Each entry will be rated against five parameters. Each parameter holds equal weightage.
The final score is the weighted average of parameter scores.
| Sr. No | Criteria | Evaluation Methodology | Weightage |
|---|---|---|---|
| 1 | Innovation | How strategic is the innovation for the industry? Is the innovation an original idea or is it copied / inspired from an existing solution within or outside the BFSI industry? How complex is the innovation – simpler or pathbreaking? Technology used | 20% |
| 2 | Unique Proposition | How different and strong is the Unique value proposition? How easy is it to replicate this for other players? Entry barriers? What's the competitive advantage offered? | 20% |
| 3 | Scalable/ Global Outlook | Can the innovation be scaled to serve a large number of customers / geographies with consistency and without constantly being reinvented or adjusted? How global is the service/product/platform? Does it cater to a one-time unique need or customer demand? Or is it designed to meet the changing requirement / future needs | 20% |
| 4 | Customer Impact | What value does it deliver to the customer? What's the reach/user base of this service/product/platform? Is there a demand for the proposed innovation? How big is the demand / target market for which the innovation is intended? How easy it is for customers to adopt/use? | 20% |
| 5 | Revenue Generating/ Cost Saving Potential | How relevant is the innovation to the core business / overall organization strategy for revenue generation or saving costs? What's the growth rate at which the product/platform is growing? Return on investment. | 20% |
