Other parts of this series:
- A global showcase for banking innovation
- Using analytics and AI for a better banking experience
- Fostering social inclusion in Brazil through the power of digital marketing
- Linking banks, retailers, loyalty schemes and customers seamlessly worldwide
- Transforming bank customers’ mortgage journey using “phygital” innovation
The 2019 Efma-Accenture Banking Innovation Awards – getting bigger and better every year!
2019 has been no exception. This year alone, 235 institutions from 70 counties submitted a total of 605 nominations via the Customer Insight and Growth Banking Innovation portal where hundreds of previously-submitted innovations are profiled.
This is a record number of submissions in any year since the awards were launched in 2012–taking the cumulative total over that time to more than 2,768 innovations from 741 institutions in 92 countries. And as main sponsor of the awards, we’ve had the privilege of reviewing all these submissions in association with Efma, before the chosen few are shortlisted for awards by a hand-picked panel of independent expert judges.
The seven award categories
- Analytics & Artificial Intelligence
- Digital Marketing & Communication
- Offering Innovation
- Neobanks & Specialized Players
- Phygital Distribution & Experience
- Social, Sustainable & Responsible Banking
- Workforce Experience
- Global Innovator
What do the judges look for? Put simply, the most innovative retail banking projects anywhere in the world. The awards cover seven closely-defined categories plus an overall “Global Innovator” award. Across the seven categories, the judges’ vote is based on three criteria.
First, originality-how unique is the innovation, and how great is its potential to ‘change the game’? Second, impact-is it capable of generating a long-term competitive edge and substantial return on investment? And last but not least, universality-how adaptable is it across different markets and countries?
In parallel, the Global Innovator award is assessed by a select group of innovation specialists and banking executives, who decide collectively which bank has the most impressive body of innovation.
We’re proud to be associated with these awards, which are the most prestigious accolades in the industry. We at Accenture also benefit hugely from our involvement-because these awards help us to keep our finger on the pulse of innovation in retail banking, whoever may be doing it and wherever in the world it’s taking place.
In my next few blogs, I’ll take a look at each award category in turn, talking about the key trends and discussing what sets the 2019 winners apart. Watch this space!
But if you can’t wait that long to know who won and why, read our press release.