstances. Examples of these include:
- Reducing barriers to interaction and physical access for customers
- Shifting the boundaries to financial access for an underserved population
- Elevating financial education and skills development to a new level
- Enabling a dramatic lift in community service of the institution
- Improving social and emotional well-being (for example, in times of disaster relief)
Ideally, the organization has made marked changes or improvements within the distribution of their products and services or has introduced a new product, service, channel or process that has benefited its customers in need of such specialized services and/or the organization. Innovations in this category should demonstrate a clear improvement in accessibility, product created or enhanced, change in service provision or a new process that improves the customer experience to meet a special need.
Social innovations must be complete and launched in the market no earlier than July 2011.
All submitted nominations will also be reviewed and considered for two special awards:
Disruptive Innovation in Banking Award
This award recognizes a bank that has global impact in terms of redefining business-as-usual in retail banking. Disruptive innovations are radical in nature, for example the development of a new channel providing enhanced accessibility, initiatives to bring banking services to a whole new population of consumers or new money transfer services are examples of disruptive innovations.
The disruptive innovation / initiative must be complete and launched in market no earlier than January 2011 to date.
Most Innovative Bank of the Year Award
This award recognizes a bank that demonstrates an ongoing commitment to innovation and the advancement of retail banking. Innovation is exhibited through new-to-the-world products or services leading to customer satisfaction and loyalty, and having significant market and business impact.
The most innovative bank is driven by market insights and existing and emerging consumer preferences. This bank has an innovation culture which includes an innovation framework and/or processes that are supported by all levels of leadership. Note that the awards recognize retail banks – not specific individuals.