In its sixth year now, the Financial Insights Innovation Awards (FIIA) recognizes achievements of financial institutions across the region in the area of innovation in supporting business strategies.
The FIIA 2010, which will be presented at the Asian Financial Services (AFS) Congress 2010, has increasingly become the region's most anticipated award for financial institutions, as well as providing an indication of how the Asia/Pacific financial services industry as a whole is leveraging technology as a driver of innovation and competitive differentiation.
Submissions for FIIA 2010 will be assessed against a revamped cross-matrix of the following:
Criterion:
What this includes:
Angle of "Innovation"
Nature of a product/service
Development and deployment
Technology leverage and application
Process reengineering
Organizational transformation
Best practice
Response to market need
We consider how an initiative responds to country-and market-specific conditions. In other words, Innovation should not be undertaken for its own sake, but should be contextualized to the need of the time/market.
Effectiveness of implementation
Business case
Organization buy-in
Timeline and budget considerations
Internal and external collaboration
Partner engagement
Challenges faced and resolved
Market take-up
Business benefits (projected or realized)
Short, medium and long-term outlook
Sustainability
Outlook on top-line/bottom-line
Competitive differentiation
How difficult it is to replicate
Impact on customer
A new addition to FIIA's criteria set, we consider how the industry perceives innovative offering and how it impacts the organization's brand and perception as a technology savvy institution.
After evaluating submissions from financial institutions across Asia, IDC Financial Insights notes that the financial institutions which have distinguished themselves, have manifested the ability to:
Clearly define their overall strategic intent;
Rally support and commitment for the strategic initiative from senior executives through to project management and business users;
Articulate the role of technology in these strategic initiatives, show transparency in IT procurement and vendor management, and implement the most effective solution(s) accordingly;
Take a proactive and holistic approach to project management, maximizing cost effectiveness and performance of chosen technologies;
Identify, measure, and quantify the impact of best-practices in technology implementations, business process reengineering, and project management through the use of benchmarks and metrics;
Outperform peers institutions through competitive differentiation, and replicate the successes of the strategic initiative(s) in other areas of operations; and
Improve process and operational efficiency, realize cost savings, reduce turnaround time, enhance product development/innovation and raise the bar in customer service and retention
IDC Financial Insights has published several case studies highlighting the achievements of these financial institutions in the Asia-Pacific region.
For more information about Financial Insights Innovation Awards (FIIA), please contact:
Shawn Yip / Tel: +65 6829 7523 / Email: syip@idc.com
