Categories & Criteria
The qualifying period for entries is 1 January 2022 – 31 April 2023.
All submissions should provide evidence of success, or a product within the market during this period.
ENTRY DEADLINE: 30 JUNE
Entries are invited from financial institutions – or organisations that have partnered with FIs – that have utilised Open Banking data to bring new products to market, offer more value to customers or streamline processes.
Judges will be looking for evidence of success in the following criteria:
- Demonstrable increase in your product and services portfolio to offer better value to customers
- Data analysis that uncovers enhanced value, e.g. spending patterns, sources of income, debt (including assistance where required) and identity verification
- How Open Banking data has saved time, money and enhanced the customer experience
- Uptake in consumer adoption and customer satisfaction
- Innovation: e.g. what is unique about your offering?
- KPIs & commercial success; please demonstrate your metrics, including real numbers, not just percentages
Entries are invited from a non-financial services company – or organisations that have partnered with these – that have utilised Open Banking to bring new products to market, offer more value to customers or streamline processes. Entries are invited from companies such as retailers, utilities providers, telecoms firms, Government, and local councils.
(For clarification, financial service companies would include not only those directly regulated but those whose main business is around offering aspects of financial services. For example, a company offering account aggregation to end users but using a third party AISP service would still be considered as a financial services company).
Judges will be looking for evidence of success in the following criteria:
- Demonstrable increase in your product and services portfolio to offer better value to customers
- How Open Banking data has saved time, money and enhanced the customer experience
- Uptake in consumer adoption and customer satisfaction
- Innovation: e.g., what is unique about your offering?
- KPIs & commercial success; please demonstrate your metrics, including real numbers, not just percentages
Entries are invited from organisations that have partnered to create an Open Banking product for consumers or SMEs. The entry may be submitted by either company in the partnership.
Judges will be looking for evidence of success in the following criteria:
- Solving a real customer need based on quantifiable market research and/or customer feedback
- Ease of access to new financial products that the customer might not have otherwise had access to
- Offering the best value to the customer
- Uptake in consumer adoption and customer satisfaction
- For SME clients: Increasing the customer’s productivity, efficiency, and profitability
- Innovation: e.g. what is unique about your offering?
- KPIs & commercial success; please demonstrate your metrics, including real numbers, not just percentages
- Success metrics for both parties in the partnership; making it a mutually beneficial relationship
Entries are invited from all organisations offering Open Banking services to consumers that can demonstrate what activities they have undertaken to help vulnerable customers, particularly in the areas of mental health and over-indebtedness.
Judges will be looking for evidence of success in the following criteria:
- Initiatives that have advanced social & financial inclusion, and assisted customers on the path towards financial rehabilitation
- KPIs / statistics that demonstrate the success of the initiative
- Innovative use of technology
- User satisfaction and/or customer testimonials
Entries are invited from users or providers of anti-fraud solutions who can demonstrate implementation of a solution within the qualifying period.
Judges will be looking for evidence of success in the following criteria:
- Offering a frictionless customer onboarding process whilst maximising security, usability, and customer privacy
- An increase in detecting fraud and a reduction in fraud cases
- Improvements to the customer/user experience and a corresponding uplift in user adoption and user satisfaction
- Innovative use of technology
- KPIs & commercial success; please demonstrate your metrics, including real numbers, not just percentages
Entries are invited from users or providers of payments solutions that have allowed easier access for third party providers or enabled financial institutions to comply with the regulations and broaden their own service offerings.
Judges will be looking for evidence of success in the following criteria:
- Showcasing a significant reduction in payment costs with demonstrable statistics
- Innovative use of technology
- How the project has enhanced the speed and increased the security of transactions for merchants
- Making a case for transforming and fixing a pain point in the disbursement of payments
- Improvements to the customer experience and a corresponding uplift in user adoption and user satisfaction
- KPIs & commercial success; please demonstrate your metrics, including real numbers, not just percentages. For example, demonstrate your Share of Checkout (3 months after implementation)
Entries are invited from organisations that have adopted the principles of Open Banking to give consumers and businesses more control over a wider range of their financial data, such as savings, insurance, mortgages, investments, pensions, and consumer credit. The entry may be submitted by a solutions provider or the organisation providing services to the customer or business itself.
Judges will be looking for evidence of success in the following criteria:
- Demonstrable increase in your product and services portfolio to offer better value to customers
- Improvements to the customer experience and a corresponding uplift in user adoption and user satisfaction
- Innovation: e.g. what is unique about your offering?
