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Frequently Asked Questions

Where can I access the nomination form?

The nomination form can be accessed online at awards.bai.org.

How do I submit a nomination?

Nominations need to be submitted online by completing the entry form at awards.bai.org. Only nominations submitted online by the deadline and that meet submission criteria will be accepted.

What materials will I need to submit a nomination?

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

  • Contact details of nominee (if you are nominating an organization besides your own) and institution being nominated.
  • Detailed description of the innovation that describes the innovation in terms of functionality and purpose, how it addresses business objectives or resolves problems for the organization or customer.
  • Detailed description of the impact of the innovation either to the organization or customer. (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 then please provide qualitative evidence. Qualitative information that will be deemed acceptable to demonstrate impact will demonstrate 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.)
  • Supplemental documents such as marketing or promotional videos, non-commercial articles and data to support the originality and impact of the nominated innovation

What is the deadline to submit nomination forms?

Friday, April 20, 2018 at 6:00 p.m. CDT

Who fills out the nomination form?

All retail financial services organizations are welcome to submit nominations for any or all appropriate categories. Qualifying financial institutions can self-nominate or are eligible for nomination from industry analysts, media and public relations firms and solutions providers.

At this time, the Awards program does not recognize vendors that self-nominate for providing services to banks. The financial service must be provided directly to the consumer. For more details, please visit the Who Should Submit page.

How much does it cost to submit a nomination?

Participation is free.

What are the award categories for submission?

One winner will be recognized in each category. Click here for award category details.

How many categories can one institution enter?

As many as appropriate, however, each organization is limited to a maximum of five submissions per category. 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. Summary of the innovation
    3. The impact of the innovation
    4. The culture of innovation within the nominated financial services organization
    5. Collaborators or team involved

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

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 globalinnovations@bai.org 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 three outstanding achievement winners for the Disruptive Innovation in Financial Services, Outstanding Use of AI in Financial Services and Most Innovative Finserv of the Year awards are specially designated by the Innovation Circle from the overall pool of nominations.

What criteria will be used to assess nomination forms?

The Innovation Circle will select awards finalists and winners based on the following criteria:

Originality

  • Is it new or does the innovation extend well beyond marginal improvements to existing products, services, technologies, distribution strategies and practices?
  • What is the unique value to the customer?

Impact

  • Does the innovation demonstrate substantial improvement/benefit to the organization and customer base? Is it scalable and portable across geographies and platforms?
  • Impact should be substantiated through quantitative data or qualitative evidence of success by demonstrating that the innovation helped grow one or more of the following – customer acquisition, balance sheet or revenue. Additionally, you can provide information on increase in adoption of the product or service among existing customers or impact on brand, customer retention and even provide customer feedback.

Note that each nomination will be evaluated on the two-dimensional criteria above and weighed equally to identify award finalists.

When will the award finalists be announced?

The 2018 Awards finalists will be announced this summer.

When will the award winners be announced?

The Award winners will be announced in the lead up to BAI Beacon, which will take place October 9-11, 2018, at the Orange County Convention Center in Orlando, FL. Please check back for more details.

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.

Do winners need to be present to receive their award?

Winners must have a representative available to send to Orlando, Florida, USA and be present to accept the award at the 2018 BAI Global Innovation Awards celebration.

What do Awards finalists and winners receive?

  • Worldwide Visibility
  • Prestige Among Peers
  • Valuable Recognition

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.

Whom do I contact for more information?

For general inquiries, please email globalinnovations@bai.org or call BAI Customer Support Services at 800-224-9889 or 312-683-2464. Hours of operation are 8:30 a.m. - 5:00 p.m. CST, Monday-Friday.