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.
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 about page.
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.
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.
Contact details from nomination submitter and institution being nominated
Choosing the innovation category that best suits the nomination
Details of the innovation:
The title of the innovation
Summary of the innovation
The impact of the innovation
The culture of innovation within the nominated financial services organization
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.
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.
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.
The Innovation Circle will select awards finalists and winners based on the following criteria:
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?
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.