What is an Impact Innovation Award (IIA)?
Customer needs and expectations continue to evolve worldwide, and financial institutions must strive to stay one step ahead. Their capabilities and the breadth of their product portfolios must go beyond what has traditionally been offered to address new market challenges and capture new opportunities. Aite Group’s Impact Innovation Awards are designed to recognize and celebrate innovation achieved by financial institutions globally, leveraging technology to surpass the status quo. Award recipients are leading the industry by identifying and implementing new products, capabilities, and/or levels of automation and effectiveness that are bringing our industry one step closer to next-generation banking. They are the financial institutions, regardless of size or region, that others will follow.
Categories for consideration under Cash Management and Payments
1. Artificial Intelligence and/or Advanced Analytics: Initiatives leading to improvements in information dissemination and business intelligence for the bank or its customers
2. Customer Experience: Initiatives leading to improvements in ways customers interact with financial institutions and their services, including improvements to look and feel, ease of use, and/or site navigation
3. Operational Efficiency: Initiatives leading to improvements in operational processes, often through automation and enhanced workflow
4. Digital Channel Capabilities: Initiatives that better leverage various digital channels to meet customer needs and that focus on new capabilities within the online and mobile channels
5. Product Development: Initiatives leading to development of new products or services that can help financial institutions capture greenfield opportunities
Requirements for Participation
1. Only financial institutions or vendors with explicit consent from their financial institution clients can submit the nominations
2. There are no restrictions in terms of size or location of financial institutions
3. Nominated innovations must be in production
4. All nominees must be willing to allow Aite Group to publicly announce and describe their initiative should they win.