Deadline: 30-Jun-23
The Bank Administration Institute is accepting nominations for its Global Innovation Awards to celebrate the thinkers, doers and dreamers shaping financial services.
BAI Global Innovation Awards have stood as the premier innovation honor for the financial services industry, putting the field’s boldest, smartest and most transformational thinking center stage.
The ideas they honor run the gamut, from powerful new technologies to novel ways to leverage customers insights, from customer experience advances to community enrichment initiatives. Their submissions arrive from all parts of the industry and all corners of the globe and range from the highly complex to the deceptively simple.
What does a winning idea look like?
- The BAI Global Innovation Awards are not limited to specific categories — instead, innovations can be anything related to the financial services industry that improves business or retail customer relationships, fosters organizational improvement or serves communities.
- Remember, not all innovation is about technology. Think about organizational innovation, strategy innovation, process innovation, etc.
Criteria
- Potential for market impact:
- e.g., Size of market
- Importance of innovation given market needs
- Addresses a fundamental problem for employees, customers or other stakeholders
- Strength of vision: Quality of thought, analysis, insights and critical thinking shaping the vision and goals
- Strength of metrics: Use of data and facts to drive decisions; strength of business model
- Strength of team and delivery: Demonstrated quality of execution; ability to recover from the inevitable challenges in implementing an innovation Diversity of team (team composition) cross-functional team, how the team operated
- Use of innovation “best practices”: Demonstrated use of proven practices to increase the odds of success.
- Submissions must be for innovations that have been taken to market and tested, at the minimum, as prototypes (they 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.
- Your submission will be reviewed by The Innovation Circle, 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.
Eligibility Criteria
- They 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.
- What You’ll Need:
- Primary contact information and the name of the person responsible for the innovation
- Focused and concise description of the innovation, supported by facts. Be prepared to explain:
- Why your submission is innovative?
- Who the target market is – e.g., employees, retail or commercial customers, the community, or other stakeholders – and specific segments within these audiences including their attributes and size of the segment(s)
- What analysis, data and/or market research indicate the potential for this innovation to be viable
- What results you have achieved, for example, hitting key milestones, performance in beta testing or market research, in-market results, financial and customer feedback indicators, etc.
- The impact of the innovation on the target audience(s) and segment(s).
- Please keep your submission specific to this content listed. Extraneous detail will make it difficult to score your submission.
- They encourage the team behind the innovation to submit a 2-minute video pitch highlighting the information requested. They are not seeking highly-quality video – a cellphone, good lighting and a tripod is all you should need, along with a passion to share, in a conversational style, why your submission is important. They want to have the opportunity to listen to you telling your story!
- If available, supplemental documents such as marketing or promotional videos, thought leadership articles, and data to support the originality and impact of the nominated innovation.
For more information, visit BAI Global Innovation Awards.
