This year marks the fifth anniversary of the Efma-Accenture Distribution & Marketing Banking Innovation Awards. More than richly-deserved recognition, the Awards are a prized networking event and an opportunity to learn about innovations and bold thinking in the banking industry. Since 2013, this awards program has helped drive innovation in our industry, spurring financial institutions toward building disruptive strategies that can propel our industry into the future.
This year, Efma received 465 submissions from 181 organizations in 59 countries. The winners of each award will be announced at the 2017 Efma Accenture Distribution & Marketing Banking Innovation Awards in Rome on 25 October.
Customer Experience & Engagement
Innovations aimed at radically changing the way banks engage customers at every touchpoint and provide a seamless and personalized experience. Brand new approaches include: leveraging personas (specific customer profiles) as the centre of customer journeys; new customer management models; omnichannel integrated experience; new customer experience measurement (actionable insight, customer satisfaction metrics); innovative management of customer loyalty and satisfaction, customer experience governance models.
Innovations in Banks’ distribution channels aiming to reinvent the Bank-Customer relationship, including: mobile and social media as service or sales channels, digital migration initiatives, implementation of digital technologies into the Bank’s physical network (e.g. augmented reality, robot interactions, ATM enhancements) to provide a compelling customer experience, improvements in operating model through digitization (e.g. remote relationship management), value-added self-service features and cross-channel sales enablement.
New Business Ecosystem
Innovations aimed at creating modular banking platforms to engage with third party providers such as Fintech or GAFA (Google, Amazon, Facebook, Apple), in order to offer to customers value added services and holistic experiences. Innovations in this category includes APIs enabled ecosystems (e.g. financial account aggregators services and payment service) and relevant, ongoing partnerships between Banks and Fintech.
Best New Product or Service
Innovations related to new products and services introduced in the market, both traditional and digital native. The category aims to award attempts to differentiate the offering catalogue, also by moving beyond the usual banking boundaries thus addressing a wider set of customer needs and enabling a new, more meaningful bank-customer conversation. It also includes customer platforms, intended as end-to-end, digital-enabled offers able to address the entire set of needs of specific customer segments or clusters.
Wallets and Payments
Innovations aimed at performing payments and transactions on-the-go and radically simplify the payment experience. Innovative elements that enable faster, easier and safer payments for customers. It also includes innovations linked to blockchain technology in payments and digital currencies.
Workforce Empowerment & Behavior
Innovations aimed at strengthening workforce methodologies and processes, leveraging technology to infuse high-value human touch into a more customer centric relationship model as well as introducing new integrated tools and metrics to measure performance in relation to customer-driven factors. It also includes innovations striving for a diffuse Digital culture both at customer and employee level, aimed at facilitating long lasting behavioural changes, also through gamification techniques.
Digital innovations aimed at improving efficiency and effectiveness of the marketing funnel, by: generating traffic on online and offline channels (media planning, SEO and SEM campaigns execution), adopting Data Management Platforms (DMP) to provide a deeper knowledge and holistic view of the customer and activate prospecting, retargeting and lookalike targeting; increasing customer and prospect awareness (digital competitive positioning); favouring engagement (proximity marketing, custom audience), leveraging content production and personalization; boosting contact-to-sales conversion (Multivariate testing, media spending and content optimization).
Big Data, Analytics & AI
Innovations that radically change how Banks collect and effectively manage information across multiple dimensions and touchpoints, in order to elaborate and distribute actionable insights, increase customer intimacy, create competitive advantage and develop tailored offers, also through multichannel CRM capabilities (one-to-one, real time marketing). It also includes innovations aimed at creating new operating model (data driven companies) and analytics dedicated center of excellence as well as data monetization initiatives and artificial intelligence solutions to provide new support and advisory services (e.g. chatbot).
Global Innovator - Challenger Player
This category recognizes the most innovative player among local or niche banks, digital banks and new challengers having a banking licence. The winner will be the player that most effectively disrupts the banking arena, radically changing how banks do business or redefine the overall banking business-as-usual in new and unique ways. (A dedicated application will be required and the winner will be independently identified by the jury).
Global Innovator – Established Player
This category aims to award the most innovative player among universal banks and each country’s largest banks (by assets and distribution network). The winner will be the player that most successfully commits its overall vision to innovation, developing innovative projects in different areas in order to continuously transform its business model. (A dedicated application will be required and the winner will be independently identified by the jury).
This year’s ceremony will take place in Rome, Italy on Wednesday, October 25 at 9 am. The full-day ceremony will conclude with two special awards for outstanding innovative achievements. Accenture’s Piercarlo Gera and Efma’s Vincent Bastid will provide concluding remarks.
The event will take place at the Sheraton Parco de’ Medici Rome Hotel.