Description
The Indigenous Financial Institution (IFI) Innovation Award acknowledges improvements in products, services, methods, or approaches that are either brand new or have undergone significant enhancements. These advancements can serve as examples for other Indigenous Financial Institutions (IFIs). NACCA seeks to celebrate innovations that have shown substantial benefits to either the IFI network or the Indigenous business sector. It's important to note that this award recognizes innovative IFIs or groups of IFIs, not specific individuals, who have developed solutions benefiting the IFI network or Indigenous business sector.
The award focuses on innovative activities in these key areas:
- New ideas or innovations
- Financial products or support services for businesses
- IFI processes or approaches
- Collaboration among IFIs
Nominees can submit their innovations in one or more of these areas for review by the Awards Committee.
For consideration, innovative projects must have been completed and launched before the nomination form submission.
The deadline for nominations is February 15, 2025.
Guidelines:
All NACCA members in good standing may nominate a deserving candidate by submitting a completed nomination form and all supporting documentation, for consideration by the awards committee.
To be considered for the "IFI Innovation Award" the nominee:
All NACCA members in good standing may nominate a deserving candidate/project by submitting a completed nomination form and all supporting documentation, for consideration by the Awards Committee.
Please complete the nomination form and submit the following supporting documentation.
Brief outline of the innovation and the benefits observed.
Identify the Innovation category.
Describe the development of the project/innovation, rationale for implementation, and benefit to the IFI(s) and/or IFI clients.
Include information on the process, methodology and/or metrics that were used to guide the project from start to finish. Where possible include metrics that show the benefits?
Include: news article, photo/video, résumé, testimonial/reference letter, other awards or any other media instrument that showcases the outstanding achievements and/or impacts of the project. (below)
* Each nomination must be endorsed by a member IFI and supported by documentation.
** All criteria and requested information will be required on the form in order for the submission to be completed. If the nomination form does not allow you to submit, please review your nomination and add the missing details.
Selection
An independent awards committee will be responsible for reviewing and selecting an award winner. Winners will be notified in advance of the Prosperity Forum. A presentation will take place at the Prosperity Forum Dinner and Gala. In the event an in-person event is not possible, a virtual presentation may take place.
In the event, that no nominations are received, or the nomination does not meet the standard expected by the Awards Committee, an award may not be presented in that year.
All NACCA members in good standing may nominate a deserving candidate by submitting a completed nomination form and all supporting documentation, for consideration by the awards committee.
To be considered for the "IFI Innovation Award" the nominee:
All NACCA members in good standing may nominate a deserving candidate/project by submitting a completed nomination form and all supporting documentation, for consideration by the Awards Committee.
Please complete the nomination form and submit the following supporting documentation.
Brief outline of the innovation and the benefits observed.
Identify the Innovation category.
- New Idea or Innovation
- Financial Products or Business Support Services
- IFI Process or Approach
- IFI Collaboration
Describe the development of the project/innovation, rationale for implementation, and benefit to the IFI(s) and/or IFI clients.
Include information on the process, methodology and/or metrics that were used to guide the project from start to finish. Where possible include metrics that show the benefits?
Include: news article, photo/video, résumé, testimonial/reference letter, other awards or any other media instrument that showcases the outstanding achievements and/or impacts of the project. (below)
* Each nomination must be endorsed by a member IFI and supported by documentation.
** All criteria and requested information will be required on the form in order for the submission to be completed. If the nomination form does not allow you to submit, please review your nomination and add the missing details.
Selection
An independent awards committee will be responsible for reviewing and selecting an award winner. Winners will be notified in advance of the Prosperity Forum. A presentation will take place at the Prosperity Forum Dinner and Gala. In the event an in-person event is not possible, a virtual presentation may take place.
In the event, that no nominations are received, or the nomination does not meet the standard expected by the Awards Committee, an award may not be presented in that year.
Criteria
The introduction of an innovative solution will be judged and scored on the following.
Demonstrable Benefits
The innovative project must highlight key benefits accruing from the innovative project such as; increased market/client base, rising capital base, improved revenues, better customer experience and outcomes – client satisfaction, improved skills training/education, mentoring, business profitability, enhanced repayment rates; IFI administrative efficiency, improved turnaround times, and/or cost savings, etc.
