Frequently Asked Questions

How do I submit a nomination?

Nominations for 2022 have now closed.

What materials will I need to submit a nomination?

Here’s what you’ll need to get started:

  • Contact details of nominee and collaborators (if you are nominating a company besides your own) and company being nominated.
  • Detailed description of the innovation including the insight(s) leading you to recognize the opportunity, the features and benefits of the innovation, and how it addresses a market problem or opportunity for retail or commercial customers, employees, or the greater community.
  • Detailed description of the impact of the innovation either to retail or commercial customers, employees, or the community.

(Note: when providing information on impact, it is helpful to provide quantitative data to substantiate, however, if you are unable to provide any form of quantitative data or results then please provide qualitative evidence. Qualitative findings that will be deemed acceptable to demonstrate impact will show that the innovation helped grow one or more of the following – customer acquisition, information on increase in adoption of product or service among existing customers, impact on brand, customer retention and even customer feedback. Quantitative evidence can also include market sizing and segmentation insights supporting the business potential for an early-stage innovation still in the prototyping/proving stages.)

  • If available, supplemental documents such as marketing or promotional videos, non-commercial articles, and data to support the originality and impact of the nominated innovation.

Who fills out the nomination form?

We encourage self-nomination from leading financial services organizations, including:

  • Financial services companies, e.g., retail, commercial or community banks, neobanks, credit unions, insurance companies, monoline lenders, mortgage or payments companies, etc.
  • Technology, data, or other financial solutions provider
    (if technology provider, you must submit with customer/partner’s permission)
  • Fintech (B2B, B2C or B2B2C)
  • Other services companies in the financial services industry, such as advisors, consultants, marketing/PR agencies, analysts, media companies, are encouraged to nominate any of their financial services clients or partners

Award entries can be submitted as a collaboration between one or more companies.

If you have any questions about submitting a nomination, please reach out to us at [email protected].

How much does it cost to submit a nomination?

Participation is free.

What are the award categories for submission?

This year’s BAI Global Innovation Awards program isn’t limiting nominations to specific categories. Innovations can be anything financial services related to improving business or retail customer relationships, leading organizational changes or improvements, or serving communities. Share your financial services innovation story and submit your application today.

1. Which stakeholder group does your innovation serve?

  • Retail customers
  • Commercial customers (including small business and corporate)
  • Employees
  • Your overall organization (ESG, DEI, leadership program, etc.)
  • Communities
  • Other stakeholder? Please explain.

2. How is your innovation creating value for this stakeholder?

  • Improving or developing unique savings, investing, budgeting, payment solutions or customer experience?
  • Improving their access to financing or liquidity, including the customer experience?
  • Meeting the needs of underserved or underrepresented markets; other special segments (e.g., independent contractors or creator economy)
  • Other? Please explain.

Remember, not all innovation is about technology, think about organizational innovation, strategy innovation, process innovation, etc.

ALSO, NEW THIS YEAR: Rising Star Award

Is there an up-and-coming innovative leader in your organization? What makes them a Rising Star in your company and why should they be recognized? Tell us what drives their success and makes them stand out? Are they innovative, passionate, intellectually curious, driven yet also show empathy, authenticity, and positivity in all that they do?

If you have any questions about which category your innovation may fall under, please feel free to email us at [email protected] with any questions. You may also view previous year’s winners here for inspiration.

Click here for award category details.

How many categories can one institution enter?

Each organization is limited to a maximum of three submissions. Additionally, you cannot submit any one nomination to more than one innovation category. Any given nomination can only be submitted to one qualified category.

Can an organization submit an entry for an innovation that’s been submitted in the past?

No, BAI does not accept repeat nominations of innovations submitted during a previous year. However, BAI will accept nominations of reimagined or updated innovations that have been submitted previously. If a previously submitted innovation has incorporated a new development, feature or upgrade that makes it different from its original state, it is eligible for nomination.

How much information do I need to provide on the nomination form?

The nomination form will require:

  • Contact details from nomination submitter and institution being nominated
  • Choosing the innovation category that best suits the nomination
  • Details of the innovation:
    1. The title of the innovation
    2. The market problem or opportunity of the innovation
    3. The impact of the innovation
    4. Collaborators or team involved

You will have the option of including any supplemental information that further illustrates the innovation or its impact. 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 banking client for the awards.

If I submit a nomination and later have important updates about the innovation I submitted, how do I make the updates or provide additional information?

You will be able to update your nomination until the submission deadline. However, your entry may be reviewed before then. Please contact [email protected] with any questions or to let BAI know you’ve modified your submission.

How are the winners selected?

The selection process involves multiple rounds of evaluation by the Innovation Circle to determine category finalists and eventual winners. Nominations are judged against two main criteria – originality of the innovation and the impact for both the customer as well as the financial services organization.

The Outstanding Achievement Award winners are specially selected by the Innovation Circle from the overall pool of nominations.

What criteria will be used to assess nomination forms?

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.

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.

When will the award finalists be announced?

The 2022 Awards finalists will be announced November 2022.

How will I know if my nomination is chosen as an award finalist or winner?

The finalists and winners will be contacted prior to the official announcements. All nominees will be notified whether they are finalists, winners or if they were not shortlisted.

How will winners receive their award?

Winners will be contacted by BAI to coordinate award receipt.

What do Awards finalists and winners receive?

As a BAI Global Innovation Awards winner, your achievements will be celebrated in press, social media, and on BAI’s web and podcast properties, including:

  • Exposure on the Awards website
  • BAI social media channels
  • Inclusion in press releases announcing winners’ names, their initiative, and their financial institution
  • Opportunities to be featured in BAI podcasts, webinars, and BAI Banking Strategies Newsletter

Winners and finalists will also receive:

  • Customized marketing templates to promote your accomplishment and
  • Rights to use of the BAI Global Innovation Awards logo (for your marketing and social media channels)

Read more about Awards benefits here.

Does it matter what country the nominated organization is from?

No, the awards recognize innovations from around the globe.

Does BAI always select a winner or finalist for every category?

BAI reserves the right to refrain from selecting a winner or finalists if none naturally emerges.

What if BAI rejects my submission?

BAI reserves the right to reject entries that do not meet submission guidelines.

Whom do I contact for more information?

For general inquiries, please email [email protected] and we will respond in a timely manner.