- KPIs & commercial success; please demonstrate your metrics, including real numbers, not just percentages
Entries are invited from banks and all ASPSPs e.g. EMIs that offer accounts that are subject to Open Banking by their regulator; this may include credit card companies.
Judges will be looking for evidence of success in the following criteria:
- Live Open Banking products or services
- The demonstrable enhancement that your Open Banking products or services have offered better value to customers
- Improvements to the customer experience and a corresponding uplift in user adoption and user satisfaction over and above what other banks in the market are offering
- Innovation: e.g. what is unique about your offering?
- KPIs & commercial success; please demonstrate your metrics, including real numbers, not just percentages
- User satisfaction and/or customer testimonials
Entries are invited from financial services or start-up companies that offer an Open Banking product and were founded less than 36 months ago and have raised less than £3m in equity (this includes SAFE notes).
Judges will be looking for evidence of success in the following criteria:
- Traction obtained in the market
- Innovation: e.g. what is unique about your offering?
- How it differentiates from the competition
- Business model, how it will make money, the business proposition?
- How it solves a real problem, or delivers a better efficiency
- KPIs & commercial success; please demonstrate your metrics, including real numbers, not just percentages. For example revenue, P/L or burn rate
Entries are invited from anyone who identifies as a woman and has worked for less than five years in the industry and has made a significant impact in her organisation in a short period of time.
Judges will be looking for entrants to:
- Provide an overview of the rising star’s experience and work in Open Banking, Open Payments or Open Finance, including past roles, memberships and third-party organisation roles, and chief accomplishments
- Demonstrate how has the rising star contributed to the development and release of a product or service, or made significant improvements
- Demonstrate what has the rising star done internally to benefit the organisation and push it forward
- Demonstrate how has the rising star contributed to the wider Open Banking, Open Payments or Open Finance sector
Entries are invited from anyone who identifies as a woman and has made a significant impact in Open Banking, Open Payments or Open Finance sector, and served as a role model for other women in both her own firm and / or the wider industry or her community.
Judges will be looking for entrants to:
- Provide an overview of their experience and work in Open Banking, Open Payments or Open Finance, including past roles, memberships and third-party organisation roles, and chief accomplishments
- Demonstrate how and why they are an outstanding leader
- Demonstrate how they have significantly contributed to their organisation’s growth
- Explain their reputation in the Open Banking, Open Payments or Open Finance sector and how has it been earned
- Demonstrate their dedication to clients
- VDemonstrate their contribution to staff development and welfare
Entries are invited from anyone in the industry nominating an individual who has tirelessly championed and made significant strides in the implementation and evolution of domestic and global Open Banking standards or driving Open Finance to reality.
This will be a judges’ award, and names of organisations will be put forward during the judging process. However, the industry is invited to put forward nominations for the judges to consider. A shortlist will not be announced for this category.
Judges will be looking for evidence of success in the following criteria:
- Shown foresight and championed the adoption of Open Banking or Open Finance before the terms were coined, or even before regulation was introduced
- Been instrumental in setting or impacting standards in their relevant region
- Lobbied the government to drive initial implementation and support wider adoption
- Launched an Open Banking proposition into the market before this new sector was established
- Always put the customer at the heart of their products and services
- Made outstanding contributions to Open Banking implementation and adoption in their own region or beyond
- Been first to push the boundaries of Open Banking beyond banking
- Played a key role in shaping and growing the ecosystem
Entries are invited from anyone in the industry nominating an organisation who has tirelessly championed and made significant strides in the implementation and evolution of domestic and global Open Banking standards or driving Open Finance to reality.
This will be a judges’ award, and names of individuals will be put forward during the judging process. However, the industry is invited to put forward nominations for the judges to consider. A shortlist will not be announced for this category.
Judges will be looking for evidence of success in the following criteria:
- Championed the adoption of Open Banking or Open Finance before the terms were coined, or even before regulation was introduced
- Been instrumental in setting and driving Open Banking standards in their region
- Lobbied the government to drive implementation and support wider adoption
- Been first of the mark to pioneer new technology to develop and launch an Open Banking proposition into the market
- Always put the customer at the heart of their products and services
- Made outstanding contribution to Open Banking implementation and adoption in their own region or beyond
- Been first to push the boundaries of Open Banking beyond banking
- Played a key role in shaping and growing the ecosystem