About the awards
The Banking Innovation Awards is a global competition that showcases the most exciting and effective innovations that are taking advantage of emerging technologies and responding to the disruption and opportunities in banking. And in exciting news, we have partnered up with Infosys Finacle to make the awards even bigger and better in 2024!
The awards are credible. There is no charge to participate and winners are determined by a rigorous, independent judging and voting process. The awards ceremony is recognized as the premier annual gathering of banking innovators and their ideas worldwide
Why enter?
- Help promote a culture of innovation in banking
- Achieve the recognition of your colleagues
- Be acknowledged by your industry peers
- Gain public acclaim for your organization as an innovation leader
- Network with other executives who are driving innovation
- Benchmark your innovation against those of other bankers
- Be inspired by the creativity and boldness of your peers
Our criteria
An innovation committee shortlists the best innovation in each category based on 3 criteria:
Originality: The uniqueness of the idea in the marketplace and its potential as a gamechanger.
Impact: The innovation’s capacity to generate a superior, long-term competitive edge. This includes KPIs such as RoI, NPS, cost reduction, churn rate, employee engagement score, customer lifetime value (CLV), time reduction, carbon footprint, etc.
Universality: The innovation’s potential to be relevant and/or adapted for use in other markets, or even industries.
Key dates
Categories
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Reimagining the Customer Experience
Significant enhancements in the bank’s marketing, sales and distribution, and its management of customer channels, communications, engagement and relationships.
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Core Offering Innovation
Breakthrough concepts that dramatically enhance, transform, or tailor them to specific market segments. This could include traditional banking products such as credit, payments and advice.
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Business Model Transformation
Creative new products that change the bank’s business model and expand or redefine its role. These novel offerings may be developed and distributed by the bank alone or with ecosystem partners in other industries. They may either be stand-alone banking products or be incorporated into broader, more diverse non-financial offerings.
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Social, Sustainable & Responsible Banking
Innovations that advance the bank’s social purpose and its commitment to being a good corporate citizen and a true ally of its customers.
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Future Workforce
Changes to work, the workforce and the employee experience. This includes the use of data, technology and new approaches to how employees are supported by machines and upskilled, and how work is organized, performed, measured and managed.
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Neobanks & Fintech Players
The creation and/or application of innovative technology that substantially enhances customers’ banking experience and/or develops new sources of revenue for the industry. This category is reserved for banking start-ups and digital spinoffs, and technology firms working within the banking industry, whose innovations are stage-one funded, have a market release proposition, and/or have completed a successful market proof of concept.
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Operational Excellence
Scalable processes that drive improved efficiency to support a faster pace of growth for the bank’s revenue stream and asset base than for its overhead costs.
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Last but not least
TRANSFORMATIVE INNOVATOR OF THE YEAR (GOLD WINNER ONLY)
The winner is the bank or banking group that has successfully achieved a best-in-class transformation program to create and deliver value. Their corporate vision also commits it to continuous innovation through a broad ecosystem of partners extending beyond banking and the effective exploitation of emerging technologies, amongst others. You cannot submit your innovation in this category. There is a separate application form, and you must have submitted at least 3 innovations in any of the other seven categories to qualify.
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Get in touch
Want to get in touch regarding the submission process or invitations? Please write us at innovation@qorusglobal.com
Meet the awards team
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