2nd Edition of The Efma Accenture Distribution & Marketing Innovation Awards
Efma and Accenture launched this initiative with the aim to spread out and share worldwide best practices in the Retail Banking Distribution and Marketing arena.
An essential component of the programme is the Innovation Portal: www.efma.com/accenture. This portal showcases innovations from all over the world, in the following nine categories, plus the Global Innovator, the Most Disruptive Innovation and the Most Promising Idea.
Innovations can be searched by category, keyword, date, country or institution. The portal contains a detailed description of each innovation: the reasons behind it, what makes it unique, how it has been implemented, how it was organised and the results achieved to date. Each innovation is accompanied by a series of relevant documents.
Efma and Accenture are able to draw upon their international network of correspondents and associates to track innovations in retail financial services worldwide. Banks are then approached by Efma and asked to fill in standardised forms that are put online.
Nominees from all innovation categories will be shortlisted by Efma at the end of September 2014. Banks have the possibility to post their innovative ideas in the following categories:
Innovations aimed at radically changing the way FS players engage customers at every touch point and how they develop a more seamless and personalized experience. Brand new approaches include: new customer management models (service models), omnichannel customer journeys, innovative management of customer loyalty and satisfaction
Innovations in the FS physical distribution network, related to: branch footprint & location, branch format, compelling customer experience by exploiting cutting-edge technologies and improved operating model through digitization and self-service
Innovations aimed at shifting sales, relationship and service from the traditional physical channel to digital touch points, including: digital (e.g. Mobile, Social Media) as a Sales channel, remote relationship management to infuse human touch into digital channels, cross-channel sales enablement, value-added self service features (e.g. innovative User Experience and Interaction)
Customer Analytics and Big Data
Innovations that radically change how Financial institutions collect and effectively manage customer information across multiple dimensions (e.g. behaviors, needs, customer value) both from internal and external sources as well as new ways to exploit the big data potential in order to obtain actionable insights, increase customer intimacy and develop tailored offering, also through multichannel CRM capabilities
Digital innovations aiming at improving efficiency and effectiveness of marketing funnel, in terms of: increasing awareness (digital competitive positioning, video-based adv), favoring engagement (trigger-based marketing) and consideration (content marketing), boosting contact-to-sales conversion (SEO, DEM)
Innovations aimed at strengthening sales methodologies and processes, leveraging state-of-the-art tools able to align sales behaviors to a digital customer centric model as well as introducing new metrics to measure customer centric sales performance (e.g. NPS)
Initiatives aimed at evolving banking business model, becoming the customers' indispensable Everyday Bank, positioned to fulfill all their daily financial and non-financial life needs, through the set-up of a digital ecosystem and e-commerce platforms with merchants. Mobile represents the key lever to perform payments and transactions on-the-go and the main gate to the new ecosystem
Innovative practices within FS industry aimed at contributing to the economic and social development of communities, to enlarge financial inclusion and education, while upholding environmental responsibility and enhancing collaborative partnerships with Governments/NGOs and other Community related organizations
Best New Product or Service
Innovations aimed at enhancing and extending the traditional offer, creating new profit pools by serving new customer segments or entering new markets, typically unreached by competitors
Three additional awards will be assigned by the Innovation Award Committee to identified banking players in the following categories:
Most Promising Idea:
Ideas, pilots, business start-ups, labs and new projects still in their early stage, but with the potential to set the ground for a new way of doing business across all functions and channels (the winner will be independently identified by the jury; no application by financial institutions)
Most Disruptive Innovation
Innovations that radically change the FS way of doing business or redefines the overall business-as-usual at a FS institution or industry level in new and unique ways. (the winner will be independently identified by the jury; no application by financial institutions)
This category awards the most innovative FS player worldwide. The winner is the financial institution that successfully commits its overall vision to innovation, developing innovative projects in different areas in order to continuously transform its business model (a dedicated application is required)