Categories

Categories

This year’s programs will explore innovative solutions and advancements related to: Consumer Products or Services, Customer Experience, Human Capital, Internal Process Improvements, Marketing, RegTech, Small Business Products or Services and Societal and Community Impact.

Submissions for each innovation category must be complete and launched in the market after July 2019. All awards recognize organizations– not specific individuals.

Remember, not all innovation is about technology, think about organizational innovation, strategy innovation, process innovation, etc. In addition, given the current pandemic, think about innovations that have met the challenges that this new environment brings, such as working from home, digital and/or touchless customer preferences, or impact on front line associates and/or customers.

Products or services recognized in this category should demonstrate radical improvements or increased value to customers and solve a real customer problem. Innovations around existing products and services must show true differentiation to be considered. Innovations for this category may include advanced or integrated technology, such as data analytics, big data, AI, augmented reality, biometrics, etc. Submissions can also be non-technology related and may include other types of innovations including strategic, operational, patents or first-to-market developments.

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Customer experience innovations should reflect the organization’s ability to make customer interactions meaningful, natural, easy and seamless. They should be dynamic and engaging, focusing on all aspects of the customer journey, across delivery channels to drive customer acquisition and retention. Innovations may include delivering customer service in a new way, eliminating customer pain points, simplifying user experience, data-driven, tailored experiences and shifts related to safely serving customers during the pandemic.

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Human capital innovations are recognized as strategies, investments or actions taken to creatively shape the experience and effectiveness of an organization’s employees, programs or benefits. These may entail a significant cultural or change-management shift. Innovations may include a unique approach to workforce management or the employee experience, improvements to learning and development, diversity, equity and inclusion initiatives, innovation around collaboration in remote working environments and enhanced performance management tools.

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To remain competitive organizations must disrupt themselves to reflect the changing nature of how customers want to do business and interact. Internal processes must be redesigned and executed differently to meet that customer need, providing value and personalization in the most effective and efficient way. Innovations in this category may include front or back-end processes, the introduction of new technology to drive change, or new approaches to deliver efficiency and/or improved quality.

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Innovations in marketing should demonstrate original, engaging campaigns supported by cutting edge deployment tactics and techniques. These could also include content produced for niche customer audiences, clever PR and advertising campaigns that capture the imagination of consumers, strategies to deliver on the customer experience promise or successful crisis or change management communications.

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RegTech innovations should provide unique solutions for key regulatory compliance challenges that financial services companies are facing today, such as AML-KYC, GDPR, transaction monitoring, the automation of regulatory reporting, and more. Collaborative solutions where banks, regulators and solution providers are working together to solve common challenges are strongly encouraged.

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Products or services recognized in this category should demonstrate a commitment to the creation, growth, efficiency and/or expansion of small businesses with revenues of $10 million or less. Innovations may be found in services such as consulting, financial planning, treasury, investments or others. They may also be technology based to include data analytics, AI, augmented reality, biometrics etc. Submissions could include innovations in terms of patents or first-to-market developments.

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Innovations of this kind are tailor-made or enhanced products, services and programs that provide new forms of accessibility to meet the needs of customers with special circumstances. Financial services organizations may also submit initiatives demonstrating the highest level of commitment to ethical business practices that honor consumers and inspire other financial institutions to operate with the same level of integrity. Innovations could include unlocking new financial access for an underserved population or investments in environmental or societal causes that benefit specific communities.

Please note BAI reserves the right to refrain from awarding winners or finalists for any category should none naturally emerge.

If you’re uncertain about which category your innovation might fall under, it might be helpful to review previous innovation winners as you select the corresponding category for your submission. You can also email [email protected] with any questions.

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