We identify and award the most innovative projects in the banking industry
The awards aim to highlight and share global best practices that will accelerate the transformation of banking for the better.
2021 Award Categories
Note, the Global Innovator category cannot be entered but is qualified by submitting at least three entries to one or more of the categories below. This category awards the most innovative bank. The winner is the organization whose corporate vision commits it successfully to continuous innovation and transformation, to the development and leadership of a broad ecosystem of partners extending beyond banking, and to the exploitation of emerging technologies that improve the experience of its customers and the performance of its business.
Innovations that use data, analytics and AI at scale to improve the bank’s offerings, experiences and operations.
Innovations that transform the bank’s awareness generation, positioning, lead management and conversion, and related customer communication.
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.
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 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.
Breakthrough concepts that dramatically enhance or transform the products or functions which generate revenue for banks, such as credit, payments, open banking and others.
Significant enhancements in the bank’s distribution channels and its management of customer communications, engagement and relationships.
Innovations that advance the bank’s social purpose and its commitment to being a good corporate citizen and a true ally of its customers.
A Global Awards Program
We celebrate innovation from all around the world. Discover where the most disruptive banking projects come from!
Judging and Voting
The Efma–Accenture Banking Innovation Awards aims to appraise and recognize the most innovative projects, initiatives and ideas in banking globally. Winners are awarded by their peers, with a rigorous, independent process ensuring the credibility of the awards.
Nine innovations will be shortlisted by the Awards Committee for each of the award categories alongside. The committee will comprise industry experts. In addition, fifteen applications will be shortlisted for the special Global Innovator category.
For all but the Global Innovator category, Efma members and non-members will vote from 11 to 22 October 2021, using our dedicated web page to select the top three entries. This will make up 50% of the final scores (40% from Efma members and 10% from non-members). The remaining 50% will come from the votes of an Awards Jury, which comprises senior bank executives from across the world. For the Neobanks & Specialized Players category, online voters and jury members will shortlist six innovations out of the nine nominated ones. The six shortlisted innovators will present their innovations to award ceremony participants who will then cast their votes and the winner will be announced at the event. For the Global Innovator category, the Awards Jury will select the winner from the nominees identified by the Awards Committee.
Entries are evaluated taking the following three criteria into account:
The uniqueness of the idea in the marketplace and its potential as a game-changer.
The innovation’s capacity to generate a superior, long-term competitive edge and a significant return on investment.
The innovation’s adaptability across different markets and countries.
Discover the Initiative
Submit Your Innovation Today!
In 2019 the awards attracted 604 entries from 234 banks in 70 countries. The 2021 edition is now open for entries until 24 September. Get a headstart and submit your most innovative projects now. You can always start the process and come back and finish it later…
A rigorous and independent process ensures the credibility of the awards. This includes shortlisting by an Efma Awards Committee; deliberations by a jury of industry professionals; and a broader online voting process. Judging criteria includes Originality, Impact and Universality.
Register to Watch the Ceremony
The best innovations in each category will be recognized at an Awards Ceremony on 18 November (venue and format to be confirmed). This will include winners presenting their submissions.
It’s amazing to see how your initiatives and work compare to other leaders in the space, and what you can take from their experiences to use it in your own work.
- Jackson Davey, Commonwealth Bank of Australia
We’ve got to learn a lot today about global innovation, best in class practices and experiences from banks and financial institutions from all over the world. Just hearing the insight from both Accenture; global specialists; It provides a ton of content and insight that we can all carry back home to our organizations.
- Peter Poon, Head, Digital Product Management, Bank of Montreal
Really nice to hear from across the industry, and really hear about best practice for areas where we might not be big players, and that really sparks ideas on our side as well. The process of actually submitting an idea genuinely moves the business forward.
- Andrew McCurrie, Head of Market Insights, Discovery
Our award, recognised our achievement at an industry level on an international stage. This gave us, as a team, a lot of credibility amongst our peers. It showed our colleagues what we were doing was not only important but also possible… in other words the award was recognition that we are, by doing things differently, able to deliver disruptive and game changing capabilities to our clients… and that’s not something we are saying but rather international organizations like Efma.
- Arno Von Helden, Head: Forex Solutions/CIB Global Markets, Standard Bank Group
Our Partnership and Values
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. Over 120 financial groups in 133 countries are Efma members.
Headquarters in Paris. Offices in London, Brussels, Andorra, Stockholm, Bratislava, Dubai, Milan, Montreal, Istanbul, Beijing, Tokyo and Singapore.
Accenture is a global professional services company with leading capabilities in digital, cloud and security. Combining unmatched experience and specialized skills across more than 40 industries, we offer Strategy and Consulting, Interactive, Technology and Operations services—all powered by the world’s largest network of Advanced Technology and Intelligent Operations centers. Our 537,000 people deliver on the promise of technology and human ingenuity every day, serving clients in more than 120 countries. We embrace the power of change to create value and shared success for our clients, people, shareholders, partners and communities
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