Criteria

The Innovation Circle is a select panel of distinguished judges and advisors from around the world, who are at the forefront of innovation in the financial services sector. Together with BAI leadership, they will review submissions, identify potential award nominees for consideration and select category finalists and winners.

Share your financial services innovation story and submit your application today.

Information and data submitted will be treated with respect and confidentiality by BAI and The Innovation Circle.

We encourage you to bring your achievements to life for the judges by sharing insights into the rationale behind your innovation, your process and internal and/or partner collaboration, the challenge you are solving, etc. Telling your story by including such elements in your submission, being straightforward and authentic, will strengthen your case as a prospective Award-winner.

Innovations can be new to an organization, segment, market or even the world. They can seek to disrupt an existing solution or improve meaningfully upon a current way of serving a customer.

Submissions will be assessed based on two criteria:

1. Originality

We will seek to understand evidence explaining the originality of your submission, e.g.,

  • What is original about the innovation
  • The problem or opportunity the innovation addresses
  • The degree to which the innovation creates significant value for customers and/or other stakeholders
  • The market potential of the innovation
  • The impact(s) the innovation has on the submitting organization

2. Impact

Innovations evolve and reach their full potential often iteratively, through ongoing process of testing, learning, and experimenting. Particularly at their earliest stages it may be challenging to quantify an innovation’s impact in terms of financial impact.

Based on the maturity of the innovation submission, we will look for stage-relevant success metrics demonstrating the impact of the innovation. Please use metrics from at least three (3) of the following categories to demonstrate the innovation’s impact. Please include supporting materials in your response:

  • Performance– e.g., expected vs. actual performance, including productivity, production, quality, scalability, portability, decreasing fraud, risk or operating inefficiencies, technology adoption
  • Satisfaction– e.g., expected vs. actual satisfaction, including increased value to the customer, NPS, customer (internal or external) feedback, customer experience, customer retention, customer engagement, or quality
  • Growth– e.g., expected vs. actual growth, including improvement/benefit to the organization, increased adoption, brand, revenue, sales, product mix, market share
  • Financial– e.g., actual or projected sales, revenue, or improved balance sheet
  • Speed to develop and go-to-market– e.g., the extent to which the team applied modern practices to accomplish speedy time to market, iterative testing and learning, and other techniques and approaches to deliver fast time to market

Please note that each nomination will be evaluated on the two main criteria above and will receive equal weighting to equally identify award finalists.

Submissions must be for innovations that have been taken to market and tested, at the minimum, as prototypes (we are not accepting submissions for ideas or concepts that have not been advanced to at least an early stage of market validation and are supported by concrete evidence of market potential). Awards may recognize organizations, teams, and/or individuals within those organizations. We encourage self-nomination from leading financial services organizations, including banks, neobanks, credit unions and insurance companies, as well as solutions providers and FinTechs who provide financial services offerings directly to consumers. Non-financial services organizations, such as industry vendors, media and PR agencies, and analysts are not eligible, but may nominate a financial service or banking client for the awards.