Industry awards and recognitions are often pursued as validation of a company’s innovation, success, and market position. However, not all awards carry the same weight or deliver equal value. Fintechs must develop a strategic approach to which awards they pursue and promote – and know which ones to steer clear of.
In this blog, we’re discussing why fintechs should be selective about awards and how different recognitions serve various business objectives. To help with this process, we’ve also provided a framework for evaluating award opportunities.
The Award Landscape
The fintech industry has seen an explosion of award programs ranging from prestigious, long-established recognitions to newer, sometimes commercially-driven accolades. These include:
- Industry-specific awards: Recognitions from established financial publications and organizations
- Technology and innovation awards: Broader tech industry recognitions that include fintech categories
- Regional and national business awards: General business excellence awards
- Pay-to-play awards: Programs requiring entry fees or sponsorship for consideration
- Peer-reviewed awards: Recognitions based on votes from industry practitioners
- Customer experience awards: Focused on user satisfaction and service excellence
Why Strategic Selection Matters
Different Awards Serve Different Objectives
Not every award delivers the same value or supports the same business goals. A strategic approach matches award pursuits to specific objectives:
- Customer acquisition and trust: Awards that resonate with banks, credit unions or mortgage companies and demonstrate reliability
- Investor relations: Recognitions that signal innovation and growth potential to venture capital and investment communities
- Talent acquisition: Awards highlighting workplace culture and innovation that attract top talent
- Industry positioning: Peer-recognized awards that establish thought leadership and industry influence
- Regulatory confidence: Recognitions that emphasize compliance excellence and security
The Hidden Costs of Indiscriminate Award Pursuit
Pursuing awards without strategy can be counterproductive:
- Resource drain: Application processes consume valuable time and resources
- Diluted messaging: Too many insignificant awards can overwhelm meaningful achievements
- Credibility concerns: Association with questionable awards may damage reputation
- Misaligned objectives: Awards that don’t support business goals waste opportunity cost
Evaluating Award Value: A Framework
Key Factors for Assessment
When considering which awards to pursue, fintech companies should evaluate:
- Credibility factors:
- Judging process transparency
- Independence of judging panel
- Historical winners and their market standing
- Conflicts of interest (e.g., judges with ties to competitors or PR firms)
- Industry recognition of the award
- Audience relevance:
- Visibility among target customers
- Visibility among target investors
- Alignment with market positioning
- Geographic relevance to business operations
- Commercial considerations:
- Direct costs (application fees, attendance costs)
- Indirect costs (preparation time, resources)
- Promotional opportunities
- Networking potential
Red Flags to Watch For
Be wary of awards with:
- Obscure judging criteria: Lack of transparency in selection process
- Conflicts of interest: Judges with ties to shortlisted companies
- Required sponsorships: Pay-to-win structures with mandatory advertising
- Excessive commercialization: Focus on monetization over recognition
- Limited industry recognition: Programs unknown to your target audience
Strategic Award Pursuit in Practice
For Early-Stage Fintechs
Focus on awards that:
- Build credibility with investors
- Provide visibility to potential customers
- Highlight innovation without requiring massive resources
For Growth-Stage Fintechs
Prioritize recognitions that:
- Validate market position against established competitors
- Emphasize scale and reliability to enterprise customers
- Support international expansion objectives
For Established Fintech Players
Seek awards that:
- Reinforce thought leadership
- Showcase continued innovation despite size
- Highlight workplace excellence for talent retention
Using Awards Effectively in Marketing
Winning an award is just the beginning. Strategic promotion includes:
- Contextual promotion: Explain why the award matters to your audience
- Selective highlighting: Feature most relevant awards in specific contexts
- Storytelling approach: Use awards as supporting evidence for broader narratives
- Internal celebration: Leverage recognition for team morale and culture
In the fintech industry, an awards strategy should be an extension of a business strategy. By carefully selecting which awards to pursue based on business objectives, credibility factors, and audience relevance, fintechs can ensure that their recognition efforts enhance rather than dilute their market position. The goal isn’t to accumulate the most trophies, but to win the recognitions that truly matter to customers, investors, and other key stakeholders.
In an industry built on trust, the credibility of your accolades is as important as the accolades themselves. Choose wisely.