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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 Awards reserved for European institutions?
No, the awards are open to banks across the globe. In 2019 we had entries from some 70 countries.
What is the Innovation of the month award?
Every month before the awards officially open for entries, Efma selects 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 Portal and via social media.
How can I create my login and password?
It is free and fast. Please go to www.efma.com/account in order to create your account.
Why do I not have full access to the forms of the other participants?
Full access is reserved for Efma members. To find out more about the terms and conditions of Efma membership, please contact Lubomir Olach at memberservices@efma.com
May I participate if my institution is not an Efma member?
Yes. The Awards are open to all banking and payment 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.
- Add a picture and even a video. This will create added value.
- Do not wait for the deadline to submit your innovation. If you are an Efma member, you can submit your innovation earlier and have a chance of winning the Innovation of the Month Award, entitling you to 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. Once is enough to participate in both competitions.
Can I submit an innovation in more than one category?
No, you have to submit in the category that is most suited for your innovation.
May I submit an innovation launched several years ago?
You can and we will be glad to publish it on the innovation portal, but only innovations launched after 1st January 2018 are eligible for the Awards.
May I submit a project that has not yet been launched?
Yes, but it must be at least in its pilot phase.
Will the information on my form be kept confidential?
Only to a limited extent, since all financial institutions that are Efma members have full access to the forms.
What kind of additional documents may I attach to my form?
Word files, PDF files, PowerPoint files, JPG and PNG pictures as well as URL links. YouTube URL only for the 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. Universality: the innovation’s adaptability across different markets and countries.
Who selects the nominees?
After the submission deadline, an Efma Committee will select the nominees in each category.
Who selects the winners?
The DMI Judges and Financial institutions visiting the website, whether they are Efma members or not.
When and where will the ceremony be held?
The ceremony will be held in Paris on the 16th of October 2019.
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.