Banking's best innovators: The race to the top in 2024

Innovation Awards Hub
03/06/2024Article

This season, Infosys Finacle has joined Qorus for the banking innovation awards program. This partnership makes sense since Infosys Finacle has been a partner of Qorus for over a decade for its flagship study, the Innovation in Retail Banking Report, as noted by Sajit Vijayakumar, CEO of Infosys Finacle. 

The submission period has started, and the deadline is set for 21 June, 2024. Several banks have already begun submitting their projects.

Which bank is leading the race?

Which bank will submit the most innovative projects? The bets are on. Last year, the top five were:
1 - Bradesco
2 - CIMB
3 - Santander
4 - UniCredit
5 - Intesa Sanpaolo

It is too soon to know who the top submitters will be this year, but Intesa Sanpaolo is clearly leading the race at the moment. Of course, being the bank that submits the most innovations doesn't necessarily guarantee trophies, but it helps. "I am convinced that it influences the judges," says John Berry, CEO of Qorus. The number of submitted innovations also impacts the Transformative Innovator of the Year (previously called Global Innovator) award, where the number of submissions is used to break ties between banks. "We have already used this criterion to distinguish between winners in the past," confirms John Berry.

Which countries are the most innovative?

As for the countries leading the race, observers are eagerly awaiting the results. For now, Italy is in the lead, which isn't surprising since the country was in second place last year. However, anything is possible, and a surprise isn't out of the question, like Indonesia's remarkable performance last year, making it into the top five where countries like Spain or Poland were more commonly seen. Here is the 2023 ranking:
1 - Brazil
2 - Italy
3 - Turkey
4 - India
5 - Indonesia

We already know the first nominee

Although it is too early to predict all the nominees, Santander in Spain has already secured a nomination by winning the Innovation of the Month for May. Another bank will follow on 6 June, winning the Innovation of the Month for June. The final deadline for remaining nominations is 21 June, with nine nominees across seven different categories to be determined.

Recognizing innovative projects

The awards program prides itself on identifying and rewarding groundbreaking projects. However, not all winning projects need to be disruptive; there is also room for outstanding innovative projects that differentiate from others or have proven their success in the past. "Some banks self-censor by rigorously selecting the projects they submit," regrets John Berry. "While certain concepts may not be novel in themselves, the way they are executed can make them stand out," confirms Vazha Beriashvili from TBC Bank, one of last year's winners.

Why participate?

Rather than explaining it ourselves, we asked some of last year's winners.

• Visibility and credibility 

"Participating in the Banking Innovation Awards is an opportunity that must be seized, for the satisfaction of making one's projects known to the widest audience and for the ambition of receiving significant recognition – we are talking about the Oscars of banking. After the win, we observed positive sentiment on the web, testifying to the prize’s credibility," says Dr. Claudia Vassena, Head of Digital Retail Sales & Marketing at Intesa Sanpaolo. 

This view is shared by Iffat Alrowaithy, Innovation Lead at SAB: "More than just recognition, these awards represent a platform where innovation meets recognition, where visionaries come together to influence the future of banking and insurance industries.”

• Benchmarking

"This award program provides a good benchmark of your efforts against peers and provides an avenue to learn from other leading players," says Kellee Kam Chee Khiong, Group Chief Executive Officer of Alliance Bank Malaysia. 

Veronika Němcová, Product Owner at Česká spořitelna, also sees it as a good way to validate her projects. "It's a great opportunity and a confirmation that the solutions you're working on make sense not just to your clients but are also appreciated by innovation experts," she explains. 

• Sharing and learning

"Sharing your innovation accomplishments with others around the world enables others to learn from your efforts and fuels further innovation in the industry," says Lisa Frazier, Chief Operating Officer at Judo Bank. 

Timo Mende at Raiffeisen Bank International, whose educational Minecraft game My Finance Quests secured an award, adds, “It is a great opportunity to show your innovation and inspire others. Additionally, you also get to see a lot of great innovations from all around the world." 

• Networking

Last but not least, the ceremony and other Qorus events that strongly focus on innovation are excellent places to meet talented, innovative bankers. "Engaging in these awards can lead to interesting encounters and networking opportunities, allowing you to connect with like-minded professionals, industry experts and potential partners, fostering collaborations that can contribute to the advancement of your innovative initiatives," explains Elise Broumm, Head of the Smart-Up & Ideation division at Attijariwafa Bank.

Ready to submit?

If you're ready to submit or want to know more about the awards, click here.

Innovation Awards Hub community

With Qorus memberships, you gain access to exclusive innovation best practices and tailored matchmaking opportunities with executives who share your challenges.

Related news & insights

Innovation Awards Hub
11/08/2025Interview

AXA Climate wins silver for advancing agricultural resilience in the DRC

AXA Climate won silver in the Social, Sustainable & Responsible category at the Qorus-NTT DATA Innovation in Insurance Awards 2025...

Innovation Awards Hub
04/08/2025Interview

From challenges to 85% faster responses: The story behind Santalucía Seguros’ AI win

Spanish insurer Santalucía Seguros won bronze in the Operational Efficiency category of the Qorus-NTT DATA Innovation in Insurance Awards 2025...

Innovation Awards Hub
28/07/2025Interview

ERGO wins gold for ERGO GPT: A workforce transformation success story

At the Qorus-NTT DATA Innovation in Insurance Awards 2025, German insurer ERGO won gold in the Workforce Transformation category for...

Insurance
24/07/2025Article

Embracing AI disruption in the insurance industry: Insights from Qorus Reinvent Forum Warsaw

This event provided a platform for thought leaders to share their insights on how AI is reshaping our workforce, technology,...

Digital Reinvention
23/07/2025Article

Financial Innovation Spotlight – July 2025

Each month, Patrice Bernard unpacks and analyzes the latest emerging trends shaping the financial services landscape, offering his unfiltered commentary...

22/07/2025Interview

At work with Edward Rebane

Edward Rebane is Chief Retail Officer and Member of the Management Board at Citadele Bank. He’s always on the move,...

Innovation Awards Hub
21/07/2025Interview

Transforming retention with GenAI: Sabadell Seguros’ award-winning approach

Esther Pichardo, Chief Customer Officer at Sabadell Seguros, tells us more about VoiceIQ and the impact of their win.

Mobility
17/07/2025Article

Capital One’s big bet on the future of mobility

Mobility isn’t just about getting from point A to point B—it’s a gateway to opportunity. In the US, where access...