Innovation is an important instrument for actors in financial sectors, as in many other sectors, to compete in challenging conditions and provide innovative solutions to their clients. They realize many innovation projects, especially for reasons such as improving the products of banking and increasing their financial strength. Since the open innovation method introduces a framework for gathering many different project ideas, there is a need to select the most suitable ones in the context of innovation management. The department supervising the innovation management has limited resources that can be dedicated to this effort so that decision analysts must evaluate various project ideas and determine a proper ranking. In case many attributes should be considered in assessing the alternative innovative ideas, they can be efficiently and effectively ranked via multiple attribute decision-making (MADM) methods. When the decision process needs several experts, the decision process can be very complicated and renamed as Group MADM (G-MADM). In the project idea selection problem, the alternative ideas are required to be evaluated by the decision-makers. To model the uncertainty and vagueness in their judgments, fuzzy-based G-MADM methods are developed as beneficial tools because of their representation power in quantification. A recent fuzzy set concept introduced in the literature is spherical fuzzy sets (SFS) which can simultaneously model the positive and negative opinions as well as the possible hesitancy of the decision-makers. For considering the extensive human judgment representation power of SFSs, Analytic Hierarchy Process (AHP) and Weighted Aggregated Sum Product Assessment (WASPAS) tools are utilized under spherical fuzzy environment. Ten alternative innovation ideas are evaluated by SF-WASPAS to select the most appropriate one for the bank and its customers.