2018 BAI Global Innovation Award Finalists
Innovation in Customer Experience
The 2018 BAI Global Innovation Award winners will be announced during a live webinar on Aug. 28, 2018. Registration is free. Sign up today!
Simplifying the credit assessment process was an easy decision to make when Arion Bank set out to improve the end-to-end mortgage process. Prior to the redesign of Arion Bank’s mortgage process, the average time was two to three weeks for customers to finalize it. After the customer’s journey redesign, Arion Bank customers finalized and received their credit assessment in three minutes and could get an approval for a loan in only five minutes.
A team within Arion started by mapping the current, old process and created a mock-up of how the new process should look on the second day. The key premise was always how the customer would flow easily through the credit assessment and lending process without having to gather personal documents herself. Establishing connections to third parties such as the Icelandic Tax Authority, eDocument platform and credit score companies were crucial for the credit assessment process. For the lending process, integrating the various systems such as CRM, credit platform, etc., was the complicated part.
The ultimate goal was to have all information and documents flow automatically within and between systems with as little human intervention as possible. The internal process time at the bank was reduced by 50 percent with close to zero risk in documentation error.
The impact has been straightforward. In the first 12 months, the number of mortgages provided increased 33 percent, the amount loaned increased 100 percent and the NPS (Net Promoter Score) for Arion Bank’s mortgage process went from -2 to +32.
The first widely available AI-driven virtual assistant of its kind in financial services, Erica combines the latest technology in artificial intelligence, predictive analytics and natural language to be a virtual financial assistant to clients. Erica is designed to learn from clients’ behaviors over time, helping them accomplish simple to complex tasks within the mobile banking app with easy-to-follow prompts. Clients can interact with Erica any way they choose, including texting, talking or tapping options on their screen.
The Financial Innovations Voice Experience (FIVE) is a voice-first platform that allows a wide range of financial interactions for credit union members, from asking about hours and phone numbers to transferring funds between their shares and loans.
With FIVE, members can transfer between shares, make loan payments, access balances and get account histories for checking, savings, and loans. All using voice commands secured by a single sign-on and integrated into the credit union’s core processing platform. The transaction options available through BIG’s skill provide members full access to their credit union accounts using FIVE’s intuitive voice interface.
NovoPayment’s API-powered technology allows Banco Pichincha Colombia to dynamically deliver financial services and frictionless user experiences to their gig economy clients, without the need to alter their core systems or sacrifice security and compliance. This innovation allows the client’s platform-driven business to pull important instant issuance and mass payout services on demand and with the scalability they require. As a result, the bank is able to capture new deposits and transactional revenue and deliver highly differentiated services at a fraction of the cost of traditional products.