About the Awards
The ECCU Bank of the Year Awards recognise the banks which have made outstanding contributions to the overall development of the people they serve through everyday business practices.
ECCU Bank of the Year Awards are presented to the banks that are adjudged to have demonstrated excellence, to the highest level, in the following categories:
- Corporate Social Responsibility
- Corporate Governance
- Customer Service
- Financial Education and Empowerment
- Risk Management
- Technological Innovation
The inaugural Awards will be presented on 6 November 2019 during the 24th Annual Sir Arthur Lewis Memorial Lecture and Book Award which will precede the 30th Annual Conference with ECCU Commercial Banks.
Assessment of categories
Corporate Social Responsibility
Exhibited company values through postive influence on surrounding communities by engaging in impactful sustainable projects.
- Need of the community (environmental, youth and senior citizens programmes; sponsorships etc)
- Programme uniqueness and creativity
- Bank employees’ engagement
Demonstrated best practices in excellent corporate governance to help ensure resilience in the financial system.
- Timely release of financial statements
- Adoption of best practices in Board recruitment and assessment
- Convening of scheduled Board meetings
- Mandatory regulatory reporting to the ECCB
- Design and implementation of programmes/policies geared towards continuous improvement in corporate governance
Demonstration of the delivery of highly personalised commercial and retail banking products and services.
- Clearly stated policies and best practices promoting customer service excellence
- Customer feedback programmes
- Customer appreciation programmes
- Commitment to customer service excellence via the continued development of staff
- Improvement of facilities and services
Financial Education and Empowerment
Demonstrated commitment by devoting resources to promote a better understanding of financial services and products, entrepreneurship, and general savings and investments issues.
- Participation in Financial Information Month
- Participation in or coordination of outreach programmes promoting entrepreneurship, savings and investments
- Provision of small business credit and advisory services
- Spear-heading of initiatives to educate citizens about asset management and protection
Involvement in best practices to manage risk.
- Effective risk management processes, policies and systems including risk treatment plans and risk management training
- Adoption of risk management best practices
- Improvements made to the bank’s risk function over the past year
Novel delivery of initiatives or policies that enhance the bank’s products and services by providing innovative technological solutions for market needs.
- Use of digital channels to enhance customer experience
- FinTech initiatives
- Efficiency in use of technology
Criteria for Awards
All commercial banks operating in the ECCU region and are licensed under the Banking Act are eligible to submit entries for the ECCU Bank of the Year Awards regardless of size, location or ownership. Banks are free to submit entries for as many categories as desired.
General Entry Information
- Entry to the ECCU Bank of the Year Awards is free via an online entry portal which will be provided by the ECCB.
- Each submission must be completed in a separate online entry form. If you are entering more than one award category, you will need to complete one online form for each award.
- All details submitted, including those of references, will be held in strictest confidence.
- Submissions in a category should describe the activity or initiative undertaken by the bank and should outline how the initiative has impacted customers/members of the community, improved the institution’s effectiveness and further its goals and objectives.
- The ECCB is likely to ask for client and/or other references during the shortlisting phase. These references are important as they assist the judges in assessing the submission.
- Please note the quality of your entry can affect the outcome of judging for each category. Information should be presented in a clear, concise and logical format.
- You may amend your submission(s) at any point and resubmit up until 23 August 2019. However, note that only the last version of your entry will be assessed.
- A 500 word statement explaining why your bank should win the Award in the respective category. Justification material can be uploaded along with entry.
- Details of key contact person(s) within the organisation with reference to the bank’s participation in the initiative.
Selection of Awardees
The entries will be assessed by a panel of judges selected by the ECCB from the eight (8) ECCB member countries.
The judging process will include: assessment of the entries; selection of a shortlist for each category; interviews with shortlisted banks and online voting scores garnered through the ECCB Facebook page. Banks are allowed to encourage members of their communities to log-on and vote. The ECCB will alert the banks once the voting feature is available.
The entries will be assessed based on information provided by the banks outlining their contributuion and participation in the respective categories using a points system amounting to 100 for each category. The final overall score includes:
- The submission (75%);
- Interview (20%); and
- Online voting by the public (5%).
The bank that amasses the highest score in each category will receive the ECCU Bank of the Year Award in the respective category.