Efma and Accenture (NYSE: ACN) have launched the eighth annual Banking Innovation Awards. The global competition rewards the best new innovative ideas and practices currently transforming the banking industry. Banks can submit entries until September 24, at: innovationinbanking.efma.com.
The Efma-Accenture Banking Innovation Awards invite banks worldwide to submit their most innovative projects that demonstrate how they are using the latest technologies to transform the industry in the wake of COVID-19 within the following seven categories:
- Analytics & Artificial Intelligence (AI) – innovations that use data, analytics, and AI at scale to improve the bank’s offerings, experiences, and operations.
- Digital Marketing & Sales – new ways to transform how banks can better understand customers, position offerings, generate leads and communicate with customers.
- Future Workforce – changes to the way employees work, the overall workforce, and the employee experience.
- Neobanks & Specialized Players – innovations from banking startups, digital spinoffs, and technology firms working within the banking industry.
- Offering Innovation – breakthrough concepts that dramatically enhance or transform the products or functions that generate revenue for banks.
- Reimagining the Customer Experience – rethinking banks’ distribution channels and management of customer communications, engagement and relationships.
- Social, Sustainable & Responsible Banking – advances in social purpose, and the bank’s commitment to being a good corporate citizen and true ally of its customers.
In addition, a ‘Global Innovator’ will be selected for the entrant that demonstrates a corporate vision that commits to continuous innovation and transformation, the development and leadership of a broad ecosystem of partners extending beyond banking, and the use of emerging technologies for improved customer experiences and business performance. Winners will be recognized at a dedicated awards ceremony on November 18.
“Despite the current challenges for the banking industry, there is no doubt that banks continue to increase digital channel usage at a faster pace,” said John Berry, CEO of Efma. “As banking gets more embedded into customers’ everyday experiences, banks that implement innovative hybrid service models and leverage ecosystems will be able to develop more sophisticated products and services to remain relevant for their customers. We encourage financial institutions from across the globe to submit their innovations and share their ideas and best practices to help transform the industry for the benefit of banks and customers alike.”
Each entry will be assessed using three criteria: originality; impact – an innovation´s strategic capacity to generate long-term competitive edge and return on investment; and universality – its adaptability for use in other markets and countries.
Fabrice Asvazadourian, who leads Accenture’s banking industry group in Europe, said: “As we emerge from a year of customers being driven in droves to digital services due to the COVID-19 pandemic, banks around the world are embracing new technologies to position their businesses for renewed growth. We are looking for banks that are harnessing change to drive value; the Efma-Accenture Banking Innovation Awards spotlight the innovations that are helping the banking industry overcome disruption and become more resilient and competitive.”
Winners will be selected through a combination of votes by a 30-member panel of judges comprising senior banking leaders from around the world and an online vote by Efma members and non-members from financial institutions.
A global non-profit organization established in 1971 by banks and insurance companies, Efma facilitates networking between decision-makers. It provides quality insights to help banks and insurance companies make the right decisions to foster innovation and drive their transformation. 120 financial groups in 133 countries are Efma members. Headquartered in Paris. Offices in London, Brussels, Andorra, Milan, Stockholm, Bratislava, Warsaw, Moscow, Istanbul, Beirut, Dubai, Tokyo, Singapore, Sydney, and Montreal. Learn more: www.efma.com
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Accenture’s Banking industry group helps retail and commercial banks and payments providers boost innovation; address business, technology and regulatory challenges; and improve operational performance to build trust and engagement with customers and grow more profitably and securely. To learn more, visit https://www.accenture.com/us-en/industries/banking-index.
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