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Frequently Asked Questions
What is Efma?
Efma, a not-for-profit association formed in 1971 by bankers and insurers, specialises in retail financial marketing and distribution. Today, more than 3,000 brands in 130 countries are Efma members, including over 80% of Europe’s largest retail financial institutions.
Are the Efma-Accenture Banking Innovation Awards reserved for European institutions?
No, the awards are open to banks across the globe. In 2019 we had 605 entries from 234 institutions some 70 countries.
What is the Innovation of the Month award?
Every month before the awards close for entries, we select a ‘Submission of the Month’. The winner benefits from immediate shortlisting in the top 9 of its category; a communication campaign via the Efma website, its e-newsletter, Innovation Awards Portal and social media.
Do I need to create a login and password to submit an award?
Yes, it is free and fast. Please go to www.efma.com/account in order to create your account. You can then start the submission process.
Why do I not have full access to the forms of the other participants?
For full access you need to be an Efma member. To find out more about becoming a member, please contact memberservices@efma.com
May I participate if my institution is not an Efma member?
Yes. The Awards are open to all financial services institutions.
May I participate if my institution is not a financial institution?
No. The Awards are reserved for banking and payment institutions. If you want to submit a project developed with a banking or payment institution, please ask the banking or payment institution to submit it for you.
How much does it cost to submit an innovation?
Participation is free of charge.
What can I do to increase my chances of winning?
- Particular care should be taken when completing the presentation part of the form.
- You can add a picture and even a video to show the value created.
- Do not wait for the deadline to submit your innovation. You can submit your innovation before the entry deadline to win the Innovation of the Month Award that entitles you for automatic selection as a nominee for the annual Awards.
Do I have to submit my innovation twice if I want to compete for the Innovation of the Month Award and for the annual Awards?
No, by making a submission you will be entered into both competitions.
Can I submit an innovation in more than one category?
No, you have to submit in the category that is most suitable for your innovation.
May I submit an innovation launched several years ago?
You can submit this and this will be published on the Innovation Awards Portal, but only innovations launched after 1 January 2018 are eligible for the 2021 Awards.
May I submit a project that has not yet been launched?
Yes, but the project/innovation must be at least in its pilot phase with some clear outcomes already realised.
Will the information on my form be kept confidential?
Yes, but only to a limited extent, since all financial institutions that are Efma members have full access to submission forms.
What kind of additional documents may I attach to my form?
You can include word documents, PDFs, PowerPoints, JPGs and PNGs as well as URLs. Please only use YouTube URLsfor videos.
What criteria are used to assess innovations?
The Efma committee will evaluate the innovations and rate them on a scale from 1 to 10 taking the three following criteria into account: Originality: the uniqueness of the idea in the marketplace and its potential as a game changer; Impact: the innovation’s capacity to generate a superior, long-term competitive edge and a significant return on investment; and Universality: the innovation’s adaptability across different markets and countries.
Who selects the nominees?
An Efma Awards Committee will select the top-9 nominees per category after the deadline.
Who selects the winners?
For all but the Global Innovator category, Efma members and non-members will vote using a 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
When and where will the ceremony be held?
The ceremony will take place on 18 November, with the venue and format to be confirmed at a later date.
Who can participate in the ceremony?
Participation is restricted to the winners & is free of charge.
A joint Efma and Accenture initiative, the Banking Innovation Awards have been serving as a catalyst for innovation in the banking sector since their inception in 2013.