Best of the Best: Award Categories
2013 BAI-Finacle Global Banking Innovation Awards are designed specifically to honor banks for game-changing products, services, practices and other achievements.
Awards will be bestowed in the following categories:
Product and Service Innovation Award
- This category recognizes a bank that has substantially improved an existing product or service or developed and introduced a new product or service that has engaged customers, created new revenue opportunities and/or improved the bank’s competitiveness in the market. This product or service innovation may have had a significant impact on the industry as a whole, or had a major impact on the organization’s business; for example, a new product development framework that improves company speed-to-market or a service improvement that impacts customer experience.
- Product innovations may span a broad range of areas like product bundling, pricing, payments, personalization, simplicity, interactivity, etc. and should be successful in the market with a healthy adoption rate.
- Service innovations may include practices around the introduction of new customer-centric services or the implementation of new technologies and/or programs that take customer service delivery to new heights. Service innovations should be successful with customers and have improved customer acquisition and/or retention rates.
- Product and service innovations must be launched in the market no earlier than July 2010.
Channel Innovation Award
- This category recognizes a bank that has made marked changes or improvements within the distribution network to either existing channels (including but not limited to: branch, online, call center, ATM, mobile, social media) or has introduced a new channel or distribution strategy that has benefited its customers and/or the organization.
- Channel innovations should demonstrate a clear improvement in accessibility, convenience and/or customer experience. Innovations may include the introduction of new technologies to enhance efficiencies, new features that improve the customer experience, or new tools to allow for greater access and convenience.
- Channel innovations must be complete and launched in the market no earlier than July 2010.
All submitted nominations will also be reviewed and considered for two special awards:
Disruptive Innovation in Banking Award
- This award recognizes a bank that has global impact in terms of redefining business-as-usual in retail banking. Disruptive innovations are radical in nature, for example enabling a whole new population of consumers to access a product or service. Online money exchanges (P2P lending) or mobile phone-based money transfer services are examples of disruptive innovations.
Most Innovative Bank of the Year
- This award recognizes a bank that demonstrates an ongoing commitment to innovation and the advancement of retail banking. Innovation is exhibited through new-to-the-world products or services and channel innovations leading to customer satisfaction and loyalty, and having significant market and business impact.
- The most innovative bank is driven by market insights and existing and emerging consumer preferences. This bank has an innovation culture which includes an innovation framework and/or processes that are supported by all levels of leadership.
Note that the awards recognize retail banks – not specific individuals.