… to recognize the best new ideas and practices transforming finances – from 680 entries from 57 countries, ranging from start-ups to the world’s largest financial institutions
Winners were selected across eight categories through a peer-based voting process combined with a panel of judges from leading global financial firms. Criteria that judges considered included originality; strategic capacity to generate a long-term competitive advantage, ROI, and solution applicability in multiple markets and countries.
For each category, the winners of the 2022 Banking Innovations Awards are –
- DBS Group (Singapore) – was named Global Innovator 2022 for its inspiring approach to industrializing innovation across the organization. DBS´s digital innovation efforts produced more than 20 solutions, including DBS Digital Exchange, a chatbot with deep sentiment analysis. The company also leveraged artificial intelligence and machine learning in many digital offerings, including a comprehensive digital training platform, Client Connect.
- CaixaBank (Spain) – received the Analytics & Artificial Intelligence award for its Nao voice-activated banking channel, which adapts the style and content of its conversations to each customer. Nao enables customers to access their accounts by using a mobile app, website, smart speaker, contact center and online messaging service and issue instructions by voice or text. As well, Nao engages in natural language conversations to enable Customers access all CaixaBank’s products and services.
- KEB Hana Bank (South Korea) – won the Digital Marketing & Sales award for the My Branch platform, that enables the bank’s managers and tellers to tailor the characteristics of a digital version of their branch to suit the specific requirements of customers. The platform also enables the bank to build digital branches to serve specific groups of customers such as students, members of special interest groups, or employees of a particular company.
- KBC GROUP (Belgium) – received the Future Workforce award for KATE, an intelligent digital assistant to guide staff when working with the bank’s customer relationship management applications. KATE has increased productivity and reduced sales costs, plus uses AI to help employees receive incoming calls, prepare for appointments, and inform customers about new products and services.
- HSBC (United Kingdom) – won the Offering Innovation award for its Fraud and Cyber Awareness App, which informs retail and business customers about the latest fraud trends, scams and cyberattacks and recommends measures to protect them from such hazards.
- Fiat24 (Switzerland) – was named the winner of the Neobanks & Specialized Players award. Fiat24 is a Web3 banking ecosystem that enables account holders to access assets and perform multi-currency transactions by using a non-fungible token (NFT). The ecosystem, which runs on the Ethereum blockchain, also comprises its own metaverse in which Fiat24 customers can establish a presence by buying virtual land.
- Banco do Brasil (Brazil) – won the Reimagining the Customer Experience award for advancing its commitment to Open Finance by providing customers the ability to use the WhatsApp messaging service to give their consent to the regulated sharing of their data.
- Banco Pichincha (Ecuador) – won the Social, Sustainable & Responsible Banking award for its Digital Microcredit solution, to help small-scale entrepreneurs issue loans quickly and without the need for supporting documents or guarantors. To protect borrowers from becoming over-indebted, the digital microcredit facility includes links to the bank’s online financial education offerings.
The Banking Innovation Awards recognize meaningful innovation in financial services with the transition from transactional-based financial institutions to data-driven organizations, which is critical for improving and expanding customer services, enhancing the customer experience, simplifying processes, personalizing offers, enabling end-to-end self-service, encourage organizations to make environmental and societal improvements, embracing technology to create new business models and transform the way products and services are delivered. Given the importance of addressing these requirements and to make good on opportunities, from these examples it’s easy to see why Innovating for Impact is important for an organization to evolve, increase relevance and revenue, and address the expanding financial needs of customers.
Jan 10, 2023 CAIL Innovation commentary info@cail.com www.cail.com