2024 Awards for Innovation and Transformation

Categories 

Read a bit more about each category and find out what the judges will be looking for.

Best Innovation in Marketing

This category focuses on innovation within marketing. Entrants will have implemented an innovative marketing technique or strategy within their business, market or category.

We consider marketing to include brand, data, digital, design, communications and PR.

The innovative marketing technique or strategy might focus on a specific marketing campaign or a broader brand-level initiative. The end-user of the innovation will be a consumer (B2C), institutional client (B2B) or intermediary as opposed to an internal audience.

Best Innovation in Product

This category focuses on an innovation or transformation in product design. The innovation will have either been directed towards an existing product i.e. a significant change or improvement or the conception of an entirely new product or offering.

Whilst the entry will centre around product research and design, submissions from cross-department teams are welcomed.

Best Innovation in Customer Service

Entrants to this category will evidence that they have made an innovative change or improvement to their existing customer proposition that has enhanced the service level offered by their business.

We will be looking for how the project was innovative and transformative, as well as the evidence of how the customer service is now better as a result of the change.

The 'customer' can be a consumer (B2C), intermediary or institutional client (B2B).

Best Innovation in Use of Technology

In some cases, the availability of new technology is the trigger for innovation and change.

This category asks entrants to explain and evidence how the implementation of a single technology or technology stack has resulted in a transformative or innovative change to either internal users or an external audience or customer.

The resulting change or transformation can encompass a change to behaviour i.e. a change to purchasing habits, streamlining a process or workflow (affecting both internal and external audiences) and improvements to customer experience and services.

Best Innovation in Channel or Format

The marketing channel ecosystem has exploded over the past decade. From podcasts to video and social media, financial services marketers are no longer confined to print and direct mail.

Entrants to this category can evidence how they've successfully utilised a channel or format not previously used in their business and/or market.

We recognise that it may be significantly more difficult to launch new channel in one financial services sector than another, so the judges will consider the individual circumstances and context of each business when assessing how innovative it is.

Where relevant, a good background description in the 'Summary' section will help outline the state of play.

Best Innovation on a Small Budget (>£100k)

Some of the best innovation and transformation initiatives come from a single meaningful insight, sparking one small change that then has a bigger domino effect. You don’t always need to allocate large amounts of budget to spark innovation, change or transformation.

Entrants to this category should be able to explain and evidence how they’ve had a transformative impact on internal or external audiences, process or consumer behaviour, without spending over £100k on the project.

Best Digital Transformation Project

For this category, we’re looking for an innovative digital project that has transformed the way that a department (or perhaps even entire business) operates.

The innovation can be focused on any business area, from HR to marketing and sales.

Best Use of AI or Automation

Tell us how you’ve implemented a new feature or process within your business using AI or automation. It might be a small change, new initiative or widescale project: no use case is too big or too small.

The judges will be looking for a project that has demonstrated innovative thinking and delivered a tangible business benefit.

Most Innovative Approach to Consumer Duty

Over the past six months, we’ve seen some amazing approaches to Consumer Duty.

This is truly a regulatory directive that has given financial services companies a chance to shine, activating innovative projects around behavioural science, data analytics and accessibility.

This award celebrates the very best of these new approaches and the important impact they will have to the end consumer.

Most Transformative Use of Data and Insight

Data (and the subsequent insights) are the foundations of any marketing toolkit.

For this award, we’re looking for innovative ways that you collect, analyze, present, and visualize data for the benefit of the customer or your business. This can of course include the application of a new AI tool. But do bear in mind that the transformative ‘output’ and subsequent use to the business is the key metric in this category.

Most Transformative Agency Model

In 2024, it feels like agency models are on the cusp of a new era. We’ve seen some amazing new setups emerging, from brand new agencies launching with innovative and exciting new propositions around AI to existing agencies completely revamping their existing proposition.

Agencies: this is your opportunity to tell the world about what you’re doing. And who knows, it might just give you some valuable airtime in front of potential new clients!

This category has slightly different questions, so please be sure to check the questions page before entering.

Most Innovative Use of Social Media

Social media is continuously evolving in financial services marketing, with new opportunities revealing themselves all the time. In 2023 we’ve seen the rise of FinTok, B2B influencers plus much more.

For this category, we want to know how you’ve pushed the boundaries of your existing social media strategy and how it has improved or changed the output or purpose of your current channels.

Judges' Special Awards

All entrants are automatically entered into the Judges' Special Awards. The gongs are given out at the discretion of the judging panel, commending the most exceptional entries of the cohort.

Most Innovative Company of the Year

In this category, we're looking for a financial services business who have demonstrated dedication and commitment to change or innovation. We recognise that innovation is not always easy in a regulated environment, so this award specifically celebrates an FCA or PRA regulated company.

Best Creative Leap

This special award commends the entrant that has made the most impressive and courageous leap into the unknown, challenging the status quo and overcoming significant barriers.

Best Innovation in B2C

This special award is presented to the best overall innovation, transformation or change project in the B2C space.

Best Innovation in B2B

This special award commends the best overall innovation, transformation or change project in the B2B space.

Most Innovative or Transformative Idea

Einstein said that ‘if at first the idea is not absurd, then there is no hope for it’. This award celebrates the a single transformative ‘eureka!’ moment that sparked change within a business.