The Questions
To enter, you'll need to answer four questions telling us about the origin, execution and impact of your innovation. The total word count for the entire of your entry should not exceed 1000 words with the exception of the Background Summary, which is unmarked* - but it's up to you to decide how to allocate that total word count across the four questions.
For example, you might want to allocate more words to questions 3 and 4, where there are more marks available.
Whilst supporting evidence is welcomed, the only element of the entry that is formally marked is the responses to the questions. Additionally, please note that this year we will only accept two A4 sides comprised of relevant graphs, statistics, images or where relevant, links to video. This should function as an appendix only.
Please note that all campaigns must have commenced after Jan 2022.
*The exception to this is Most Innovative Company of the Year, Innovation Leader of the Year and Most Innovative Agency Partnership, all of which have a different marking criteria as outlined below, with individual word counts per question.
0. Background Summary [150 Word Limit NOT Included in Word Count]
Provide the judges with the context that informed your innovation, change or transformation. This should include any background information on your market, business or category to help them understand the requirement for change.
Remember that some judges may not be aware of the unique challenges of a particular sector of financial services, particularly if you work in a very niche area.
Whilst the Background Summary is unmarked, an ability to concisely explain why innovation or change was required will help the judges to accurately mark the scored elements of the entry and make a fair comparison against other entrants.
1. What was the challenge or opportunity that was being addressed? [25 Marks]
Outline the reasoning behind the innovation, change or transformation.
Does it solve a specific problem, or make an incremental improvement to user experience or value?
Does it have potential to change consumer behaviour or transform the way the market operates?
2. What are the key user and/or business benefits? [25 Marks]
Expand more specifically on what the project or campaign delivered for the consumer, user, business, market or sector.
How does it to compare to competitors if competition exists? How does it differentiate from existing propositions, services or products available?
Was part of the challenge to persuade users or consumers to embrace the new approach?
3. How was the innovation linked with the company’s overall customer and/or business strategy? [50 Marks]
How did the innovation or transformation align with the company's overall values and strategy? How did it enhance the existing proposition?
Was the innovative approach developed as the most effective way to deliver a challenging strategic goal? Or was the trigger the availability of the innovation, which then led to a realignment of the company’s longer-term ambitions?
Which departments were involved in the insight, development and launch?
You might also consider describing the balance between short-term and long-term considerations and impacts in this initiative; and the effect that it may have (positive or negative) on other products, processes or brands.
4. How would you quantify the success of this innovation? [50 Marks]
Did the result of the innovation meet or improve on the original challenge? How disruptive is it and what is the long-term impact for your company, the user, customer or the financial services industry?
Benefit to the company could be evidenced, for example, in terms of current and future compliance; perceived value; improvements in current or potential sales and/or margins; positive media coverage; or increased customer satisfaction and endorsement. To what extent is that added value sustainable into the future?
Supporting Evidence - Appendix
We will accept no more than two sides of A4 as PDF as supporting evidence. This will ideally be comprised of graphs, statistics, images or where relevant, links to video. This should function as an appendix only and will not be formally marked.
Scoring for Most Innovative Company of the Year
1: Innovative Activity [250 words – 50 marks]
Describe a notable recent innovative, transformative and/or change initiative Did this build on your existing approach, or did the project involve new practices entirely?
What did the project or initiative achieve? What made it successful?
2. Innovation Within Teams [250 words – 50 marks]
Does innovation and transformation involve multiple teams or departments or a single group?
Why and how have you found this approach to be successful? Do you have any specific templates to nurture innovation i.e. Design Thinking?
3. Innovation Within the Business [250 words – 50 marks]
How do you balance overall corporate objectives with innovation?
How do you balance the long-term value of innovation in product design and marketing execution with the short-term pressures to deliver immediate profits?
How is change nurtured at a company-wide level?
Supporting Evidence - Appendix
We will accept no more than two sides of A4 as PDF as supporting evidence. This will ideally be comprised of graphs, statistics, images or where relevant, links to video. This should function as an appendix only and will not be formally marked.
Scoring for Most Innovative Agency Partnership
1: Innovative Activity [250 words – 50 marks]
Describe a specific notable recent innovative, transformative and/or change initiative or project that was created as a result of an agency partnership
How did you balance overall corporate objectives with innovation within the partnership?
What did the project achieve?
2. Nurturing a Successful Partnership [250 words – 50 marks]
How did the agency support the client in creating a new approach?
What methods did the agency use to unlock innovation in the client business?
Did you overcome any significant barriers to change?
3. Project Output [250 words – 50 marks]
How disruptive was the project output and what was the long-term impact for the client company, the user, customer, or the financial services industry?
Are the learnings and/or new processes sustainable for the client?
Have any new approaches been adopted within the business as a result of the partnership?
Supporting Evidence - Appendix
We will accept no more than two sides of A4 as PDF as supporting evidence. This will ideally be comprised of graphs, statistics, images or where relevant, links to video. This should function as an appendix only and will not be formally marked.
Scoring for Innovation Leader of the Year (Individual)
1: Innovative Activity [250 words – 50 marks]
Describe a notable recent project within the innovation, change or transformation space that you have led
Did the project build on existing approaches within your business, or did they involve new practices entirely?
What did the project achieve?
How did you balance the long-term value of innovation in product design and marketing execution with the short-term pressures to deliver immediate profits?
2. Leading an Innovative Team [250 words - 50 marks]
What did you and your team learn from the project outlined in question 1?
What methods did you use to unlock innovation within your team and/or the wider business?
Did you overcome any significant barriers to change?
3. Project Output [250 words – 50 marks]
How disruptive was the project output and what was the long-term impact for the company, the user, customer, or the financial services industry?
Are the learnings and/or new processes sustainable for the business?
Have any new approaches been adopted within the business as a result of the project?
Supporting Evidence - Appendix
We will accept no more than two sides of A4 as PDF as supporting evidence. This will ideally be comprised of graphs, statistics, images or where relevant, links to video. This should function as an appendix only and will not be formally marked.
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