The awards process is based on the following steps
A shortlist of 6 nominees for each category is identified by an Efma Committee after the submission deadline (11th September).
The voting period : 18th September until 29th September
Efma members and non-members from financial institutions only visiting the website are voting for the 8 standard categories (excluding Global Innovator categories).
To do so, they established a podium ranking of Gold, Silver, and Bronze, among the 6 nominees per category. (A vote from an Efma member is worth two votes compared to a non-member voter).Each vote cast by an institution for its own innovation, receives 50% of the points normally attributed.
For the two special Global Innovator categories, an Innovation Awards Committee composed of banking executives and innovation specialists from all over the world review all the nominees and vote.
Jury – Innovation Awards Committee
The jury evaluates the Global Innovator nominees taking the following three criteria into account:
The uniqueness of the innovation strategy in the marketplace and its potential as a game changer.
The strategy capacity to generate a superior, long-term competitive edge and a significant return on investment.
The strategy adaptability across different markets and countries
The rating results remain confidential.