Congratulations to the 2022 BAI Global Innovation Awards Winners and Honorable Mention
The BAI Global Innovation Awards is the financial services industry’s leading innovation honor, celebrating organizational achievements, such as pursuing bold solutions for leveraging customer insights; implementing new powerful technologies; or improving the lives of employees, customers, clients and/or communities. Collectively, the winners represent outstanding contributions by teams, individuals and business lines and provide inspiration from around the world.
We have begun accepting nominations for the 2023 BAI Global Innovation Awards. The June 30 deadline will be here before you know it, so we encourage you to start working on your nominations now. All applications must be submitted via the awards portal.
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Innovation in Learning & Development
A pressing issue that HR leaders are facing is that they are encountering a significant skills gap. Only a small percentage of HR departments are currently engaging in role-based skills assessments and new ability training for employees. Banco Popular’s opportunity is to maximize internal talent potential by having a human-centered approach to talent market challenges such as talent scarcity, high turn-over, and the need to accelerate skillsets important for the future by integrating coaching and continuous learning.
Innovation in Digital Security
In a digital age, clients expect security as part of their experience, especially when it comes to personal and financial information. The Bank of America Security Center is a centralized, client-friendly solution that provides security and authentication settings in one place. Scam and fraud avoidance education is woven throughout the experience and process, to highlight the importance of enabling security features and empowering clients to share the responsibility of account safety and security.
Innovation in Digital Financial Planning
The Dreams Financial Wellbeing Platform is a revolutionary way of engaging banking customers rooted in psychology, neuroscience and behavioral economics. They make the experience deeply personal and leverage emotion as the main driver of human decision making and behavior to motivate banking customers to engage with their finances, and to develop the skills they need to improve their financial wellbeing.
Innovation in Digital Commercial Financing
Growsari was built to help small Filipino store owners build a long-term sustainable model and become financially independent. They simplify the inventory/delivery model by taking out the middlemen, instead using technology to pass the savings to the stores. Furthermore, they develop a financial services arm that could qualify these stores for short-term credit and digitize payments that would mitigate cash handling.
Innovation in Community Disaster Recovery
After a natural disaster, survivors can turn to emergency relief agencies and groups for help with basic needs. But when it comes to recovering financially from a fire, flood, earthquake, or other natural disaster, they’re often left to navigate complicated decisions, systems, and red tape on their own. MMI’s Project Porchlight uniquely provides targeted support to help survivors return to pre-disaster “normal” as quickly as possible, using technology and learned experience to deliver highly effective support.
Innovation in Commercial Banking Onboarding Experience
Through this project, MVB Bank has established a way for fintech entities to be compliantly, consistently and efficiently onboarded. This provides these entities access to valuable banking services and payment channels, while also mutually building franchise value.
Innovation in Payments
Payten’s payment facilitation brand Paratika has developed an out-of-the box secure online marketplace payment infrastructure for Turkey’s-first Equity-Based Crowdfunding Project to manage all online investments. One of the biggest challenges entrepreneurs face is raising funding for their promising companies. Crowdfunding is one of the best ways to provide the entrepreneurs with funding by bringing investors and the start-ups together on online funding platforms enabling innovative products/entrepreneurs to receive funding quickly and easily from large number of investors.
Innovation in Community Sustainability
OneFarm Share aims to address the ever-widening food provision gap in South Africa, such as oversupply, diminished demand for fresh produce and excess stock. The relief market struggles with consistent, reliable access to nutritious food basket items, with the time-sensitive nature of fresh produce posing a significant challenge. Using CSI/CSR funding to procure fresh produce from smallholder farmers at market-related prices, OneFarm Share facilitates paying developing farmers within 48 hours and assists with packaging and logistics all contributing to providing suitable market access.
Innovation in Fraud Prevention
As their customer base grows and interactions evolve, TIAA needed to create a scalable and flexible solution to help mitigate risk and fraud, resulting in an innovative, multi-platform ecosystem that enables them to capture and analyze key phone attributes to evaluate the risk of each call. A real-time fraud and risk assessment is performed, and any potential fraud call is automatically routed to their fraud servicing personnel for appropriate handling. This comprehensive, scalable, and layered innovation enables TIAA to strike an optimal balance between managing fraud risk and delivering world class customer service.
Innovation in HR Transformation
Union Prerna is aimed at driving a culture of performance, objectivity and satisfaction among employees. This is to be achieved by transforming Human Resources into a strategic function which enables decision-making from the grassroots to management level through data analytics and digitalization of key processes. Under the bank’s leadership development program, holistic development of employee’s technical, functional & behavioral competencies through various assessments including psychometric tests, coaching opportunities and customized Individual Development Plan (IDP).
Innovation in Diversity, Equity & Inclusion
For the transgender and non-binary communities, reality remains harsh as they face multiple challenges related to their identity documentation, with 1/3 experiencing verbal harassment, denied benefits or service, asked to leave or even assaulted when presenting an ID that does not match their gender presentation. Furthermore, 75% of LGBTQIA+ consumers agree that they tend to support companies that market to and support their community. When True Name’s customers are empowered financially, lives improve, innovation surges and the economy grows stronger; equal financial opportunity means everyone wins.