Awards

2018 BAI Global Innovation Award Finalists

Most Innovative Finserv of the Year

The 2018 BAI Global Innovation Award winners will be announced during a live webinar on Aug. 28, 2018. Registration is free. Sign up today!

BAI Global Innovation Awards 2018 finalist Arion BankArion Bank
Iceland

In 2016, Arion Bank undertook its largest strategic IT change in methodology and delivery. The formation of Arion Bank’s accelerator, commonly referred to as Digital Future, was a major milestone in better serving its customers and their expectations of more convenient banking. Prior to 2016, Arion Bank’s IT workflow was somewhat traditional. The project selection process took time and the project outcome did not necessarily meet business demands. To some extent, IT and business were not speaking the same language, at least not fully understanding each other. In such a scenario, blame-gaming can easily accelerate. This translates into the Bank being unable to capture the business value intended with its IT projects.

The guiding principles of Digital Future are:

  • End-to-end customer journey. Each project taken tackles a key end-to-end customer journey where the ambition is to achieve on average a 10X improvement through each project rather than a marginal 10-20% improvement of the process.
  • Team and co-operation. For the duration of each project, the team is 100% focused on that single project. Team members hand over their normal day-to-day tasks to colleagues with out-of-office messages on their email and phones. They are solely members of the Digital Future project.
  • Start-up mentality and Customer approach. Projects function like a start-up company within an established organization. Each project is fully financed with venture capital and resources
  • Fixed time frame of 16 weeks per project. No more, no less.
  • Commitment throughout organization. CEO and three Managing Directors take part in weekly decision meetings only concerned with Digital Future

The Digital Future accelerator was established in May 2016 and so far the accelerator has delivered 14 products/processes via its operation. Due to its nature, a strong commitment was required from the organization, from board level to the regular employee. Arion Bank secured its operations and financing for at least five years.

BAI Global Innovation Awards 2018 Finalist CaixiaBankCaixaBank S.A.
Spain

Innovation is part of our business model because it provides added value and differentiation. At CaixaBank innovation as an attitude towards work. We create this specific environment for which transparency, commitment, perseverance and talent are essential. Innovation is essential for generating services and needs that cater for new requirements; and It is a key element for increasing profitability, reducing costs and achieving the competitiveness that leads to success.

We focus our endeavors on four spheres:

1. Innovation through in-house talent, adopting a mentality of change and the continuous improvement of working systems and processes. Thanks to their experience and ongoing contact with customers, our employees have considerable know-how that enriches the institution.

2. Innovation through customers, creating participative tools for learning more about their requirements. Customers are involved in the process of creating new products and services.

3. CaixaBank every year organizes an International competition, from young talents from the mobile environment, in which participants submit new ideas.

4. Ongoing technological innovation.

BAI Global Innovation Awards 2018 finalist DenizBankDenizBank
Turkey

At DenizBank, we do not seek innovation solely in digital channels but on a holistic-scale. We work on diverse issues with the collaboration of several parties to provide unique experiences to customers and to solve vital problems with groundbreaking technological solutions. Our efforts aim to include the unbanked or underbanked segments into the financial system with customized solutions for different segments by increasing their adaptation to technology.

Our goal is to continue to improve our work with a robust and continuous innovations that will take the existing innovation culture to the next level.

DenizBank pursues an incremental and disruptive innovation strategy, both internally and externally. A “Pioneer Bank” image in the global arena with its first of kind products brings along high responsibility and pushes us to adapt all processes and products to the new digital age. As DenizBank, we are “Shaping the Orbit of Innovation” globally with our market-leading products. Our innovation process also changes and adapts according to the necessities of our age. The existing innovative culture that accelerated with the foundation of our Innovation Committee evolved and reformed to meet the demands of the new era.

Our successes and failures lead to strong incentives for innovation and perpetual belief in success, transforming our collective wisdom into a robust, agile and customer-centric innovative culture.

Our innovation culture is propagated across 15,000 employees with a purposeful synergy from the top down. We use vast internal tools, such as “I Have a Solution – Open Innovation App”, “TeknoDeniz” live shows, and the Innovation Committee Portal, which is an innovation hub where every DenizBank employee can follow innovative trends and reach the committee to make sure we encourage and benefit from fearless and unrestricted ideas of our own employees. The Innovation Committee funnels the ideas and turns them into realities with an agile and innovative mindset. Our innovation culture ensures DenizBank becomes a digital partner in all financial and non-financial sectors.

BAI Global Innovation Awards 2018 finalist USAAUSAA
U.S.A.

At USAA, everyone is an innovator! Our mission and culture provide our purpose, and our employees bring their passion to serve our members better than anyone else. In 2017, 92 percent of USAA employees participated in our collaborative employee innovation platform on USAA Labs, and we implemented over 1,000 employee ideas.

The goal of employee innovation is to empower all employees to creatively innovate to best serve members and to prepare USAA for the future. We use a toolkit of various innovation programs (challenge-based innovation, hackathons, coding competitions, education/training) to engage employees to help solve strategic challenges.

Innovation at USAA is purpose-driven. The purpose is our mission, facilitating the financial security of the military community, and delivering excellent service. Our focus starts with our members, how we can continue to serve them better than anyone else, and how we can maintain USAA’s legacy for the next 100 years. Our innovations help make our members’ lives easier and enable them to be more financially secure. Through Innovation, we seek to deliver tangible value to members, employees and USAA.

Our 2017 innovations enabled $1.7 billion value enabled back to USAA and $5.3 million cost savings confirmed by our line of business partners. Over 92 percent of our employees participate in the innovation process.