The project may be judged on the goals and metrics that were established prior to implementation of the innovative project, if available.
Replicability
The submission must include information on how the project could be utilized and benefit others in the IFI network.
Organizational Impact
The project must demonstrate how it achieved an identifiable, positive and lasting change for an IFI or the IFI network.
Categories
New Idea or Innovation:
Recognizes an innovation that has been introduced and launched a ground-breaking product, service or process in the IFI network that goes beyond the traditional suite of products, services or processes utilized within the IFI network.
New ideas are ground-breaking in nature and seek to expand the IFI's sphere of influence by offering a new product, service or process that expands its customer base, market share, capital base and/or organizational efficiency.
Financial Product or Business Support Service:
Recognizes an innovation that has resulted in a remarkable change or improvement to an existing product or service that has been well received by IFIs clients for its simplicity, focus on service, timeliness and results that have a positive impact on IFI client's satisfaction and business outcomes. The innovation may have an impact on the IFI network, group of IFIs or a single IFI.
Product innovation may span a broad range of activities such as product renovation, simplicity, effectiveness, timeliness or reach that leads to greater uptake and client satisfaction in meeting the needs of the Indigenous business sector.
Service innovation may include improvements in the delivery of service that increase accessibility, convenience, experience, and results for IFI clients from the introduction of new technologies, tools, improved approach to delivery service or curriculum that improves the IFI client's experience and leads to better outcomes for Indigenous entrepreneurs.
IFI Process or Approach:
Recognizes an innovation that has resulted in a remarkable change or improvement to a commonly used process, practice, or approach within the IFI network that has resulted in increased efficiency and/or cost savings. The improvement may have resulted from the adoption of a new technology or upgrade to an existing technology, the introduction of a new tool, practice, or process from outside the IFI network, or a complete overhaul of an existing tool, process, or practice that has demonstrable benefits to a single IFI, group of IFIs or the IFI network.
Collaboration:
Recognizes a group of IFIs that have come together to address an issue or opportunity in their region by.
a) Develop and introduce a new/updated product or service to address the needs of the Indigenous business sector in their region, or
b) Consolidate or share common administrative practices, training, processes or approaches that improve administrative efficiency or cost savings within the group.
Recognizes an innovation that has been introduced and launched a ground-breaking product, service or process in the IFI network that goes beyond the traditional suite of products, services or processes utilized within the IFI network.
New ideas are ground-breaking in nature and seek to expand the IFI's sphere of influence by offering a new product, service or process that expands its customer base, market share, capital base and/or organizational efficiency.
Financial Product or Business Support Service:
Recognizes an innovation that has resulted in a remarkable change or improvement to an existing product or service that has been well received by IFIs clients for its simplicity, focus on service, timeliness and results that have a positive impact on IFI client's satisfaction and business outcomes. The innovation may have an impact on the IFI network, group of IFIs or a single IFI.
Product innovation may span a broad range of activities such as product renovation, simplicity, effectiveness, timeliness or reach that leads to greater uptake and client satisfaction in meeting the needs of the Indigenous business sector.
Service innovation may include improvements in the delivery of service that increase accessibility, convenience, experience, and results for IFI clients from the introduction of new technologies, tools, improved approach to delivery service or curriculum that improves the IFI client's experience and leads to better outcomes for Indigenous entrepreneurs.
IFI Process or Approach:
Recognizes an innovation that has resulted in a remarkable change or improvement to a commonly used process, practice, or approach within the IFI network that has resulted in increased efficiency and/or cost savings. The improvement may have resulted from the adoption of a new technology or upgrade to an existing technology, the introduction of a new tool, practice, or process from outside the IFI network, or a complete overhaul of an existing tool, process, or practice that has demonstrable benefits to a single IFI, group of IFIs or the IFI network.
Collaboration:
Recognizes a group of IFIs that have come together to address an issue or opportunity in their region by.
a) Develop and introduce a new/updated product or service to address the needs of the Indigenous business sector in their region, or
b) Consolidate or share common administrative practices, training, processes or approaches that improve administrative efficiency or cost savings within the group.
Criteria
| Criterion | Weight |
|---|---|
| Demonstrable Benefits | 30.0% |
| Replicability | 25.0% |
| Organizational Impact | 25.0% |
| Innovation Type | 20.0% |